0:04 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 10-K and 10-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.

0:53 Good morning and thank you for joining us to review CorVel's December quarter. Joining me on the call today is Brandon O'Brien, CorVel's Chief Financial Officer. Today, as usual, I will be reviewing business performance, the current environment, market trends and then move on to system development. Brandon will then provide an overview of our financial results for the December quarter. 1:18 Revenues for the quarter ended December 31, 2021, were $164 million. That represents an increase of $23 million or 16% from the same quarter of the prior year. The quarter's earnings per share were $0.76, increasing 21% from $0.63 per share for the previous year same quarter, and revenues per day were up 18% over the same quarter in 2020. 1:49 New sales remained robust in the quarter. New bookings recorded a record high for us in calendar year 2021. Our sales staff have excelled in navigating the new normal of building relationships and establishing partnerships in a world that requires executing virtually as well as with traditional in-person meetings. Our ongoing investment in payment integrity services for the health market contributed to strong new bookings for CERiS, an essential component of CorVel's current and future sales success. 2:24 The December quarter always includes the holiday season work schedule. This year, the New Year's holiday fell in December instead of January, adding to costs in the quarter. Correspondingly, the March quarter will benefit from an increased number of working days without the typical New Year's holiday. 2:45 Our organization has adjusted well during the cycles of the pandemic. Recruiting and retention have been strong, reflecting our entrepreneurial culture designation as a great place to work, work-from-home flexibility and our robust production systems. As a result, we have stayed ahead of the increasing staffing required to support the…

11:27 Thank you, Michael and good morning everyone. Revenues for the December quarter were a record $164.5 million, up 16% from the same quarter of the prior year. Earnings per share were $0.76, an increase of 21% from the $0.63 per share in the same quarter of the prior year. Growth in the new customer sales during the past year, plus favorable mix shift of products and services sold led to the revenue and profit growth. 11:56 Total new sales were robust throughout 2021, exceeding past performance. The calendar year trends for 2021 new sales were 20% higher than calendar year 2020 and more than double those of 2019. Although awarded, they take time to implement and to achieve their ultimate run rate, providing positive tailwinds into future quarter results. 12:22 Revenue for patient management, including third-party administration, TPA services and traditional case management for the December quarter, was a record $108 million, an annual increase of 12%. Gross profit decreased 2% from the December quarter of 2020. The calendar was unusually difficult in the quarter, pulling forward some payroll expenses, which would typically hit the March quarter. The calendar effect more specifically impacted our patient management profits as a higher percentage of the total costs relate to payroll. Therefore, we expect the March quarter to more accurately reflect the positive trends in the business segment. 13:04 As part of patient management, our third-party administration services hit record levels, leveraging increased market recognition and engagement of CorVel's enterprise comp. CorVel has moved up into the grouping of the top 1/3 largest third-party administrators when measured by the workers' compensation business. Enterprise comp relationship growth came from a healthy mix of new clients in addition to the expansion of existing clients. 13:32 Beneficial claims outcomes and experience from our enterprise comp…

16:11 This concludes today's webcast, you may disconnect your lines at this time.