Corvel Corp Files 10-Q for Period Ending December 31, 2023

TL;DR

<b>Corvel Corp filed its Q3 2023 10-Q, detailing financial performance and operational data for the period ending December 31, 2023.</b>

AI Summary

CORVEL CORP (CRVL) filed a Quarterly Report (10-Q) with the SEC on February 1, 2024. Corvel Corp filed a 10-Q for the period ending December 31, 2023. The filing covers the third quarter of the fiscal year. Key dates include reporting periods from October 1, 2023, to December 31, 2023, and comparative periods. The company's fiscal year ends on March 31. Corvel Corp is incorporated in Delaware and headquartered in Irvine, CA.

Why It Matters

For investors and stakeholders tracking CORVEL CORP, this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial statements and management's discussion of results, crucial for understanding the company's current performance and future outlook. The detailed financial information, including revenue segments and expense breakdowns, allows for a thorough analysis of Corvel Corp's business operations and financial health.

Risk Assessment

Risk Level: low — CORVEL CORP shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate, significant negative news or events, indicating a stable operational status.

Analyst Insight

Monitor future filings for trends in revenue growth across segments like Patient Management Services and Network Solutions Services, and track any changes in share-based compensation expenses.

Key Numbers

• 20231231 — Period End Date (CONFORMED PERIOD OF REPORT)
• 20240201 — Filing Date (FILED AS OF DATE)
• 0331 — Fiscal Year End (FISCAL YEAR END)
• 19600201 — Date of Name Change (FORMER COMPANY)

Key Players & Entities

• Corvel Corp (company) — FILER
• 20231231 (date) — CONFORMED PERIOD OF REPORT
• 20240201 (date) — FILED AS OF DATE
• 0000874866 (company) — CENTRAL INDEX KEY
• 6411 (industry) — STANDARD INDUSTRIAL CLASSIFICATION
• DE (location) — STATE OF INCORPORATION
• IRVINE (location) — CITY
• 9498511473 (phone) — BUSINESS PHONE

Forward-Looking Statements

• CORVEL's continued share repurchases will likely support or increase its stock price. (CORVEL CORP) — medium confidence, target: 2024-06-30

FAQ

Key Dates

• 2023-12-31: Period End Date — End of the reporting quarter for the 10-Q filing.
• 2024-02-01: Filing Date — Date Corvel Corp submitted its 10-Q to the SEC.
• 2023-10-01: Quarter Start Date — Beginning of the reporting period for the 10-Q.
• 2024-01-01: Subsequent Event — Nineteen Ninety Six Share Repurchase Program activity noted for January 1, 2024.

Key Financial Figures

• $0.0001 — ch registered Common Stock, Par Value $0.0001 Per Share CRVL The Nasdaq Global Se

Filing Documents

• crvl-20231231.htm (10-Q) — 1557KB
• 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
• 0000950170-24-009846.txt (&nbsp;) — 6066KB
• crvl-20231231.xsd (EX-101.SCH) — 710KB
• crvl-20231231_htm.xml (XML) — 1178KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements 3 Consolidated Balance Sheets – December 31, 2023 (unaudited) and March 31, 2023 3 Consolidated Income Statements (unaudited) – Three months ended December 31, 2023 and 2022 4 Consolidated Income Statements (unaudited) – Nine months ended December 31, 2023 and 2022 5 Consolidated Statements of Stockholders' Equity (unaudited) – Three and nine months ended December 31, 2023 and 202 2 6 Consolidated Statements of Cash Flows (unaudited) – Nine months ended December 31, 2023 and 2022 7

Notes to Consolidated Financial Statements (unaudited) – December 31, 2023

Notes to Consolidated Financial Statements (unaudited) – December 31, 2023 8 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 17 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 24 Item 4.

Controls and Procedures

Controls and Procedures 24

- OTHER INFORMATION

PART II - OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 26 Item 1A.

Risk Factors

Risk Factors 26 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 34 Item 3. Defaults Upon Senior Securities 35 Item 4. Mine Safety Disclosures 35 Item 5. Other Information 35 Item 6. Exhibits 36

Signatures

Signatures 37 Page 2

– FINANC IAL INFORMATION

PART I – FINANC IAL INFORMATION

– F I NANCIAL STATEMENTS

ITEM 1 – F I NANCIAL STATEMENTS CORVEL CORPORATION Consolidated B alance Sheets December 31, 2023 March 31, 2023 (Unaudited) Assets Current Assets Cash and cash equivalents $ 106,994,000 $ 71,329,000 Customer deposits 80,838,000 80,022,000 Accounts receivable, net 92,657,000 81,034,000 Prepaid taxes and expenses 13,903,000 11,385,000 Total current assets 294,392,000 243,770,000 Property and equipment, net 85,216,000 82,770,000 Goodwill 36,814,000 36,814,000 Other intangibles, net 927,000 1,244,000 Right-of-use asset, net 25,083,000 27,721,000 Deferred tax asset, net 1,147,000 224,000 Other assets 1,416,000 1,380,000 TOTAL ASSETS $ 444,995,000 $ 393,923,000 Liabilities and Stockholders' Equity Current Liabilities Accounts and taxes payable $ 15,133,000 $ 15,309,000 Accrued liabilities 173,254,000 152,578,000 Total current liabilities 188,387,000 167,887,000 Long-term lease liabilities 23,078,000 23,860,000 Total liabilities 211,465,000 191,747,000 Commitments and contingencies Stockholders' Equity Common stock, $ .0001 par value: 120,000,000 shares authorized at December 31, 2023 and March 31, 2023; 55,094,668 shares issued ( 17,099,318 shares outstanding, net of Treasury shares) and 54,987,366 shares issued ( 17,169,500 shares outstanding, net of Treasury shares) at December 31, 2023 and March 31, 2023, respectively 3,000 3,000 Paid-in capital 229,785,000 218,700,000 Treasury stock ( 37,995,350 shares at December 31, 2023 and 37,817,866 shares at March 31, 2023) ( 784,724,000 ) ( 748,195,000 ) Retained earnings 788,466,000 731,668,000 Total stockholders' equity 233,530,000 202,176,000 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 444,995,000 $ 393,923,000 See accompanying notes to unaudited consolidated financial statements. Page 3 CORVEL CORPORATION Consolidated Income S t atemen

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements December 31, 2023 Note 1 — Summary of Significant Accounting Policies Basis of Presentation: The unaudited consolidated financial statements include the accounts of CorVel Corporation and its subsidiaries. Significant intercompany accounts and transactions have been eliminated in consolidation. The unaudited consolidated financial statements herein have been prepared by CorVel Corporation ("the Company", "we", "our", "us") pursuant to the rules and regulations of the United States Securities and Exchange Commission ("SEC"). The accompanying interim unaudited consolidated financial statements have been prepared under the presumption that users of the interim financial information have either read or have access to the audited consolidated financial statements for the latest fiscal year ended March 31, 2023. Accordingly, note disclosures which would substantially duplicate the disclosures contained in the March 31, 2023 audited consolidated financial statements have been omitted from these interim unaudited consolidated financial statements. The Company evaluated all subsequent events and transactions through the date of filing this report. Certain information and note disclosures normally included in financial statements prepared in accordance with United States generally accepted accounting principles ("GAAP") have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. Operating results for the three and nine months ended December 31, 2023 are not necessarily indicative of the results that may be expected for the fiscal year ending March 31, 2024. For further information, refer to the audited consolidated financial statements and notes thereto for the fiscal year ended March 31, 2023 included in the Company's Annual Report on Form 10-K filed with the SEC on May 26, 2023 . Recent Accounting

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View this 10-Q filing on SEC EDGAR