$CRVL
CORVEL CORP

2020 Q2 Form 10-Q Financial Statement

#000156459020037803 Filed on August 06, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2
Revenue $129.6M $150.1M
YoY Change -13.68% -0.17%
Cost Of Revenue $103.1M $117.0M
YoY Change -11.88% -1.71%
Gross Profit $26.51M $33.13M
YoY Change -19.99% 5.68%
Gross Profit Margin 20.45% 22.07%
Selling, General & Admin $15.60M $15.80M
YoY Change -1.27% -0.63%
% of Gross Profit 58.85% 47.69%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $5.828M $8.967M
YoY Change -35.01% 59.19%
% of Gross Profit 21.98% 27.06%
Operating Expenses $15.60M $15.80M
YoY Change -1.27% -1.25%
Operating Profit $10.91M $17.33M
YoY Change -37.07% 12.9%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $10.90M $17.38M
YoY Change -37.29% 12.75%
Income Tax $2.600M $3.975M
% Of Pretax Income 23.85% 22.87%
Net Earnings $8.302M $13.41M
YoY Change -38.08% 13.83%
Net Earnings / Revenue 6.41% 8.93%
Basic Earnings Per Share $0.46 $0.72
Diluted Earnings Per Share $0.46 $0.71
COMMON SHARES
Basic Shares Outstanding 17.98M 18.52M
Diluted Shares Outstanding 18.11M 18.79M

Balance Sheet

Concept 2020 Q2 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $94.10M $104.4M
YoY Change -9.87% 42.43%
Cash & Equivalents $94.10M $104.4M
Short-Term Investments
Other Short-Term Assets $62.90M $50.40M
YoY Change 24.8% 15.33%
Inventory
Prepaid Expenses $6.675M
Receivables $67.47M $66.84M
Other Receivables $0.00 $0.00
Total Short-Term Assets $224.4M $221.6M
YoY Change 1.26% 20.97%
LONG-TERM ASSETS
Property, Plant & Equipment $160.6M $68.21M
YoY Change 135.46% 2.11%
Goodwill $36.81M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $700.0K $1.659M
YoY Change -57.81% 50.82%
Total Long-Term Assets $200.6M $206.3M
YoY Change -2.74% 90.98%
TOTAL ASSETS
Total Short-Term Assets $224.4M $221.6M
Total Long-Term Assets $200.6M $206.3M
Total Assets $425.0M $427.9M
YoY Change -0.67% 46.93%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $12.90M $9.925M
YoY Change 29.94% -4.32%
Accrued Expenses $121.9M $107.6M
YoY Change 13.3% 193.99%
Deferred Revenue $18.72M $16.64M
YoY Change 12.49%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $138.5M $130.7M
YoY Change 5.94% 24.75%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $80.90M $87.30M
YoY Change -7.33%
Total Long-Term Liabilities $80.90M $87.30M
YoY Change -7.33%
TOTAL LIABILITIES
Total Short-Term Liabilities $138.5M $130.7M
Total Long-Term Liabilities $80.90M $87.30M
Total Liabilities $226.9M $224.0M
YoY Change 1.27% 104.98%
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 $198.1M $203.8M
YoY Change
Total Liabilities & Shareholders Equity $425.0M $427.9M
YoY Change -0.67% 46.93%

Cashflow Statement

Concept 2020 Q2 2019 Q2
OPERATING ACTIVITIES
Net Income $8.302M $13.41M
YoY Change -38.08% 13.83%
Depreciation, Depletion And Amortization $5.828M $8.967M
YoY Change -35.01% 59.19%
Cash From Operating Activities $15.41M $26.36M
YoY Change -41.54% 15.59%
INVESTING ACTIVITIES
Capital Expenditures -$3.610M $8.030M
YoY Change -144.96% 170.46%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$3.610M -$8.030M
YoY Change -55.04% 170.46%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $9.119M
YoY Change 161.59%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -916.0K -5.620M
YoY Change -83.7% 147.8%
NET CHANGE
Cash From Operating Activities 15.41M 26.36M
Cash From Investing Activities -3.610M -8.030M
Cash From Financing Activities -916.0K -5.620M
Net Change In Cash 10.89M 12.71M
YoY Change -14.35% -27.65%
FREE CASH FLOW
Cash From Operating Activities $15.41M $26.36M
Capital Expenditures -$3.610M $8.030M
Free Cash Flow $19.02M $18.33M
YoY Change 3.75% -7.59%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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DeferredIncomeTaxLiabilitiesNet
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CY2020Q1 us-gaap Deferred Income Tax Liabilities Net
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CY2019Q2 us-gaap Capital Expenditures Incurred But Not Yet Paid
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CY2020Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P4Y6M
CY2019Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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P4Y6M
CY2020Q2 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2
P3Y2M23D
CY2020Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P3Y2M23D
CY2020Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P2Y10M24D
CY2020Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P2Y4M20D
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0000
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0000
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0233
CY2020Q2 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Reclassification:<span style="font-style:normal;">  The Company has reclassified certain amounts in its consolidated statements of cash flows for the period ended June 30, 2019 to conform to the consolidated statements of cash flows presentation for the period ended June 30, 2020.  The reclassification relates to the depreciation and amortization and operating lease liabilities amounts under operating activities.  </span></p>
CY2020Q2 crvl Accounts Receivable Due Period
AccountsReceivableDuePeriod
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CY2020Q2 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
CY2020Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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CY2019Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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CY2019Q2 crvl Revenue Recognition Number Of Performance Obligation
RevenueRecognitionNumberOfPerformanceObligation
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CY2020Q2 crvl Latest Duration Of Unbilled Revenue Billing
LatestDurationOfUnbilledRevenueBilling
P1Y
CY2020Q2 us-gaap Billed Contract Receivables
BilledContractReceivables
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CY2020Q1 us-gaap Billed Contract Receivables
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CY2020Q2 us-gaap Allowance For Doubtful Accounts Receivable Current
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CY2020Q1 us-gaap Allowance For Doubtful Accounts Receivable Current
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CY2020Q1 us-gaap Unbilled Receivables Current
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AccountsReceivableNetCurrent
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CY2020Q1 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
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CY2020Q2 crvl Contract With Customer Liability Increase Through Contracts Acquired
ContractWithCustomerLiabilityIncreaseThroughContractsAcquired
8418000
CY2020Q2 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
2354000
CY2020Q2 crvl Contract With Customer Liability Revenue Recognized From Additions
ContractWithCustomerLiabilityRevenueRecognizedFromAdditions
4987000
CY2020Q2 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
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CY2020Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
18700000
CY2020Q2 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Explanation
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionExplanation
The Company expects to recognize approximately 97% of its remaining performance obligations as revenues within one year and the remaining balance thereafter.
CY2020Q2 us-gaap Revenue Remaining Performance Obligation Percentage
RevenueRemainingPerformanceObligationPercentage
0.97
CY2020Q2 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
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P1Y
CY2020Q2 us-gaap Capitalized Contract Cost Judgment
CapitalizedContractCostJudgment
The Company has an internal sales force compensation program where remuneration is based solely on the revenues recognized in the period and does not represent an incremental cost to the Company which provides a future benefit expected to be longer than one year and would meet the criteria to be capitalized and presented as unbilled receivables on the Company’s consolidated balance sheets.  
CY2020Q2 us-gaap Revenue Performance Obligation Description Of Timing
RevenuePerformanceObligationDescriptionOfTiming
one year or less
CY2020Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Expiration Period
SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod
P5Y
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ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
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CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.34
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
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CY2020Q2 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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CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
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CY2020Q2 us-gaap Treasury Stock Value Acquired Cost Method
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CY2020Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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CY2019Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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18787000
CY2020Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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CY2019Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.71
CY2020Q2 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
CY2020Q2 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
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118
CY2020Q2 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
CY2020Q2 crvl Shareholder Plan Percentage Of Acquired Entity
ShareholderPlanPercentageOfAcquiredEntity
0.15
CY2020Q2 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.
CY2020Q2 crvl Shareholder Plan Percentage Of Merged Entity
ShareholderPlanPercentageOfMergedEntity
0.50
CY2020Q2 crvl Line Of Credit Facility Expiration Month Year
LineOfCreditFacilityExpirationMonthYear
2019-09
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
12542000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
12086000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
47911000
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15145000
CY2020Q2 crvl Income Taxes Payable Current And Uncertain Tax Positions
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3721000
CY2020Q1 crvl Income Taxes Payable Current And Uncertain Tax Positions
IncomeTaxesPayableCurrentAndUncertainTaxPositions
1218000
CY2020Q2 crvl Accounts And Taxes Payable
AccountsAndTaxesPayable
16618000
CY2020Q1 crvl Accounts And Taxes Payable
AccountsAndTaxesPayable
16363000
CY2020Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
25964000
CY2020Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
26024000
CY2020Q2 us-gaap Contract With Customer Refund Liability Current
ContractWithCustomerRefundLiabilityCurrent
52689000
CY2020Q1 us-gaap Contract With Customer Refund Liability Current
ContractWithCustomerRefundLiabilityCurrent
48991000
CY2020Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
5849000
CY2020Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
5919000
CY2020Q2 us-gaap Self Insurance Reserve Current
SelfInsuranceReserveCurrent
3311000
CY2020Q1 us-gaap Self Insurance Reserve Current
SelfInsuranceReserveCurrent
3248000
CY2020Q2 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
18722000
CY2020Q1 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
17645000
CY2020Q2 crvl Accrued Operating Lease Liabilities
AccruedOperatingLeaseLiabilities
13086000
CY2020Q1 crvl Accrued Operating Lease Liabilities
AccruedOperatingLeaseLiabilities
13223000
CY2020Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
2296000
CY2020Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
2276000
CY2020Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
121917000
CY2020Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
117326000
CY2020Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
3709000
CY2019Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
4261000
CY2020Q2 us-gaap Short Term Lease Cost
ShortTermLeaseCost
151000
CY2019Q2 us-gaap Short Term Lease Cost
ShortTermLeaseCost
335000
CY2020Q2 us-gaap Variable Lease Cost
VariableLeaseCost
225000
CY2019Q2 us-gaap Variable Lease Cost
VariableLeaseCost
67000
CY2020Q2 us-gaap Lease Cost
LeaseCost
4085000
CY2019Q2 us-gaap Lease Cost
LeaseCost
4663000
CY2020Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
86250000
CY2020Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
90666000
CY2020Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
13086000
CY2020Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
13223000
CY2020Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
80867000
CY2020Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
85096000
CY2020Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
93953000
CY2020Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
98319000
CY2020Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P8Y1M17D
CY2020Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P8Y3M7D
CY2020Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.040
CY2020Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.040
CY2020Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
3660000
CY2019Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
3746000
CY2020Q2 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
99064000
CY2019Q2 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
101026000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
13726000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
13774000

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