$CRVL
CORVEL CORP

2015 Q4 Form 10-K Financial Statement

#000119312516619107 Filed on June 10, 2016

View on sec.gov

Income Statement

Concept 2015 Q4 2015 Q1 2015
Revenue $123.9M $122.2M $492.6M
YoY Change 1.26% 1.62% 2.88%
Cost Of Revenue $98.66M $99.50M $392.7M
YoY Change 0.44% 6.19% 6.03%
Gross Profit $25.23M $22.67M $99.97M
YoY Change 4.58% -14.56% -7.85%
Gross Profit Margin 20.37% 18.56% 20.29%
Selling, General & Admin $14.50M $13.60M $54.40M
YoY Change 5.07% -0.73% 4.62%
% of Gross Profit 57.47% 59.98% 54.42%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.990M $4.740M $18.00M
YoY Change 9.91% 12.59% 9.65%
% of Gross Profit 19.78% 20.91% 18.0%
Operating Expenses $14.50M $13.60M $54.40M
YoY Change 4.32% -0.73% 4.62%
Operating Profit $10.73M $9.074M $45.57M
YoY Change 4.93% -29.31% -19.32%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $10.73M $9.100M $45.56M
YoY Change 4.25% -28.91% -19.37%
Income Tax $4.040M $3.500M $16.97M
% Of Pretax Income 37.65% 38.46% 37.25%
Net Earnings $6.691M $5.576M $28.59M
YoY Change -2.06% -33.09% -16.87%
Net Earnings / Revenue 5.4% 4.56% 5.8%
Basic Earnings Per Share $0.34 $0.27 $1.38
Diluted Earnings Per Share $0.34 $0.27 $1.37
COMMON SHARES
Basic Shares Outstanding 19.67M 20.39M shares 20.67M
Diluted Shares Outstanding 19.85M 20.89M

Balance Sheet

Concept 2015 Q4 2015 Q1 2015
SHORT-TERM ASSETS
Cash & Short-Term Investments $26.50M $25.50M $25.50M
YoY Change -14.52% -26.93% -26.93%
Cash & Equivalents $26.50M $25.52M $25.50M
Short-Term Investments
Other Short-Term Assets $38.40M $29.00M $29.00M
YoY Change 36.65% 0.35% 0.35%
Inventory
Prepaid Expenses $6.696M $11.68M
Receivables $55.88M $57.54M $57.50M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $120.8M $112.0M $112.0M
YoY Change 4.73% -7.37% -7.44%
LONG-TERM ASSETS
Property, Plant & Equipment $53.61M $56.30M $56.30M
YoY Change 1.31% 9.85% 9.75%
Goodwill $36.81M $36.81M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.987M $1.677M $1.700M
YoY Change 107.29% 542.53% 466.67%
Total Long-Term Assets $97.81M $99.53M $99.60M
YoY Change 1.86% 6.42% 6.52%
TOTAL ASSETS
Total Short-Term Assets $120.8M $112.0M $112.0M
Total Long-Term Assets $97.81M $99.53M $99.60M
Total Assets $218.6M $211.6M $211.6M
YoY Change 3.43% -1.36% -1.35%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $11.60M $13.58M $13.60M
YoY Change -12.12% -22.13% -21.84%
Accrued Expenses $62.16M $58.32M $33.30M
YoY Change 20.33% 9.26% 5.38%
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 $73.78M $74.09M $74.10M
YoY Change 13.8% 3.13% 3.2%
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 $73.78M $74.09M $74.10M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $90.52M $83.65M $83.70M
YoY Change 11.75% -4.9% -4.89%
SHAREHOLDERS EQUITY
Retained Earnings $386.6M $364.8M
YoY Change 7.64% 8.5%
Common Stock $128.5M $123.4M
YoY Change 5.04% 3.88%
Preferred Stock
YoY Change
Treasury Stock (at cost) $387.1M $360.3M
YoY Change 10.23% 9.68%
Treasury Stock Shares 33.78M shares 32.99M shares
Shareholders Equity $128.1M $127.9M $127.9M
YoY Change
Total Liabilities & Shareholders Equity $218.6M $211.6M $211.6M
YoY Change 3.43% -1.36% -1.35%

Cashflow Statement

Concept 2015 Q4 2015 Q1 2015
OPERATING ACTIVITIES
Net Income $6.691M $5.576M $28.59M
YoY Change -2.06% -33.09% -16.87%
Depreciation, Depletion And Amortization $4.990M $4.740M $18.00M
YoY Change 9.91% 12.59% 9.65%
Cash From Operating Activities $12.22M $11.21M $44.32M
YoY Change -30.05% 21.98% -19.12%
INVESTING ACTIVITIES
Capital Expenditures -$3.870M -$8.060M $22.87M
YoY Change -21.66% 42.4% 24.66%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 -$1.400M
YoY Change -100.0%
Cash From Investing Activities -$3.870M -$8.060M -$24.27M
YoY Change -30.14% 42.4% 32.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $31.80M
YoY Change 16.99%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -6.730M -8.660M -29.40M
YoY Change -25.8% 518.57% 37.32%
NET CHANGE
Cash From Operating Activities 12.22M 11.21M 44.32M
Cash From Investing Activities -3.870M -8.060M -24.27M
Cash From Financing Activities -6.730M -8.660M -29.40M
Net Change In Cash 1.620M -5.510M -9.350M
YoY Change -43.36% -358.69% -162.13%
FREE CASH FLOW
Cash From Operating Activities $12.22M $11.21M $44.32M
Capital Expenditures -$3.870M -$8.060M $22.87M
Free Cash Flow $16.09M $19.27M $21.45M
YoY Change -28.2% 29.76% -41.16%

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54800000
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1826000
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CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
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3386000
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
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2535000
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17995000
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1.37
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457000
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136000
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15947000
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400000
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1730000
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18000
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1346000
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44316000
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1535000
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0.0170 pure
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37.64
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57000
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17.27
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20669000 shares
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1603000
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0.45 pure
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492625000
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2455000
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241625 shares
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0.0130 pure
CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
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CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
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32.31
CY2015 us-gaap Treasury Stock Acquired Average Cost Per Share
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37.63
CY2015 crvl Share Based Compensation Shares Authorized Under Stock Option Plans Options Available For Future Grants
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800342 shares
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CY2016 dei Entity Registrant Name
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CORVEL CORP
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10-K
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0000874866
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2192000
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2016-03-31
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No
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3249000
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2016
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false
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CY2016 dei Entity Current Reporting Status
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1.44
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt; TEXT-INDENT: 8%"> <i>Concentrations of Credit Risk:</i> Substantially all of the Company&#x2019;s customers are payors of workers&#x2019; compensation benefits and property and casualty insurance, which include insurance companies, third party administrators, self-insured employers and government entities. Receivables are generally due within 30 days. Credit losses relating to customers in the workers&#x2019; compensation insurance industry consistently have been within management&#x2019;s expectations. Virtually all of the Company&#x2019;s cash is invested at financial institutions in amounts which exceed the FDIC insurance levels. No customer accounted for 10% or more of revenue for either fiscal 2014, 2015, or 2016. No customer accounted for 10% or more of accounts receivable at either March&#xA0;31, 2015 or 2016.</p> </div>
CY2016 dei Document Fiscal Period Focus
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FY
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1.43
CY2016 dei Entity Filer Category
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Accelerated Filer
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450000
CY2016 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
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CurrentStateAndLocalTaxExpenseBenefit
2591000
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3749000
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392000
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P3Y
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713000
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CY2016 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2016 us-gaap Goodwill And Intangible Asset Impairment
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0
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78000
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0.0165 pure
CY2016 us-gaap Stock Issued During Period Shares Stock Options Exercised
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CY2016 us-gaap Use Of Estimates
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 8%"> <i>Use of Estimates:</i> The preparation of financial statements in compliance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the accompanying financial statements. Actual results could differ from those estimates. Significant estimates include the values assigned to intangible assets, capitalized software development, the allowance for doubtful accounts, accrual for income taxes, share-based payments related to performance based awards, loss contingencies, estimated claims for claims administration revenue recognition, estimates used in stock options valuations, and accrual for self-insurance reserves.</p> </div>
CY2016 us-gaap Cost Of Goods And Services Sold
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399040000
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3749000
CY2016 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
31525000
CY2016 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
20004000 shares
CY2016 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Expiration Period
SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod
P5Y
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
123236 shares
CY2016 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P3Y3M29D
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00 pure
CY2016 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
35.51
CY2016 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P2Y7M28D
CY2016 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
33.79
CY2016 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
72000
CY2016 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
893771 shares
CY2016 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
19.75
CY2016 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
19826000 shares
CY2016 dei Trading Symbol
TradingSymbol
CRVL
CY2016 us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans
2450271 shares
CY2016 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
3749000
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.43 pure
CY2016 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
503584000
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
3581000
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
276275 shares
CY2016 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
371000
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0125 pure
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
13.68
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
115300 shares
CY2016 us-gaap Share Based Compensation
ShareBasedCompensation
2192000
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
7936 shares
CY2016 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
30.10
CY2016 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2
P3Y3M29D
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
33.44
CY2016 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P3Y2M16D
CY2016 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
35.27
CY2016 crvl Employee Stock Purchase Plan Employee Contribution Percent Of Gross Pay
EmployeeStockPurchasePlanEmployeeContributionPercentOfGrossPay
0.20 pure
CY2016 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
CY2016 crvl Shareholder Plan Percentage Of Acquired Entity
ShareholderPlanPercentageOfAcquiredEntity
0.15 pure
CY2016 crvl Shareholder Right Expiration Date
ShareholderRightExpirationDate
2022-02-10
CY2016 crvl Shareholder Plan Percentage Of Merged Entity
ShareholderPlanPercentageOfMergedEntity
0.50 pure
CY2016 crvl Interest Bearing Securities With Maturities
InterestBearingSecuritiesWithMaturities
P90D
CY2016 crvl Share Based Compensation Shares Authorized Under Stock Option Plans Options Available For Future Grants
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansOptionsAvailableForFutureGrants
650345 shares
CY2016 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.
CY2016 crvl Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Forfeiture Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedForfeitureRate
0.122 pure
CY2016 crvl Treasury Stock Average Cost Per Share
TreasuryStockAverageCostPerShare
11.56
CY2016Q1 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
128294000
CY2016 crvl Increase Decrease In Accounts And Taxes Payable
IncreaseDecreaseInAccountsAndTaxesPayable
-2537000
CY2016 crvl Tenant Improvement Allowance
TenantImprovementAllowance
0
CY2016 crvl Accounts Receivable Due Period
AccountsReceivableDuePeriod
P30D
CY2015Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.27
CY2015Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.27
CY2015Q1 us-gaap Gross Profit
GrossProfit
22674000
CY2015Q1 us-gaap Net Income Loss
NetIncomeLoss
5576000
CY2015Q1 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
122195000
CY2014Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.40
CY2014Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.39
CY2014Q2 us-gaap Gross Profit
GrossProfit
27700000
CY2014Q2 us-gaap Net Income Loss
NetIncomeLoss
8299000
CY2014Q2 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
124364000
CY2015Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.34
CY2015Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.34
CY2015Q2 us-gaap Gross Profit
GrossProfit
26183000
CY2015Q2 us-gaap Net Income Loss
NetIncomeLoss
6900000
CY2015Q2 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
126939000
CY2016Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.34
CY2016Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.34
CY2016Q1 us-gaap Gross Profit
GrossProfit
26445000
CY2016Q1 us-gaap Net Income Loss
NetIncomeLoss
6667000
CY2016Q1 us-gaap Unrecognized Tax Benefits Decreases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromCurrentPeriodTaxPositions
229000
CY2016Q1 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
0
CY2016Q1 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
337000
CY2016Q1 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
267000
CY2014Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.38
CY2014Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.37
CY2014Q3 us-gaap Gross Profit
GrossProfit
25467000
CY2014Q3 us-gaap Net Income Loss
NetIncomeLoss
7883000
CY2014Q3 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
123714000
CY2014Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.33
CY2014Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.33
CY2014Q4 us-gaap Gross Profit
GrossProfit
24128000
CY2014Q4 us-gaap Net Income Loss
NetIncomeLoss
6832000
CY2014Q4 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
122352000
CY2015Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.42
CY2015Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.41
CY2015Q3 us-gaap Gross Profit
GrossProfit
26684000
CY2015Q3 us-gaap Net Income Loss
NetIncomeLoss
8267000
CY2015Q3 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
124460000
CY2015Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.34
CY2015Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.34
CY2015Q4 us-gaap Gross Profit
GrossProfit
25232000
CY2015Q4 us-gaap Net Income Loss
NetIncomeLoss
6691000
CY2015Q4 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
123891000

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