$CRVL
CORVEL CORP

2016 Q1 Form 10-Q Financial Statement

#000119312516449511 Filed on February 04, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 Q4 2014 Q4
Revenue $128.3M $123.9M $122.4M
YoY Change 4.99% 1.26% 1.04%
Cost Of Revenue $101.8M $98.66M $98.22M
YoY Change 2.31% 0.44% 5.17%
Gross Profit $26.45M $25.23M $24.13M
YoY Change 16.63% 4.58% -12.91%
Gross Profit Margin 20.61% 20.37% 19.72%
Selling, General & Admin $15.80M $14.50M $13.80M
YoY Change 16.18% 5.07% 4.55%
% of Gross Profit 59.75% 57.47% 57.19%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $5.040M $4.990M $4.540M
YoY Change 6.33% 9.91% 11.27%
% of Gross Profit 19.06% 19.78% 18.82%
Operating Expenses $15.90M $14.50M $13.90M
YoY Change 16.91% 4.32% 5.3%
Operating Profit $10.55M $10.73M $10.23M
YoY Change 16.21% 4.93% -29.49%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $10.60M $10.73M $10.29M
YoY Change 16.48% 4.25% -29.02%
Income Tax $4.000M $4.040M $3.462M
% Of Pretax Income 37.74% 37.65% 33.63%
Net Earnings $6.667M $6.691M $6.832M
YoY Change 19.57% -2.06% -22.14%
Net Earnings / Revenue 5.2% 5.4% 5.58%
Basic Earnings Per Share $0.34 $0.34 $0.33
Diluted Earnings Per Share $0.34 $0.34 $0.33
COMMON SHARES
Basic Shares Outstanding 19.58M shares 19.67M 20.60M shares
Diluted Shares Outstanding 19.85M 20.79M shares

Balance Sheet

Concept 2016 Q1 2015 Q4 2014 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $32.80M $26.50M $31.00M
YoY Change 28.63% -14.52% -5.2%
Cash & Equivalents $32.78M $26.50M $31.03M
Short-Term Investments
Other Short-Term Assets $30.50M $38.40M $28.10M
YoY Change 5.17% 36.65% 22.71%
Inventory
Prepaid Expenses $4.933M $6.696M $5.552M
Receivables $59.75M $55.88M $56.23M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $123.1M $120.8M $115.3M
YoY Change 9.87% 4.73% 3.81%
LONG-TERM ASSETS
Property, Plant & Equipment $53.27M $53.61M $52.92M
YoY Change -5.38% 1.31% 6.54%
Goodwill $36.81M $36.81M $36.81M
YoY Change 0.0% 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.792M $2.987M $1.441M
YoY Change 66.49% 107.29% 10984.62%
Total Long-Term Assets $97.16M $97.81M $96.02M
YoY Change -2.38% 1.86% 4.59%
TOTAL ASSETS
Total Short-Term Assets $123.1M $120.8M $115.3M
Total Long-Term Assets $97.16M $97.81M $96.02M
Total Assets $220.3M $218.6M $211.3M
YoY Change 4.11% 3.43% 4.16%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $11.19M $11.60M $13.20M
YoY Change -17.58% -12.12% -29.41%
Accrued Expenses $67.18M $62.16M $51.66M
YoY Change 15.2% 20.33% 9.87%
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 $80.42M $73.78M $64.83M
YoY Change 8.54% 13.8% -1.27%
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 $80.42M $73.78M $64.83M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $88.32M $90.52M $81.00M
YoY Change 5.58% 11.75% -3.46%
SHAREHOLDERS EQUITY
Retained Earnings $393.3M $386.6M $359.2M
YoY Change 7.82% 7.64% 9.56%
Common Stock $130.5M $128.5M $122.3M
YoY Change 5.69% 5.04% 5.07%
Preferred Stock
YoY Change
Treasury Stock (at cost) $391.8M $387.1M $351.1M
YoY Change 8.75% 10.23% 7.95%
Treasury Stock Shares $33.89M 33.78M shares 32.73M shares
Shareholders Equity $131.9M $128.1M $130.4M
YoY Change
Total Liabilities & Shareholders Equity $220.3M $218.6M $211.3M
YoY Change 4.11% 3.43% 4.16%

Cashflow Statement

Concept 2016 Q1 2015 Q4 2014 Q4
OPERATING ACTIVITIES
Net Income $6.667M $6.691M $6.832M
YoY Change 19.57% -2.06% -22.14%
Depreciation, Depletion And Amortization $5.040M $4.990M $4.540M
YoY Change 6.33% 9.91% 11.27%
Cash From Operating Activities $14.50M $12.22M $17.47M
YoY Change 29.35% -30.05% 2.22%
INVESTING ACTIVITIES
Capital Expenditures -$4.860M -$3.870M -$4.940M
YoY Change -39.7% -21.66% 33.88%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 -$600.0K
YoY Change -100.0%
Cash From Investing Activities -$4.860M -$3.870M -$5.540M
YoY Change -39.7% -30.14% 50.14%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -3.370M -6.730M -9.070M
YoY Change -61.09% -25.8% 218.25%
NET CHANGE
Cash From Operating Activities 14.50M 12.22M 17.47M
Cash From Investing Activities -4.860M -3.870M -5.540M
Cash From Financing Activities -3.370M -6.730M -9.070M
Net Change In Cash 6.270M 1.620M 2.860M
YoY Change -213.79% -43.36% -72.89%
FREE CASH FLOW
Cash From Operating Activities $14.50M $12.22M $17.47M
Capital Expenditures -$4.860M -$3.870M -$4.940M
Free Cash Flow $19.36M $16.09M $22.41M
YoY Change 0.47% -28.2% 7.84%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2015Q4 us-gaap Stock Repurchase Program Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased
34000000 shares
CY2016Q1 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
19577086 shares
CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1136073 shares
CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
26.42
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1135586 shares
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
28.81
CY2015Q3 crvl Line Of Credit Facility Debt To Net Worth Ratio
LineOfCreditFacilityDebtToNetWorthRatio
1.25 pure
CY2015Q3 crvl Line Of Credit Facility Current Assets To Liabilities Ratio
LineOfCreditFacilityCurrentAssetsToLiabilitiesRatio
1.25 pure
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1237164 shares
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
27.45
CY2014Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
31029000
CY2015Q4 us-gaap Stock Repurchase Program Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased
1000000 shares
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1230798 shares
CY2015Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
118
CY2015Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
33775022 shares
CY2015Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
120000000 shares
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
29.67
CY2015Q4 us-gaap Stock Repurchase Program Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased
35000000 shares
CY2015Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
19607827 shares
CY2015Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
554718 shares
CY2015Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
53382849 shares
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
23.91
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
1074272 shares
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
28.83
CY2015Q4 us-gaap Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
128497000
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
128061000
CY2015Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
4505000
CY2015Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
62163000
CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
386617000
CY2015Q4 us-gaap Liabilities
Liabilities
90519000
CY2015Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
218580000
CY2015Q4 us-gaap Common Stock Value
CommonStockValue
3000
CY2015Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
CY2015Q4 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
4500000
CY2015Q4 us-gaap Liabilities Current
LiabilitiesCurrent
73776000
CY2015Q4 us-gaap Deferred Tax Liabilities Noncurrent
DeferredTaxLiabilitiesNoncurrent
16743000
CY2015Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
11155130
CY2015Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
2987000
CY2015Q4 us-gaap Assets
Assets
218580000
CY2015Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
55877000
CY2015Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
53612000
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue
16332953
CY2015Q4 us-gaap Deposits Assets Current
DepositsAssetsCurrent
23922000
CY2015Q4 us-gaap Treasury Stock Value
TreasuryStockValue
387056000
CY2015Q4 us-gaap Assets Current
AssetsCurrent
120771000
CY2015Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
8901000
CY2015Q4 us-gaap Deferred Tax Assets Liabilities Net Current
DeferredTaxAssetsLiabilitiesNetCurrent
7772000
CY2015Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
4396000
CY2015Q4 us-gaap Goodwill
Goodwill
36814000
CY2015Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
6696000
CY2015Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
26504000
CY2014Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
34866000
CY2015Q4 us-gaap Other Intangible Assets Net
OtherIntangibleAssetsNet
4396000
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
17666874
CY2015Q4 crvl Accounts And Taxes Payable
AccountsAndTaxesPayable
11613000
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1115984 shares
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
24.80
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1163179 shares
CY2015Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
32992488 shares
CY2015Q1 us-gaap Deferred Tax Liabilities Noncurrent
DeferredTaxLiabilitiesNoncurrent
16743000
CY2015Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
1677000
CY2015Q1 us-gaap Assets
Assets
218754000
CY2015Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
120000000 shares
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
27.65
CY2015Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
20250669 shares
CY2015Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2015Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
53243157 shares
CY2015Q1 us-gaap Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
123440000
CY2015Q1 us-gaap Stockholders Equity
StockholdersEquity
127923000
CY2015Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
58318000
CY2015Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
364758000
CY2015Q1 us-gaap Liabilities
Liabilities
90831000
CY2015Q1 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
218754000
CY2015Q1 us-gaap Common Stock Value
CommonStockValue
3000
CY2015Q1 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
CY2015Q1 us-gaap Liabilities Current
LiabilitiesCurrent
74088000
CY2015Q1 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
57537000
CY2015Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
56299000
CY2015Q1 us-gaap Deposits Assets Current
DepositsAssetsCurrent
17319000
CY2015Q1 us-gaap Treasury Stock Value
TreasuryStockValue
360278000
CY2015Q1 us-gaap Assets Current
AssetsCurrent
119228000
CY2015Q1 us-gaap Deferred Tax Assets Liabilities Net Current
DeferredTaxAssetsLiabilitiesNetCurrent
7181000
CY2015Q1 us-gaap Goodwill
Goodwill
36814000
CY2015Q1 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
11675000
CY2015Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
25516000
CY2015Q1 us-gaap Other Intangible Assets Net
OtherIntangibleAssetsNet
4736000
CY2015Q1 crvl Accounts And Taxes Payable
AccountsAndTaxesPayable
15770000
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.10
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
33110000
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
37.93
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
21015000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
231000 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
208875 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
9011 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
17.54
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20784000 shares
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
78684 shares
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.11
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
25.86
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
14806000
us-gaap Net Income Loss
NetIncomeLoss
23014000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
22653000
us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
370430000
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-220000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
1438000
us-gaap Increase Decrease In Customer Deposits
IncreaseDecreaseInCustomerDeposits
1107000
crvl Increase Decrease In Accounts And Taxes Payable
IncreaseDecreaseInAccountsAndTaxesPayable
-5292000
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.09
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
36812000
us-gaap Income Taxes Paid
IncomeTaxesPaid
16022000
us-gaap Gross Profit
GrossProfit
77295000
us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
1400000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
436000
us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
-223000
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
-310000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
36506000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
13492000
us-gaap Share Based Compensation
ShareBasedCompensation
1594000
us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
293135000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-3837000
us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
200000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-16206000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-20741000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-614000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-1716000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
1030000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
40789000
us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
682000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
13262000
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
782534 shares
us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
34.22
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2016
dei Amendment Flag
AmendmentFlag
false
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0000874866
dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2
P3Y4M6D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Expiration Period
SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod
P5Y
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
34.44
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--03-31
dei Entity Registrant Name
EntityRegistrantName
CORVEL CORP
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
20083000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
175000 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
242275 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
34938 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
19.64
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
19908000 shares
dei Document Period End Date
DocumentPeriodEndDate
2015-12-31
us-gaap Line Of Credit Facility Covenant Terms
LineOfCreditFacilityCovenantTerms
The loan covenants require the Company to maintain the current assets to liabilities ratio of at least 1.251, debt to tangible net worth not greater than 1.251 and have positive net income
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>&#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>
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
139718 shares
dei Trading Symbol
TradingSymbol
CRVL
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.10
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
35.63
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
11901000
us-gaap Net Income Loss
NetIncomeLoss
21859000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
26778000
us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
375290000
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
711000
us-gaap Income Taxes Paid
IncomeTaxesPaid
17188000
us-gaap Gross Profit
GrossProfit
78099000
us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
600000
crvl Interest Bearing Securities With Maturities
InterestBearingSecuritiesWithMaturities
P90D
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-564000
us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
-21000
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
-4979000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
35427000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
13568000
us-gaap Share Based Compensation
ShareBasedCompensation
1602000
us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
297191000
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
26800000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
988000
us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
181000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-12501000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-23323000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-591000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
3845000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
2541000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
42672000
us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
733000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
340000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
14908000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
1096000
us-gaap Increase Decrease In Customer Deposits
IncreaseDecreaseInCustomerDeposits
-6603000
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
-4157000
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
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.
CY2014Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.33
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 Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0164 pure
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 Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0000 pure
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 Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
20786000 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 Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
122825 shares
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
0 shares
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 Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20599000 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 Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
21734 shares
CY2014Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.33
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
0.00
CY2014Q4 us-gaap Net Income Loss
NetIncomeLoss
6832000
CY2014Q4 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
122352000
CY2014Q4 us-gaap Gross Profit
GrossProfit
24128000
CY2014Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
10294000
CY2014Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
3462000
CY2014Q4 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
98224000
CY2014Q4 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
13834000
CY2014Q4 crvl Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Forfeiture Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedForfeitureRate
0.1212 pure
CY2015Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.34
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
9988 shares
CY2015Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P4Y6M
CY2015Q4 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
222832 shares
CY2015Q4 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
35.91
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0165 pure
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
5998 shares
CY2015Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P3Y4M6D
CY2015Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P2Y8M1D
CY2015Q4 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
37.72
CY2015Q4 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
30.76
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.43 pure
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0000 pure
CY2015Q4 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
34.78
CY2015Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
19852000 shares
CY2015Q4 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
179000 shares
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
155275 shares
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
15986 shares
CY2015Q4 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
23.75
CY2015Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
19673000 shares
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
13.68
CY2015Q4 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
44077 shares
CY2015Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.34
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
34.64
CY2015Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P3Y2M16D
CY2015Q4 us-gaap Net Income Loss
NetIncomeLoss
6691000
CY2015Q4 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
123891000
CY2015Q4 us-gaap Gross Profit
GrossProfit
25232000
CY2015Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
10731000
CY2015Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
4040000
CY2015Q4 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
98659000
CY2015Q4 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
8000000
CY2015Q4 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
14501000
CY2015Q4 crvl Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Forfeiture Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedForfeitureRate
0.1202 pure

Files In Submission

Name View Source Status
0001193125-16-449511-index-headers.html Edgar Link pending
0001193125-16-449511-index.html Edgar Link pending
0001193125-16-449511.txt Edgar Link pending
0001193125-16-449511-xbrl.zip Edgar Link pending
crvl-20151231.xml Edgar Link completed
crvl-20151231.xsd Edgar Link pending
crvl-20151231_cal.xml Edgar Link unprocessable
crvl-20151231_def.xml Edgar Link unprocessable
crvl-20151231_lab.xml Edgar Link unprocessable
crvl-20151231_pre.xml Edgar Link unprocessable
d111541d10q.htm Edgar Link pending
d111541dex311.htm Edgar Link pending
d111541dex312.htm Edgar Link pending
d111541dex321.htm Edgar Link pending
d111541dex322.htm Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xlsx Edgar Link pending
R1.htm Edgar Link pending
R10.htm Edgar Link pending
R11.htm Edgar Link pending
R12.htm Edgar Link pending
R13.htm Edgar Link pending
R14.htm Edgar Link pending
R15.htm Edgar Link pending
R16.htm Edgar Link pending
R17.htm Edgar Link pending
R18.htm Edgar Link pending
R19.htm Edgar Link pending
R2.htm Edgar Link pending
R20.htm Edgar Link pending
R21.htm Edgar Link pending
R22.htm Edgar Link pending
R23.htm Edgar Link pending
R24.htm Edgar Link pending
R25.htm Edgar Link pending
R26.htm Edgar Link pending
R27.htm Edgar Link pending
R28.htm Edgar Link pending
R29.htm Edgar Link pending
R3.htm Edgar Link pending
R30.htm Edgar Link pending
R4.htm Edgar Link pending
R5.htm Edgar Link pending
R6.htm Edgar Link pending
R7.htm Edgar Link pending
R8.htm Edgar Link pending
R9.htm Edgar Link pending
report.css Edgar Link pending
Show.js Edgar Link pending