CorVel Corporation (CRVL) 2026 Q4 法說會逐字稿

Greetings, and welcome to the CorVel quarterly earnings report. (Operator Instructions) As a reminder, this conference is being recorded (Operator Instructions)

各位好，歡迎參加 CorVel 季度財報電話會議。(接線員指示) 提醒各位，本次會議將被錄音(接線員指示)

It's now my pleasure to turn the call over to President and CEO, Michael Combs. Please go ahead, sir.

現在我很榮幸將電話會議交給總裁兼執行長 Michael Combs。先生，請開始。

Thank you. Good morning. Thank you for joining us to review CorVel's March quarter and fiscal year results. Brian Nichols, CorVel's Chief Financial Officer, is on the call with me today. Today, I will review business performance, the current environment and market trends and progress on product and service offerings.

謝謝。各位早安。感謝各位加入我們，一同回顧 CorVel 的 3 月季度與財政年度業績。CorVel 財務長 Brian Nichols 今天也與我一同在線上。今天我將回顧營運表現、目前環境與市場趨勢，以及產品與服務方案的進展。

So let's start with Brian providing an overview of the March quarter and fiscal year results. Brian?

那麼先請 Brian 概述 3 月季度與財政年度的業績。Brian？

Thank you, Michael, and good morning, everyone. The March quarter revenues were $249 million, an increase of 7% compared to $232 million in the March 2025 quarter. Earnings per share for the quarter ended March 31, 2026, were $0.61, up from $0.51 in the same period of the previous year. For the fiscal year 2026, revenues were $959 million, up 7% from $896 million in the prior fiscal year, and earnings per share was $2.14, an increase of 17% compared to $1.83 for the fiscal year ended March 31, 2025. The effective tax rate increased compared to the prior year, which included a discrete benefit from stock option exercises that did not recur at similar levels.

謝謝你，Michael，各位早安。3 月季度營收為 2.49 億美元，較 2025 年 3 月季度的 2.32 億美元成長 7%。截至 2026 年 3 月 31 日止季度的每股盈餘為 0.61 美元，高於去年同期的 0.51 美元。2026 財政年度營收為 9.59 億美元，較前一財政年度的 8.96 億美元成長 7%；每股盈餘為 2.14 美元，較截至 2025 年 3 月 31 日止財政年度的 1.83 美元成長 17%。有效稅率較前一年上升；前一年包含因員工認股權行使而產生的一次性稅務利益，而本年度未以相近水準重現。

For the fiscal year, Network Solutions delivered strong results with double-digit revenue and profit growth driven by continued momentum across its offerings and solid execution in both Property & Casualty and Commercial Health. Results within Network Solutions included the impact of certain onetime events primarily within CERIS, which contributed in part to elevated revenue and profit during the period and added $0.02 of earnings per share.

就財政年度而言，Network Solutions 表現強勁，在其各項方案持續動能與於財產與意外險（Property & Casualty）及商業健康（Commercial Health）兩大領域的穩健執行帶動下，營收與獲利皆呈雙位數成長。Network Solutions 的結果亦包含若干一次性事件的影響，主要發生於 CERIS，部分推升了期間的營收與獲利，並為每股盈餘增加 0.02 美元。

This performance was driven by accelerated post-payment recoveries associated with large payer engagement, reflecting a timing-related benefit. Importantly, this engagement, along with these additional large payer wins, is expected to contribute to ongoing revenue and profit tailwinds as these programs scale and mature. Patient Management generated low single-digit revenue and profit growth, reflecting a stable demand environment and consistent focus on operational efficiency.

此一表現主要由與大型付款方合作所帶動的加速事後付款追償（post-payment recoveries）所驅動，反映的是時點因素帶來的效益。更重要的是，這項合作以及新增的其他大型付款方得標案，預期將隨著相關專案規模化與成熟，持續為營收與獲利帶來順風。Patient Management 的營收與獲利呈低個位數成長，反映需求環境穩定，並持續聚焦營運效率。

The company is making targeted investments to enhance service quality and consistency as a key differentiator, while advancing systems and technology to support more scalable delivery.

公司正進行具針對性的投資，以提升服務品質與一致性作為關鍵差異化，同時推進系統與技術，以支援更具規模化的交付。

Personnel levels increased during the period to support service delivery and implementation activity, reflecting near-term execution priorities. These levels are expected to normalize as deployments mature, and as automation and AI-enabled workflow enhancements are deployed through the remainder of the year and into 2027, the company expects to realize sustained productivity gains, reduce reliance on manual processes and further improve operating leverage.

期間人員編制增加，以支援服務交付與導入（implementation）活動，反映短期執行優先事項。隨著部署逐步成熟，這些人力水準預期將回歸常態；此外，隨著自動化與 AI 賦能的工作流程強化在今年剩餘期間並延伸至 2027 年陸續導入，公司預期可實現持續的生產力提升、降低對人工流程的依賴，並進一步改善營運槓桿。

Overall, the company's balanced portfolio positions us to deliver scalable growth through Network Solutions while driving increased differentiation and future growth in Patient Management through ongoing technology and AI-enabled investments.

整體而言，公司均衡的產品組合使我們得以透過 Network Solutions 實現可規模化成長，同時藉由持續的技術與 AI 賦能投資，在 Patient Management 方面推動更高差異化與未來成長。

New bookings in the March quarter increased 56% year-over-year, reflecting high demand and accelerating commercial momentum across the business. RFP activity rose 20% over the same period, supporting steady pipeline expansion. Importantly, these bookings, primarily multiyear, are expected to contribute meaningfully to revenue and profit growth in the back half of the calendar year as implementation scale.

3 月季度的新簽訂單（new bookings）年增 56%，反映全業務高需求與加速的商業動能。RFP（提案徵求）活動較同期增加 20%，支撐管線穩健擴張。重要的是，這些以多年期為主的訂單，預期將在下半年隨導入規模擴大，對營收與獲利成長做出顯著貢獻。

Thank you, Brian. Now transitioning to market trends. Health care payers are operating in an increasingly complex environment with rising administrative costs, growing claim complexity and continued pressure to improve financial and clinical outcomes. In response, the market is shifting away from reactive correction towards more proactive models of payment accuracy and cost management. CERIS is well aligned with this shift.

謝謝你，Brian。接下來談市場趨勢。醫療保險付款方正處於日益複雜的環境中，面臨行政成本上升、理賠複雜度增加，以及持續改善財務與臨床結果的壓力。因此，市場正從事後補救式的更正，轉向更具前瞻性的付款正確性與成本管理模式。CERIS 與此一轉變高度契合。

Our platform spans both prepay and postpaid solutions, allowing us to improve accuracy earlier in the claims life cycle, while maintaining strong recovery capabilities where needed. This integrated approach enables our customers to reduce downstream work, lower administrative burden and strengthen provider partnerships. We are seeing increasing demand for these capabilities. In 2026, we are launching 4 large payer programs, including two new multiyear partnerships with top 10 national payers. These enterprise scale implementations reinforce the strength of our value proposition and will contribute meaningfully to revenue and profit growth as they mature.

我們的平台涵蓋預付（prepay）與事後付款（postpaid）解決方案，使我們能在理賠生命週期更早階段提升正確性，同時在需要時維持強勁的追償能力。此一整合式方法可協助客戶減少後端作業、降低行政負擔，並強化與醫療提供者的合作關係。我們看到市場對這些能力的需求正在增加。在 2026 年，我們將啟動 4 個大型付款方專案，其中包括與全美前 10 大付款方中的兩家建立新的多年期合作夥伴關係。這些企業級規模的導入案強化了我們價值主張的實力，並將隨著專案成熟，對營收與獲利成長做出顯著貢獻。

The industry also continues to move upstream with prepayment accuracy becoming an increasingly important strategic priority for payers. CERIS is advancing this transition by expanding prepaid solutions and migrating services historically performed postpaid in more proactive workflows. This evolution supports a more predictable and scalable revenue model while delivering earlier intervention and improved operational efficiency for our customers.

產業也持續往上游移動，預付付款正確性正成為付款方愈發重要的策略優先事項。CERIS 正透過擴展預付解決方案，並將過去多在事後付款階段執行的服務，遷移至更具前瞻性的工作流程，來推進此一轉型。此一演進在為客戶帶來更早介入與更佳營運效率的同時，也支持更可預測且更具規模化的營收模式。

Looking ahead, we see a healthy and growing pipeline as customers prioritize cost containment, payment accuracy and operational efficiency. Supported by long-term contracts and expanding adoption of prepaid solutions, we are influencing a shift towards revenue streams with a shorter realization cycle, typically 1 to 2 months for prepaid compared to 6 months or longer for postpaid, while maintaining comparable margin profiles.

展望未來，隨著客戶將成本控管、付款正確性與營運效率列為優先事項，我們看到健康且持續成長的管線。在長期合約與預付解決方案採用擴大的支持下，我們正推動營收來源朝更短的實現週期轉移：預付通常為 1 至 2 個月，相較之下事後付款為 6 個月或更久；同時維持相近的毛利率結構。

Combined with intentional investment in technology, CERIS is well positioned to deliver sustained scalable growth over time. And technology is a key enabler of this strategy. Our ongoing investment in AI and automation to enhance accuracy, increase throughput and reduce reliance on manual processes. Importantly, our approach focuses on augmenting our teams, providing actionable insights, improving decision-making and enabling clinical and operational professionals to focus on higher-value work. This combination of technology and domain expertise is a meaningful differentiator and supports both scalability and consistency in outcomes.

再加上對技術的有意識投資，CERIS 已具備良好條件，能隨時間推進實現持續且可規模化的成長。而技術是此策略的關鍵推動力。我們持續投資於 AI 與自動化，以提升正確性、提高處理量並降低對人工流程的依賴。重要的是，我們的方法著重於強化團隊能力、提供可採取行動的洞見、改善決策，並使臨床與營運專業人員能專注於更高價值的工作。技術與領域專業的結合是重要的差異化因素，並同時支援成果的可規模化與一致性。

The workers compensation and risk management environment continues to evolve in meaningful ways. Across the industry, we are seeing rising claims severity, increased medical costs and greater complexity driven by an aging workforce, increased comorbidities and expanded behavioral health considerations. At the same time, our partners are navigating provider access constraints, regulatory complexity and ongoing pressure to improve outcomes while controlling costs. These dynamics are accelerating a broader shift in the market from transactional cost management towards integrated, outcome-focused claims management supported by real-time data, automation and clinical insights. At CorVel, we have aligned our strategy and investments to meet this moment.

勞工補償與風險管理環境正以具意義的方式持續演變。在整個產業中，我們看到理賠嚴重度上升、醫療成本增加，以及因勞動人口老化、共病增加與行為健康考量擴大而帶來的更高複雜度。同時，我們的合作夥伴也在因應醫療提供者可近性限制、法規複雜性，以及在控管成本的同時持續改善結果的壓力。這些動態正加速市場從交易式成本管理，轉向以整合、結果導向的理賠管理為核心，並由即時數據、自動化與臨床洞見所支援。在 CorVel，我們已調整策略與投資，以把握此一時刻。

We are advancing CorVel's connected interface within our CareMC platform, which brings together artificial intelligence, real-time data integration and embedded clinical and claims expertise into a unified operating model. This platform enables earlier risk identification, faster access to care and more informed decision support throughout the claim continuum.

我們正在於 CareMC 平台內推進 CorVel Connected 的互聯介面，該平台將人工智慧、即時資料整合，以及內嵌的臨床與理賠專業知識整合為一個統一的營運模式。此平台可在理賠全流程中更早辨識風險、更快速取得照護，並提供更充分的決策支援。

By focusing our use of artificial intelligence on amplifying the work of our teams through workflow automation, predictive insights and next best action guidance, we enable claims and clinical professionals to focus on the most complex and impactful aspects of care. This approach improves outcomes while increasing scalability and productivity in an environment where labor constraints remain a challenge. One of the key differentiators is the integration of our platform.

透過將人工智慧聚焦於以工作流程自動化、預測洞察與「下一步最佳行動」指引來放大團隊工作成效，我們使理賠與臨床專業人員能專注於照護中最複雜且最具影響力的面向。在勞動力限制仍具挑戰的環境下，此作法在提升可擴展性與生產力的同時，也改善了成果。其中一項關鍵差異化因素在於我們平台的整合能力。

Rather than operating as a collection of point solutions, CorVel Connected brings together claims, clinical pharmacy and network data in real time. This creates continuous feedback across the life cycle of a claim and supports more consistent outcome-driven decision-making. In effect, we are rearchitecting the claims process around actionable intelligence rather than administrative workflow.

CorVel Connected 並非以一組點狀解決方案運作，而是即時整合理賠、臨床藥事與網路資料。這在理賠生命週期中形成持續回饋，並支持更一致、以成果為導向的決策。實際上，我們正以可採取行動的智慧為核心，而非以行政作業流程為核心，重新架構理賠流程。

We are also addressing cost pressures, particularly in medical, ancillary and pharmacy spend through clinically driven utilization management, expanded telemedicine capabilities and the development of bundled and episode-based care models. These initiatives are designed to improve both access and quality of care while maintaining appropriate cost control.

我們也在因應成本壓力，特別是透過臨床驅動的利用管理、擴增遠距醫療能力，以及開發套裝式與按療程（episode-based）的照護模式，以管理醫療、輔助性服務與藥局支出。這些措施旨在在維持適當成本控管的同時，提升照護可近性與品質。

At the same time, we are investing in automation, API-driven connectivity and compliance infrastructure to reduce friction, ensure regulatory alignment and enable real-time exchange of data across the ecosystem and with our partners. Taken together, these efforts reflect a consistent strategy to move beyond traditional claims administration and deliver a technology-enabled, clinically integrated model focused on total claims outcomes. CorVel is well positioned not only to navigate the current environment but also to gain market share as partners increasingly prioritize scalable, intelligent platforms that deliver both clinical and financial results with greater consistency and transparency.

同時，我們正投資於自動化、API 驅動的連結能力與合規基礎設施，以降低摩擦、確保符合法規要求，並促進整個生態系及與合作夥伴之間的即時資料交換。綜合而言，這些努力反映出一項一致的策略：超越傳統理賠管理，提供以科技賦能、臨床整合的模式，聚焦於整體理賠成果。CorVel 不僅具備良好條件以因應當前環境，也能在合作夥伴日益優先採用可擴展、智慧化平台（以更高的一致性與透明度同時交付臨床與財務成果）之際，進一步提升市占率。

As we further advance automation and AI-enabled capabilities across our platform, the broader operating environment is also evolving rapidly. The increasing sophistication and speed of AI-driven vulnerability discovery and exploitation are reshaping cybersecurity and operational risk dynamics across the industry. In response, management is further enhancing governance framework, strengthening controls and investing in resilience initiatives designed to support more proactive risk identification and mitigation. These efforts align with growing customer demand for solutions that are adaptive, auditable and durable under heightened operational and regulatory scrutiny.

在我們持續推進平台上的自動化與 AI 賦能能力之際，整體營運環境也正快速演變。AI 驅動的弱點發現與利用（exploitation）在成熟度與速度上的提升，正在重塑全產業的資安與營運風險動態。為此，管理團隊正進一步強化治理架構、加強控制措施，並投資於韌性計畫，以支持更主動的風險辨識與緩解。這些努力亦符合客戶日益增加的需求：在更嚴格的營運與監管審視下，解決方案必須具備適應性、可稽核性與耐久性。

Brian, would you now provide additional texture on the financial results?

Brian，請你現在就財務結果提供更多補充說明，好嗎？

Certainly, Michael, CorVel's net income for fiscal year 2026 is $110 million, nearly a 14% increase over fiscal year 2025 at $95 million. The fourth quarter contributed $31 million to this year's income total, which is $5 million higher than the same quarter of fiscal year 2025.

當然可以，Michael。CorVel 2026 會計年度淨利為 1.10 億美元，較 2025 會計年度的 9,500 萬美元增加近 14%。第四季為今年的淨利總額貢獻 3,100 萬美元，較 2025 會計年度同季高出 500 萬美元。

While the increase in our effective tax rate did temper growth to earnings, much of that increase was offset by business growth among various Network Solutions products referenced earlier, along with the reduced general and administrative costs. During the fourth quarter, general and administrative expenses decreased by $1.3 million compared to the same quarter of fiscal year 2025, bringing G&A down from 10.6% of revenue to 9.4%. CorVel's operating margin for the fiscal year 2026 was 15%, which was an improvement of 1.4% over 2025. During the 2026 fiscal year, CorVel repurchased 872,744 shares at a cost of $56 million. 366,306 of the shares were repurchased during the fourth quarter at a cost of $20 million.

雖然有效稅率上升確實抑制了盈餘成長，但其中多數影響已由先前提及的多項 Network Solutions 產品之業務成長，以及一般與行政成本下降所抵銷。第四季一般與行政費用較 2025 會計年度同季減少 130 萬美元，使 G&A 佔營收比重由 10.6% 降至 9.4%。CorVel 2026 會計年度營業利益率為 15%，較 2025 年提升 1.4%。在 2026 會計年度期間，CorVel 以 5,600 萬美元回購 872,744 股；其中第四季以 2,000 萬美元回購 366,306 股。

From inception to date, the company has repurchased 115.3 million shares for an aggregated total of $868 million.

自計畫啟動至今，公司累計回購 1.153 億股，合計金額為 8.68 億美元。

Through this program, the company has now repurchased 69% of total shares outstanding at an average price of $7.70 per share. The repurchasing of shares continues to be funded from the company's strong operating cash flow. CorVel's days sales outstanding was 37 days in the March 2026 quarter, which is an improvement of 4 days compared to the same period of the previous year. At fiscal year-end, the cash balance was $233 million. Free cash flow was $66 million, which is $7 million increase compared to fiscal year 2025.

透過此計畫，公司目前已以每股平均 7.70 美元的價格回購已發行在外總股數的 69%。股份回購持續由公司強勁的營運現金流提供資金。CorVel 在 2026 年 3 月季度的應收帳款週轉天數（DSO）為 37 天，較前一年同期改善 4 天。於會計年度期末，現金餘額為 2.33 億美元。自由現金流為 6,600 萬美元，較 2025 會計年度增加 700 萬美元。

CorVel's robust and debt-free balance sheet uniquely positions us for accelerating strategic product expansion, technological advancement and acquisition opportunities. Our fiscal strategy remains committed to responsible management of financial risks to protect our agility for investing in development.

CorVel 強健且無負債的資產負債表，使我們在加速策略性產品擴張、技術精進與併購機會方面具備獨特優勢。我們的財務策略仍致力於負責任地管理財務風險，以維持投資研發所需的靈活性。

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

感謝各位今天上午撥冗參與。我現在請接線員開放提問時段。

(Operator Instructions)

（接線員指示）

Thank you so much, Kevin. We're going to go ahead and return the call to the operator.

非常感謝你，Kevin。我們接下來把電話交回給接線員。

Thank you. There are no questions at this time. Ladies and gentlemen, that does conclude today's teleconference and webcast. You may disconnect your lines at this time, and have a wonderful day. We thank you for your participation today.

謝謝。目前沒有提問。各位女士、先生，今天的電話會議與網路直播到此結束。您現在可以掛斷電話，祝您有美好的一天。感謝各位今天的參與。