$CRVL
CORVEL CORP

2017 Q4 Form 10-Q Financial Statement

#000156459018001264 Filed on February 02, 2018

View on sec.gov

Income Statement

Concept 2017 Q4 2016 Q4
Revenue $140.7M $128.4M
YoY Change 9.6% 3.64%
Cost Of Revenue $115.2M $102.8M
YoY Change 12.03% 4.22%
Gross Profit $25.57M $25.58M
YoY Change -0.03% 1.37%
Gross Profit Margin 18.17% 19.92%
Selling, General & Admin $15.50M $14.10M
YoY Change 9.93% -2.76%
% of Gross Profit 60.62% 55.13%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $5.470M $5.210M
YoY Change 4.99% 4.41%
% of Gross Profit 21.39% 20.37%
Operating Expenses $15.50M $14.20M
YoY Change 9.15% -2.07%
Operating Profit $10.07M $11.38M
YoY Change -11.5% 6.01%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $10.10M $11.44M
YoY Change -11.74% 6.63%
Income Tax $3.500M $4.394M
% Of Pretax Income 34.65% 38.4%
Net Earnings $9.569M $7.049M
YoY Change 35.75% 5.35%
Net Earnings / Revenue 6.8% 5.49%
Basic Earnings Per Share $0.51 $0.36
Diluted Earnings Per Share $0.50 $0.36
COMMON SHARES
Basic Shares Outstanding 19.43M
Diluted Shares Outstanding 19.55M

Balance Sheet

Concept 2017 Q4 2016 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $53.60M $38.80M
YoY Change 38.14% 46.42%
Cash & Equivalents $53.59M $38.81M
Short-Term Investments
Other Short-Term Assets $49.50M $37.50M
YoY Change 32.0% -2.34%
Inventory
Prepaid Expenses $6.933M
Receivables $63.50M $59.18M
Other Receivables $0.00 $0.00
Total Short-Term Assets $166.6M $135.6M
YoY Change 22.9% 12.24%
LONG-TERM ASSETS
Property, Plant & Equipment $63.70M $58.20M
YoY Change 9.45% 8.56%
Goodwill $36.81M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.400M $3.200M
YoY Change -56.25% 7.13%
Total Long-Term Assets $105.4M $102.2M
YoY Change 3.16% 4.46%
TOTAL ASSETS
Total Short-Term Assets $166.6M $135.6M
Total Long-Term Assets $105.4M $102.2M
Total Assets $272.0M $237.7M
YoY Change 14.42% 8.76%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $13.33M $13.96M
YoY Change -4.52% 20.35%
Accrued Expenses $37.40M $71.48M
YoY Change -47.67% 14.98%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $109.9M $87.48M
YoY Change 25.63% 18.57%
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 $109.9M $87.48M
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $111.8M $94.72M
YoY Change 18.03% 4.65%
SHAREHOLDERS EQUITY
Retained Earnings $414.8M
YoY Change 7.28%
Common Stock $135.2M
YoY Change 5.18%
Preferred Stock
YoY Change
Treasury Stock (at cost) $406.9M
YoY Change 5.13%
Treasury Stock Shares $34.31M
Shareholders Equity $160.2M $143.0M
YoY Change
Total Liabilities & Shareholders Equity $272.0M $237.7M
YoY Change 14.42% 8.76%

Cashflow Statement

Concept 2017 Q4 2016 Q4
OPERATING ACTIVITIES
Net Income $9.569M $7.049M
YoY Change 35.75% 5.35%
Depreciation, Depletion And Amortization $5.470M $5.210M
YoY Change 4.99% 4.41%
Cash From Operating Activities $19.28M $15.96M
YoY Change 20.8% 30.61%
INVESTING ACTIVITIES
Capital Expenditures -$4.910M -$6.330M
YoY Change -22.43% 63.57%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change
Cash From Investing Activities -$4.910M -$6.330M
YoY Change -22.43% 63.57%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.090M -11.69M
YoY Change -109.32% 73.7%
NET CHANGE
Cash From Operating Activities 19.28M 15.96M
Cash From Investing Activities -4.910M -6.330M
Cash From Financing Activities 1.090M -11.69M
Net Change In Cash 15.46M -2.060M
YoY Change -850.49% -227.16%
FREE CASH FLOW
Cash From Operating Activities $19.28M $15.96M
Capital Expenditures -$4.910M -$6.330M
Free Cash Flow $24.19M $22.29M
YoY Change 8.52% 38.53%

Facts In Submission

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CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
21.55
CY2017Q4 us-gaap Stock Repurchase Program Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased
36000000
CY2017Q1 us-gaap Stock Repurchase Program Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased
1000000
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
249245
CY2017Q4 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
0
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
11200000
us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
44.88
CY2017Q4 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
272000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
153000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
223000
crvl Dividend Distribution Ratio Of Preferred Share Purchase Right For Outstanding Share Of Common Stock
DividendDistributionRatioOfPreferredSharePurchaseRightForOutstandingShareOfCommonStock
1
CY2008Q4 crvl Shareholder Right Expiration Date
ShareholderRightExpirationDate
2022-02-10
CY2017Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
118
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 Percentage Of Acquired Entity
ShareholderPlanPercentageOfAcquiredEntity
0.15
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 Shareholder Plan Percentage Of Merged Entity
ShareholderPlanPercentageOfMergedEntity
0.50
CY2017Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
8901000
CY2017 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
437000
CY2017Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
5050000
CY2017Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
8901000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
327000
CY2017Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
5377000
CY2017Q1 us-gaap Accounts Payable Current
AccountsPayableCurrent
13869000
CY2017Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
13330000
CY2017Q1 crvl Income Taxes Payable Current And Uncertain Tax Positions
IncomeTaxesPayableCurrentAndUncertainTaxPositions
2714000
CY2017Q4 crvl Income Taxes Payable Current And Uncertain Tax Positions
IncomeTaxesPayableCurrentAndUncertainTaxPositions
3577000
CY2017Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
14465000
CY2017Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
19261000
CY2017Q1 us-gaap Customer Deposits Current
CustomerDepositsCurrent
32471000
CY2017Q4 us-gaap Customer Deposits Current
CustomerDepositsCurrent
41900000
CY2017Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
4551000
CY2017Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
5682000
CY2017Q1 us-gaap Self Insurance Reserve Current
SelfInsuranceReserveCurrent
2835000
CY2017Q4 us-gaap Self Insurance Reserve Current
SelfInsuranceReserveCurrent
3571000
CY2017Q1 us-gaap Deferred Revenue Current
DeferredRevenueCurrent
10096000
CY2017Q4 us-gaap Deferred Revenue Current
DeferredRevenueCurrent
13694000
CY2017Q1 us-gaap Accrued Rent Current
AccruedRentCurrent
5774000
CY2017Q4 us-gaap Accrued Rent Current
AccruedRentCurrent
5204000
CY2017Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
3276000
CY2017Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
3656000
CY2017Q4 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2017Q4 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35
CY2017Q4 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.05
CY2017Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
3000000
CY2017Q4 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate
0.21

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