$CRVL
CORVEL CORP

2018 Q4 Form 10-Q Financial Statement

#000156459018026507 Filed on November 02, 2018

View on sec.gov

Income Statement

Concept 2018 Q4 2018 Q3 2017 Q3
Revenue $146.1M $148.2M $136.4M
YoY Change 3.8% 8.61% 6.4%
Cost Of Revenue $116.7M $116.7M $110.7M
YoY Change 1.3% 5.44% 8.19%
Gross Profit $29.35M $31.49M $25.75M
YoY Change 14.8% 22.28% -0.62%
Gross Profit Margin 20.09% 21.25% 18.88%
Selling, General & Admin $15.80M $15.10M $13.70M
YoY Change 1.94% 10.22% -6.16%
% of Gross Profit 53.83% 47.95% 53.2%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $5.820M $5.650M $5.240M
YoY Change 6.4% 7.82% -2.24%
% of Gross Profit 19.83% 17.94% 20.35%
Operating Expenses $15.80M $15.10M $13.60M
YoY Change 1.94% 11.03% -7.48%
Operating Profit $13.55M $16.39M $12.15M
YoY Change 34.61% 34.87% 8.38%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $13.60M $16.40M $12.08M
YoY Change 34.65% 35.74% 6.92%
Income Tax $3.300M $3.600M $3.689M
% Of Pretax Income 24.26% 21.95% 30.53%
Net Earnings $10.30M $12.79M $8.393M
YoY Change 7.62% 52.38% 20.73%
Net Earnings / Revenue 7.05% 8.63% 6.15%
Basic Earnings Per Share $0.55 $0.68 $0.45
Diluted Earnings Per Share $0.54 $0.67 $0.44
COMMON SHARES
Basic Shares Outstanding 18.75M 18.76M
Diluted Shares Outstanding 18.97M

Balance Sheet

Concept 2018 Q4 2018 Q3 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $96.50M $90.10M $38.10M
YoY Change 80.04% 136.48% -6.85%
Cash & Equivalents $96.48M $90.13M $38.13M
Short-Term Investments
Other Short-Term Assets $51.10M $48.90M $44.10M
YoY Change 3.23% 10.88% 17.91%
Inventory
Prepaid Expenses
Receivables $62.40M $65.10M $66.00M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $210.0M $204.1M $148.3M
YoY Change 26.05% 37.63% 6.92%
LONG-TERM ASSETS
Property, Plant & Equipment $62.90M $64.80M $64.10M
YoY Change -1.26% 1.09% 11.67%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.000M $1.000M $2.600M
YoY Change -28.57% -61.54% -21.21%
Total Long-Term Assets $103.7M $105.8M $107.2M
YoY Change -1.61% -1.31% 5.62%
TOTAL ASSETS
Total Short-Term Assets $210.0M $204.1M $148.3M
Total Long-Term Assets $103.7M $105.8M $107.2M
Total Assets $313.7M $309.9M $255.5M
YoY Change 15.33% 21.29% 6.37%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.893M $9.092M $13.31M
YoY Change -25.78% -31.71% -5.78%
Accrued Expenses $43.50M $43.60M $34.70M
YoY Change 16.31% 25.65% -50.71%
Deferred Revenue $16.05M $16.96M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $117.4M $115.6M $101.7M
YoY Change 6.82% 13.67% 17.44%
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 $117.4M $115.6M $101.7M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $121.5M $119.9M $107.8M
YoY Change 8.68% 11.22% 14.56%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $192.3M $190.1M $147.7M
YoY Change
Total Liabilities & Shareholders Equity $313.7M $309.9M $255.5M
YoY Change 15.33% 21.29% 6.37%

Cashflow Statement

Concept 2018 Q4 2018 Q3 2017 Q3
OPERATING ACTIVITIES
Net Income $10.30M $12.79M $8.393M
YoY Change 7.62% 52.38% 20.73%
Depreciation, Depletion And Amortization $5.820M $5.650M $5.240M
YoY Change 6.4% 7.82% -2.24%
Cash From Operating Activities $19.30M $25.79M $9.220M
YoY Change 0.1% 179.72% -25.71%
INVESTING ACTIVITIES
Capital Expenditures -$3.840M -$3.500M -$6.130M
YoY Change -21.79% -42.9% 10.45%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change -100.0%
Cash From Investing Activities -$3.840M -$3.500M -$6.130M
YoY Change -21.79% -42.9% 5.69%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -9.110M -5.500M 30.00K
YoY Change -935.78% -18433.33% -101.52%
NET CHANGE
Cash From Operating Activities 19.30M 25.79M 9.220M
Cash From Investing Activities -3.840M -3.500M -6.130M
Cash From Financing Activities -9.110M -5.500M 30.00K
Net Change In Cash 6.350M 16.79M 3.120M
YoY Change -58.93% 438.14% -32.76%
FREE CASH FLOW
Cash From Operating Activities $19.30M $25.79M $9.220M
Capital Expenditures -$3.840M -$3.500M -$6.130M
Free Cash Flow $23.14M $29.29M $15.35M
YoY Change -4.34% 90.81% -14.53%

Facts In Submission

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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
116600
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
151050
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
121108
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
211832
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
6624
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
14643
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
39.45
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
32.02
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
53.48
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
47.11
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
32.30
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
25.93
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
45.32
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
39.28
us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2
P3Y5M1D
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
419729
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
34.08
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
473
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
2404
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
944112
CY2018Q3 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
41.83
CY2018Q3 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
37.43
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
42.79
CY2018Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P3Y5M1D
CY2018Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P3Y6M29D
CY2018Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P2Y8M1D
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
19420784
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue
18857884
CY2018Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
10983262
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
20.75
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
17.15
CY2018Q3 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
199978
CY2018Q3 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
133425
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
11300000
CY2018Q3 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
7800000
us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
56.52
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.
CY2018Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
5486000
CY2018Q3 us-gaap Accounts Payable Current
AccountsPayableCurrent
9092000
CY2018Q1 us-gaap Accounts Payable Current
AccountsPayableCurrent
11787000
CY2018Q3 crvl Income Taxes Payable Current And Uncertain Tax Positions
IncomeTaxesPayableCurrentAndUncertainTaxPositions
4609000
CY2018Q1 crvl Income Taxes Payable Current And Uncertain Tax Positions
IncomeTaxesPayableCurrentAndUncertainTaxPositions
1666000
CY2018Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
24835000
CY2018Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
15100000
CY2018Q3 us-gaap Customer Deposits Current
CustomerDepositsCurrent
41333000
CY2018Q1 us-gaap Customer Deposits Current
CustomerDepositsCurrent
35496000
CY2018Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
5814000
CY2018Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
5782000
CY2018Q3 us-gaap Self Insurance Reserve Current
SelfInsuranceReserveCurrent
3642000
CY2018Q1 us-gaap Self Insurance Reserve Current
SelfInsuranceReserveCurrent
3627000
CY2018Q3 us-gaap Accrued Rent Current
AccruedRentCurrent
5783000
CY2018Q1 us-gaap Accrued Rent Current
AccruedRentCurrent
6147000
CY2018Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
3493000
CY2018Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
3068000

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