CorVel Corporation (NASDAQ:CRVL) Q1 2015 Earnings Conference Call - Final Transcript

Feb 03, 2015 • 11:30 am ET


CorVel Corporation (NASDAQ:CRVL) Q1 2015 Earnings Conference Call - Final Transcript


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Gordon Clemons

by competing TPA and we lost the second quarter customer when the service was consolidated into a competing TPA's program.

These kinds of events confirm our strategy and yet they do create bumps in our trendlines.Sirius services continue to grow nicely. The results were below our plans for the year, which reflected the continuing adjustments health insurers are making to incorporate expanded medical review in their programs. Growth at Sirius continues and this business is an important part of CorVel's future.

Now I would like to cover a couple of additional statistics. The quarter ending cash balance was $31 million. Our DSO, that is days sales outstanding and receivable, was 42 days, just as it was a year earlier. 274,500 shares were repurchased in the quarter for $9.5 million. We have returned $351 million to shareholders in the last 18 years, repurchasing 32,732,000 shares.

Shares outstanding at the end of the quarter were 20,475,000 and diluted EPS shares were 20,786,000 for the quarter. Shares outstanding were reduced 2% this last year. We have recently increased our purchase rate. Now I would like to turn the call back over to the operator to open the call to the question-and-answer session. Thank you.