00:06 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 with future financial performances of the company. CorVel wishes to caution you that these statements are only predictions and the actual events or results may differ materially. 00:27 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 ten K and ten Q files for the most recent fiscal year in 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. 00:49 I would now like to turn it over to Michael Combs, President and Chief Executive Officer.

00:53 Good morning. Thank you for joining us to review CorVel’s September quarter. On the call with me today is Brandon O'Brien, CorVel’s Chief Financial Officer. Today I will be reviewing business performance, the current environment and market trends and then move on to system development. Brandon will then provide an overview of our financial results for the September quarter. 01:17 Revenues for the quarter ended September thirty, twenty twenty one were one hundred and fifty eight million, an increase of twenty two million or sixteen percent from the same quarter of the prior year. The quarter's earnings per share were zero point eight eight dollars, increasing thirty six percent from zero point six five dollars per share for the previous year's same quarter. 01:40 With the continued growth in new and existing business, revenues have increased as have salary expenses due to a rise in overall company headcount to support the expanding business, as well as wage inflation. 01:55 While many are struggling to hire, we are pleased to welcome new team members into our culture of growth and advancement and we look forward to their development and contributions in the coming years. 02:08 After being with the same vendor for multiple decades in some cases, the number of large employers exploring the TPA options has increased significantly. This market churn is creating an exciting opportunity for CorVel, and we are taking advantage of this environment. 02:27 New business sales have continued at a robust rate for the year, and we have also had the privilege of welcoming back partners who were with us in years past. In total, those have added thirty four million in expected annual revenue. We take the loss of business personally and work diligently to retain relationships with past partners and prospects. It is…

11:55 Thank you, Michael, and good morning everyone. Revenues for the September quarter were a record one hundred and fifty eight million, up sixteen percent from the same quarter of the prior year. Earnings per share were zero point eight eight dollars, an increase of thirty five percent from the zero point six five dollars per share in the same quarter of the prior year. 12:16 Robust new sales spanning the pandemic, plus the return of pre-pandemic market conditions for our existing customers drove the revenue growth. The profit generated during the quarter reflected improved mix shift and operational efficiencies as the September quarter pre-tax operating margins increased from eleven percent in the September quarter of twenty twenty to thirteen percent during the September quarter of twenty twenty one. 12:44 Revenue for patient management, including third party administration, TPA services and traditional case management for the September quarter was a record one hundred and five million, an annual increase of sixteen percent. Gross profit increased one percent from the September quarter of twenty twenty. Our third party administration services hit record levels leveraging increased market recognition and engagement of CorVel's enterprise comp. 13:14 Enterprise comp relationship growth came from a healthy mix of new clients in addition to the expansion of existing clients. Beneficial claims outcomes and experience from our enterprise comp program, as noted in Michael's opening comments are positively felt by existing customers, while providing sales leverage towards increasing market share penetration. 13:37 Revenue for network solutions sold in the wholesale market for the quarter was fifty three million, up sixteen percent from the same quarter of the prior year. Gross profit in the wholesale business was up forty five percent from the September quarter of twenty twenty. Gross margins increased due to the increasing business mix of…

15:50 This concludes today's webcast. You may disconnect your lines at this time.

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