CorVel Corporation (CRVL) 2027 Q1 法說會逐字稿

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

感謝您耐心等候。歡迎收看 CorVel Corporation 的季度財報發布網路直播。在本次網路直播期間，CorVel Corporation 可能會就未來事件或公司未來財務表現提出預測或其他前瞻性陳述。CorVel 提醒您注意，這些陳述僅為預測，實際事件或結果可能會有重大差異。

CorVel refers you to the documents that the company files from time to time with the Securities and Exchange Commission, specifically the company's Form 10-K and 10-Q filed for the most recent fiscal year and quarter. These documents contain and identify important factors that could cause the actual results to differ materially from those contained in our projections or forward-looking statements.

CorVel 請您參閱公司不時向美國證券交易委員會（SEC）提交的文件，特別是公司就最近一個會計年度及季度所提交的 Form 10-K 與 10-Q。這些文件載明並指出可能導致實際結果與我們的預測或前瞻性陳述所述內容出現重大差異的重要因素。

I would now like to turn it over to Michael Combs, CorVel's Executive Chairman. Mike?

接下來我想把時間交給 CorVel 的執行董事長 Michael Combs。Mike？

Thank you. Good morning, and thank you for joining us to review CorVel's June quarter results. Today, in my new role as Executive Chairman, I'm joined by CorVel's President and CEO, Sarah Scott; and our Chief Financial Officer, Brian Nichols. Before we begin, I'd like to acknowledge that this quarter marks an important milestone in CorVel's leadership. Sarah's appointment as President and CEO is the culmination of more than 18 months of deliberate succession planning by our Board.

謝謝。各位早安，感謝各位加入我們，一同回顧 CorVel 的 6 月季度業績。今天，在我擔任執行董事長的新職務下，與我一同出席的有 CorVel 總裁兼執行長 Sarah Scott，以及我們的財務長 Brian Nichols。在開始之前，我想先指出，本季度是 CorVel 領導團隊的重要里程碑。Sarah 獲任命為總裁兼執行長，是董事會經過 18 個多月審慎接班規劃的成果。

Throughout that process, we evaluated the leadership capabilities needed to guide CorVel through its next phase of growth, and we are confident Sarah is the right person to lead the company. Her deep understanding of our business, our customers and our culture, combined with the strength of our executive leadership team, provides both continuity and a strong foundation for the future.

在整個過程中，我們評估了引領 CorVel 進入下一階段成長所需的領導能力，我們有信心 Sarah 是帶領公司前進的最佳人選。她對我們的業務、客戶與文化的深刻理解，加上我們高階管理團隊的實力，既能確保延續性，也為未來奠定堅實基礎。

Now turning to today's agenda. I'll provide a high-level review of our financial performance. Brian will then discuss the quarter's financial results in greater detail, and Sarah will review business performance, the current operating environment, key market trends and progress across our product and service offerings. The June quarter revenues were $260 million, 11% over the $235 million in revenue for the June 2025 quarter. The earnings per share for the quarter ended June 30, 2026, were $0.63.

接著說明今天的議程。我將先就我們的財務表現做高層次回顧。之後 Brian 會更詳細地說明本季度財務結果，而 Sarah 將回顧業務表現、目前營運環境、主要市場趨勢，以及我們在各項產品與服務上的進展。6 月季度營收為 2.60 億美元，較 2025 年 6 月季度的 2.35 億美元成長 11%。截至 2026 年 6 月 30 日止季度的每股盈餘為 0.63 美元。

That's an increase of 22% over the same quarter of the prior year's EPS of $0.52. These results reflect the strength of our business, the dedication of our associates and the successful execution of our long-term strategy. As Executive Chairman, I look forward to supporting Sarah and our leadership team as they continue building on that momentum and creating long-term value for our customers and our shareholders.

較前一年度同季每股盈餘 0.52 美元增加 22%。這些結果反映了我們業務的韌性、同仁的投入，以及我們長期策略的成功執行。身為執行董事長，我期待支持 Sarah 與我們的領導團隊，持續在此動能上再接再厲，並為客戶與股東創造長期價值。

Brian will now provide additional information regarding the quarter. Brian?

接下來 Brian 將提供本季度的更多資訊。Brian？

Thank you, Michael, and good morning, everyone. Results for the quarter included some onetime items, which can be a normal part of operating our business. Within Cirrus, these items increased earnings by approximately $0.07 per share, primarily reflecting a settlement of legacy accounts receivable. Additionally, in the quarter, increases to our effective tax rate did have a slight impact on net income.

謝謝你，Michael，各位早安。本季度結果包含一些一次性項目，這在我們的業務營運中屬於正常情況之一。在 Cirrus 方面，這些項目使每股盈餘約增加 0.07 美元，主要反映舊有應收帳款的和解。此外，本季度有效稅率上升也對淨利造成些微影響。

However, even excluding these items, underlying performance of the business remains strong. Total net income increased 18% in the June 2026 quarter compared to the year prior, with the impact of that result balanced by both our patient management and Network Solutions services.

然而，即使排除這些項目，公司的基本面表現仍然強勁。2026 年 6 月季度的淨利總額較去年同期增加 18%，而該成果的影響由我們的病患管理（patient management）與網路解決方案（Network Solutions）服務共同支撐並取得平衡。

Additionally, patient management and Network Solutions were both equal contributors to the increases in total revenue, each growing by approximately $12.5 million. Our CERIS product was the top driver for the Network Solutions increase. Patient management growth was primarily driven by our enterprise claims TPA program.

此外，病患管理與網路解決方案對總營收增長的貢獻相當，兩者各自約增加 1,250 萬美元。我們的 CERIS 產品是推動網路解決方案成長的主要動能。病患管理的成長主要由我們的企業理賠 TPA 計畫所帶動。

Claims volume grew by 8% comparing the June 2026 quarter to the June 2025 quarter. This improvement marked the largest annual quarter-over-quarter increase in claims volume since December 2024. Quarterly year-over-year new customer sales improved by over 60%, with nearly half of the growth occurring in the month of June.

理賠量在比較 2026 年 6 月季度與 2025 年 6 月季度時成長 8%。此改善為自 2024 年 12 月以來，理賠量年度同季（年對年）增幅最大的季度。本季度年對年新客戶銷售成長超過 60%，其中近一半的成長發生在 6 月。

Over the last 12 months, new sales posted a 40% increase compared to the prior 12-month period, demonstrating the strength of our sales organization and growing demand for our solutions. Additionally, RFP volume and average opportunity value were significantly improved in this quarter compared to the same quarter of last year.

過去 12 個月的新銷售額較前一個 12 個月期間增加 40%，展現我們銷售組織的實力以及市場對我們解決方案日益增加的需求。此外，本季度的 RFP 數量與平均商機價值，相較去年同季均有顯著改善。

And now Sarah will discuss the market environment and industry trends shaping our business.

接下來 Sarah 將說明影響我們業務的市場環境與產業趨勢。

Thank you, Brian, and good morning. Having spent my career at CorVel, I'm pleased to be speaking with you for the first time as President and CEO. I have great confidence in our people, our strategy and the opportunities ahead. CorVel has a strong foundation from which to build for the future, and our direction remains clear. My focus will be on disciplined execution, turning our investments into measurable results and applying what works across the enterprise to create long-term value.

謝謝你，Brian，各位早安。我在 CorVel 度過了整個職涯，很高興首次以總裁兼執行長的身分與各位交流。我對我們的人才、策略以及未來機會充滿信心。CorVel 擁有穩固的基礎可供未來發展，我們的方向也依然清晰。我將專注於有紀律的執行，把投資轉化為可衡量的成果，並將有效的方法在全企業推廣，以創造長期價值。

We see meaningful opportunities to strengthen our existing business, expand the value we provide to clients and pursue new areas of growth with the financial discipline that has long defined CorVel. In June, we marked the 35th anniversary of CorVel's NASDAQ listing by ringing the opening bell with members of our executive leadership team. This milestone reflects the dedication of our employees, the confidence of our clients and shareholders and long-standing commitment to innovation and disciplined growth.

我們看到許多重要機會，可在既有業務上持續強化、擴大我們為客戶提供的價值，並以長期以來定義 CorVel 的財務紀律，開拓新的成長領域。6 月，我們與高階管理團隊成員一同敲響開市鐘，紀念 CorVel 在 NASDAQ 上市 35 週年。這項里程碑反映了員工的投入、客戶與股東的信任，以及我們對創新與有紀律成長的長期承諾。

Turning to our markets. Workers' compensation continues to be shaped by increasing claim complexity, medical cost inflation, changing workforce demographics and evolving regulatory environment. These conditions reinforce the value of an integrated operating model that combines claims management, clinical expertise, data and technology.

接著談談我們的市場。勞工補償（workers' compensation）持續受到理賠複雜度提高、醫療成本通膨、勞動人口結構變化，以及監管環境演進的影響。這些情勢更凸顯整合式營運模式的價值，也就是結合理賠管理、臨床專業、數據與科技。

This is an important area of differentiation for CorVel. Through CorVel Connected, we bring together workflow and data across claims management, clinical services, pharmacy, bill review, provider networks and ancillary care. This allows us to apply intelligence across the broader claim life cycle rather than to isolated tasks and remains an important source of differentiation for CorVel.

這是 CorVel 一項重要的差異化領域。透過 CorVel Connected，我們整合理賠管理、臨床服務、藥事、帳單審核、醫療提供者網路以及輔助照護等各環節的工作流程與資料。這使我們能在更廣泛的理賠全生命週期中運用智慧，而非僅針對孤立的任務，並且仍是 CorVel 重要的差異化來源。

We continue expanding artificial intelligence and automation across selected claims and clinical workflows. Capabilities currently in use include claim summarization, risk identification and clinical decision support. These tools are intended to promote earlier intervention, greater consistency and improve productivity. Our approach is practical, use technology to augment professional judgment while maintaining appropriate transparency, governance and clinical oversight. We have seen encouraging results from individual deployments and use expands. As use expands, we are standardizing how we measure adoption, operational impact and client value across the enterprise to guide continued development and investments.

我們持續在特定的理賠與臨床工作流程中擴大人工智慧與自動化的應用。目前已投入使用的能力包括理賠摘要、風險辨識與臨床決策支援。這些工具旨在促進更早介入、提高一致性並提升生產力。我們的做法務實，以科技增強專業判斷，同時維持適當的透明度、治理與臨床監督。我們已在個別部署中看到令人鼓舞的成果，且使用範圍持續擴大。隨著使用擴大，我們正標準化全企業範圍內衡量採用率、營運影響與客戶價值的方法，以引導持續的開發與投資。

This quarter, we also launched Executive Advisory Services, which helps clients evaluate the overall performance of their workers' compensation and liability programs. The offering combines operational expertise, benchmarking, analytics and technology to help clients identify priorities and develop a practical road map for improving outcomes and managing costs. In addition to its potential to provide value as a stand-alone service, it can deepen our understanding of client needs and identify opportunities to expand existing relationships.

本季我們也推出了高階主管諮詢服務（Executive Advisory Services），協助客戶評估其勞工補償與責任保險計畫的整體表現。此項服務結合營運專業、標竿比較、分析與科技，協助客戶辨識優先事項，並制定改善成果與管理成本的務實路線圖。除作為獨立服務具備提供價值的潛力外，它也能加深我們對客戶需求的理解，並找出擴大既有合作關係的機會。

As Brian noted, claims volume increased 8% during the quarter, reflecting both new client implementation and tail claim activity. We continue investing in our people, processes and technology to support the growth while maintaining service quality and operational consistency. Medical costs remain a significant component of workers' compensation expense, particularly for out-of-network services and in states with limited fee schedules. We recently introduced a new data-driven medical bill repricing capability that complements our existing bill review and network solutions. The capability is designed to support more informed reimbursement decisions, improve processing efficiency and promote greater consistency in cost containment results.

如 Brian 所提，本季理賠量增加 8%，反映新客戶導入以及尾端理賠活動。我們持續投資於人才、流程與科技，以在維持服務品質與營運一致性的同時支援成長。醫療成本仍是勞工補償費用的重要組成，尤其是在網外服務以及費用表較有限的州。我們近期推出新的資料驅動醫療帳單重新定價能力，作為對既有帳單審核與網路解決方案的補強。此能力旨在支援更具資訊基礎的給付決策、提升處理效率，並促進成本控管成果更高的一致性。

Turning to the group health market. Health plans continue to face cost pressure, margin compression and increasing regulatory requirements, reinforcing the need for effective payment integrity solutions. CERIS is responding by expanding its capabilities, developing solutions tailored to specialized claims segments and creating additional value with existing client relationships. Industry consolidation and alliances amongst regional health plans are also changing the competitive landscape as organizations seek greater scale and efficiency. At the same time, evolving Medicare and Medicaid requirements are driving focus on sophisticated payment integrity solutions across both commercial and government health care programs.

接著談團體健康（group health）市場。健康保險計畫持續面臨成本壓力、利潤率壓縮以及日益增加的監管要求，進一步凸顯有效的支付完整性（payment integrity）解決方案之必要性。CERIS 正透過擴充能力、開發針對專門理賠區隔量身打造的解決方案，並在既有客戶關係中創造更多價值來回應。產業整併以及區域型健康保險計畫之間的聯盟，也正在改變競爭格局，因各組織尋求更大的規模與效率。同時，Medicare 與 Medicaid 要求的演進，正推動商業與政府醫療計畫皆更聚焦於更精密的支付完整性解決方案。

During the quarter, CERIS continued investing in its teams and expanding its payment integrity capabilities while advancing the implementation of several new payer engagements and deepening relationships with existing clients. We also see meaningful longer-term opportunity to apply CERIS' commercial payment integrity expertise within selected government health care programs.

本季，CERIS 持續投資其團隊並擴大支付完整性能力，同時推進數個新付款方合作案的導入，並加深與既有客戶的關係。我們也看到具意義的長期機會，可將 CERIS 的商業支付完整性專長應用於特定的政府醫療計畫中。

Capabilities such as line item bill review may be relevant as these programs seek additional ways to improve payment accuracy and manage health care costs. We will evaluate expansion based on market demand, program requirements, the investment required and potential return. Across workers' compensation and group health, our focus remains consistent, applying our operational expertise, integrated technology and data to strengthen client value and position CorVel for sustainable long-term performance.

例如逐項（line item）帳單審核等能力，可能與這些計畫尋求更多方式提升支付準確性並管理醫療成本的需求相關。我們將依據市場需求、計畫要求、所需投資以及潛在報酬來評估擴張。在勞工補償與團體健康兩大領域，我們的重點保持一致：運用營運專業、整合式科技與資料來強化客戶價值，並使 CorVel 具備可持續的長期表現定位。

Brian, would you provide some additional context around our cash flow, balance sheet and capital allocation?

Brian，你能否就我們的現金流、資產負債表與資本配置提供更多背景說明？

Certainly, Sarah. During the June quarter, CorVel repurchased 377,098 shares at a cost of $21.8 million. From inception to date, the company has repurchased 115.6 million shares for an aggregated total of $910 million. Through this program, the company has now repurchased 70% of the total shares outstanding at an average price of $7.87 per share. The repurchasing of shares continues to be funded from the company's strong operating cash flow.

當然可以，Sarah。在 6 月季度期間，CorVel 以 2,180 萬美元的成本回購 377,098 股。自計畫開始至今，公司已回購 1.156 億股，累計總額 9.10 億美元。透過此計畫，公司目前已以每股平均 7.87 美元的價格回購了已發行在外總股數的 70%。股份回購持續由公司強勁的營運現金流提供資金。

The company's management of receivables continues to improve and perform well. CorVel's days sales outstanding was 39 days in the June quarter, which is one day fewer than the same period of the previous year. At quarter end, the cash balance was $256 million. Free cash flow for the June 2026 quarter was $43.1 million, a $3.5 million increase compared to the June 2025 quarter, which was driven by quarterly year-over-year reduction in net cash flow used in investing activities. In conclusion, fiscal responsibility remains a central focus of CorVel's financial strategy.

公司對應收帳款的管理持續改善且表現良好。CorVel 在 6 月季度的應收帳款週轉天數（DSO）為 39 天，較去年同期少 1 天。季末現金餘額為 2.56 億美元。2026 年 6 月季度的自由現金流為 4,310 萬美元，較 2025 年 6 月季度增加 350 萬美元，主要由於季度年對年投資活動所使用的淨現金流減少所致。總結而言，財務紀律仍是 CorVel 財務策略的核心重點。

As we survey the market spaces in which we compete, it is clear that technological and managerial agility are vital for long-term meaningful growth. To this end, CorVel's strong liquidity and debt-free position assures that we are in the best possible position to invest in our future. Thank you for your time this morning. I will now invite the operator to open the session for questions.

當我們檢視所競爭的市場領域時，很明顯科技與管理上的敏捷性對於長期且具實質意義的成長至關重要。為此，CorVel 強勁的流動性與零負債狀態，確保我們處於投資未來的最佳位置。感謝各位今天上午撥冗參與。我現在請接線員開放提問。

(Operator Instructions)

（接線員指示）

Are there any questions?

有任何問題嗎？

They're are not. And with that, this concludes today's webcast. You may disconnect your lines at this time. Thank you, everyone, for your participation.

沒有。至此，今天的網路直播到此結束。您現在可以掛斷電話線。感謝各位的參與。