CorVel Corp (CRVL) 2026 Q3 法說會逐字稿

Thank you for standing by. Welcome to CorVel Corporation's quarterly earnings release webcast. During the course of this webcast, CorVel Corporation will make projections or other forward-looking statements regarding future events or future financial performances of the company. CorVel wishes to caution you that these statements are only predictions and that actual events or results may differ materially.

感謝您的耐心等待。歡迎收看CorVel公司季度收益發佈網路直播。在本次網路直播過程中，CorVel 公司將對公司未來事件或未來財務表現做出預測或其他前瞻性聲明。CorVel 特此提醒您，這些聲明僅為預測，實際事件或結果可能與預測有重大差異。

CorVel refers you to the documents in the company's files from time to time with the Securities and Exchange Commission, specifically the company's last Form 10-K, and 10-Q filed for the most recent fiscal year-end quarter.

CorVel 建議您查閱公司向美國證券交易委員會提交的文件，特別是公司最近提交的 10-K 表格和 10-Q 表格（針對最近一個財政年度末季度）。

These documents contain and identify important factors that could cause actual results to differ materially from those contained in our projections and forward-looking statements. I would now like to turn the call over to Michael Combs, President and Chief Executive Officer. Mike, you may proceed.

這些文件包含並指明了可能導致實際結果與我們的預測和前瞻性聲明中包含的結果有重大差異的重要因素。現在我將把電話交給總裁兼執行長邁克爾·庫姆斯。麥克，你可以繼續了。

Thank you. Good morning, and thank you for joining us to review CorVel's December quarter results. I'm very pleased to have Brian Nichols, CorVel's Chief Financial Officer, on the call today.

謝謝。早安，感謝各位參加本次CorVel公司12月季業績回顧會議。我非常高興今天能邀請到 CorVel 的財務長 Brian Nichols 參加電話會議。

Thank you, Michael, and good morning, everyone. It's a pleasure to join the call this morning.

謝謝你，邁克爾，大家早安。很高興今天早上能參加這次電話會議。

Today, we're going to review operational performance, including 2025 highlights, a deeper dive into the value AI is bringing to our business model, key growth drivers and the market trends that are shaping our business. Brian, let's start with an overview of the quarter's financial results.

今天，我們將回顧營運績效，包括 2025 年的重點，深入探討人工智慧為我們的商業模式帶來的價值、關鍵成長驅動因素以及塑造我們業務的市場趨勢。布萊恩，我們先來概覽一下本季的財務表現。

Absolutely, Michael. CorVel's revenue for the 9 months ending December 31, 2025, were $710 million, a 7% increase from $664 million at the same period of the previous fiscal year. Fiscal year-to-date earnings per share were $1.53, up 16% compared to $1.32 during the 9 months ending December 31, 2024.

當然，邁克爾。截至 2025 年 12 月 31 日的 9 個月，CorVel 的營收為 7.1 億美元，比上一財年同期的 6.64 億美元成長了 7%。截至 2024 年 12 月 31 日的 9 個月，本財年迄今的每股收益為 1.53 美元，比 1.32 美元增加了 16%。

The December 2025 quarter ended with revenues at $236 million, 3% above the $228 million achieved in the December 2024 quarter. Earnings per share for the December 2025 quarter were $0.47, an increase of 2% over the same quarter of the prior year's EPS at $0.46.

2025 年 12 月季度末的營收為 2.36 億美元，比 2024 年 12 月季度的 2.28 億美元成長了 3%。2025 年 12 月季度的每股收益為 0.47 美元，比上年同期每股收益 0.46 美元增長了 2%。

I would like to remind our listeners that the earnings per share results from the quarter and annual comparisons have been adjusted to account for the three for one stock split reported in December 2024. In comparing the 2024 and 2025 December quarters, the allocation of general and administrative expenses decreased from 9.7% to 9.6% and margin had a commensurate improvement of 23.2% to 23.3%.

我想提醒各位聽眾，本季和年度比較的每股盈餘結果已經過調整，以反映 2024 年 12 月公佈的 1 比 3 的股票分割。對照 2024 年及 2025 年 12 月季度，一般及行政費用分配比例從 9.7% 降至 9.6%，利潤率也相應提高，從 23.2% 升至 23.3%。

However, an increase to the effective tax rate did temper earnings results. Overall, CorVel's operations netted an income of $24.1 million in the December 2025 quarter, which was an increase from $23.8 million in December of 2024.

然而，實際稅率的提高確實抑制了獲利結果。總體而言，CorVel 在 2025 年 12 月季度的淨營運收入為 2,410 萬美元，比 2024 年 12 月的 2,380 萬美元有所增加。

Throughout the fiscal year, products highlighting the growth among Network Solutions and Patient Management Services were independent medical evaluations, CERIS, ancillary care solutions, medical bill review, and claims management. In addition to financial results, I would also like to discuss noteworthy trends in the workers' compensation market.

在整個財政年度中，網路解決方案和病患管理服務中表現突出的產品包括獨立醫療評估、CERIS、輔助照護解決方案、醫療帳單審核和索賠管理。除了財務表現之外，我還想討論一下工傷賠償市場中值得關注的趨勢。

These trends include lower volume of work-related injuries, increasing injury severity, rising medical costs, and shifts within the labor market. The U.S. Department of Labor recently reported a small decline in total work-related injuries from 2023 to 2024.

這些趨勢包括工傷事故數量減少、工傷嚴重程度增加、醫療成本上升以及勞動市場的變化。美國勞工部最近報告稱，2023 年至 2024 年間，與工作相關的傷害總數略有下降。

While this report reflects results from more than a year ago, the trend is consistent with what has been occurring over the past decade and was magnified at the onset of the global pandemic in 2020. It is no secret that a reduction in work-related injuries equates to a lower volume of workers' compensation claims.

雖然這份報告反映的是一年多前的結果，但其趨勢與過去十年來的發展趨勢一致，並在 2020 年全球疫情爆發初期得到了放大。眾所周知，工傷事故的減少意味著工傷賠償申請數量的減少。

CorVel certainly recognizes this trend. However, we also recognize that past declining volume of work-related injuries alone may not gauge the viability and value of the managed workers' compensation market and other changes throughout the industry may be pointing toward growth opportunities.

CorVel 顯然也意識到了這個趨勢。然而，我們也意識到，過去工傷事故數量的下降可能不足以衡量工傷賠償管理市場的可行性和價值，整個產業的其他變化可能預示著成長機會。

While work-related injuries have been moving in a decreasing pattern, the inverse response is occurring for injury severity and medical cost per claim. According to the National Council on Compensation Insurance, average medical and lost time claim severity increased by 6% in 2024, resulting in elevated medical costs and extended duration to injury claims.

雖然工傷事故呈下降趨勢，但事故嚴重程度和每次索賠的醫療費用卻呈下降趨勢。根據全國賠償保險委員會的數據，2024 年平均醫療和誤工索賠嚴重程度增加了 6%，導致醫療成本上升和工傷索賠時間延長。

Further, the report indicated five consecutive years with an increase. The cost of medical compensation claims are also being impacted by medical inflation. The Workers' Compensation Research Institute noted rising medical costs within a range of 5% to 12% among multiple states.

此外，報告也指出，已經連續五年出現成長。醫療賠償索賠的成本也受到醫療通膨的影響。工人賠償研究所指出，多個州的醫療成本上漲幅度在 5% 到 12% 之間。

The inflationary change can be attributed to increased build charges for medical providers and allowance of higher payments among multiple states medical fee schedules. Labor market shifts such as increasing job openings among occupations requiring moderate to heavy levels of physical demand can also be important to consider when valuing the managed workers' compensation industry.

通貨膨脹的變化可歸因於醫療機構建設費用的增加以及多個州醫療收費標準中支付額度的提高。在評估工傷賠償管理產業時，勞動市場的變化，例如需要中等到高強度體力勞動的職業的職缺增加，也是需要考慮的重要因素。

According to the U.S. Bureau of Labor Statistics, new job openings are expected to maintain or exceed current growth averages among several physically demanding occupations, including transportation, construction, maintenance, food service, child care, recreation, hospitality and health care.

根據美國勞工統計局的數據，預計包括運輸、建築、維修、餐飲服務、兒童保育、娛樂、酒店和醫療保健在內的幾個體力勞動強度較大的職業的新工作崗位空缺將保持或超過目前的平均增長水平。

These occupations are likely to be more susceptible to work-related injuries than those with sedentary or less physically demanding job functions. Collectively, the trends I've shared support the argument that the workers' compensation market is a growing industry for organizations equipped to address its challenges.

與從事久坐或體力勞動強度較低的工作相比，從事這些職業的人更容易發生工傷事故。總的來說，我所分享的這些趨勢支持了這樣一種觀點：對於有能力應對其挑戰的組織而言，工傷賠償市場是一個不斷發展的行業。

CorVel's focus on product innovation, savings through clinical outcomes and effective management allow us to not only adapt to these industry shifts but also leverage them for continued market share gains. And with that overview of our financial performance, I'll now turn the call over to our CEO, Michael Combs, to discuss operational progress and strategic priorities.

CorVel專注於產品創新、透過臨床結果節省成本以及有效管理，這不僅使我們能夠適應這些產業變化，還能利用這些變化來持續獲得市場份額。綜上所述，在概述了我們的財務表現之後，我現在將把電話交給我們的執行長邁克爾·庫姆斯，讓他討論營運進度和策略重點。

Thank you, Brian. The December quarter results were modest relative to expectations, primarily reflecting short-term operational factors rather than a change in fundamentals, including, as Brian mentioned, the normalization of our effective tax rate after an extended period of lower-than-average levels. I want to transition to highlights from 2025.

謝謝你，布萊恩。12 月季度的業績與預期相比較為平淡，主要反映了短期營運因素，而不是基本面的變化，正如布萊恩所提到的，這包括我們的實際稅率在經歷了長期低於平均水平之後恢復正常。我希望從 2025 年開始過渡到高光時刻。

The net revenue retention for business was 107%. We had a 44% close rate on new business opportunities, and we experienced strong incremental growth with existing partners. On the AI front, increased traction with our AI initiatives and following are thematically the areas of focus, augmenting the development process, increasing operational efficiency, elevating the work of our team members and enhancing outcomes achieved for our partners.

企業淨收入留存率為 107%。我們在新業務機會方面取得了 44% 的成交率，並且與現有合作夥伴實現了強勁的成長。在人工智慧方面，我們人工智慧計畫的推進力度不斷加大，以下是我們的重點領域：加強開發流程、提高營運效率、提升團隊成員的工作水準以及增強為合作夥伴所取得的成果。

In addition, there was a technology-centric acquisition that we closed at the end of June. While relatively small, we're realizing meaningful increases in efficiency and effectiveness in the health payment integrity services for the Commercial Health segment through the integration of related logic and functionality through the acquisition.

此外，我們在 6 月底完成了一項以技術為中心的收購。雖然規模相對較小，但透過此次收購整合了相關邏輯和功能，我們在商業健康領域的健康支付完整性服務的效率和效果方面實現了顯著提升。

The realized ROI and impact are consistent with optimistic expectations. Continuing on AI and how we're harnessing AI and automation opportunities across our business. This is a little more detail in specific projects. As lower value activities are increasingly automated, we expect meaningful reductions in service delivery costs while simultaneously improving client outcomes.

實際投資報酬率和影響與樂觀預期相符。繼續探討人工智慧以及我們如何在整個業務中利用人工智慧和自動化機會。以下是一些具體項目的更多細節。隨著低價值活動的自動化程度越來越高，我們預期服務交付成本將大幅降低，同時客戶體驗也將得到改善。

Although pricing pressure is likely over time, we expect cost efficiencies to more than offset any associated fee adjustments. The near-term implications of AI on our business are becoming clearer in focus. They are broad, spanning our products, services and software development processes and following are a few specific examples.

儘管價格壓力可能會隨著時間的推移而增加，但我們預計成本效益將足以抵消任何相關的費用調整。人工智慧對我們業務的近期影響正變得越來越清晰。它們涵蓋範圍廣泛，包括我們的產品、服務和軟體開發流程，以下是一些具體範例。

In the Commercial Health business, we routinely receive medical claim volumes that surpass processing capacity. While some claims present limited savings potential, others offer significant higher value for our partners. Because each claim we select incurs a cost to process regardless of its ultimate savings, disciplined selection is critical.

在商業健康保險業務中，我們經常收到超出處理能力的醫療索賠。雖然有些方案節省成本的潛力有限，但其他方案卻能為我們的合作夥伴帶來更高的價值。由於我們選擇的每個索賠都會產生處理成本，無論最終能節省多少，因此嚴格的選擇至關重要。

We are increasingly leveraging technology to prioritize those claims where we can deliver the greatest impact while also generating the strongest return on investment for CorVel. In claims management, transitions in Adjuster assignments often create inefficiencies as new Adjusters take on large portfolios of open claims.

我們正越來越多地利用科技來優先處理那些能夠產生最大影響，同時又能為 CorVel 帶來最強投資回報的索賠。在理賠管理中，理賠員調動往往會造成效率低下，因為新理賠員要處理大量的未決理賠案件。

With roughly 125 active cases, achieving timely visibility into risk, complexity and required actions for assigned claims can be challenging. We are deploying technology to augment Adjuster decision-making, providing rapid understanding of claim nuances and clear prioritization of those tasks requiring immediate attention.

目前大約有 125 個活躍案件，要及時了解已分配索賠的風險、複雜性和所需採取的行動可能具有挑戰性。我們正在部署技術來增強理賠員的決策能力，快速了解理賠的細微差別，並明確優先處理需要立即關注的任務。

Also in claims management, there are many stakeholders, partners, health care providers, clinical team members, all requiring information. We're leveraging technology to provide a seamless interface, which allows stakeholders to self-service, obtaining real-time information for many even complex inquiries.

此外，在理賠管理中，還有許多利害關係人、合作夥伴、醫療保健提供者、臨床團隊成員，他們都需要相關資訊。我們正在利用科技提供無縫介面，使利害關係人能夠自助服務，獲取許多甚至複雜查詢的即時資訊。

In case management, AI is enhancing the efficiency and scalability of our team's operations. We're using AI to automate documentation, data synthesis and routine workflows, which will allow clinicians to manage higher case loads and focus on complex, high-impact interventions.

在案件管理方面，人工智慧正在提高我們團隊營運的效率和可擴展性。我們正在利用人工智慧實現文件記錄、數據合成和日常工作流程的自動化，這將使臨床醫生能夠處理更多的病例，並專注於複雜、高影響力的干預措施。

Financially, this supports margin expansion through productivity gains while maintaining an outcome-driven service model. Strategically, AI strengthens our platform by embedding decision support into workflows that are difficult to replicate without CorVel's data, clinical expertise and regulatory experience.

從財務角度來看，這可以透過提高生產力來擴大利潤率，同時保持以結果為導向的服務模式。從策略角度來看，人工智慧透過將決策支援嵌入到工作流程中來增強我們的平台，如果沒有 CorVel 的數據、臨床專業知識和監管經驗，這些工作流程很難複製。

And finally, Agentic AI is transforming the software development process from ideation to deployment, enabling us to accomplish more, more quickly. We have a very compelling software development road map for 2026. This is certainly not a comprehensive list, but a few representative examples of areas of focus.

最後，智能體人工智慧正在改變從構思到部署的軟體開發流程，使我們能夠更快地完成更多工作。我們制定了極具吸引力的2026年軟體開發路線圖。這當然不是一個完整的列表，而是一些代表性的重點領域範例。

In the Property and Casualty business, by intentionally applying technology across our claims and case management systems, introducing intelligence earlier in the process, reducing administrative friction, modernizing data exchange and leveraging automation and AI, we deliver a fundamentally simpler, more efficient and more accurate experience.

在財產和意外保險業務中，我們有意地將技術應用於我們的理賠和案件管理系統，在流程早期引入智能，減少行政摩擦，實現數據交換現代化，並利用自動化和人工智慧，從而提供更簡單、更有效率、更準確的體驗。

As buyers prioritize efficiency, transparency outcomes and cost, CorVel is well positioned to generate differentiated results while scaling in 2026 and beyond. On the health care payment integrity front, this is our CERIS division. The market continues to evolve as medical costs rise while reimbursement rates remain flat, intensifying pressure on payers to control costs.

隨著買家優先考慮效率、透明度、結果和成本，CorVel 已做好充分準備，在 2026 年及以後實現規模化發展的同時，創造差異化的結果。在醫療保健支付誠信方面，這是我們的 CERIS 部門。隨著醫療成本上升而報銷率保持不變，市場持續演變，這加大了支付方控製成本的壓力。

In response, health plans are increasingly turning to technology, particularly AI and automation to improve accuracy, identifying errors earlier in the claims life cycle and strengthening financial performance. At the same time, ongoing vendor consolidation is prompting payers to reevaluate their partnerships.

為此，醫療保險計劃正越來越多地轉向技術，特別是人工智慧和自動化，以提高準確性，在理賠生命週期的早期發現錯誤，並增強財務表現。同時，供應商的持續整合促使支付方重新評估其合作關係。

With a growing preference for proven scalable vendors, it can consistently deliver measurable results, operational stability and long-term value. CERIS combines deeper clinical expertise and efficient proven workflows to identify issues before claims are paid. We continue to advance the use of AI, machine learning and predictive analytics to deliver solutions that are more accurate, scalable and impactful, driving increased business and value for our partners.

由於越來越傾向於選擇經過驗證的、可擴展的供應商，它可以持續提供可衡量的結果、營運穩定性和長期價值。CERIS 結合了更深厚的臨床專業知識和高效成熟的工作流程，可在理賠支付前發現問題。我們不斷推進人工智慧、機器學習和預測分析的應用，以提供更準確、可擴展和更具影響力的解決方案，從而為我們的合作夥伴帶來更多業務和價值。

This momentum is reflected in the operating results. We have strengthened our market position, created opportunities to expand across additional products and lines of business and seen heightened interest in CERIS from large industry players seeking differentiated data-driven capabilities.

這一發展勢頭已反映在經營業績上。我們鞏固了市場地位，創造了拓展其他產品和業務線的機會，並且看到尋求差異化數據驅動能力的大型行業參與者對 CERIS 表現出越來越濃厚的興趣。

We also accelerated our technology road map through the strategic acquisition mentioned earlier on the call. Integration is progressing ahead of plan, and we are already seeing the benefits from faster innovation and enhanced capabilities.

我們也透過先前在電話會議中提到的策略性收購，加快了我們的技術路線圖。整合工作進展順利，超乎預期，我們已經看到了更快的創新速度和更強的能力所帶來的好處。

Of note, the U.S. Department of Justice recently released its False Claims Act enforcement statistics, which reported that settlements and judgments reached record levels in 2025 with recoveries exceeding $6.8 billion. Of that, $5.7 billion in total recoveries were in the health care sector.

值得注意的是，美國司法部最近公佈了其《虛假申報法》執法統計數據，數據顯示，2025 年和解金額和判決金額達到創紀錄水平，追回金額超過 68 億美元。其中，醫療保健產業共獲得 57 億美元的賠償。

CERIS' payment integrity and fraud, waste, and abuse services help partners address this risk by utilizing prepaid services to prevent improper payments before they occur and identifying aberrant billing patterns early, while positive paid services can recoup dollars due to the same issues.

CERIS 的支付完整性和詐欺、浪費和濫用服務透過利用預付費服務防止不當付款發生，並及早發現異常計費模式，幫助合作夥伴應對這種風險，同時正向付費服務可以追回因同樣問題造成的損失。

These capabilities reduce exposure to false claims and deliver measurable financial impact through avoided or reclaimed overpayments and lower medical cost trends. Taken together, these dynamics underscore the growing importance of proactive technology-enabled payment integrity solutions.

這些功能可以減少虛假索賠的風險，並透過避免或追回多付的款項和降低醫療成本趨勢，帶來可衡量的財務影響。綜上所述，這些動態凸顯了主動式技術賦能的支付完整性解決方案日益增長的重要性。

CERIS is well positioned to meet this need by combining advanced analytics, clinical rigor, with scalable operations to help partners reduce risk, improve compliance and meaningful impact to medical costs. As regulatory scrutiny intensifies and financial pressure on payers continue, our ability to prevent improper payments before they occur while efficiently recovering dollars post payment creates sustained value for our partners.

CERIS 憑藉先進的分析技術、嚴謹的臨床方法和可擴展的營運模式，完全有能力滿足這一需求，幫助合作夥伴降低風險、提高合規性並對醫療成本產生有意義的影響。隨著監管審查力度加大，支付方面臨的財務壓力持續增加，我們能夠在不當付款發生之前阻止其發生，並在付款後高效地追回款項，從而為我們的合作夥伴創造持續的價值。

With strong operational momentum, an accelerated technology road map and increasing interest from larger industry participants, CERIS remains focused on expanding its role as a trusted differentiated partner in an increasingly complex health care landscape.

憑藉強勁的營運勢頭、加速推進的技術路線圖以及來自大型行業參與者的日益濃厚的興趣，CERIS 將繼續致力於擴大其作為值得信賴的差異化合作夥伴在日益複雜的醫療保健領域中的作用。

Brian, would you provide the additional financial metrics for the quarter?

Brian，能否提供本季的其他財務指標？

During the quarter, CorVel repurchased 185,559 shares at a cost of $13.4 million. From inception to date, the company has repurchased 114.9 million shares for an aggregated total of $868 million. Through this program, the company has now repurchased 69% of the total shares outstanding at an average price of $7.55 per share.

本季度，CorVel 以 1340 萬美元的價格回購了 185559 股股票。從成立至今，該公司已回購 1.149 億股股票，總金額達 8.68 億美元。透過該計劃，該公司目前已回購了已發行股份總數的 69%，平均回購價格為每股 7.55 美元。

The repurchasing of shares continues to be funded from the company's strong operating cash flow. CorVel's days sales outstanding was 39 days in the December 2025 quarter, which is an improvement of three days compared to the same period a year ago.

公司強勁的營運現金流將繼續為股票回購提供資金。CorVel 2025 年 12 月季度的應收帳款週轉天數為 39 天，比去年同期減少了 3 天。

The quarter ending cash balance was $230 million. Fiscal year-to-date free cash flow is $90 million, with $36 million having been used for capital expenditures. In the same period of the previous fiscal year, capital expenditures were $24 million to $27 million. This change in CapEx is a result of increased spending on our proprietary software development and software licenses.

季度末現金餘額為2.3億美元。本財年迄今的自由現金流為 9,000 萬美元，其中 3,600 萬美元已用於資本支出。上一財政年度同期，資本支出為 2,400 萬美元至 2,700 萬美元。資本支出的這種變化是由於我們在專有軟體開發和軟體許可方面的支出增加所致。

CorVel's financial strategy will remain committed to responsible management of financial risk. Conversely, many competing organizations throughout the market spaces in which we operate are faced with the costs and challenges of considerable debt obligations and consequently may lack the financial agility needed for service integration and innovation.

CorVel的財務策略將繼續致力於負責任地管理財務風險。相反，在我們營運的市場領域中，許多競爭組織面臨著巨額債務的成本和挑戰，因此可能缺乏服務整合和創新所需的財務靈活性。

We believe that our strong and debt-free balance sheet uniquely positions CorVel for continued strategic product expansion, technological advancement and acquisition opportunities. Thank you for your time this morning. I will now invite the operator to open this session for questions.

我們相信，我們強勁且無負債的資產負債表使 CorVel 在持續的策略性產品擴張、技術進步和收購機會方面擁有獨特的優勢。感謝您今天上午抽出時間。現在我將請操作員開啟問答環節。

Thank you for your time this morning. I will now invite the operator to open the session for questions.

感謝您今天上午抽出時間。現在我將請操作員開啟問答環節。

(Operator Instructions)

（操作說明）

We do have a web question from Adam. Can you provide more detail on the deceleration of year-over-year revenue growth for each segment? There's been a long track record of quarter-over-quarter revenue growth that ended this quarter. What drove that?

我們收到亞當提出的一個網路問題。能否提供各業務板塊較去年同期營收成長放緩的更多細節？該公司長期以來一直保持著季度環比營收成長的良好記錄，而這一成長勢頭在本季末得以延續。是什麼原因導致這種情況？

We're live, yes. Yes. I would say we look at the principles and fundamentals on which the organization was structured. And revenue growth over our history, certainly, if you look at the last 10 years, it isn't a straight line necessarily.

是的，我們正在直播。是的。我認為我們應該檢視該組織賴以建立的原則和基本要素。而且，縱觀我們的歷史，收入成長當然不是一條直線，如果你看看過去 10 年的情況，你會發現它不一定是一條直線。

So we believe that the focus we have with the investment in technology, our reputation in the business and the trajectory, the momentum we have indicates that the historical pattern will continue. So we're not looking at a small cycle change, if you will, as an indication of future results.

因此，我們相信，我們對技術投資的重視、我們在業界的聲譽以及我們所取得的成就和發展勢頭表明，歷史模式將會持續下去。所以，我們並沒有把一個小小的周期性變化視為未來結果的指標。

We have an online from Jesse. Can you please provide more context around segment growth rate?

我們收到了傑西傳來的網路訊息。請問能否提供更多關於細分市場成長率的資訊？

CorVel operates within a single segment and the services that we provide within that segment are Patient Management Network and Network Solutions. As a policy, we do not break up the various products and report those separately, rather our entire company and all of our products operate through one single segment.

CorVel 的業務集中在一個領域，我們在該領域提供的服務包括病患管理網路和網路解決方案。根據公司政策，我們不將各種產品拆分並分別報告，而是整個公司及其所有產品都透過單一的業務部門運作。

There are no further questions at this time. I would like to hand the conference back over to management for closing remarks.

目前沒有其他問題了。我謹將會議交還給管理階層，請他們作閉幕致詞。

Thank you for joining the call today.

感謝您今天參加電話會議。

Thank you. This will conclude today's conference. You may disconnect at this time and thank you for your participation.

謝謝。今天的會議到此結束。現在您可以斷開連接了，感謝您的參與。