Thank you for standing by. Welcome to CorVel Corporation Quarterly Earnings Release Webcast. During the course of this webcast, CorVel Corporation will make projections or other forward-looking statements regarding future events or 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 in the company's files from time to time with the Securities and Exchange Commission, specifically the company's last Form 10-Ks and 10-Q filed for the most recent fiscal year-end quarter. These documents contain and identify factors that could cause actual results to differ materially from those contained in our projections and forward-looking statements. I would now like to turn the call over to Michael Combs, President and Chief Executive Officer. Michael, you may proceed. Thank you.

Good morning, and thank you for joining us to review CorVel's December results. I am very pleased to have Brian Nichols, CorVel's Chief Financial Officer, on the call today. Thank you, Michael. Good morning, everyone. A pleasure to join the call this morning. Today, we are going to review operational performance, including 2025 highlights, a deeper dive into the value AI is bringing to our business model, key growth drivers, and the market trends that are shaping our business. Brian, let's start with an overview of the quarter's financial results. Absolutely, Michael. CorVel's revenue for the nine months ending 12/31/2025, was $710 million, a 7% increase from $664 million at the same period of the previous fiscal year. Fiscal year-to-date earnings per share were $1.53, up 16% compared to $1.32 during the nine months ending 12/31/2024. The December 2025 quarter ended with revenues at $236 million, 3% above the $228 million achieved in December. Earnings per share for the December 2025 quarter were $0.47, an increase of 2% over the same quarter of the prior year's EPS at $0.46. I would like to remind our listeners that the earnings per share results from the quarter in annual comparisons have been adjusted to account for the three-for-one stock split reported in December 2024. In comparing the 2024 and 2025 December quarters, the allocation of general and administrative expenses decreased from 9.7% to 9.6%. And margin had a commensurate improvement of 23.2% to 23.3%. However, an increase to the effective tax rate did temper earnings results. Overall, CorVel's operations netted an income of $24.1 million in December, which was an increase from $23.8 million in December 2024. Throughout the fiscal year, products highlighting the growth among network solutions and patient management services were independent medical evaluations, serious ancillary care solutions, medical bill…

Thank you. On the web platform and click enter to submit. We will pause for a brief moment to see if any come in. We do have a web question from Adam. Can you provide more detail on the deceleration of year-over-year revenue growth?

For each segment. There has been a long track record of quarter-over-quarter revenue growth that ended this quarter. What drove that?

And we are live. Yes? Yeah. I would say we look at the fundamentals on which the organization was structured. And revenue growth over our history, certainly, if you look at the ten years, it is not a straight line necessarily. So we believe that the focus we have with the investment in technology, our reputation in the business, and the trajectory, the momentum we have indicates that the historical pattern will continue. So we are not looking at a small cycle change, if you will, as an indication of future results.

Have an online firm Jesse, can you please provide more context around segment quarter three?

CorVel operates within a single segment. And the services that we provide within that segment are patient management and network solutions. As a policy, we do not break up the various products and report those separately. Rather, our entire company and all of our products operate through one single segment.

There are no further questions at this time. I would like to hand the conference back over to management for closing remarks.

Thank you for joining the call today.

Thank you. This will conclude today's conference. You may disconnect at this time, and thank you for your participation.