CorVel Corp Files Q1 FY25 10-Q

TL;DR

CorVel's Q1 24/25 10-Q is in. Looks like business as usual.

AI Summary

CorVel Corp filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the first quarter of fiscal year 2025. Key financial metrics and business segment information are provided, reflecting the company's ongoing activities in the insurance sector.

Why It Matters

This 10-Q provides insight into CorVel Corp's financial health and operational performance for the first quarter of its fiscal year, which is crucial for investors and stakeholders to assess the company's trajectory.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial disclosures.

Key Players & Entities

• CORVEL CORP (company) — Filer
• 20240630 (date) — Period of Report
• 20240801 (date) — Filing Date
• 0000874866 (company) — Central Index Key
• 2010 MAIN STREE SUITE 1020 IRVINE CA 92614 (address) — Business Address
• 9498511473 (phone_number) — Business Phone

FAQ

Key Financial Figures

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

Filing Documents

• crvl-20240630.htm (10-Q) — 1177KB
• 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
• 0000950170-24-089341.txt ( ) — 5284KB
• crvl-20240630.xsd (EX-101.SCH) — 713KB
• crvl-20240630_htm.xml (XML) — 898KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements 3 Consolidated Balance Sheets – June 30, 2024 (unaudited) and March 31, 2024 3 Consolidated Income Statements (unaudited) – Three months ended June 30, 2024 and 2023 4 Consolidated Statements of Stockholders' Equity (unaudited) – Three months ended June 30, 2024 and 202 3 5 Consolidated Statements of Cash Flows (unaudited) – Three months ended June 30, 2024 and 2023 6

Notes to Consolidated Financial Statements (unaudited) – June 30, 2024

Notes to Consolidated Financial Statements (unaudited) – June 30, 2024 7 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 16 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 21 Item 4.

Controls and Procedures

Controls and Procedures 21

- OTHER INFORMATION

PART II - OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 22 Item 1A.

Risk Factors

Risk Factors 22 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 31 Item 3. Defaults Upon Senior Securities 32 Item 4. Mine Safety Disclosures 32 Item 5. Other Information 32 Item 6. Exhibits 33

Signatures

Signatures 34 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 June 30, 2024 March 31, 2024 (Unaudited) Assets Current Assets Cash and cash equivalents $ 131,908,000 $ 105,563,000 Customer deposits 94,022,000 88,142,000 Accounts receivable, net 97,749,000 97,108,000 Prepaid taxes and expenses 9,579,000 11,418,000 Total current assets 333,258,000 302,231,000 Property and equipment, net 86,865,000 85,892,000 Goodwill 36,814,000 36,814,000 Other intangibles, net 716,000 821,000 Right-of-use asset, net 23,241,000 24,058,000 Deferred tax asset, net 3,813,000 3,545,000 Other assets 1,465,000 1,318,000 TOTAL ASSETS $ 486,172,000 $ 454,679,000 Liabilities and Stockholders' Equity Current Liabilities Accounts and taxes payable $ 18,681,000 $ 16,631,000 Accrued liabilities 181,904,000 167,868,000 Total current liabilities 200,585,000 184,499,000 Long-term lease liabilities 21,714,000 22,533,000 Total liabilities 222,299,000 207,032,000 Commitments and contingencies Stockholders' Equity Common stock, $ .0001 par value: 120,000,000 shares authorized at June 30, 2024 and March 31, 2024; 55,194,878 shares issued ( 17,123,561 shares outstanding, net of Treasury shares) and 55,162,075 shares issued ( 17,128,896 shares outstanding, net of Treasury shares) at June 30, 2024 and March 31, 2024, respectively 3,000 3,000 Paid-in capital 237,804,000 233,629,000 Treasury stock ( 38,071,317 shares at June 30, 2024 and 38,033,179 shares at March 31, 2024) ( 803,431,000 ) ( 793,905,000 ) Retained earnings 829,497,000 807,920,000 Total stockholders' equity 263,873,000 247,647,000 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 486,172,000 $ 454,679,000 See accompanying notes to unaudited consolidated financial statements. Page 3 CORVEL CORPORATION Consolidated Income S t atements – (Unaudited)

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements June 30, 2024 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, 2024. Accordingly, note disclosures which would substantially duplicate the disclosures contained in the March 31, 2024 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 months ended June 30, 2024 are not necessarily indicative of the results that may be expected for the fiscal year ending March 31, 2025. For further information, refer to the audited consolidated financial statements and notes thereto for the fiscal year ended March 31, 2024 included in the Company's Annual Report on Form 10-K filed with the SEC on May 24, 2024. Recent Accounting Pronouncements: In

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