Gordon Clemons - Chairman and Chief Executive Officer Michael Combs - Chief Financial Officer

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 event or results may differ materially. CorVel refers you to the documents 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 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. I would now like to turn it over to Mr. Gordon Clemons.

Thank you for joining us to review CorVel’s fiscal year 2017 and the March quarter. Revenues for fiscal 2017 were $519 million. Earnings per share were $1.51. The March quarter revenues were $133 million – well, $133.6 million, 4% over the revenue for the March 2016 quarter. Earnings per share for the quarter ended March 31, 2017 were $0.42, an increase of 23% over the same quarter of the prior year. This quarter saw the continuation of the recent improvements in our fundamentals. Uncertainties in healthcare continued to slow the adoption of some of our services in the general healthcare markets. We have worked throughout the year to improve our management of operations. While progress took longer than we initially expected, several key projects have found traction and will be helping us in the coming year. The last 3 years have seen extra costs due to legal expenses. Otherwise, our administrative expenses have been controlled within the levels we feel are appropriate. Our product development efforts have been focused upon key additions to our TPA and network solutions businesses. The additions to the Enterprise Comp servers are in areas that most impact claims outcomes. Later this year, we will also be introducing a unique and interactive tool for claims professionals within our carrier and TPA client. This product, which Michael Combs will discuss more later, is known as the Edge and meaningfully advances our service. The workers’ compensation markets for managed care and for claims management have been active since the election. Our Enterprise Comp line of full service claims management solutions has benefited from increasing brand recognition in the marketplace. The public entity accounts, which comprised the majority of our new wins in the early years of our entry to the TPA market, are now at a stage where…

Thank you, Gordon. Patient management includes third-party administration, TPA services and traditional case management. Revenue for the quarter was $73.6 million, an annual increase of 5%. Gross profit decreased 3% from the March quarter of 2016. TPA services continue their strong performance in the market. Our approach emphasizing immediate intervention, complete integration and continuous innovation is producing superior outcomes for our customers. Our pipeline of project enhancements for additional improvements to our systems is full. Case management revenues were flat during the quarter. We have been disappointed with the performance in this segment of the business. New leadership has been engaged to improve the results in this area and during the quarter, key performance indicators, KPIs, were introduced to facilitate better oversight of our patient management services. This is an aspect of the operations management where we believe we face opportunities to be more effective. As a smaller company, we didn’t install the kind of operation metrics, which today we see as necessary to meet our performance goals. Network solutions revenue, sold in the wholesale market, for the quarter was $60 million, up 5% from the same quarter of the prior year. Gross profits in the wholesale business, was up 10% year-over-year. The services in this segment have benefited by our investment in technology and remain a core strength of the company. We are expanding our pace of investment in network solutions. We are several years into a total rewrite of the supporting technology with plans to introduce compelling new features later this year. Our product development efforts had a productive quarter. The results for the customers of our enterprise comp claims service have been strong. We have analyzed the primary drivers of these results and are focusing particular product development efforts on two aspects of that service that can…

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