CorVel Corp.(CRVL) 在 2018年 第四季度业绩 - 收益电话会议记录

[机器翻译] 电话会议 · 2019年06月04日 · 200 次阅读 · CorVel Corp.

CorVel Corp. (NASDAQ:CRVL) Q4 2018 Earnings Conference Call May 30, 2019 11:30 AM ET

CorVel Corp.(纳斯达克股票代码:[CRVL])2018年第四季度收益电话会议2019年5月30日美国东部时间上午11:30

公司参与者

Michael Combs - President
Brandon O'Brien - Chief Financial Officer

Michael Combs - 总裁

Brandon O'Brien - 首席财务官

电话会议参与者

Thank you for standing by. Welcome to the CorVel Corporation 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 and that actual events or results may differ materially. CorVel refers you to the documents that the Company 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. 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.
I would now like to turn it over to Michael Combs.

谢谢你的支持。 欢迎来到CorVel公司季度收益发布网络广播。 在此网络广播过程中,CorVel Corporation可能会对未来事件或公司未来的财务业绩做出预测或其他前瞻性陈述。 CorVel谨此提醒您,这些陈述仅是预测,实际事件或结果可能会有重大差异。 CorVel向您推荐公司不时向美国证券交易委员会提交的文件,特别是公司最近一个财政年度末的10-K和10-Q表格。 这些文件包含并识别可能导致实际结果与我们的预测或前瞻性陈述中所含内容产生重大差异的重要因素。

我现在想把它交给Michael Combs。

Michael Combs

Thank you for joining us to review CorVel's fiscal year 2019 and the March quarter. On the call with me today is Brandon O'Brien, CorVel’s Chief Financial Officer. CorVel is always focused on making the meaningful difference to those we serve. It was truly rewarding to receive feedback from the market during a recent industry conference held in Boston.
At a roundtable discussion, CorVel was for the fourth consecutive year, the only TPA to be given an A rating by retail customers participating in the conversation. During that same conference, several notable prospects reached out to learn more about our claims management services. They have been hearing from peers and brokers that we are doing something different, something better.
The workers’ compensation and liability market is responding well to the services which delivered meaningful, differentiating results for our partners. To that end, this quarter, as with the past number of quarters, we saw the continuation of our TPA service leading to growth in revenue and profits.
Pharmacy benefits management is an additional specific area in which we are making a meaningful difference. We saw in the news this last month, the unprecedented law enforcement intervention in five states, as well as the arrests of drug distributors actions all related to the opioid prices.
CorVel has been working these last number of years to diligently combat this genuine crisis. Efforts [Audio Gap] in this area include our clinical modeling interface, a management program and our high touch prospective pharmacy benefits program.
I will now turn my discussion from our primary market of workers’ compensation and liability to our other markets served including health and accounts payable services. Our service operation competes primarily in the regular health markets. Bill volume for a top insurer implemented in the late 2018 increased nicely during the quarter.
Within the self-insured health markets, another top five TPA initiated implementation planning for a rollout later this year. As CorVel’s foundational products continue to mature, cost containment enhancements and client analytics will further increase its value to our current partners and be a greater differentiator in the markets.
CorVel’s Payment Solution provider Symbeo experienced consistent sales and revenue growth during the quarter. Several partnerships which are foundational to company’s strategy to expand its accounts payable services beyond North America were established. The target markets consisting of large Fortune 500 companies continues to show demand for these expanded services and these new partnerships positions Symbeo to begin serving that demand in the second half of 2019.
Product development efforts were focused on the following key areas this past quarter. The Edge, our claims management workstation interface, which supports our carrier and employer customers, along with enhancements for our integrated intake and new customer onboarding modules, we deployed the initial version of the Edge a little less than two years ago.

感谢您加入我们审查CorVel的2019财年和3月季度。今天与我同意的是CorVel的首席财务官Brandon O'Brien。 CorVel始终致力于为我们服务的人带来有意义的差异。在波士顿举行的最近一次行业会议上,收到市场反馈真的很有意义。

在圆桌讨论会上,CorVel连续第四年成为参与对话的零售客户获得A评级的唯一TPA。在同一次会议期间,我们展示了几个值得注意的前景,以便更多地了解我们的理赔管理服他们从同行和经纪人那里听到我们正在做一些与众不同的事情。

工人赔偿和责任市场对为我们的合作伙伴提供有意义的,有区别的结果的服务做出了很好的反应。为此,本季度,与过去几个季度一样,我们看到TPA服务的延续导致收入和利润增长。

药房福利管理是我们正在做出有意义的改变的另一个特定领域。我们在上个月的新闻中看到,五个州前所未有的执法干预,以及逮捕药物经销商的行为都与阿片类药物的价格有关。

CorVel最近几年一直在努力打击这场真正的危机。这方面的努力[音频差距]包括我们的临床建模界面,管理计划和我们的高接触前瞻性药房福利计划。

我现在将讨论从我们的工人赔偿和责任的主要市场转到我们服务的其他市场,包括健康和应付账款服务。我们的服务运营主要在常规健康市场竞争。 2018年底实施的顶级保险公司的账单量在本季度增长良好。

在自我保险的健康市场中,另一个前五大TPA启动了今年晚些时候推出的实施计划。随着CorVel的基础产品不断成熟,成本控制增强和客户分析将进一步增加其对我们现有合作伙伴的价值,并成为市场中更大的差异化因素。

CorVel的支付解决方案提供商Symbeo在本季度经历了持续的销售和收入增长。建立了几个合作伙伴关系,这些合作伙伴关系是公司将其应付账款服务扩展到北美以外的战略的基础。由大型财富500强企业组成的目标市场继续显示对这些扩展服务的需求,这些新合作伙伴关系使得Symbeo在2019年下半年开始满足这一需求。

产品开发工作主要集中在上一季度的以下关键领域。 Edge,我们的索赔管理工作站界面,支持我们的运营商和雇主客户,以及我们的集成入口和新客户入门模块的增强功能,我们在不到两年前部署了Edge的初始版本。

Each month, we’ve been deliberately enhancing the functionality in this platform. While we have rich backlog of remaining enhancements, key stakeholders are embracing the vision. During the quarter, we made solid progress implementing functionality which better supports the needs of our wholesale managed care clients.
The Edge workstation continues to advance delivering the market’s leading prospective claims management platform. During the March quarter, significant progress was made to integrate our bill review platform, which ensures delivery of the most consistent bill review savings in a timely manner into the Edge. Our executive summary dashboard, which provides a dynamic analytical overview of the results for all services being provided by CorVel was also integrated into the Edge.
Work progressed on our integrated claim intake project. The goal of the effort is to connect the injured claimant to the appropriate medical professionals quickly and seamlessly following an incident. The process begins with our 24/7 team, which engages the injured employee and directs them to the appropriate medical care.
The integrated system facilitates the engagement of all stakeholders participating in the management of the claim allowing them to intervene directly on behalf of the injured claimants. During the quarter, work was completed to simplify the interfaces utilized by the 24/7 team to record instances of injury information and also to enhance our ability to address customer-specific requirements.
The majority of our product development is focused on the service and care once the claim is known to our system. But this next area of focus involves a step back to the process of getting the claim into our system when we take over a new customer.
When a prospective employer selects CorVel’s TPA Claims Management Solution, CorVel will typically take over all existing open and closed claims from the prior TPA or carrier. It is not unusual for employers to work with several carriers and have data from multiple systems and TPAs.
This transfer process has historically been slow and an industry-wide area of concern for risk managers and key decision-makers when considering a move to a new TPA. It could take months to verge even most important and critical items to the new claim system.
As we continually seek to improve, we appreciate the opportunity to introduce an innovative solution which addresses the historical industry-wide challenges in this area. Our proprietary automated onboarding solution is a cloud-based application, which codifies thousands of historical and industry datasets. It automatically maps and validates the incoming data for incorporations into the CorVel claim system.
This new application reduces the time that it takes to onboard new claims, while increasing the accuracy of the process. The combination of the enhancements to our intake process, our prospective claims management interface, the Edge, and our onboarding process is changing how claims are managed and improving the results possible.

每个月,我们都在刻意增强这个平台的功能。虽然我们积压了大量剩余的增强功能,但主要的利益相关者正在接受这一愿景。在本季度,我们在实施功能方面取得了可靠的进展,更好地支持了我们的批发管理式医疗客户的需求

Edge工作站继续推进市场领先的预期索赔管理平台。在3月季度期间,我们在整合我们的账单审查平台方面取得了重大进展,该平台确保及时向Edge提供最一致的账单审查节省。我们的执行摘要仪表板提供了CorVel提供的所有服务的结果的动态分析概述,也已集成到Edge中。

我们的综合索赔项目取得了进展。这项工作的目标是在事件发生后迅速无缝地将受伤的索赔人与适当的医疗专业人员联系起来。该流程始于我们的全天候团队,该团队与受伤员工交往并指导他们接受适当的医疗护理。

综合系统有助于参与管理索赔的所有利益攸关方的参与,使他们能够代表受伤的索赔人直接进行干预。在本季度,工作已经完成,以简化24/7团队用于记录伤害信息实例的界面,并提高我们满足客户特定要求的能力。

一旦我们的系统知道索赔,我们的大部分产品开发都专注于服务和维护。但是,下一个关注领域包括回到我们接管新客户时将索赔纳入我们系统的过程。

当潜在雇主选择CorVel的TPA索赔管理解决方案时,CorVel通常会接管先前TPA或承运人的所有现有公开和非公开索赔。雇主与多家运营商合作并拥有来自多个系统和TPA的数据并不罕见。

在考虑转向新的TPA时,这种转移过程在历史上一直很缓慢,并且是风险管理者和关键决策者关注的行业领域。可能需要数月才能将新的索赔系统中最重要和最重要的项目边缘化。

随着我们不断寻求改进,我们很高兴有机会推出创新解决方案,以解决该领域历史上的行业挑战。我们专有的自动化入职解决方案是一个基于云的应用程序,它可以编写数千个历史和行业数据集。它会自动映射和验证传入的数据,以便合并到CorVel索赔系统中。

这个新应用程序减少了处理新索赔所需的时间,同时提高了流程的准确性。我们的入职流程,我们的预期索赔管理界面,Edge和我们的入职流程的增强功能的组合正在改变索赔的管理方式并改善可能的结果。

While we are pleased with the current momentum, we are not satisfied. We look to build upon the solid foundation that we have.
Brandon O'Brien will now discuss our operating results for the fiscal year and quarter.

虽然我们对目前的势头感到满意,但我们并不满意。 我们希望建立在我们拥有的坚实基础之上。

Brandon O'Brien现在将讨论我们的财政年度和季度的经营业绩。

Brandon O'Brien

Thank you, Michael, and good morning, everyone. Revenues for fiscal 2019 were a record $596 million. Earnings per share were a record $2.46, an increase of 31% year-over-year. The March quarter revenues were a record $151 million, 5% over the revenues for the March 2018 quarter. Earnings per share for the quarter ending March 31, 2019 were $0.63, an increase of 34% over the same quarter of the prior year.
Revenue for Patient Management including third-party administration, TPA services and traditional case management for the fiscal year ended March 31 was a record $368 million, an annual increase of 16%. Gross profit increased 60%. Revenue for the quarter was a record $96.2 million, an annual increase of 17%. Gross profit increased 113% from the March quarter of 2018.
Patient Management driven by CorVel’s Enterprise comp TPA business led our growth in revenue and profits. In addition to the new customer sales-based revenue growth, profit gains were achieved by improvements to economies of scale in the claim operations, more consistent revenue recognition of delivered services, and further customer utilization of value-add ancillary services.
Revenue from Network Solutions sold in the wholesale markets for the fiscal year was $228 million, a reduction of 6% from the prior fiscal year. Gross profit in the wholesale business was down 7% year-over-year. For the quarter, wholesale Network Solutions was $54.9 million, off 10% from the same quarter of the prior year.
Gross profit in the wholesale business was down 20% from March 2018. This annual decrease was primarily due to the churn in the government segment portion of this business. Although lower in annual comparisons, revenue and gross profit in Network Solutions were higher sequentially from the December quarter.
The work in the Edge platform is designed to attract a new round of Network Solutions wholesale customers who are interested in having their adjustors work on a modern cloud-based platform. The Edge platform brings together the multi-facets of their services without the capital expenditures needed to upgrade all the elements of their existing systems.
As Michael indicated earlier in the discussion, these changes are being well received in the market.
I would now like to review a few additional financial items. During the quarter, the company repurchased 195,607 shares for a total price of $12.6 million. Inception to-date, the company has repurchased 35.5 million shares for a cost of $466 million. Through this program, the company has repurchased 66% of the total shares outstanding.
The quarter ending cash balance was $92 million. Our DSOs, that is Days Sales Outstanding in receivables was 43 days, up two days from a year ago.
That concludes our remarks for today. Thank you for joining us. I will now return the call to our operator.

谢谢你,迈克尔,大家早上好。 2019财年的收入达到创纪录的5.96亿美元。每股收益创纪录的2.46美元,同比增长31%。 3月季度收入达到创纪录的1.51亿美元,比2018年3月季度的收入增长5%。截至2019年3月31日的季度每股收益为0.63美元,比去年同期增长34%。

截至3月31日的财政年度,患者管理收入(包括第三方管理,TPA服务和传统案例管理)创纪录的3.68亿美元,年增长率为16%。毛利增长60%。该季度的收入达到创纪录的9620万美元,年增长率为17%。毛利润比2018年3月季度增加了113%。

由CorVel企业公司TPA业务推动的患者管理带动了我们的收入和利润增长。除了以客户销售为基础的新收入增长之外,通过改善索赔业务的规模经济,更加一致的收入服务收入确认以及客户对增值辅助服务的进一步利用,实现了利润增长。

本财年批发市场销售的Network Solutions的收入为2.28亿美元,比上一财年减少了6%。批发业务的毛利润同比下降7%。本季度,批发网络解决方案为5490万美元,比去年同期减少了10%。

批发业务的毛利润比2018年3月下降了20%。这一年度下降主要是由于该业务的政府部门流失。虽然年度比较较低,但网络解决方案的收入和毛利从12月季度开始依次较高。

Edge平台的工作旨在吸引新一轮的网络解决方案批发客户,他们有兴趣让他们的调整员在现代的基于云的平台上工作。 Edge平台将其服务的多方面结合在一起,而无需升级其现有系统的所有元素所需的资本支出。

正如Michael在讨论中早些时候指出的那样,这些变化在市场上得到了很好的接受。

我现在想审查一些额外的财务项目。在本季度,该公司回购了195,607股股票,总价为1260万美元。到目前为止,该公司已回购了3550万股,成本为4.66亿美元。通过该计划,该公司已回购已发行股份总数的66%。

本季度末现金余额为9200万美元。我们的DSO,即应收账款天数销售额为43天,比一年前增加了两天。

这就结束了我们今天的发言。感谢您加入我们。我现在将呼叫返回给我们的运营商。

会议主持员

This concludes today's webcast. You may disconnect your lines at this time.

今天的网络广播结束了。 您可以在此时断开线路。

问答环节

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