$CRVL
CORVEL CORP

2014 Q1 Form 10-Q Financial Statement

#000119312514040788 Filed on February 07, 2014

View on sec.gov

Income Statement

Concept 2014 Q1 2013 Q4 2012 Q4
Revenue $120.2M $121.1M $107.3M
YoY Change 7.4% 12.87% 5.81%
Cost Of Revenue $93.70M $93.39M $85.55M
YoY Change 6.36% 9.16% 6.67%
Gross Profit $26.54M $27.71M $21.73M
YoY Change 10.99% 27.48% 2.52%
Gross Profit Margin 22.07% 22.88% 20.26%
Selling, General & Admin $13.70M $13.20M $11.70M
YoY Change 15.13% 12.82% -4.88%
% of Gross Profit 51.63% 47.64% 53.83%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.210M $4.080M $3.910M
YoY Change 8.23% 4.35% 8.01%
% of Gross Profit 15.86% 14.73% 17.99%
Operating Expenses $13.70M $13.20M $11.70M
YoY Change 16.1% 12.82% -4.88%
Operating Profit $12.84M $14.51M $10.03M
YoY Change 6.01% 44.57% 12.74%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $12.80M $14.50M $10.02M
YoY Change 6.67% 44.67% 12.63%
Income Tax $4.500M $5.727M $4.100M
% Of Pretax Income 35.16% 39.49% 40.9%
Net Earnings $8.333M $8.775M $5.924M
YoY Change 9.93% 48.13% 9.7%
Net Earnings / Revenue 6.93% 7.25% 5.52%
Basic Earnings Per Share $0.40 $0.42 $0.27
Diluted Earnings Per Share $0.39 $0.41 $0.27
COMMON SHARES
Basic Shares Outstanding 20.92M shares 20.94M shares 22.23M shares
Diluted Shares Outstanding 21.26M shares 22.43M shares

Balance Sheet

Concept 2014 Q1 2013 Q4 2012 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $34.90M $32.70M $20.80M
YoY Change 76.26% 57.21% 105.94%
Cash & Equivalents $34.87M $32.75M $20.77M
Short-Term Investments
Other Short-Term Assets $28.90M $22.90M $23.50M
YoY Change 20.42% -2.55% 9.81%
Inventory
Prepaid Expenses $5.862M $5.146M
Receivables $57.23M $55.39M $43.40M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $121.0M $111.1M $87.60M
YoY Change 30.2% 26.81% 12.89%
LONG-TERM ASSETS
Property, Plant & Equipment $51.25M $49.67M $44.70M
YoY Change 10.02% 11.12% -0.45%
Goodwill $36.81M $36.81M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $261.0K $13.00K $100.0K
YoY Change -38.0% -87.0% -66.67%
Total Long-Term Assets $93.52M $91.81M $87.40M
YoY Change 4.51% 5.04% -1.02%
TOTAL ASSETS
Total Short-Term Assets $121.0M $111.1M $87.60M
Total Long-Term Assets $93.52M $91.81M $87.40M
Total Assets $214.5M $202.9M $175.0M
YoY Change 17.6% 15.94% 5.49%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $17.44M $18.70M $13.80M
YoY Change 38.84% 35.51% -3.5%
Accrued Expenses $53.38M $47.02M $34.50M
YoY Change 36.27% 36.29% 6.48%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $71.84M $65.67M $48.30M
YoY Change 36.18% 35.96% 3.65%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $71.84M $65.67M $48.30M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $87.96M $83.90M $65.00M
YoY Change 23.92% 29.08% 15.25%
SHAREHOLDERS EQUITY
Retained Earnings $336.2M $327.8M
YoY Change 11.4%
Common Stock $118.8M $116.4M
YoY Change 7.13%
Preferred Stock
YoY Change
Treasury Stock (at cost) $328.5M $325.3M
YoY Change 9.02%
Treasury Stock Shares 32.15M shares 32.08M shares
Shareholders Equity $126.5M $119.0M $110.0M
YoY Change
Total Liabilities & Shareholders Equity $214.5M $202.9M $175.0M
YoY Change 17.6% 15.94% 5.49%

Cashflow Statement

Concept 2014 Q1 2013 Q4 2012 Q4
OPERATING ACTIVITIES
Net Income $8.333M $8.775M $5.924M
YoY Change 9.93% 48.13% 9.7%
Depreciation, Depletion And Amortization $4.210M $4.080M $3.910M
YoY Change 8.23% 4.35% 8.01%
Cash From Operating Activities $9.190M $17.09M $19.73M
YoY Change -18.17% -13.38% 62.25%
INVESTING ACTIVITIES
Capital Expenditures -$5.660M -$3.690M -$2.880M
YoY Change -0.35% 28.12% -43.08%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$5.660M -$3.690M -$2.880M
YoY Change -0.35% 28.12% -43.53%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $4.200M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.400M -2.850M -16.10M
YoY Change -78.46% -82.3% 214.45%
NET CHANGE
Cash From Operating Activities 9.190M 17.09M 19.73M
Cash From Investing Activities -5.660M -3.690M -2.880M
Cash From Financing Activities -1.400M -2.850M -16.10M
Net Change In Cash 2.130M 10.55M 750.0K
YoY Change -324.21% 1306.67% -61.34%
FREE CASH FLOW
Cash From Operating Activities $9.190M $17.09M $19.73M
Capital Expenditures -$5.660M -$3.690M -$2.880M
Free Cash Flow $14.85M $20.78M $22.61M
YoY Change -12.18% -8.09% 31.3%

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dei Entity Registrant Name
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IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
43674000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
7330000
us-gaap Net Income Loss
NetIncomeLoss
26059000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
23975000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
12677000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
38270000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-20010000
us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
276626000
us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
161000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-643000
us-gaap Share Based Compensation
ShareBasedCompensation
1546000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
1043000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
12924000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
7851000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-12677000
us-gaap Increase Decrease In Customer Deposits
IncreaseDecreaseInCustomerDeposits
-603000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
2250000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
12201000
us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
1554000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
353000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
448000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
17615000
crvl Accounts Receivable Due Period
AccountsReceivableDuePeriod
P30D
crvl Increase Decrease In Accounts And Taxes Payable
IncreaseDecreaseInAccountsAndTaxesPayable
2720000
crvl Common Stock Equals To Percentage Of Outstanding Common Stock
CommonStockEqualsToPercentageOfOutstandingCommonStock
0.61 pure
crvl Debt To Tangible Net Worth Not Greater Than
DebtToTangibleNetWorthNotGreaterThan
Debt to tangible net worth not greater than 1.25:1
crvl Fluctuating Rate Determined By Financial Institution
FluctuatingRateDeterminedByFinancialInstitution
Fluctuating rate determined by the financial institution to be 1.50% above the daily one-month LIBOR rate
crvl Line Of Credit Expiration Period
LineOfCreditExpirationPeriod
September 2014
crvl Number Of Outstanding Revolving Loans
NumberOfOutstandingRevolvingLoans
0 Loans
crvl Interest Bearing Securities With Maturities
InterestBearingSecuritiesWithMaturities
P90D
crvl Share Based Compensation Arrangement By Share Based Payment Award Options Vesting In From Date Of Grant Percentage
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestingInFromDateOfGrantPercentage
0.25 pure
crvl Share Based Compensation Arrangement By Share Based Payment Award Options Vesting Remaining Percentage
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestingRemainingPercentage
0.75 pure
crvl Shareholder Plan Percentage Of Acquired Entity
ShareholderPlanPercentageOfAcquiredEntity
0.15 pure
crvl Shareholder Right Expiration Date
ShareholderRightExpirationDate
2022-02-10
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
crvl Treasury Stock Impact Of Stock Options
TreasuryStockImpactOfStockOptions
249000 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
CY2012Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0073 pure
CY2012Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.26
CY2012Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
22426000 shares
CY2012Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.47 pure
CY2012Q4 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
22234000 shares
CY2012Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.27
CY2012Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P4Y6M
CY2012Q4 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
21.61
CY2012Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
17.05
CY2012Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0000 pure
CY2012Q4 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
12.45
CY2012Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
33300 shares
CY2012Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
22234000 shares
CY2012Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
48366 shares
CY2012Q4 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
57876 shares
CY2012Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
22.29
CY2012Q4 us-gaap Gross Profit
GrossProfit
21734000
CY2012Q4 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
107287000
CY2012Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
10024000
CY2012Q4 us-gaap Net Income Loss
NetIncomeLoss
5924000
CY2012Q4 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
11710000
CY2012Q4 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
85553000
CY2012Q4 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
0
CY2012Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
4100000
CY2012Q4 crvl Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Forfeiture Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedForfeitureRate
0.1285 pure
CY2012Q4 crvl Treasury Stock Impact Of Stock Options
TreasuryStockImpactOfStockOptions
192000 shares
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0135 pure
CY2013Q4 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
12.91
CY2013Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.41
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
1354 shares
CY2013Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
21256000 shares
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.47 pure
CY2013Q4 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
20936000 shares
CY2013Q4 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
26.40
CY2013Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.42
CY2013Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P3Y7M2D
CY2013Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P4Y4M24D
CY2013Q4 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
105553 shares
CY2013Q4 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
40.24
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
16.70
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0000 pure
CY2013Q4 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
16.33
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
142650 shares
CY2013Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20936000 shares
CY2013Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P3Y5M16D
CY2013Q4 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
69276 shares
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
21.90
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
2703 shares
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
4057 shares
CY2013Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P2Y8M23D
CY2013Q4 us-gaap Gross Profit
GrossProfit
27706000
CY2013Q4 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
121098000
CY2013Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
14502000
CY2013Q4 us-gaap Net Income Loss
NetIncomeLoss
8775000
CY2013Q4 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
4200000
CY2013Q4 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
13204000
CY2013Q4 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
93392000
CY2013Q4 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
285000
CY2013Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
5727000
CY2013Q4 crvl Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Forfeiture Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedForfeitureRate
0.1240 pure
CY2013Q4 crvl Treasury Stock Impact Of Stock Options
TreasuryStockImpactOfStockOptions
320000 shares

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