$CRVL
CORVEL CORP

2021 Q2 Form 10-Q Financial Statement

#000156459021041644 Filed on August 05, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2020 Q2
Revenue $152.6M $129.6M
YoY Change 17.76% -13.68%
Cost Of Revenue $115.4M $103.1M
YoY Change 11.94% -11.88%
Gross Profit $37.21M $26.51M
YoY Change 40.38% -19.99%
Gross Profit Margin 24.38% 20.45%
Selling, General & Admin $16.65M $15.60M
YoY Change 6.7% -1.27%
% of Gross Profit 44.73% 58.85%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $5.900M $5.828M
YoY Change 1.24% -35.01%
% of Gross Profit 15.85% 21.98%
Operating Expenses $16.64M $15.60M
YoY Change 6.7% -1.27%
Operating Profit $20.57M $10.91M
YoY Change 88.54% -37.07%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $20.57M $10.90M
YoY Change 88.7% -37.29%
Income Tax $3.725M $2.600M
% Of Pretax Income 18.11% 23.85%
Net Earnings $16.84M $8.302M
YoY Change 102.88% -38.08%
Net Earnings / Revenue 11.04% 6.41%
Basic Earnings Per Share $0.94 $0.46
Diluted Earnings Per Share $0.92 $0.46
COMMON SHARES
Basic Shares Outstanding 17.90M 17.98M
Diluted Shares Outstanding 18.22M 18.11M

Balance Sheet

Concept 2021 Q2 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $138.7M $94.10M
YoY Change 47.36% -9.87%
Cash & Equivalents $138.7M $94.10M
Short-Term Investments
Other Short-Term Assets $60.96M $62.90M
YoY Change -3.09% 24.8%
Inventory
Prepaid Expenses
Receivables $67.26M $67.47M
Other Receivables $0.00 $0.00
Total Short-Term Assets $266.9M $224.4M
YoY Change 18.93% 1.26%
LONG-TERM ASSETS
Property, Plant & Equipment $115.1M $160.6M
YoY Change -28.31% 135.46%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $720.0K $700.0K
YoY Change 2.86% -57.81%
Total Long-Term Assets $155.6M $200.6M
YoY Change -22.43% -2.74%
TOTAL ASSETS
Total Short-Term Assets $266.9M $224.4M
Total Long-Term Assets $155.6M $200.6M
Total Assets $422.5M $425.0M
YoY Change -0.59% -0.67%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $11.33M $12.90M
YoY Change -12.16% 29.94%
Accrued Expenses $136.0M $121.9M
YoY Change 11.55% 13.3%
Deferred Revenue $22.51M $18.72M
YoY Change 20.25% 12.49%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $152.3M $138.5M
YoY Change 9.93% 5.94%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $40.69M $80.90M
YoY Change -49.71% -7.33%
Total Long-Term Liabilities $40.69M $80.90M
YoY Change -49.71% -7.33%
TOTAL LIABILITIES
Total Short-Term Liabilities $152.3M $138.5M
Total Long-Term Liabilities $40.69M $80.90M
Total Liabilities $192.9M $226.9M
YoY Change -14.97% 1.27%
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 $229.5M $198.1M
YoY Change
Total Liabilities & Shareholders Equity $422.5M $425.0M
YoY Change -0.59% -0.67%

Cashflow Statement

Concept 2021 Q2 2020 Q2
OPERATING ACTIVITIES
Net Income $16.84M $8.302M
YoY Change 102.88% -38.08%
Depreciation, Depletion And Amortization $5.900M $5.828M
YoY Change 1.24% -35.01%
Cash From Operating Activities $14.46M $15.41M
YoY Change -6.16% -41.54%
INVESTING ACTIVITIES
Capital Expenditures $6.463M -$3.610M
YoY Change -279.03% -144.96%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$6.463M -$3.610M
YoY Change 79.03% -55.04%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $14.20M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -9.051M -916.0K
YoY Change 888.1% -83.7%
NET CHANGE
Cash From Operating Activities 14.46M 15.41M
Cash From Investing Activities -6.463M -3.610M
Cash From Financing Activities -9.051M -916.0K
Net Change In Cash -1.054M 10.89M
YoY Change -109.68% -14.35%
FREE CASH FLOW
Cash From Operating Activities $14.46M $15.41M
Capital Expenditures $6.463M -$3.610M
Free Cash Flow $7.997M $19.02M
YoY Change -57.95% 3.75%

Facts In Submission

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CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
15.19
CY2021Q2 us-gaap Stock Repurchase Program Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased
1000000
CY2021Q2 us-gaap Stock Repurchase Program Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased
38000000
CY2021Q2 us-gaap Treasury Stock Common Value
TreasuryStockCommonValue
579000000
CY2021Q2 us-gaap Treasury Stock Common Shares
TreasuryStockCommonShares
36772445
CY2021Q2 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
118893
CY2021Q2 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
14200000
CY2021Q2 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
119.40
CY2021Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
17870307
CY2021Q2 crvl Treasury Stock Shares Outstanding
TreasuryStockSharesOutstanding
36772445
CY2021Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
17897000
CY2020Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
17983000
CY2021Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
18220000
CY2020Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
18114000
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
16843000
CY2020Q2 us-gaap Net Income Loss
NetIncomeLoss
8302000
CY2021Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
17897000
CY2020Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
17983000
CY2021Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.94
CY2020Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.46
CY2021Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
17897000
CY2021Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
18220000
CY2020Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
18114000
CY2021Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.92
CY2020Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.46
CY2021Q2 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
CY2021Q2 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
118
CY2021Q2 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
CY2021Q2 crvl Shareholder Plan Percentage Of Acquired Entity
ShareholderPlanPercentageOfAcquiredEntity
0.15
CY2021Q2 crvl Shareholder Plan Percentage Of Merged Entity
ShareholderPlanPercentageOfMergedEntity
0.50
CY2021Q2 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.
CY2021Q2 us-gaap Accounts Payable Current
AccountsPayableCurrent
11329000
CY2021Q1 us-gaap Accounts Payable Current
AccountsPayableCurrent
12353000
CY2021Q2 crvl Income Taxes Payable Current And Uncertain Tax Positions
IncomeTaxesPayableCurrentAndUncertainTaxPositions
4936000
CY2021Q1 crvl Income Taxes Payable Current And Uncertain Tax Positions
IncomeTaxesPayableCurrentAndUncertainTaxPositions
1221000
CY2021Q2 crvl Accounts And Taxes Payable
AccountsAndTaxesPayable
16265000
CY2021Q1 crvl Accounts And Taxes Payable
AccountsAndTaxesPayable
13574000
CY2021Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
36332000
CY2021Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
43998000
CY2021Q2 us-gaap Contract With Customer Refund Liability Current
ContractWithCustomerRefundLiabilityCurrent
52470000
CY2021Q1 us-gaap Contract With Customer Refund Liability Current
ContractWithCustomerRefundLiabilityCurrent
56498000
CY2021Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
6720000
CY2021Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
7016000
CY2021Q2 us-gaap Self Insurance Reserve Current
SelfInsuranceReserveCurrent
3245000
CY2021Q1 us-gaap Self Insurance Reserve Current
SelfInsuranceReserveCurrent
3704000
CY2021Q2 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
22096000
CY2021Q1 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
22514000
CY2021Q2 crvl Accrued Operating Lease Liabilities
AccruedOperatingLeaseLiabilities
12879000
CY2021Q1 crvl Accrued Operating Lease Liabilities
AccruedOperatingLeaseLiabilities
12765000
CY2021Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
2251000
CY2021Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
2391000
CY2021Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
135993000
CY2021Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
148886000
CY2021Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
3612000
CY2020Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
3709000
CY2021Q2 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
25000
CY2020Q2 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
0
CY2021Q2 us-gaap Short Term Lease Cost
ShortTermLeaseCost
35000
CY2020Q2 us-gaap Short Term Lease Cost
ShortTermLeaseCost
151000
CY2021Q2 us-gaap Variable Lease Cost
VariableLeaseCost
387000
CY2020Q2 us-gaap Variable Lease Cost
VariableLeaseCost
225000
CY2021Q2 us-gaap Lease Cost
LeaseCost
4059000
CY2020Q2 us-gaap Lease Cost
LeaseCost
4085000
CY2021Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
44391000
CY2021Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
45324000
CY2021Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
40686000
CY2021Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
41898000
CY2021Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
53565000
CY2021Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
54663000
CY2021Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y3M10D
CY2021Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y5M1D
CY2021Q2 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P4Y
CY2021Q1 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P4Y3M
CY2021Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.028
CY2021Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.039
CY2021Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
3780000
CY2020Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
3660000
CY2021Q2 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
59448000
CY2020Q2 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
99064000
CY2021Q2 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
358000
CY2020Q2 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
0
CY2021Q2 crvl Reductions To Right Of Use Assets Resulting From Reductions To Operating Lease Liabilities
ReductionsToRightOfUseAssetsResultingFromReductionsToOperatingLeaseLiabilities
2929000
CY2020Q2 crvl Reductions To Right Of Use Assets Resulting From Reductions To Operating Lease Liabilities
ReductionsToRightOfUseAssetsResultingFromReductionsToOperatingLeaseLiabilities
1688000
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
12471000
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
8838000
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
7833000
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
6050000
CY2021Q2 crvl Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
12594000
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
58343000

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