$CRVL
CORVEL CORP

2013 Q3 Form 10-Q Financial Statement

#000119312513435362 Filed on November 08, 2013

View on sec.gov

Income Statement

Concept 2013 Q3 2012 Q3
Revenue $119.4M $105.5M
YoY Change 13.18% 0.82%
Cost Of Revenue $92.04M $82.62M
YoY Change 11.4% 4.72%
Gross Profit $27.32M $22.84M
YoY Change 19.64% -10.8%
Gross Profit Margin 22.89% 21.65%
Selling, General & Admin $12.20M $12.00M
YoY Change 1.67% -4.76%
% of Gross Profit 44.66% 52.55%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.110M $3.580M
YoY Change 14.8% -0.28%
% of Gross Profit 15.04% 15.68%
Operating Expenses $12.30M $12.00M
YoY Change 2.5% -4.76%
Operating Profit $15.02M $10.84M
YoY Change 38.61% -16.65%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $15.10M $10.86M
YoY Change 39.07% -16.5%
Income Tax $6.421M $4.225M
% Of Pretax Income 42.53% 38.92%
Net Earnings $8.675M $6.630M
YoY Change 30.84% -16.08%
Net Earnings / Revenue 7.27% 6.29%
Basic Earnings Per Share $0.41 $0.30
Diluted Earnings Per Share $0.41 $0.29
COMMON SHARES
Basic Shares Outstanding 21.14M shares 22.54M shares
Diluted Shares Outstanding 21.38M shares 22.75M shares

Balance Sheet

Concept 2013 Q3 2012 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $22.20M $20.00M
YoY Change 11.0% 146.91%
Cash & Equivalents $22.19M $20.01M
Short-Term Investments
Other Short-Term Assets $23.80M $22.50M
YoY Change 5.78% 6.13%
Inventory
Prepaid Expenses $4.487M
Receivables $54.39M $48.70M
Other Receivables $0.00 $0.00
Total Short-Term Assets $100.4M $91.30M
YoY Change 9.93% 13.84%
LONG-TERM ASSETS
Property, Plant & Equipment $50.01M $45.60M
YoY Change 9.66% 5.07%
Goodwill $36.81M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $142.0K $300.0K
YoY Change -52.67%
Total Long-Term Assets $92.39M $88.60M
YoY Change 4.28% 2.43%
TOTAL ASSETS
Total Short-Term Assets $100.4M $91.30M
Total Long-Term Assets $92.39M $88.60M
Total Assets $192.8M $179.9M
YoY Change 7.15% 7.92%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $17.20M $11.40M
YoY Change 50.88% -36.67%
Accrued Expenses $44.94M $31.80M
YoY Change 41.31% 4.95%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $62.14M $43.20M
YoY Change 43.84% -10.56%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $62.14M $43.20M
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $80.40M $60.00M
YoY Change 34.0% 3.45%
SHAREHOLDERS EQUITY
Retained Earnings $319.1M
YoY Change
Common Stock $114.4M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $321.1M
YoY Change
Treasury Stock Shares 31.97M shares
Shareholders Equity $112.4M $119.9M
YoY Change
Total Liabilities & Shareholders Equity $192.8M $179.9M
YoY Change 7.15% 7.92%

Cashflow Statement

Concept 2013 Q3 2012 Q3
OPERATING ACTIVITIES
Net Income $8.675M $6.630M
YoY Change 30.84% -16.08%
Depreciation, Depletion And Amortization $4.110M $3.580M
YoY Change 14.8% -0.28%
Cash From Operating Activities $11.73M $10.39M
YoY Change 12.9% 1405.8%
INVESTING ACTIVITIES
Capital Expenditures -$3.510M -$2.930M
YoY Change 19.8% -37.66%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$3.510M -$2.930M
YoY Change 19.8% -37.66%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $12.40M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -11.06M -2.020M
YoY Change 447.52% -62.87%
NET CHANGE
Cash From Operating Activities 11.73M 10.39M
Cash From Investing Activities -3.510M -2.930M
Cash From Financing Activities -11.06M -2.020M
Net Change In Cash -2.840M 5.440M
YoY Change -152.21% -157.57%
FREE CASH FLOW
Cash From Operating Activities $11.73M $10.39M
Capital Expenditures -$3.510M -$2.930M
Free Cash Flow $15.24M $13.32M
YoY Change 14.41% 147.12%

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CapitalExpendituresIncurredButNotYetPaid
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us-gaap Income Taxes Paid
IncomeTaxesPaid
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us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
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us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
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us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
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us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
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us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
29172000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
5672000
us-gaap Net Income Loss
NetIncomeLoss
17284000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
19752000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
8987000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
25066000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
183234000
us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
161000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
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us-gaap Share Based Compensation
ShareBasedCompensation
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us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
385000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
2370000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
5770000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-8987000
us-gaap Increase Decrease In Customer Deposits
IncreaseDecreaseInCustomerDeposits
-2390000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
1699000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
8119000
us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
729000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
236000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
11888000
crvl Accounts Receivable Due Period
AccountsReceivableDuePeriod
P30D
crvl Increase Decrease In Accounts And Taxes Payable
IncreaseDecreaseInAccountsAndTaxesPayable
1273000
crvl Common Stock Equals To Percentage Of Outstanding Common Stock
CommonStockEqualsToPercentageOfOutstandingCommonStock
0.006 pure
crvl Debt To Tangible Net Worth Not Greater Than
DebtToTangibleNetWorthNotGreaterThan
Debt to tangible net worth not greater than 1.25:1
crvl Shareholder Plan Description Of Acquired Entity
ShareholderPlanDescriptionOfAcquiredEntity
Shareholder Rights Plan provides that if a person or group acquires 15% or more of the Company's common stock
CY2013Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.41
CY2013Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
905 shares
CY2013Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
21377000 shares
CY2013Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.47 pure
CY2013Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
21138000 shares
CY2013Q3 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
22.56
CY2013Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.41
CY2013Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P3Y6M22D
CY2013Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P4Y4M24D
CY2013Q3 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
372076 shares
CY2013Q3 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
34.77
crvl Treasury Stock Impact Of Stock Options
TreasuryStockImpactOfStockOptions
214000 shares
crvl Shareholder Plan Description Of Merged Entity
ShareholderPlanDescriptionOfMergedEntity
Company is thereafter merged into another entity, or if 50% or more of the Company's consolidated assets or earning
crvl Shareholder Plan Percentage Of Merged Entity
ShareholderPlanPercentageOfMergedEntity
0.50 pure
CY2013Q2 us-gaap Dividend Payable Date To Be Paid Day Month And Year
DividendPayableDateToBePaidDayMonthAndYear
2013-06-26
CY2013Q2 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
2 pure
CY2013Q2 us-gaap Dividends Payable Date Of Record Day Month And Year
DividendsPayableDateOfRecordDayMonthAndYear
2013-06-12
CY2012Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0061 pure
CY2012Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.29
CY2012Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
22752000 shares
CY2012Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.47 pure
CY2012Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
22540000 shares
CY2012Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.29
CY2012Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P4Y6M
CY2012Q3 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
22.07
CY2012Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0000 pure
CY2012Q3 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
12.28
CY2012Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
41100 shares
CY2012Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
22540000 shares
CY2012Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
8164 shares
CY2012Q3 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
72212 shares
CY2012Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
22.53
CY2012Q3 us-gaap Gross Profit
GrossProfit
22836000
CY2012Q3 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
105458000
CY2012Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
10855000
CY2012Q3 us-gaap Net Income Loss
NetIncomeLoss
6630000
CY2012Q3 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
82622000
CY2012Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
0
CY2012Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
4225000
CY2012Q3 crvl Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Forfeiture Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedForfeitureRate
0.1186 pure
CY2012Q3 crvl Share Based Compensation Arrangement By Share Based Payment Award Options Expected Forfeiture Rate Percentage
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpectedForfeitureRatePercentage
0.1186 pure
CY2012Q3 crvl Treasury Stock Impact Of Stock Options
TreasuryStockImpactOfStockOptions
212000 shares
CY2012Q3 crvl Weighted Average Of Grant Date Fair Value Options Granted
WeightedAverageOfGrantDateFairValueOptionsGranted
8.67
CY2013Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0150 pure
CY2013Q3 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
15.01
CY2013Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0000 pure
CY2013Q3 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
15.62
CY2013Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
48100 shares
CY2013Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
21138000 shares
CY2013Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
3200 shares
CY2013Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P2Y9M7D
CY2013Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P3Y5M12D
CY2013Q3 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
53279 shares
CY2013Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
19.72
CY2013Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
2295 shares
CY2013Q3 us-gaap Gross Profit
GrossProfit
27320000
CY2013Q3 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
119359000
CY2013Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
15096000
CY2013Q3 us-gaap Net Income Loss
NetIncomeLoss
8675000
CY2013Q3 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
12400000
CY2013Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
12224000
CY2013Q3 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
92039000
CY2013Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
82000
CY2013Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
6421000
CY2013Q3 crvl Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Forfeiture Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedForfeitureRate
0.1273 pure
CY2013Q3 crvl Share Based Compensation Arrangement By Share Based Payment Award Options Expected Forfeiture Rate Percentage
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpectedForfeitureRatePercentage
0.1273 pure
CY2013Q3 crvl Treasury Stock Impact Of Stock Options
TreasuryStockImpactOfStockOptions
239000 shares
CY2013Q3 crvl Weighted Average Of Grant Date Fair Value Options Granted
WeightedAverageOfGrantDateFairValueOptionsGranted
13.89

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