$CRVL
CORVEL CORP

2013 Q1 Form 10-K Financial Statement

#000119312514234829 Filed on June 12, 2014

View on sec.gov

Income Statement

Concept 2013 Q1 2012 Q4 2012 Q3
Revenue $112.0M $107.3M $105.5M
YoY Change 7.24% 5.81% 0.82%
Cost Of Revenue $88.10M $85.55M $82.62M
YoY Change 6.14% 6.67% 4.72%
Gross Profit $23.91M $21.73M $22.84M
YoY Change 11.2% 2.52% -10.8%
Gross Profit Margin 21.36% 20.26% 21.65%
Selling, General & Admin $11.90M $11.70M $12.00M
YoY Change -9.85% -4.88% -4.76%
% of Gross Profit 49.77% 53.83% 52.55%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.890M $3.910M $3.580M
YoY Change -5.35% 8.01% -0.28%
% of Gross Profit 16.27% 17.99% 15.68%
Operating Expenses $11.80M $11.70M $12.00M
YoY Change -10.61% -4.88% -4.76%
Operating Profit $12.11M $10.03M $10.84M
YoY Change 45.89% 12.74% -16.65%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $12.00M $10.02M $10.86M
YoY Change 44.58% 12.63% -16.5%
Income Tax $4.400M $4.100M $4.225M
% Of Pretax Income 36.67% 40.9% 38.92%
Net Earnings $7.580M $5.924M $6.630M
YoY Change 48.63% 9.7% -16.08%
Net Earnings / Revenue 6.77% 5.52% 6.29%
Basic Earnings Per Share $0.35 $0.27 $0.30
Diluted Earnings Per Share $0.35 $0.27 $0.29
COMMON SHARES
Basic Shares Outstanding 22.23M shares 22.54M shares
Diluted Shares Outstanding 22.43M shares 22.75M shares

Balance Sheet

Concept 2013 Q1 2012 Q4 2012 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $19.80M $20.80M $20.00M
YoY Change 200.0% 105.94% 146.91%
Cash & Equivalents $19.82M $20.77M $20.01M
Short-Term Investments
Other Short-Term Assets $24.00M $23.50M $22.50M
YoY Change -5.51% 9.81% 6.13%
Inventory
Prepaid Expenses $7.418M
Receivables $49.11M $43.40M $48.70M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $92.90M $87.60M $91.30M
YoY Change 14.41% 12.89% 13.84%
LONG-TERM ASSETS
Property, Plant & Equipment $46.58M $44.70M $45.60M
YoY Change -1.72% -0.45% 5.07%
Goodwill $36.81M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $421.0K $100.0K $300.0K
YoY Change 40.33% -66.67%
Total Long-Term Assets $89.48M $87.40M $88.60M
YoY Change -1.34% -1.02% 2.43%
TOTAL ASSETS
Total Short-Term Assets $92.90M $87.60M $91.30M
Total Long-Term Assets $89.48M $87.40M $88.60M
Total Assets $182.4M $175.0M $179.9M
YoY Change 6.1% 5.49% 7.92%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $12.56M $13.80M $11.40M
YoY Change -1.88% -3.5% -36.67%
Accrued Expenses $39.17M $34.50M $31.80M
YoY Change 22.4% 6.48% 4.95%
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 $52.76M $48.30M $43.20M
YoY Change 17.76% 3.65% -10.56%
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 $52.76M $48.30M $43.20M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $70.98M $65.00M $60.00M
YoY Change 15.41% 15.25% 3.45%
SHAREHOLDERS EQUITY
Retained Earnings $301.8M
YoY Change
Common Stock $110.9M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $301.3M
YoY Change
Treasury Stock Shares 31.32M shares
Shareholders Equity $111.4M $110.0M $119.9M
YoY Change
Total Liabilities & Shareholders Equity $182.4M $175.0M $179.9M
YoY Change 6.1% 5.49% 7.92%

Cashflow Statement

Concept 2013 Q1 2012 Q4 2012 Q3
OPERATING ACTIVITIES
Net Income $7.580M $5.924M $6.630M
YoY Change 48.63% 9.7% -16.08%
Depreciation, Depletion And Amortization $3.890M $3.910M $3.580M
YoY Change -5.35% 8.01% -0.28%
Cash From Operating Activities $11.23M $19.73M $10.39M
YoY Change 46.99% 62.25% 1405.8%
INVESTING ACTIVITIES
Capital Expenditures -$5.680M -$2.880M -$2.930M
YoY Change -12.48% -43.08% -37.66%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$5.680M -$2.880M -$2.930M
YoY Change -12.62% -43.53% -37.66%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -6.500M -16.10M -2.020M
YoY Change 40.69% 214.45% -62.87%
NET CHANGE
Cash From Operating Activities 11.23M 19.73M 10.39M
Cash From Investing Activities -5.680M -2.880M -2.930M
Cash From Financing Activities -6.500M -16.10M -2.020M
Net Change In Cash -950.0K 750.0K 5.440M
YoY Change -72.7% -61.34% -157.57%
FREE CASH FLOW
Cash From Operating Activities $11.23M $19.73M $10.39M
Capital Expenditures -$5.680M -$2.880M -$2.930M
Free Cash Flow $16.91M $22.61M $13.32M
YoY Change 19.67% 31.3% 147.12%

Facts In Submission

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1.25 pure
CY2014Q1 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
11922000
CY2014Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
8901000
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
27852690
CY2013 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.19
CY2013 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
22458000 shares
CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.47 pure
CY2013 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.20
CY2013 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
21.78
CY2013 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
23.04
CY2013 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
348090 shares
CY2013 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
54819000
CY2013 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
202000 shares
CY2013 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
1410812 shares
CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
9.30
CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.000 pure
CY2013 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
12.80
CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
246200 shares
CY2013 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
22256000 shares
CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
299204 shares
CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.006 pure
CY2013 us-gaap Concentration Risk Percentage1
ConcentrationRiskPercentage1
1.000 pure
CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
21.26
CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.008 pure
CY2013 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
3399000
CY2013 us-gaap Gross Profit
GrossProfit
91660000
CY2013 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
CY2013 us-gaap Income Taxes Paid
IncomeTaxesPaid
9663000
CY2013 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
111000
CY2013 us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
-4845000
CY2013 us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
-412000
CY2013 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
429310000
CY2013 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
43895000
CY2013 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
1894000
CY2013 us-gaap Net Income Loss
NetIncomeLoss
26730000
CY2013 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
313000
CY2013 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
997000
CY2013 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
30727000
CY2013 us-gaap Adjustments To Additional Paid In Capital Tax Effect From Share Based Compensation
AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation
308000
CY2013 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
14887000
CY2013 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
47765000
CY2013 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
26000
CY2013 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
337650000
CY2013 us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
313000
CY2013 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-26707000
CY2013 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
2276000
CY2013 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
30727000
CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
6776000
CY2013 us-gaap Share Based Compensation
ShareBasedCompensation
997000
CY2013 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
2123000
CY2013 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
13225000
CY2013 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
3653000
CY2013 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-14887000
CY2013 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
372000
CY2013 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
7179000
CY2013 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
1172000
CY2013 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
15363000
CY2013 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
2310000
CY2013 us-gaap Increase Decrease In Customer Deposits
IncreaseDecreaseInCustomerDeposits
-4291000
CY2013 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
3399000
CY2013 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
-34000
CY2013 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
15739000
CY2013 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
308000
CY2013 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
484000
CY2013 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
14889000
CY2013 us-gaap Depreciation
Depreciation
15255000
CY2013 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
-82000
CY2013 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
13951000
CY2013 us-gaap Employee Service Share Based Compensation Cash Received From Exercise Of Stock Options
EmployeeServiceShareBasedCompensationCashReceivedFromExerciseOfStockOptions
3399000
CY2013 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
11236000
CY2013 us-gaap Income Tax Examination Penalties And Interest Expense
IncomeTaxExaminationPenaltiesAndInterestExpense
80000
CY2013 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
604000
CY2013 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
17165000
CY2013 crvl Increase Decrease In Accounts And Taxes Payable
IncreaseDecreaseInAccountsAndTaxesPayable
814000
CY2013 crvl Share Based Compensation Shares Authorized Under Stock Option Plans Options Available For Future Grants
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansOptionsAvailableForFutureGrants
1285056 shares
CY2014 dei Trading Symbol
TradingSymbol
CRVL
CY2014 dei Entity Registrant Name
EntityRegistrantName
CORVEL CORP
CY2014 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2014 dei Amendment Flag
AmendmentFlag
false
CY2014 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares
430294 shares
CY2014 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2
P3Y9M
CY2014 dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
CY2014 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
CY2014 dei Document Type
DocumentType
10-K
CY2014 dei Document Period End Date
DocumentPeriodEndDate
2014-03-31
CY2014 dei Entity Central Index Key
EntityCentralIndexKey
0000874866
CY2014 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
No
CY2014 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--03-31
CY2014 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2014 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2014 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
25.56
CY2014 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
21.61
CY2014 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.61
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
65415 shares
CY2014 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
21372000 shares
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.47 pure
CY2014 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35 pure
CY2014 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.63
CY2014 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P3Y9M
CY2014 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
32.73
CY2014 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
33.06
CY2014 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
54800000
CY2014 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
268000 shares
CY2014 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
830460 shares
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
13.96
CY2014 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P3Y3M18D
CY2014 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
21104000 shares
CY2014 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 Segment
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.000 pure
CY2014 us-gaap Debt Instrument Basis Spread On Variable Rate1
DebtInstrumentBasisSpreadOnVariableRate1
0.0150 pure
CY2014 us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans
2427003 shares
CY2014 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
15.31
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
441550 shares
CY2014 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt; TEXT-INDENT: 4%"> <i>Concentrations of Credit Risk:</i> Substantially all of the Company&#x2019;s customers are payors of workers&#x2019; compensation expense and property and casualty insurance, which include insurance companies, third party administrators, self-insured employers and government entities. Receivables are generally due within 30 days. Credit losses relating to customers in the workers&#x2019; compensation insurance industry consistently have been within management&#x2019;s expectations. Virtually all of the Company&#x2019;s cash is invested at financial institutions in amounts which exceed the FDIC insurance levels. No customer accounted for 10% or more of revenue for either fiscal 2012, 2013, or 2014. No customer accounted for 10% or more of accounts receivable at either March&#xA0;31, 2013 or 2014.</p> </div>
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
115789 shares
CY2014 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P2Y11M12D
CY2014 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P3Y7M28D
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.007 pure
CY2014 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
310729 shares
CY2014 us-gaap Concentration Risk Percentage1
ConcentrationRiskPercentage1
1.000 pure
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
23.33
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
50374 shares
CY2014 us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> <i>Use of Estimates:</i> The preparation of financial statements in compliance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the accompanying financial statements. Actual results could differ from those estimates. Significant estimates include the values assigned to intangible assets, capitalized software development, the allowance for doubtful accounts, accrual for income taxes, share-based payments related to performance based awards, loss contingencies, estimated claims for claims administration revenue recognition, estimates used in stock options valuations, and accrual for self-insurance reserves.</p> </div>
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.015 pure
CY2014 us-gaap Finite Lived Intangible Asset Useful Life
FiniteLivedIntangibleAssetUsefulLife
P5Y
CY2014 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
3386000
CY2014 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
CY2014 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
215000
CY2014 us-gaap Gross Profit
GrossProfit
108481000
CY2014 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
2343000
CY2014 us-gaap Income Taxes Paid
IncomeTaxesPaid
20791000
CY2014 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-159000
CY2014 us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
-1556000
CY2014 us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
-78000
CY2014 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
478816000
CY2014 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
56507000
CY2014 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
9456000
CY2014 us-gaap Net Income Loss
NetIncomeLoss
34392000
CY2014 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
346000
CY2014 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
2140000
CY2014 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
27179000
CY2014 us-gaap Adjustments To Additional Paid In Capital Tax Effect From Share Based Compensation
AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation
2035000
CY2014 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
18344000
CY2014 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
287000
CY2014 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
51974000
CY2014 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
-245000
CY2014 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
370335000
CY2014 us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
346000
CY2014 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-21412000
CY2014 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-2519000
CY2014 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
27179000
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
7726000
CY2014 us-gaap Share Based Compensation
ShareBasedCompensation
2140000
CY2014 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
1332000
CY2014 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
15044000
CY2014 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
2655854
CY2014 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-18344000
CY2014 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
338000
CY2014 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
14207000
CY2014 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
1826000
CY2014 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
20633000
CY2014 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-2367000
CY2014 us-gaap Increase Decrease In Customer Deposits
IncreaseDecreaseInCustomerDeposits
-6035000
CY2014 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
3386000
CY2014 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
-152000
CY2014 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
16411000
CY2014 us-gaap Goodwill And Intangible Asset Impairment
GoodwillAndIntangibleAssetImpairment
0
CY2014 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
2035000
CY2014 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
470000
CY2014 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
24634000
CY2014 us-gaap Depreciation
Depreciation
15941000
CY2014 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
630000
CY2014 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
13890000
CY2014 us-gaap Employee Service Share Based Compensation Cash Received From Exercise Of Stock Options
EmployeeServiceShareBasedCompensationCashReceivedFromExerciseOfStockOptions
3386000
CY2014 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
21978146
CY2014 us-gaap Income Tax Examination Penalties And Interest Expense
IncomeTaxExaminationPenaltiesAndInterestExpense
-173000
CY2014 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
-99000
CY2014 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
22115000
CY2014 crvl Shareholder Right Purchase
ShareholderRightPurchase
Fidelity Management & Research Company and its affiliates to purchase up to 18% of the shares of common stock of the Company without triggering the stockholder rights.
CY2014 crvl Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Forfeiture Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedForfeitureRate
0.124 pure
CY2014 crvl Shareholder Right Purchase Percentage
ShareholderRightPurchasePercentage
0.18 pure
CY2014 crvl Accounts Receivable Due Period
AccountsReceivableDuePeriod
P30D
CY2014 crvl Increase Decrease In Accounts And Taxes Payable
IncreaseDecreaseInAccountsAndTaxesPayable
2535000
CY2014 crvl Debt To Tangible Net Worth Not Greater Than
DebtToTangibleNetWorthNotGreaterThan
Debt to tangible net worth not greater than 1.251
CY2014 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.
CY2014 crvl Line Of Credit Expiration Period
LineOfCreditExpirationPeriod
September 2014
CY2014 crvl Employee Stock Purchase Plan Employee Contribution Percent Of Gross Pay
EmployeeStockPurchasePlanEmployeeContributionPercentOfGrossPay
0.20 pure
CY2014 crvl Number Of Outstanding Revolving Loans
NumberOfOutstandingRevolvingLoans
0 Loans
CY2014 crvl Period Of Unrecognized Tax Benefits
PeriodOfUnrecognizedTaxBenefits
P12M
CY2014 crvl Interest Bearing Securities With Maturities
InterestBearingSecuritiesWithMaturities
P90D
CY2014 crvl Share Based Compensation Arrangement By Share Based Payment Award Options Vesting In From Date Of Grant Percentage
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestingInFromDateOfGrantPercentage
0.25 pure
CY2014 crvl Share Based Compensation Arrangement By Share Based Payment Award Options Vesting Remaining Percentage
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestingRemainingPercentage
0.75 pure
CY2014 crvl Share Based Compensation Shares Authorized Under Stock Option Plans Options Available For Future Grants
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansOptionsAvailableForFutureGrants
959295 shares
CY2014 crvl Shareholder Plan Percentage Of Acquired Entity
ShareholderPlanPercentageOfAcquiredEntity
0.15 pure
CY2014 crvl Shareholder Right Expiration Date
ShareholderRightExpirationDate
2022-02-10
CY2014 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
CY2014 crvl Treasury Stock Average Cost Per Share
TreasuryStockAverageCostPerShare
10.22
CY2014 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 power are sold, then the right will entitle its holder to buy common shares of the acquiring entity having a market value equal to two times the then-current exercise price of the right.
CY2014 crvl Shareholder Plan Percentage Of Merged Entity
ShareholderPlanPercentageOfMergedEntity
0.50 pure
CY2012 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.14
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10.34
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0.000 pure
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0.47 pure
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0.007 pure
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CY2012 us-gaap Concentration Risk Percentage1
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17.05
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
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43437000
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2516000
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StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
321000
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2276000
CY2012 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
21643000
CY2012 us-gaap Adjustments To Additional Paid In Capital Tax Effect From Share Based Compensation
AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation
996000
CY2012 us-gaap Payments To Acquire Property Plant And Equipment
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23214000
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318826000
CY2012 us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
321000
CY2012 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-18085000
CY2012 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
9051000
CY2012 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
21643000
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
8296000
CY2012 us-gaap Share Based Compensation
ShareBasedCompensation
2276000
CY2012 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
2146000
CY2012 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-5672000
CY2012 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
1938000
CY2012 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-23259000
CY2012 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
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347000
CY2012 us-gaap Increase Decrease In Accrued Liabilities
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-8259000
CY2012 us-gaap Income Tax Reconciliation State And Local Income Taxes
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CY2012 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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15203000
CY2012 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
8104000
CY2012 us-gaap Increase Decrease In Customer Deposits
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-537000
CY2012 us-gaap Proceeds From Stock Options Exercised
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DeferredStateAndLocalIncomeTaxExpenseBenefit
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CY2012 us-gaap Allocated Share Based Compensation Expense
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5896000
CY2012 us-gaap Income Tax Examination Penalties And Interest Expense
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CY2012 us-gaap Income Tax Reconciliation Other Adjustments
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CY2012 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansOptionsAvailableForFutureGrants
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EarningsPerShareDiluted
0.35
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EarningsPerShareBasic
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EarningsPerShareDiluted
0.39
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EarningsPerShareBasic
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CY2014Q1 us-gaap Gross Profit
GrossProfit
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SalesRevenueServicesNet
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NetIncomeLoss
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EarningsPerShareDiluted
0.29
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EarningsPerShareBasic
0.29
CY2012Q2 us-gaap Gross Profit
GrossProfit
23181000
CY2012Q2 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
104606000
CY2012Q2 us-gaap Net Income Loss
NetIncomeLoss
6596000
CY2013Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.40
CY2013Q2 us-gaap Dividend Payable Date To Be Paid Day Month And Year
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2013-06-26
CY2013Q2 us-gaap Earnings Per Share Basic
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0.40
CY2013Q2 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
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2 pure
CY2013Q2 us-gaap Dividends Payable Date Of Record Day Month And Year
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2013-06-12
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SalesRevenueServicesNet
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0.29
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EarningsPerShareBasic
0.30
CY2012Q3 us-gaap Gross Profit
GrossProfit
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CY2012Q3 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
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EarningsPerShareDiluted
0.27
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EarningsPerShareBasic
0.27
CY2012Q4 us-gaap Gross Profit
GrossProfit
21734000
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SalesRevenueServicesNet
107287000
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NetIncomeLoss
5924000
CY2013Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.41
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EarningsPerShareBasic
0.41
CY2013Q3 us-gaap Gross Profit
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27320000
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119359000
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8675000
CY2013Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.41
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EarningsPerShareBasic
0.42
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27706000
CY2013Q4 us-gaap Sales Revenue Services Net
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121098000
CY2013Q4 us-gaap Net Income Loss
NetIncomeLoss
8775000

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