$CRVL
CORVEL CORP

2015 Q3 Form 10-Q Financial Statement

#000119312515367081 Filed on November 05, 2015

View on sec.gov

Income Statement

Concept 2015 Q3 2014 Q3
Revenue $124.5M $123.7M
YoY Change 0.6% 3.65%
Cost Of Revenue $97.78M $98.25M
YoY Change -0.48% 6.74%
Gross Profit $26.68M $25.47M
YoY Change 4.78% -6.78%
Gross Profit Margin 21.44% 20.59%
Selling, General & Admin $13.20M $12.70M
YoY Change 3.94% 4.1%
% of Gross Profit 49.47% 49.87%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.970M $4.600M
YoY Change 8.04% 11.92%
% of Gross Profit 18.63% 18.06%
Operating Expenses $13.20M $12.80M
YoY Change 3.13% 4.07%
Operating Profit $13.48M $12.67M
YoY Change 6.45% -15.67%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $13.48M $12.72M
YoY Change 5.95% -15.75%
Income Tax $5.208M $4.835M
% Of Pretax Income 38.65% 38.02%
Net Earnings $8.267M $7.883M
YoY Change 4.87% -9.13%
Net Earnings / Revenue 6.64% 6.37%
Basic Earnings Per Share $0.42 $0.38
Diluted Earnings Per Share $0.41 $0.37
COMMON SHARES
Basic Shares Outstanding 19.90M shares 20.82M shares
Diluted Shares Outstanding 20.06M shares 21.05M shares

Balance Sheet

Concept 2015 Q3 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $24.90M $28.20M
YoY Change -11.7% 27.03%
Cash & Equivalents $24.89M $28.16M
Short-Term Investments
Other Short-Term Assets $38.80M $30.70M
YoY Change 26.38% 28.99%
Inventory
Prepaid Expenses $6.470M $6.883M
Receivables $59.23M $60.30M
Other Receivables $0.00 $0.00
Total Short-Term Assets $122.9M $119.1M
YoY Change 3.17% 18.67%
LONG-TERM ASSETS
Property, Plant & Equipment $54.65M $52.63M
YoY Change 3.84% 5.24%
Goodwill $36.81M $36.81M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.841M $900.0K
YoY Change 215.67% 533.8%
Total Long-Term Assets $98.81M $95.30M
YoY Change 3.68% 3.15%
TOTAL ASSETS
Total Short-Term Assets $122.9M $119.1M
Total Long-Term Assets $98.81M $95.30M
Total Assets $221.7M $214.4M
YoY Change 3.4% 11.23%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $15.50M $14.20M
YoY Change 9.15% -17.44%
Accrued Expenses $61.85M $51.91M
YoY Change 19.16% 15.51%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $77.35M $66.10M
YoY Change 17.03% 6.37%
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 $77.35M $66.10M
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $94.10M $82.20M
YoY Change 14.48% 2.24%
SHAREHOLDERS EQUITY
Retained Earnings $379.9M $352.4M
YoY Change 7.83% 10.43%
Common Stock $126.7M $121.5M
YoY Change 4.31% 6.21%
Preferred Stock
YoY Change
Treasury Stock (at cost) $379.1M $341.6M
YoY Change 10.95% 6.41%
Treasury Stock Shares 33.55M shares 32.46M shares
Shareholders Equity $127.6M $132.2M
YoY Change
Total Liabilities & Shareholders Equity $221.7M $214.4M
YoY Change 3.4% 11.23%

Cashflow Statement

Concept 2015 Q3 2014 Q3
OPERATING ACTIVITIES
Net Income $8.267M $7.883M
YoY Change 4.87% -9.13%
Depreciation, Depletion And Amortization $4.970M $4.600M
YoY Change 8.04% 11.92%
Cash From Operating Activities $9.470M $5.970M
YoY Change 58.63% -49.1%
INVESTING ACTIVITIES
Capital Expenditures -$3.330M -$5.280M
YoY Change -36.93% 50.43%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change
Cash From Investing Activities -$3.330M -$5.280M
YoY Change -36.93% 50.43%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -8.350M -6.650M
YoY Change 25.56% -39.87%
NET CHANGE
Cash From Operating Activities 9.470M 5.970M
Cash From Investing Activities -3.330M -5.280M
Cash From Financing Activities -8.350M -6.650M
Net Change In Cash -2.210M -5.960M
YoY Change -62.92% 109.86%
FREE CASH FLOW
Cash From Operating Activities $9.470M $5.970M
Capital Expenditures -$3.330M -$5.280M
Free Cash Flow $12.80M $11.25M
YoY Change 13.78% -26.18%

Facts In Submission

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<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>&#xA0;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, accruals for income taxes, share-based payments related to performance-based awards, loss contingencies, estimated claims for claims administration revenue recognition, estimates used in stock option valuations, and accruals for self-insurance reserves.</p> </div>
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1525000
crvl Interest Bearing Securities With Maturities
InterestBearingSecuritiesWithMaturities
P90D
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.
crvl Debt To Tangible Net Worth Not Greater Than
DebtToTangibleNetWorthNotGreaterThan
Debt to tangible net worth not greater than 1.25:1
CY2014Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.37
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 Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0166 pure
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 Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0000 pure
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 Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
21050000 shares
CY2014Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
231000 shares
CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
48650 shares
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
228000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
9916000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
897000
us-gaap Increase Decrease In Customer Deposits
IncreaseDecreaseInCustomerDeposits
-7403000
crvl Shareholder Plan Percentage Of Merged Entity
ShareholderPlanPercentageOfMergedEntity
0.50 pure
crvl Shareholder Right Expiration Date
ShareholderRightExpirationDate
2022-02-10
crvl Increase Decrease In Accounts And Taxes Payable
IncreaseDecreaseInAccountsAndTaxesPayable
-271000
crvl Shareholder Plan Percentage Of Acquired Entity
ShareholderPlanPercentageOfAcquiredEntity
0.15 pure
crvl Accounts Receivable Due Period
AccountsReceivableDuePeriod
P30D
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
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 Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
18.75
CY2014Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20819000 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 Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
30957 shares
CY2014Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.38
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 Net Income Loss
NetIncomeLoss
7883000
CY2014Q3 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
123714000
CY2014Q3 us-gaap Gross Profit
GrossProfit
25467000
CY2014Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
12718000
CY2014Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
4835000
CY2014Q3 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
98247000
CY2014Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
12749000
CY2014Q3 crvl Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Forfeiture Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedForfeitureRate
0.1246 pure
CY2015Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.41
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
0 shares
CY2015Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P4Y4M24D
CY2015Q3 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
299620 shares
CY2015Q3 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
32.37
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0161 pure
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
18952 shares
CY2015Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P3Y3M11D
CY2015Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P2Y9M11D
CY2015Q3 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
36.25
CY2015Q3 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
0
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.44 pure
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0000 pure
CY2015Q3 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
33.15
CY2015Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
20063000 shares
CY2015Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
161000 shares
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
47300 shares
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
18952 shares
CY2015Q3 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
16.91
CY2015Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
19902000 shares
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
12.53
CY2015Q3 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
59804 shares
CY2015Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.42
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
36.25
CY2015Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P3Y2M12D
CY2015Q3 us-gaap Net Income Loss
NetIncomeLoss
8267000
CY2015Q3 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
124460000
CY2015Q3 us-gaap Gross Profit
GrossProfit
26684000
CY2015Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
13475000
CY2015Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
5208000
CY2015Q3 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
97776000
CY2015Q3 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
9700000
CY2015Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
13209000
CY2015Q3 crvl Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Forfeiture Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedForfeitureRate
0.1228 pure

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