CorVel Corp Files 2024 10-K

TL;DR

CORVEL FILED ITS 2024 10-K - CHECK OUT THE NUMBERS FOR FY ENDING 3/31/24

AI Summary

CorVel Corp filed its 10-K for the fiscal year ending March 31, 2024, detailing its financial performance and business operations. The company, incorporated in Delaware, operates in the insurance agents, brokers & services sector. Key financial data and operational aspects are presented in this annual report, which was filed on May 24, 2024.

Why It Matters

This filing provides investors and stakeholders with a comprehensive overview of CorVel Corp's financial health and strategic direction for the past fiscal year, influencing investment decisions.

Risk Assessment

Risk Level: low — This is a standard annual financial filing (10-K) and does not inherently present new risks beyond those typically associated with publicly traded companies.

Key Numbers

• FY 2024 — Fiscal Year End (The report covers the fiscal year ending March 31, 2024.)
• 20240524 — Filing Date (The 10-K was officially filed on this date.)

Key Players & Entities

• CORVEL CORP (company) — Filer of the 10-K
• 20240331 (date) — Fiscal year end date
• 20240524 (date) — Filing date
• 0000874866 (company) — Central Index Key for CorVel Corp
• DE (jurisdiction) — State of incorporation

FAQ

Key Financial Figures

• $0.0001 — ch registered Common Stock, Par Value $0.0001 Per Share CRVL Nasdaq Global Select
• $45.7 million — 2024 ("fiscal 2024"), the Company spent $45.7 million to repurchase 215,313 shares of its com
• $794 m — ommon stock, at a cost of approximately $794 million, and had 966,821 shares of common

Filing Documents

• crvl-20240331.htm (10-K) — 2229KB
• crvl-ex4_1.htm (EX-4.1) — 10KB
• crvl-ex19_1.htm (EX-19.1) — 94KB
• crvl-ex21_1.htm (EX-21.1) — 32KB
• crvl-ex23_1.htm (EX-23.1) — 3KB
• crvl-ex31_1.htm (EX-31.1) — 10KB
• crvl-ex31_2.htm (EX-31.2) — 10KB
• crvl-ex32_1.htm (EX-32.1) — 7KB
• crvl-ex32_2.htm (EX-32.2) — 7KB
• crvl-ex97_1.htm (EX-97.1) — 43KB
• img127948297_0.jpg (GRAPHIC) — 50KB
• 0000950170-24-064645.txt ( ) — 9832KB
• crvl-20240331.xsd (EX-101.SCH) — 1166KB
• crvl-20240331_htm.xml (XML) — 1934KB

Business

Business 3 Item 1A.

Risk Factors

Risk Factors 12 Item 1B. Unresolved Staff Comments 20 Item 1C. Cybersecurity 20 Item 2.

Properties

Properties 21 Item 3.

Legal Proceedings

Legal Proceedings 21 Item 4. Mine Safety Disclosures 21 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 22 Item 6. Reserved 23 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 24 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 24 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 24 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 24 Item 9A.

Controls and Procedures

Controls and Procedures 24 Item 9B. Other Information 25 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 25 PART III Item 10. Directors, Executive Officers and Corporate Governance 26 Item 11.

Executive Compensation

Executive Compensation 26 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 26 Item 13. Certain Relationships and Related Transactions, and Director Independence 26 Item 14. Principal Accountant Fees and Services 26 PART IV Item 15. Exhibit and Financial Statement Schedules 27 Item 16. Form 10-K Summary 30

Signatures

Signatures 31 i In this Annual Report on Form 10-K (this "annual report"), the terms "CorVel," "Company," "we," "us," and "our" refer to CorVel Corporation and its subsidiaries. CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This annual report and information incorporated by reference herein contain forward-looking statements within the meaning of the Securities Act of 1933, as amended (the "Securities Act"), and the Securities Exchange Act of 1934, as amended (the "Exchange Act"), including, but not limited to, the statements about our plans, strategies and prospects in Part I, Item 1, "Business," Part II, Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations" and elsewhere in this annual report. Words such as "expects," "anticipates," "intends," "plans," "predicts," "believes," "seeks," "estimates," "potential," "continue," "strive," "ongoing," "may," "will," "would," "could," and "should," as well as variations of these words or similar expressions are intended to identify forward-looking statements. These forward-looking statements are based on management's current expectations, estimates and projections about our industry, management's beliefs, and certain assumptions made by management, and we can give no assurance that we will achieve our plans, intentions or expectations. Certain important factors could cause actual results to differ materially from the forward-looking statements we make in this annual report. Representative examples of these factors include (without limitation): General industry and economic conditions, including a decreasing number of national claims due to decreasing number of injured workers; The impact of global pandemics; Competition from other managed care companies and third-party administrators; The Company's ability to renew or maintain contracts with its customers on favorable terms or at all; The ability to expand certain areas of the Company's business; Gr

B usiness

Item 1. B usiness. INTRODUCTION CorVel applies certain technology, including artificial intelligence, machine learning and natural language processing, to enhance the management of episodes of care and the related health-care costs. We partner with employers, TPAs, insurance companies and government agencies to assist our customers in managing the increasing medical costs of workers' compensation, group health and auto insurance, and in monitoring the quality of care provided to claimants. Our diverse suite of solutions combines our integrated technologies with a human touch. CorVel's customized services, delivered locally, are backed by a national team to support its clients, as well as their customers and patients. The Company's services include claims management, bill review, preferred provider networks, utilization management, case management, pharmacy services, directed care and Medicare services. CorVel offers its services as a bundled solution ( i.e. claims management), on a standalone basis, or as add-ons to existing customers. Customers that do not purchase a bundled solution generally use another provider, an in-house solution, or choose not to utilize such a service to manage their workers' compensation, health, auto or other liability costs. The price of the bundled services is generally the same as if the products were purchased on an individual basis. Bundled products are generally delivered in the same accounting period. CorVel was incorporated in Delaware in 1987, and its principal executive offices are located at 5128 Apache Plume Road, Suite 400, Fort Worth, Texas 76109. The Company's telephone number is (817) 390-1416. The Company maintains a nationwide presence across a network of branches, and our Fort Worth, Texas location provides a centrally located hub for the Company. The location provides a sizable property footprint and a concentrated number of employees. Additionally, our Dallas-Fort Worth metropolitan area offices perform both w

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View this 10-K filing on SEC EDGAR