$CRVL
CORVEL CORP

2015 Q1 Form 10-Q Financial Statement

#000119312515035471 Filed on February 05, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q4 2013 Q4
Revenue $122.2M $122.4M $121.1M
YoY Change 1.62% 1.04% 12.87%
Cost Of Revenue $99.50M $98.22M $93.39M
YoY Change 6.19% 5.17% 9.16%
Gross Profit $22.67M $24.13M $27.71M
YoY Change -14.56% -12.91% 27.48%
Gross Profit Margin 18.56% 19.72% 22.88%
Selling, General & Admin $13.60M $13.80M $13.20M
YoY Change -0.73% 4.55% 12.82%
% of Gross Profit 59.98% 57.19% 47.64%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.740M $4.540M $4.080M
YoY Change 12.59% 11.27% 4.35%
% of Gross Profit 20.91% 18.82% 14.73%
Operating Expenses $13.60M $13.90M $13.20M
YoY Change -0.73% 5.3% 12.82%
Operating Profit $9.074M $10.23M $14.51M
YoY Change -29.31% -29.49% 44.57%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $9.100M $10.29M $14.50M
YoY Change -28.91% -29.02% 44.67%
Income Tax $3.500M $3.462M $5.727M
% Of Pretax Income 38.46% 33.63% 39.49%
Net Earnings $5.576M $6.832M $8.775M
YoY Change -33.09% -22.14% 48.13%
Net Earnings / Revenue 4.56% 5.58% 7.25%
Basic Earnings Per Share $0.27 $0.33 $0.42
Diluted Earnings Per Share $0.27 $0.33 $0.41
COMMON SHARES
Basic Shares Outstanding 20.39M shares 20.60M shares 20.94M shares
Diluted Shares Outstanding 20.79M shares 21.26M shares

Balance Sheet

Concept 2015 Q1 2014 Q4 2013 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $25.50M $31.00M $32.70M
YoY Change -26.93% -5.2% 57.21%
Cash & Equivalents $25.52M $31.03M $32.75M
Short-Term Investments
Other Short-Term Assets $29.00M $28.10M $22.90M
YoY Change 0.35% 22.71% -2.55%
Inventory
Prepaid Expenses $11.68M $5.552M $5.146M
Receivables $57.54M $56.23M $55.39M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $112.0M $115.3M $111.1M
YoY Change -7.37% 3.81% 26.81%
LONG-TERM ASSETS
Property, Plant & Equipment $56.30M $52.92M $49.67M
YoY Change 9.85% 6.54% 11.12%
Goodwill $36.81M $36.81M $36.81M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.677M $1.441M $13.00K
YoY Change 542.53% 10984.62% -87.0%
Total Long-Term Assets $99.53M $96.02M $91.81M
YoY Change 6.42% 4.59% 5.04%
TOTAL ASSETS
Total Short-Term Assets $112.0M $115.3M $111.1M
Total Long-Term Assets $99.53M $96.02M $91.81M
Total Assets $211.6M $211.3M $202.9M
YoY Change -1.36% 4.16% 15.94%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $13.58M $13.20M $18.70M
YoY Change -22.13% -29.41% 35.51%
Accrued Expenses $58.32M $51.66M $47.02M
YoY Change 9.26% 9.87% 36.29%
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 $74.09M $64.83M $65.67M
YoY Change 3.13% -1.27% 35.96%
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 $74.09M $64.83M $65.67M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $83.65M $81.00M $83.90M
YoY Change -4.9% -3.46% 29.08%
SHAREHOLDERS EQUITY
Retained Earnings $364.8M $359.2M $327.8M
YoY Change 8.5% 9.56%
Common Stock $123.4M $122.3M $116.4M
YoY Change 3.88% 5.07%
Preferred Stock
YoY Change
Treasury Stock (at cost) $360.3M $351.1M $325.3M
YoY Change 9.68% 7.95%
Treasury Stock Shares 32.99M shares 32.73M shares 32.08M shares
Shareholders Equity $127.9M $130.4M $119.0M
YoY Change
Total Liabilities & Shareholders Equity $211.6M $211.3M $202.9M
YoY Change -1.36% 4.16% 15.94%

Cashflow Statement

Concept 2015 Q1 2014 Q4 2013 Q4
OPERATING ACTIVITIES
Net Income $5.576M $6.832M $8.775M
YoY Change -33.09% -22.14% 48.13%
Depreciation, Depletion And Amortization $4.740M $4.540M $4.080M
YoY Change 12.59% 11.27% 4.35%
Cash From Operating Activities $11.21M $17.47M $17.09M
YoY Change 21.98% 2.22% -13.38%
INVESTING ACTIVITIES
Capital Expenditures -$8.060M -$4.940M -$3.690M
YoY Change 42.4% 33.88% 28.12%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$600.0K
YoY Change
Cash From Investing Activities -$8.060M -$5.540M -$3.690M
YoY Change 42.4% 50.14% 28.12%
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 -8.660M -9.070M -2.850M
YoY Change 518.57% 218.25% -82.3%
NET CHANGE
Cash From Operating Activities 11.21M 17.47M 17.09M
Cash From Investing Activities -8.060M -5.540M -3.690M
Cash From Financing Activities -8.660M -9.070M -2.850M
Net Change In Cash -5.510M 2.860M 10.55M
YoY Change -358.69% -72.89% 1306.67%
FREE CASH FLOW
Cash From Operating Activities $11.21M $17.47M $17.09M
Capital Expenditures -$8.060M -$4.940M -$3.690M
Free Cash Flow $19.27M $22.41M $20.78M
YoY Change 29.76% 7.84% -8.09%

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StockIssuedDuringPeriodSharesStockOptionsExercised
78684 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20784000 shares
us-gaap Gross Profit
GrossProfit
77295000
us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
1400000
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-220000
us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
-223000
us-gaap Income Taxes Paid
IncomeTaxesPaid
16022000
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
36506000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
22653000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
14806000
us-gaap Net Income Loss
NetIncomeLoss
23014000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
436000
us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
370430000
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
-310000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1594000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-614000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
13262000
us-gaap Increase Decrease In Customer Deposits
IncreaseDecreaseInCustomerDeposits
1107000
us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
293135000
us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
682000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
1438000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-3837000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
13492000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-20741000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-1716000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-16206000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
1030000
us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
200000
CY2013Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P4Y4M24D
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
40789000
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
-5292000
crvl Common Stock Equals To Percentage Of Outstanding Common Stock
CommonStockEqualsToPercentageOfOutstandingCommonStock
0.62 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 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.
CY2013Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.41
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 Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
20936000 shares
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 Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
320000 shares
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 Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
142650 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 Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
21.90
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 Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
69276 shares
CY2013Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.42
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
4057 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 Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20936000 shares
CY2013Q4 us-gaap Gross Profit
GrossProfit
27706000
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 Sales Revenue Services Net
SalesRevenueServicesNet
121098000
CY2013Q4 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
93392000
CY2013Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
5727000
CY2013Q4 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
13204000
CY2013Q4 crvl Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Forfeiture Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedForfeitureRate
0.1240 pure
CY2014Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.33
CY2014Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P3Y4M21D
CY2014Q4 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
15.27
CY2014Q4 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
20599000 shares
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
0 shares
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
14.22
CY2014Q4 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
274483 shares
CY2014Q4 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
187000 shares
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0000 pure
CY2014Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P4Y4M24D
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
0 shares
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
122825 shares
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0164 pure
CY2014Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P3Y6M
CY2014Q4 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
0
CY2014Q4 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
0
CY2014Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
20786000 shares
CY2014Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.33
CY2014Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P2Y10M6D
CY2014Q4 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
34.78
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.46 pure
CY2014Q4 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
21734 shares
CY2014Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20599000 shares
CY2014Q4 us-gaap Gross Profit
GrossProfit
24128000
CY2014Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
10294000
CY2014Q4 us-gaap Net Income Loss
NetIncomeLoss
6832000
CY2014Q4 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
122352000
CY2014Q4 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
98224000
CY2014Q4 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
9500000
CY2014Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
3462000
CY2014Q4 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
13834000
CY2014Q4 us-gaap Costmethod Investments Other Than Temporary Impairment
CostmethodInvestmentsOtherThanTemporaryImpairment
0
CY2014Q4 crvl Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Forfeiture Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedForfeitureRate
0.1212 pure

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