Q1 2026 CorVel Corp Earnings Call
Thank you for standing by welcome to the Corvo Corporation quarterly earnings release webcast. During the course of this webcast <unk> Corporation may make projections or other forward looking statements regarding future events or the future financial performances of the company.
[noise] Corabelle wishes to caution you that these statements are only predictions and the actual events or results may differ materially.
<unk> 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 files 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'd now like to turn it over to Michael Combs, President and Chief Executive Officer.
Michael Combs: Good morning. Thank you for joining us to review CorVel's Q2 results. Brandon O'Brien, CorVel's Chief Financial Officer, is on the call with me today. I'll begin with a review of our operational performance, the macro and competitive landscape, and the momentum we're seeing across new products and services. Brandon will walk through the Q2 financial results. The Q2 revenues were $235 million. That's 11% over the $212 million in revenue for the Q2 2024. The earnings per share for the quarter ended 31 June 2025 were $0.52. That's an increase of 24% over the same quarter of the prior year's EPS of $0.42.
Michael Combs: Good morning. Thank you for joining us to review CorVel's Q2 results. Brandon O'Brien, CorVel's Chief Financial Officer, is on the call with me today. I'll begin with a review of our operational performance, the macro and competitive landscape, and the momentum we're seeing across new products and services. Brandon will walk through the Q2 financial results. The Q2 revenues were $235 million. That's 11% over the $212 million in revenue for the Q2 2024. The earnings per share for the quarter ended 31 June 2025 were $0.52. That's an increase of 24% over the same quarter of the prior year's EPS of $0.42.
Good morning, Thank you for joining us to review <unk> June quarter results, Brandon O'brien <unk> Chief Financial Officer is on the call with me today.
I'll begin with a review of our operational performance, the macro and competitive landscape and the momentum we're seeing across new products and services. Brendan will then walk through the June quarter financial results.
The June quarter revenues were 235 million, that's 11% over the $212 million in revenue for the June 2024 quarter.
The earnings per share for the quarter ended June 31, 2025 were <unk> 52.
That's an increase of 24% over the same quarter of the prior year's EPS of <unk> 42 cents.
Michael Combs: As a reminder to our listeners, the earnings per share figures for the quarter and annual comparisons have been adjusted to account for the three-for-one stock split, which was reported in December 2024. The results achieved in the quarter were driven by disciplined execution and a clear focus on our long-term strategy. Our teams continued to advance innovation initiatives, including targeted R&D and agentic AI, to strengthen operational capabilities, enhance customer outcomes, and deliver sustainable value to our shareholders. These efforts reflect our commitment to building a more efficient and resilient organization while continuing to drive meaningful growth. Concerted efforts in services work in progress WIP financials have resulted in a meaningful reduction over the past year, reaching its lowest level since 2023. This trend reflects an improvement in operational discipline and billing efficiency.
Michael Combs: As a reminder to our listeners, the earnings per share figures for the quarter and annual comparisons have been adjusted to account for the three-for-one stock split, which was reported in December 2024. The results achieved in the quarter were driven by disciplined execution and a clear focus on our long-term strategy. Our teams continued to advance innovation initiatives, including targeted R&D and agentic AI, to strengthen operational capabilities, enhance customer outcomes, and deliver sustainable value to our shareholders. These efforts reflect our commitment to building a more efficient and resilient organization while continuing to drive meaningful growth. Concerted efforts in services work in progress WIP financials have resulted in a meaningful reduction over the past year, reaching its lowest level since 2023. This trend reflects an improvement in operational discipline and billing efficiency.
As a reminder to our listeners the earnings per share figures for the quarter and annual comparisons have been adjusted to account for the three for one stock split which was reported in December of 2024. The results achieved in the quarter were driven by disciplined execution and a clear focus on our long term strategy.
Our teams continue to advance innovation initiatives, including targeted R&D energetic AI to strengthen operational capabilities enhanced customer outcomes and deliver sustainable value to our shareholders.
These efforts reflect our commitment to building a more efficient and resilient organization, while continuing to drive meaningful growth concerted efforts in serious work in progress with financials have resulted in a meaningful reduction over the past year, reaching its lowest level since 2023.
This trend reflects an improvement in operational discipline than building efficiency.
Michael Combs: The reduction in WIP reflects invoicing outpacing revenue recognition, a positive indicator of disciplined billing and efficient cash conversion. This contributed meaningfully to stronger cash flow and overall financial performance for the quarter. Consistent with our commitment to innovation and long-term growth, CorVel has completed the acquisition of assets and key talent from a privately held technology firm. The acquired assets include proprietary tools and intellectual property that are expected to enhance the capabilities of our CERIS group health division. This acquisition strengthens the technological foundation and aligns with our strategic vision of delivering advanced scalable solutions to our partners. The integration of these assets will enhance the ability to innovate, reduce time to market, and increase the value we provide in many areas across the portfolio. The transaction is expected to be accretive to growth over the medium term.
Michael Combs: The reduction in WIP reflects invoicing outpacing revenue recognition, a positive indicator of disciplined billing and efficient cash conversion. This contributed meaningfully to stronger cash flow and overall financial performance for the quarter. Consistent with our commitment to innovation and long-term growth, CorVel has completed the acquisition of assets and key talent from a privately held technology firm. The acquired assets include proprietary tools and intellectual property that are expected to enhance the capabilities of our CERIS group health division. This acquisition strengthens the technological foundation and aligns with our strategic vision of delivering advanced scalable solutions to our partners. The integration of these assets will enhance the ability to innovate, reduce time to market, and increase the value we provide in many areas across the portfolio. The transaction is expected to be accretive to growth over the medium term.
The reduction in web reflects invoicing outpacing revenue recognition, a positive indicator of disciplined billing and efficient cash conversion.
This contributed meaningfully to stronger cash flow and overall financial performance for the quarter.
Consistent with our commitment to innovation and long term growth correlates completed the acquisition of assets in key talent from a privately held technology firm the.
The acquired assets include proprietary tools and intellectual property that are expected to enhance the capabilities of our Sirius Group Health Division.
This acquisition strengthens the technological foundation and aligns with our strategic vision of delivering advanced scalable solutions to our partners.
The integration of these assets will enhance the ability to innovate reduce time to market and increase the value we provide in many areas across the portfolio.
The transaction is expected to be accretive to growth over the medium term.
We continually monitor broader healthcare industry dynamics that may influence the cost and quality of care within our programs.
Michael Combs: We continually monitor broader healthcare industry dynamics that may influence the cost and quality of care within our programs. In this quarter, policy-driven reductions in Medicaid funding have introduced several considerations that have the potential to impact the claims handling environment in both workers' compensation and commercial health markets. The tightening of Medicaid reimbursement may compound the healthcare shortage and intensify the strain on provider networks, particularly among primary care, behavioral health, and post-acute care specialists. While workers' compensation maintains distinct fee schedules and reimbursements, we may see reduced access to care in several markets as facilities prioritize higher-margin patient segments. This may extend treatment timelines, delay diagnostic testing and rehabilitation, and has the potential to increase the overall complexity of claims.
Michael Combs: We continually monitor broader healthcare industry dynamics that may influence the cost and quality of care within our programs. In this quarter, policy-driven reductions in Medicaid funding have introduced several considerations that have the potential to impact the claims handling environment in both workers' compensation and commercial health markets. The tightening of Medicaid reimbursement may compound the healthcare shortage and intensify the strain on provider networks, particularly among primary care, behavioral health, and post-acute care specialists. While workers' compensation maintains distinct fee schedules and reimbursements, we may see reduced access to care in several markets as facilities prioritize higher-margin patient segments. This may extend treatment timelines, delay diagnostic testing and rehabilitation, and has the potential to increase the overall complexity of claims.
In this quarter policy driven reductions in Medicaid funding have introduced several considerations that have the potential to impact the claims handling environment in both workers' compensation and commercial health markets.
The tightening of Medicaid reimbursement may compel in the health care shortage and intensify the strain on provider networks, particularly among primary care behavioral health and post acute care specialists.
Well workers' compensation maintains distinct fee schedules and reimbursements, we may see reduced access to care in several markets as facilities prioritize higher margin patient segments. This may extend treatment timelines delayed diagnostic testing and rehabilitation and it has the potential to increase the overall.
The complexity of claims in regions, where Medicaid services are shrinking. We may also see an increase in the first report of injury submissions, which would be an indication of cost shifting into the workers' compensation system, particularly from bore align our multi causal injuries.
Michael Combs: In regions where Medicaid services are shrinking, we may also see an increase in first report of injury submissions, which would be an indication of costs shifting into the workers' compensation system, particularly for borderline or multi-causal injuries. The shortage of physicians and nurses may impact workers' compensation benefits with longer claim durations and adjusted return-to-work expectations. To mitigate these risks, we have cross-functional experts addressing the issues from multiple angles, each bringing specialized expertise to ensure comprehensive coverage. An example of this expertise in action includes the network developers who monitor local impact and work closely with our network of providers to ensure access to care while adhering to evidence-based guidelines for care and for return to work. Our utilization review teams are proactively reviewing prescribed care to ensure it is medically necessary and appropriate.
Michael Combs: In regions where Medicaid services are shrinking, we may also see an increase in first report of injury submissions, which would be an indication of costs shifting into the workers' compensation system, particularly for borderline or multi-causal injuries. The shortage of physicians and nurses may impact workers' compensation benefits with longer claim durations and adjusted return-to-work expectations. To mitigate these risks, we have cross-functional experts addressing the issues from multiple angles, each bringing specialized expertise to ensure comprehensive coverage. An example of this expertise in action includes the network developers who monitor local impact and work closely with our network of providers to ensure access to care while adhering to evidence-based guidelines for care and for return to work. Our utilization review teams are proactively reviewing prescribed care to ensure it is medically necessary and appropriate.
The shortage of physicians and nurses may impact workers' compensation benefits with longer claim durations and adjusted returned to work expectations.
To mitigate these risks we have cross functional experts addressing the issues from multiple angles, each bringing specialized expertise to ensure comprehensive coverage.
An example of this expertise and actually includes the network developers, who monitor local impact and work closely with our network of providers to ensure access to care well adhering to evidence based guidelines for care and for return to work.
Our utilization review teams are proactively reviewing prescribed care to ensure it is medically necessary and appropriate.
Michael Combs: Claims professionals thoroughly analyze reported injuries to confirm their cause was work-related and have access to additional investigation resources throughout the life of the claim if questions of causation arise. Additionally, CorVel clinicians play a crucial role in advocating for injured workers, ensuring they receive timely care, and education on preventative health measures to facilitate recovery and return to work. On the commercial health side, the expanding conversation regarding Medicare, Medicaid, and health spending causes new and renewed interest in payment integrity programs. It is fueling growth opportunities in terms of additional services, new potential partners, and expansion of existing programs, including threshold changes to become more aggressive in current audits. To make these programs as easy and effective as possible, we are increasing investment to optimize the interfaces and systems that facilitate information sharing among healthcare participants.
Michael Combs: Claims professionals thoroughly analyze reported injuries to confirm their cause was work-related and have access to additional investigation resources throughout the life of the claim if questions of causation arise. Additionally, CorVel clinicians play a crucial role in advocating for injured workers, ensuring they receive timely care, and education on preventative health measures to facilitate recovery and return to work. On the commercial health side, the expanding conversation regarding Medicare, Medicaid, and health spending causes new and renewed interest in payment integrity programs. It is fueling growth opportunities in terms of additional services, new potential partners, and expansion of existing programs, including threshold changes to become more aggressive in current audits. To make these programs as easy and effective as possible, we are increasing investment to optimize the interfaces and systems that facilitate information sharing among healthcare participants.
Ladies professionals thoroughly analyze reported injuries to confirm their cause was work related and have access to additional investigation resources throughout the life of the claim if questions of causation arise.
Additionally, corbell clinicians play a crucial role in advocating for injured workers, ensuring they receive timely care and education preventative health measures to facilitate recovery and return to work.
On the commercial health side, the expanding conversation regarding Medicare Medicaid and health spending causes new and renewed interest in payment integrity programs. It.
It is fueling growth opportunity is in terms of additional services, new potential partners and expansion of existing programs, including threshold changes to become more aggressive in current audits.
To make these programs as easy and effective as possible, we are increasing investment to optimize the interfaces and systems that facilitate information sharing among health care participants.
Michael Combs: Across all markets, CorVel's teams of professionals collaborate closely with each other and our partners to develop, implement, and refine programs that promote optimal outcomes, enhance savings, and mitigate risk. During the past year, there were multiple decisions across the country dealing with exceptions to the doctrine of exclusive remedy relative to workers' compensation. While it remains largely intact in most jurisdictions, it is under increasing scrutiny, particularly through court cases and state-specific exemptions. Plaintiff attorneys continue to test the edges via exceptions. We have also seen allowance of civil litigation, especially on workplace violence claims. CorVel is closely monitoring developments as these new avenues for legal actions could increase liability for our partners. Within our proprietary claims management system, CareMC, we provide an integrated litigation risk score within each claim to proactively identify claims that may need legal consultation and support.
Michael Combs: Across all markets, CorVel's teams of professionals collaborate closely with each other and our partners to develop, implement, and refine programs that promote optimal outcomes, enhance savings, and mitigate risk. During the past year, there were multiple decisions across the country dealing with exceptions to the doctrine of exclusive remedy relative to workers' compensation. While it remains largely intact in most jurisdictions, it is under increasing scrutiny, particularly through court cases and state-specific exemptions. Plaintiff attorneys continue to test the edges via exceptions. We have also seen allowance of civil litigation, especially on workplace violence claims. CorVel is closely monitoring developments as these new avenues for legal actions could increase liability for our partners. Within our proprietary claims management system, CareMC, we provide an integrated litigation risk score within each claim to proactively identify claims that may need legal consultation and support.
Across all markets Corvallis teams of professionals collaborate closely with each other and our partners to develop implement and refine programs that promote optimal outcomes enhanced savings and mitigate risk.
During the past year, there were multiple decisions across the country dealing with exceptions to the doctrine of exclusive remedy relative to workers' compensation.
While it remains largely intact in most jurisdictions. It is under increasing scrutiny, particularly through court cases in state specific exemptions plaintiff attorneys continue to test the edges the exceptions.
We have also seen allowance of civil litigation, especially on workplace violence claims correlates closely monitoring developments as these new avenues for legal actions could increased liability for our partners.
Within our proprietary claims management system care M. C. We provide an integrated litigation risk score with each claim to proactively identify claims that may need legal consultation and support.
We are investing in a gentex AI to drive additional innovation in claims management with early initiatives focused on automating routine workflows enhancing decision support for complex claims in improving efficiency through dynamic case triage.
Michael Combs: We are investing in agentic AI to drive additional innovation in claims management, with early initiatives focused on automating routine workflows, enhancing decision support for complex claims, and improving efficiency through dynamic case triage. We expect this technology to strengthen operational performance while delivering long-term cost savings. Equally important, we are committed to responsible AI deployment. All solutions undergo rigorous testing and maintain a human in the loop for oversight, with transparent, explainable outputs and robust audit trails. This disciplined approach ensures regulatory alignment, protects claim quality and patient care, and builds trust as we scale these advancements. Brandon will now provide additional texture on the financial results for the Q2. Brandon?
Michael Combs: We are investing in agentic AI to drive additional innovation in claims management, with early initiatives focused on automating routine workflows, enhancing decision support for complex claims, and improving efficiency through dynamic case triage. We expect this technology to strengthen operational performance while delivering long-term cost savings. Equally important, we are committed to responsible AI deployment. All solutions undergo rigorous testing and maintain a human in the loop for oversight, with transparent, explainable outputs and robust audit trails. This disciplined approach ensures regulatory alignment, protects claim quality and patient care, and builds trust as we scale these advancements. Brandon will now provide additional texture on the financial results for the Q2. Brandon?
We expect this technology to strengthen operational performance, while delivering long term cost savings.
Equally important we are committed to responsible AI deployment, all solutions undergo rigorous testing and maintain a human in the loop for oversight with transparent explainable outputs and robust audit trails.
This disciplined approach ensures regulatory alignment protects claim quality in patient care and builds trust as we scale. These advancements.
Brandon will now provide additional texture on the financial results for the June quarter Brendan.
Brandon O'Brien: Thank you, Michael. Good day, everyone. As Michael indicated at the top of the call, revenues for Q2 were $235 million, an 11% increase over the $212 million of revenue in the Q2 2024. Earnings per share for the quarter were $0.52, increasing 24% from the $0.42 per share in the same quarter of the prior year. The revenue for patient management, including third-party administration, TPA services, and traditional case management for Q2 was $147 million, an annual increase of 5%. Gross profit decreased by 1% from Q2 2024. The growth in patient management was largely driven by successful onboarding of new clients, particularly within our TPA services. Our Enterprise Comp claims platform continues to gain traction in the marketplace.
Brandon O'Brien: Thank you, Michael. Good day, everyone. As Michael indicated at the top of the call, revenues for Q2 were $235 million, an 11% increase over the $212 million of revenue in the Q2 2024. Earnings per share for the quarter were $0.52, increasing 24% from the $0.42 per share in the same quarter of the prior year. The revenue for patient management, including third-party administration, TPA services, and traditional case management for Q2 was $147 million, an annual increase of 5%. Gross profit decreased by 1% from Q2 2024. The growth in patient management was largely driven by successful onboarding of new clients, particularly within our TPA services. Our Enterprise Comp claims platform continues to gain traction in the marketplace.
Thank you Michael and good day, everyone.
As Michael indicated at the top of the call revenues for the June quarter were $235 million and 11% increase over the $212 million of revenue in the June of 2024 quarter.
Earnings per share for the quarter were 52, increasing.
Increasing 24% from the 42 cents per share in the same quarter of the prior year.
The revenue for patient management, including third Party administration, Tpa services and traditional case management for the June quarter was 147 million an annual increase of 5% gross profit decreased by 1% from the June quarter of 2024.
The growth in patient management was largely driven by successful onboarding of new clients, particularly within our Tpa services, our enterprise comp claims platform continues to gain traction in the marketplace.
Brandon O'Brien: That said, the industry experienced a temporary slowdown in RFP activity in the first half of the year, driven by decision-maker hesitancy amid US political and trade uncertainties. As conditions stabilized in the second half of the year, we're proactively building relationships to strengthen our position and capture expected growth in TPA activity. We continue to invest purposefully in patient management operations with a strong focus on integrating proprietary AI technologies and automated workflow solutions while maintaining optimal team capacity and quality. In a high-touch consumer-centric environment like claims management, innovation requires a balance of forward progress and refinement. We are confident these investments enhance our ability to deliver industry-leading quality and efficiency. These strategic enhancements empower our talented teams to generate distinct, measurable outcomes for our partners, further reinforcing CorVel's competitive edge and value proposition.
Brandon O'Brien: That said, the industry experienced a temporary slowdown in RFP activity in the first half of the year, driven by decision-maker hesitancy amid US political and trade uncertainties. As conditions stabilized in the second half of the year, we're proactively building relationships to strengthen our position and capture expected growth in TPA activity. We continue to invest purposefully in patient management operations with a strong focus on integrating proprietary AI technologies and automated workflow solutions while maintaining optimal team capacity and quality. In a high-touch consumer-centric environment like claims management, innovation requires a balance of forward progress and refinement. We are confident these investments enhance our ability to deliver industry-leading quality and efficiency. These strategic enhancements empower our talented teams to generate distinct, measurable outcomes for our partners, further reinforcing CorVel's competitive edge and value proposition.
That said the industry experienced a temporary slowdown in RFP activity in the first half of the year driven by a decision maker hesitancy amid U S political and trade uncertainties.
As conditions stabilized in the second half of the year, we're proactively building relationships to strengthen our position and capture expected growth in tpa activity.
We continue to invest purposefully and patient management operations with a strong focus on integrating proprietary AI technologies and automated workflow solutions, while maintaining optimal team capacity and quality.
In our high touch consumer centric environment like claims management innovation requires a balance of forward progress and refinement.
We are confident these investments enhance our ability to deliver industry, leading quality and efficiency. These strategic enhancements empower our talented teams to generate distinct measurable outcomes for our partners further reinforcing corvallis competitive edge and value proposition.
Brandon O'Brien: The revenue for Network Solutions sold in the wholesale market for Q2 was $88 million, up 21% from the same quarter of the prior year. Gross profit in the wholesale business was up 39% from Q2 2024. CERIS, part of Network Solutions, continues to be a strong growth driver, expanding both the breadth and depth of services offered to carrier and payer partners. Our commitment to collaborative innovation and operational excellence is resonating well across our client base. Through a combination of traditional process improvement strategies and cutting-edge AI capabilities, CERIS is refining how we deliver value. This forward-thinking approach to pricing and operational efficiency ensures we are not only addressing today's challenges, but also anticipating the evolving needs of our partners. This translates into expanded service offerings and competitive pricing that reflect the strength of growing relationships.
Brandon O'Brien: The revenue for Network Solutions sold in the wholesale market for Q2 was $88 million, up 21% from the same quarter of the prior year. Gross profit in the wholesale business was up 39% from Q2 2024. CERIS, part of Network Solutions, continues to be a strong growth driver, expanding both the breadth and depth of services offered to carrier and payer partners. Our commitment to collaborative innovation and operational excellence is resonating well across our client base. Through a combination of traditional process improvement strategies and cutting-edge AI capabilities, CERIS is refining how we deliver value. This forward-thinking approach to pricing and operational efficiency ensures we are not only addressing today's challenges, but also anticipating the evolving needs of our partners. This translates into expanded service offerings and competitive pricing that reflect the strength of growing relationships.
The revenue for network solutions sold in the wholesale market for the June quarter was $88 million up 21% from the same quarter of the prior year.
Gross profit in the wholesale business was up 39% from the June quarter of 2024.
Here as part of network solutions continues to be a strong growth driver expanded both the breadth and depth of services offered to carrier and payer partners or.
Our commitment to collaborative innovation and operational excellence has resonated well across our client base.
Through a combination of traditional process improvement strategies and cutting edge AI capabilities Cirrus is refining how we deliver value.
This forward thinking approach to pricing and operational efficiency ensures we are not only addressing today's challenges, but also anticipating the evolving needs of our partners.
This translates into expanded service offerings and competitive pricing that reflect the strength of growing relationships.
Brandon O'Brien: As Michael noted earlier, these innovations aim to enhance the efficiency and accuracy of claim selection and review, resulting in faster realization of savings, improved billing efficiency, and ultimately greater value for our clients. I would now like to review a few additional financial items. During the quarter, the company repurchased 87,105 shares at a total cost of $9.6 million. From inception to date, the company has repurchased 114.6 million shares at a total cost of $841 million. Through this program, the company has repurchased 69% of the total shares outstanding. The repurchasing of shares continues to be funded via the company's strong operating cash flow. The DSO, as in day sales outstanding of receivables, was 40 days, down 2 days from a year ago.
Brandon O'Brien: As Michael noted earlier, these innovations aim to enhance the efficiency and accuracy of claim selection and review, resulting in faster realization of savings, improved billing efficiency, and ultimately greater value for our clients. I would now like to review a few additional financial items. During the quarter, the company repurchased 87,105 shares at a total cost of $9.6 million. From inception to date, the company has repurchased 114.6 million shares at a total cost of $841 million. Through this program, the company has repurchased 69% of the total shares outstanding. The repurchasing of shares continues to be funded via the company's strong operating cash flow. The DSO, as in day sales outstanding of receivables, was 40 days, down 2 days from a year ago.
As Michael noted earlier these innovations aimed to enhance the efficiency and accuracy of claims selection and review Reis.
Resulting in faster realization of savings improved billing efficiency and ultimately greater value for our clients.
I would now like to review a few additional financial items during the quarter. The company repurchased 87105 shares at a total cost of $9 6 million from inception to date. The company has repurchased $114 6 million shares at a total cost of $841 million.
Through this program the company has repurchased 69% of the total shares outstanding.
The repurchasing of shares continues to be funded via the company's strong operating cash flow.
The DSO as in days sales outstanding of receivables was 40 days down two days from a year ago.
The quarter, ending cash balance was $202 million Corvallis strong and debt free balance sheet generates improved earnings in contrast to many others in the segment facing increasing debt loads and associated interest rate cost headwinds.
Brandon O'Brien: The quarter-ending cash balance was $202 million. CorVel's strong and debt-free balance sheet generates improved earnings, in contrast to many others in the segment facing increasing debt loads and associated interest rate cost headwinds. That concludes the remarks for today. Thank you for joining us. I'll now return the call to our operator.
Brandon O'Brien: The quarter-ending cash balance was $202 million. CorVel's strong and debt-free balance sheet generates improved earnings, in contrast to many others in the segment facing increasing debt loads and associated interest rate cost headwinds. That concludes the remarks for today. Thank you for joining us. I'll now return the call to our operator.
That concludes our remarks for today. Thank you for joining US I will now return the call to our operator.
Operator: This concludes today's webcast. You may disconnect your lines at this time.
Operator: This concludes today's webcast. You may disconnect your lines at this time.
This concludes today's webcast you may disconnect your lines at this time.
Yeah.
[music].