$CRVL
CORVEL CORP

2019 Q4 Form 10-Q Financial Statement

#000156459020003885 Filed on February 07, 2020

View on sec.gov

Income Statement

Concept 2019 Q4 2018 Q4
Revenue $148.1M $146.1M
YoY Change 1.38% 3.8%
Cost Of Revenue $118.8M $116.7M
YoY Change 1.8% 1.3%
Gross Profit $29.25M $29.35M
YoY Change -0.34% 14.8%
Gross Profit Margin 19.75% 20.09%
Selling, General & Admin $17.00M $15.80M
YoY Change 7.59% 1.94%
% of Gross Profit 58.11% 53.83%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization -$930.0K $5.820M
YoY Change -115.98% 6.4%
% of Gross Profit -3.18% 19.83%
Operating Expenses $17.00M $15.80M
YoY Change 7.59% 1.94%
Operating Profit $12.25M $13.55M
YoY Change -9.6% 34.61%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $12.30M $13.60M
YoY Change -9.56% 34.65%
Income Tax $2.900M $3.300M
% Of Pretax Income 23.58% 24.26%
Net Earnings $9.352M $10.30M
YoY Change -9.19% 7.62%
Net Earnings / Revenue 6.31% 7.05%
Basic Earnings Per Share $0.51 $0.55
Diluted Earnings Per Share $0.50 $0.54
COMMON SHARES
Basic Shares Outstanding 18.25M 18.75M
Diluted Shares Outstanding 18.53M

Balance Sheet

Concept 2019 Q4 2018 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $89.60M $96.50M
YoY Change -7.15% 80.04%
Cash & Equivalents $89.63M $96.48M
Short-Term Investments
Other Short-Term Assets $54.80M $51.10M
YoY Change 7.24% 3.23%
Inventory
Prepaid Expenses
Receivables $66.20M $62.40M
Other Receivables $0.00 $0.00
Total Short-Term Assets $210.6M $210.0M
YoY Change 0.29% 26.05%
LONG-TERM ASSETS
Property, Plant & Equipment $170.5M $62.90M
YoY Change 171.07% -1.26%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.600M $1.000M
YoY Change 60.0% -28.57%
Total Long-Term Assets $211.5M $103.7M
YoY Change 103.95% -1.61%
TOTAL ASSETS
Total Short-Term Assets $210.6M $210.0M
Total Long-Term Assets $211.5M $103.7M
Total Assets $422.1M $313.7M
YoY Change 34.56% 15.33%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $17.41M $9.893M
YoY Change 76.0% -25.78%
Accrued Expenses $52.30M $43.50M
YoY Change 20.23% 16.31%
Deferred Revenue $16.83M $16.05M
YoY Change 4.89%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $135.7M $117.4M
YoY Change 15.59% 6.82%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $87.60M
YoY Change
Total Long-Term Liabilities $87.60M $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $135.7M $117.4M
Total Long-Term Liabilities $87.60M $0.00
Total Liabilities $228.7M $121.5M
YoY Change 88.23% 8.68%
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 $193.4M $192.3M
YoY Change
Total Liabilities & Shareholders Equity $422.1M $313.7M
YoY Change 34.56% 15.33%

Cashflow Statement

Concept 2019 Q4 2018 Q4
OPERATING ACTIVITIES
Net Income $9.352M $10.30M
YoY Change -9.19% 7.62%
Depreciation, Depletion And Amortization -$930.0K $5.820M
YoY Change -115.98% 6.4%
Cash From Operating Activities $19.86M $19.30M
YoY Change 2.9% 0.1%
INVESTING ACTIVITIES
Capital Expenditures -$10.21M -$3.840M
YoY Change 165.89% -21.79%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$10.21M -$3.840M
YoY Change 165.89% -21.79%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -17.95M -9.110M
YoY Change 97.04% -935.78%
NET CHANGE
Cash From Operating Activities 19.86M 19.30M
Cash From Investing Activities -10.21M -3.840M
Cash From Financing Activities -17.95M -9.110M
Net Change In Cash -8.300M 6.350M
YoY Change -230.71% -58.93%
FREE CASH FLOW
Cash From Operating Activities $19.86M $19.30M
Capital Expenditures -$10.21M -$3.840M
Free Cash Flow $30.07M $23.14M
YoY Change 29.95% -4.34%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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crvl Increase Decrease In Operating Lease Liability
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us-gaap Capitalized Contract Cost Judgment
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us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Explanation
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P3Y14D
CY2019Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P2Y7M17D
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
37059875
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue
34585792
CY2019Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
18536176
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
22.23
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
20.44
CY2019Q4 us-gaap Stock Repurchase Program Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased
37000000
CY2019Q1 us-gaap Stock Repurchase Program Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased
1000000
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
588903
CY2019Q4 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
240026
us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
82.66
CY2019Q4 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
79.98
CY2019Q4 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
273000
CY2018Q4 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
226000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
285000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
206000
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
CY2019Q4 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
crvl Line Of Credit Facility Expiration Month Year
LineOfCreditFacilityExpirationMonthYear
2019-09
CY2019Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
17412000
CY2019Q1 us-gaap Accounts Payable Current
AccountsPayableCurrent
9925000
CY2019Q4 crvl Income Taxes Payable Current And Uncertain Tax Positions
IncomeTaxesPayableCurrentAndUncertainTaxPositions
3247000
CY2019Q1 crvl Income Taxes Payable Current And Uncertain Tax Positions
IncomeTaxesPayableCurrentAndUncertainTaxPositions
1553000
CY2019Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
26315000
CY2019Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
23647000
CY2019Q4 us-gaap Contract With Customer Refund Liability Current
ContractWithCustomerRefundLiabilityCurrent
45952000
CY2019Q1 us-gaap Contract With Customer Refund Liability Current
ContractWithCustomerRefundLiabilityCurrent
45268000
CY2019Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
5986000
CY2019Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
8377000
CY2019Q4 us-gaap Self Insurance Reserve Current
SelfInsuranceReserveCurrent
3428000
CY2019Q1 us-gaap Self Insurance Reserve Current
SelfInsuranceReserveCurrent
3523000
CY2019Q4 crvl Accrued Operating Lease Liabilities
AccruedOperatingLeaseLiabilities
13259000
CY2019Q1 crvl Accrued Operating Lease Liabilities
AccruedOperatingLeaseLiabilities
5708000
CY2019Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
3293000
CY2019Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
2018000
CY2019Q4 us-gaap Operating Lease Cost
OperatingLeaseCost
3832000
us-gaap Operating Lease Cost
OperatingLeaseCost
11270000
CY2019Q4 us-gaap Short Term Lease Cost
ShortTermLeaseCost
131000
us-gaap Short Term Lease Cost
ShortTermLeaseCost
182000
CY2019Q4 us-gaap Variable Lease Cost
VariableLeaseCost
36000
us-gaap Variable Lease Cost
VariableLeaseCost
82000
CY2019Q4 us-gaap Lease Cost
LeaseCost
3999000
us-gaap Lease Cost
LeaseCost
11534000
CY2019Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
13259000
CY2019Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
100846000
CY2019Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P8Y5M19D
CY2019Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.040
crvl Lessee Operating Lease Commitments Not Yet Commenced
LesseeOperatingLeaseCommitmentsNotYetCommenced
4600000
us-gaap Operating Lease Payments
OperatingLeasePayments
11270000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
110441000
crvl Reductions To Right Of Use Assets Resulting From Reductions To Operating Lease Liabilities
ReductionsToRightOfUseAssetsResultingFromReductionsToOperatingLeaseLiabilities
8254000
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
3734000
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
14922000
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
14230000
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
14307000
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
12869000
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
60223000
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
120285000
CY2019Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
19439000

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