$CRVL
CORVEL CORP

2014 Q3 Form 10-Q Financial Statement

#000119312514396288 Filed on November 04, 2014

View on sec.gov

Income Statement

Concept 2014 Q3 2013 Q3
Revenue $123.7M $119.4M
YoY Change 3.65% 13.18%
Cost Of Revenue $98.25M $92.04M
YoY Change 6.74% 11.4%
Gross Profit $25.47M $27.32M
YoY Change -6.78% 19.64%
Gross Profit Margin 20.59% 22.89%
Selling, General & Admin $12.70M $12.20M
YoY Change 4.1% 1.67%
% of Gross Profit 49.87% 44.66%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.600M $4.110M
YoY Change 11.92% 14.8%
% of Gross Profit 18.06% 15.04%
Operating Expenses $12.80M $12.30M
YoY Change 4.07% 2.5%
Operating Profit $12.67M $15.02M
YoY Change -15.67% 38.61%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $12.72M $15.10M
YoY Change -15.75% 39.07%
Income Tax $4.835M $6.421M
% Of Pretax Income 38.02% 42.53%
Net Earnings $7.883M $8.675M
YoY Change -9.13% 30.84%
Net Earnings / Revenue 6.37% 7.27%
Basic Earnings Per Share $0.38 $0.41
Diluted Earnings Per Share $0.37 $0.41
COMMON SHARES
Basic Shares Outstanding 20.82M shares 21.14M shares
Diluted Shares Outstanding 21.05M shares 21.38M shares

Balance Sheet

Concept 2014 Q3 2013 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $28.20M $22.20M
YoY Change 27.03% 11.0%
Cash & Equivalents $28.16M $22.19M
Short-Term Investments
Other Short-Term Assets $30.70M $23.80M
YoY Change 28.99% 5.78%
Inventory
Prepaid Expenses $6.883M $4.487M
Receivables $60.30M $54.39M
Other Receivables $0.00 $0.00
Total Short-Term Assets $119.1M $100.4M
YoY Change 18.67% 9.93%
LONG-TERM ASSETS
Property, Plant & Equipment $52.63M $50.01M
YoY Change 5.24% 9.66%
Goodwill $36.81M $36.81M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $900.0K $142.0K
YoY Change 533.8% -52.67%
Total Long-Term Assets $95.30M $92.39M
YoY Change 3.15% 4.28%
TOTAL ASSETS
Total Short-Term Assets $119.1M $100.4M
Total Long-Term Assets $95.30M $92.39M
Total Assets $214.4M $192.8M
YoY Change 11.23% 7.15%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $14.20M $17.20M
YoY Change -17.44% 50.88%
Accrued Expenses $51.91M $44.94M
YoY Change 15.51% 41.31%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $66.10M $62.14M
YoY Change 6.37% 43.84%
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 $66.10M $62.14M
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $82.20M $80.40M
YoY Change 2.24% 34.0%
SHAREHOLDERS EQUITY
Retained Earnings $352.4M $319.1M
YoY Change 10.43%
Common Stock $121.5M $114.4M
YoY Change 6.21%
Preferred Stock
YoY Change
Treasury Stock (at cost) $341.6M $321.1M
YoY Change 6.41%
Treasury Stock Shares 32.46M shares 31.97M shares
Shareholders Equity $132.2M $112.4M
YoY Change
Total Liabilities & Shareholders Equity $214.4M $192.8M
YoY Change 11.23% 7.15%

Cashflow Statement

Concept 2014 Q3 2013 Q3
OPERATING ACTIVITIES
Net Income $7.883M $8.675M
YoY Change -9.13% 30.84%
Depreciation, Depletion And Amortization $4.600M $4.110M
YoY Change 11.92% 14.8%
Cash From Operating Activities $5.970M $11.73M
YoY Change -49.1% 12.9%
INVESTING ACTIVITIES
Capital Expenditures -$5.280M -$3.510M
YoY Change 50.43% 19.8%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities -$5.280M -$3.510M
YoY Change 50.43% 19.8%
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 -6.650M -11.06M
YoY Change -39.87% 447.52%
NET CHANGE
Cash From Operating Activities 5.970M 11.73M
Cash From Investing Activities -5.280M -3.510M
Cash From Financing Activities -6.650M -11.06M
Net Change In Cash -5.960M -2.840M
YoY Change 109.86% -152.21%
FREE CASH FLOW
Cash From Operating Activities $5.970M $11.73M
Capital Expenditures -$5.280M -$3.510M
Free Cash Flow $11.25M $15.24M
YoY Change -26.18% 14.41%

Facts In Submission

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us-gaap Income Taxes Paid
IncomeTaxesPaid
10632000
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
26213000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
13158000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
9873000
us-gaap Net Income Loss
NetIncomeLoss
16182000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
3856000
us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
248078000
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
1021000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
0
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1162000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-450000
us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
200000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
26954000
crvl Line Of Credit Expiration Period
LineOfCreditExpirationPeriod
September 2015
crvl Shareholder Plan Percentage Of Acquired Entity
ShareholderPlanPercentageOfAcquiredEntity
0.15 pure
crvl Increase Decrease In Accounts And Taxes Payable
IncreaseDecreaseInAccountsAndTaxesPayable
-4277000
crvl Number Of Outstanding Revolving Loans
NumberOfOutstandingRevolvingLoans
0 Loans
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 Interest Bearing Securities With Maturities
InterestBearingSecuritiesWithMaturities
P90D
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 Shareholder Plan Percentage Of Merged Entity
ShareholderPlanPercentageOfMergedEntity
0.50 pure
crvl Accounts Receivable Due Period
AccountsReceivableDuePeriod
P30D
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
253000 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 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.
CY2013Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.41
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 Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
21138000 shares
CY2013Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
13.89
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 Net Income Loss
NetIncomeLoss
8675000
CY2013Q3 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
119359000
CY2013Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
82000
CY2013Q3 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
92039000
CY2013Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
6421000
CY2013Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
12224000
CY2013Q3 crvl Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Forfeiture Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedForfeitureRate
0.1273 pure
CY2013Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P4Y4M24D
CY2013Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
48100 shares
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 Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
19.72
CY2013Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
21377000 shares
CY2013Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.41
CY2013Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
3200 shares
CY2013Q3 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
34.77
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 Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
53279 shares
CY2013Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
21138000 shares
CY2013Q3 us-gaap Gross Profit
GrossProfit
27320000
CY2013Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
15096000
CY2013Q3 crvl Treasury Stock Impact Of Stock Options
TreasuryStockImpactOfStockOptions
239000 shares
CY2014Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.37
CY2014Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P3Y5M19D
CY2014Q3 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
18.75
CY2014Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
20819000 shares
CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
150 shares
CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
15.84
CY2014Q3 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
186506 shares
CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0000 pure
CY2014Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P4Y4M24D
CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
0 shares
CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
48650 shares
CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0166 pure
CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
24.24
CY2014Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P3Y6M15D
CY2014Q3 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
24.24
CY2014Q3 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
0
CY2014Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
21050000 shares
CY2014Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.38
CY2014Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P2Y11M19D
CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
150 shares
CY2014Q3 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
40.57
CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.46 pure
CY2014Q3 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
30957 shares
CY2014Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20819000 shares
CY2014Q3 us-gaap Gross Profit
GrossProfit
25467000
CY2014Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
12718000
CY2014Q3 us-gaap Net Income Loss
NetIncomeLoss
7883000
CY2014Q3 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
123714000
CY2014Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
-64000
CY2014Q3 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
98247000
CY2014Q3 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
7400000
CY2014Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
4835000
CY2014Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
12749000
CY2014Q3 us-gaap Costmethod Investments Other Than Temporary Impairment
CostmethodInvestmentsOtherThanTemporaryImpairment
0
CY2014Q3 crvl Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Forfeiture Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedForfeitureRate
0.1246 pure
CY2014Q3 crvl Treasury Stock Impact Of Stock Options
TreasuryStockImpactOfStockOptions
231000 shares

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crvl-20140930.xml Edgar Link completed
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