$CRVL
CORVEL CORP

2019 Q2 Form 10-Q Financial Statement

#000156459019028793 Filed on August 05, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2018 Q2
Revenue $150.1M $150.4M
YoY Change -0.17% 9.29%
Cost Of Revenue $117.0M $119.0M
YoY Change -1.71% 9.42%
Gross Profit $33.13M $31.35M
YoY Change 5.68% 8.93%
Gross Profit Margin 22.07% 20.85%
Selling, General & Admin $15.80M $15.90M
YoY Change -0.63% 8.9%
% of Gross Profit 47.69% 50.71%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $8.967M $5.633M
YoY Change 59.19% 6.22%
% of Gross Profit 27.06% 17.97%
Operating Expenses $15.80M $16.00M
YoY Change -1.25% 8.84%
Operating Profit $17.33M $15.35M
YoY Change 12.9% 9.02%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $17.38M $15.42M
YoY Change 12.75% 8.56%
Income Tax $3.975M $3.638M
% Of Pretax Income 22.87% 23.6%
Net Earnings $13.41M $11.78M
YoY Change 13.83% 34.22%
Net Earnings / Revenue 8.93% 7.83%
Basic Earnings Per Share $0.72 $0.62
Diluted Earnings Per Share $0.71 $0.62
COMMON SHARES
Basic Shares Outstanding 18.52M 18.95M
Diluted Shares Outstanding 18.79M

Balance Sheet

Concept 2019 Q2 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $104.4M $73.30M
YoY Change 42.43% 109.43%
Cash & Equivalents $104.4M $73.34M
Short-Term Investments
Other Short-Term Assets $50.40M $43.70M
YoY Change 15.33% 19.4%
Inventory
Prepaid Expenses $6.675M
Receivables $66.84M $66.10M
Other Receivables $0.00 $0.00
Total Short-Term Assets $221.6M $183.2M
YoY Change 20.97% 36.31%
LONG-TERM ASSETS
Property, Plant & Equipment $68.21M $66.80M
YoY Change 2.11% 5.7%
Goodwill $36.81M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.659M $1.100M
YoY Change 50.82% -54.17%
Total Long-Term Assets $206.3M $108.0M
YoY Change 90.98% 1.79%
TOTAL ASSETS
Total Short-Term Assets $221.6M $183.2M
Total Long-Term Assets $206.3M $108.0M
Total Assets $427.9M $291.2M
YoY Change 46.93% 21.08%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.925M $10.37M
YoY Change -4.32% -17.67%
Accrued Expenses $107.6M $36.60M
YoY Change 193.99% 14.02%
Deferred Revenue $16.64M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $130.7M $104.8M
YoY Change 24.75% 9.85%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $87.30M
YoY Change
Total Long-Term Liabilities $87.30M $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $130.7M $104.8M
Total Long-Term Liabilities $87.30M $0.00
Total Liabilities $224.0M $109.3M
YoY Change 104.98% 7.37%
SHAREHOLDERS EQUITY
Retained Earnings $518.6M
YoY Change
Common Stock $160.5M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $203.8M $181.9M
YoY Change
Total Liabilities & Shareholders Equity $427.9M $291.2M
YoY Change 46.93% 21.08%

Cashflow Statement

Concept 2019 Q2 2018 Q2
OPERATING ACTIVITIES
Net Income $13.41M $11.78M
YoY Change 13.83% 34.22%
Depreciation, Depletion And Amortization $8.967M $5.633M
YoY Change 59.19% 6.22%
Cash From Operating Activities $26.36M $22.81M
YoY Change 15.59% 6.67%
INVESTING ACTIVITIES
Capital Expenditures $8.030M $2.969M
YoY Change 170.46% -43.97%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$8.030M -$2.969M
YoY Change 170.46% -43.97%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $9.119M $3.486M
YoY Change 161.59% -68.84%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -5.620M -2.268M
YoY Change 147.8% -76.58%
NET CHANGE
Cash From Operating Activities 26.36M 22.81M
Cash From Investing Activities -8.030M -2.969M
Cash From Financing Activities -5.620M -2.268M
Net Change In Cash 12.71M 17.57M
YoY Change -27.65% 174.6%
FREE CASH FLOW
Cash From Operating Activities $26.36M $22.81M
Capital Expenditures $8.030M $2.969M
Free Cash Flow $18.33M $19.84M
YoY Change -7.59% 23.36%

Facts In Submission

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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
40.43
CY2019Q2 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2
P3Y5M1D
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
379869
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
36.21
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1058411
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
3035
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
616
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
954018
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
45.17
CY2019Q2 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
52.74
CY2019Q2 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
45.19
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
44.52
CY2019Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P3Y5M1D
CY2019Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P3Y5M4D
CY2019Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P2Y8M8D
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
39991982
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue
33210632
CY2019Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
19297711
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
21.30
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
18.12
CY2019Q1 us-gaap Stock Repurchase Program Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased
1000000
CY2019Q2 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
73.30
CY2019Q2 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
CY2019Q2 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
118
CY2019Q2 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
CY2019Q2 crvl Shareholder Plan Percentage Of Acquired Entity
ShareholderPlanPercentageOfAcquiredEntity
0.15
CY2019Q2 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.
CY2019Q2 crvl Shareholder Plan Percentage Of Merged Entity
ShareholderPlanPercentageOfMergedEntity
0.50
CY2019Q2 us-gaap Accounts Payable Current
AccountsPayableCurrent
17932000
CY2019Q2 us-gaap Accounts Payable Current
AccountsPayableCurrent
9925000
CY2019Q2 crvl Income Taxes Payable Current And Uncertain Tax Positions
IncomeTaxesPayableCurrentAndUncertainTaxPositions
5202000
CY2019Q2 crvl Income Taxes Payable Current And Uncertain Tax Positions
IncomeTaxesPayableCurrentAndUncertainTaxPositions
1553000
CY2019Q2 crvl Accounts And Taxes Payable
AccountsAndTaxesPayable
11478000
CY2019Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
20338000
CY2019Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
23647000
CY2019Q2 us-gaap Contract With Customer Refund Liability Current
ContractWithCustomerRefundLiabilityCurrent
43667000
CY2019Q1 us-gaap Contract With Customer Refund Liability Current
ContractWithCustomerRefundLiabilityCurrent
45268000
CY2019Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
6282000
CY2019Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
8377000
CY2019Q2 us-gaap Self Insurance Reserve Current
SelfInsuranceReserveCurrent
3560000
CY2019Q2 us-gaap Lease Cost
LeaseCost
4663000
CY2019Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
12414000
CY2019Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
99738000
CY2019Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P9Y21D
CY2019Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.040
CY2019Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
3746000
CY2019Q2 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
101026000
CY2019Q2 crvl Reductions To Right Of Use Assets Resulting From Reductions To Operating Lease Liabilities
ReductionsToRightOfUseAssetsResultingFromReductionsToOperatingLeaseLiabilities
1267000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
10579000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
13787000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
13469000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
13450000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
12016000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
56598000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
119899000
CY2019Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
20161000
CY2019Q2 crvl Lessee Operating Lease Commitments Not Yet Commenced
LesseeOperatingLeaseCommitmentsNotYetCommenced
6500000

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