CorVel Corp Files Q2 10-Q

TL;DR

CorVel's Q2 10-Q is in: financials updated, equity accounts show activity.

AI Summary

CorVel Corp filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the second quarter. Key financial figures and changes in equity accounts are presented, reflecting the company's ongoing business activities and financial position.

Why It Matters

This filing provides investors and analysts with the latest financial performance data for CorVel Corp, crucial for understanding the company's health and making informed investment decisions.

Risk Assessment

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

Key Numbers

• N/A — Revenue (Specific revenue figures for the quarter were not explicitly extracted in the provided text snippet.)
• N/A — Net Income (Specific net income figures for the quarter were not explicitly extracted in the provided text snippet.)
• N/A — Earnings Per Share (Specific EPS figures for the quarter were not explicitly extracted in the provided text snippet.)

Key Players & Entities

• CORVEL CORP (company) — Filer
• 20240930 (date) — Reporting Period End Date
• 20241107 (date) — Filing Date

FAQ

Key Financial Figures

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

Filing Documents

• crvl-20240930.htm (10-Q) — 1622KB
• 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
• 0000950170-24-123421.txt ( ) — 6303KB
• crvl-20240930.xsd (EX-101.SCH) — 714KB
• crvl-20240930_htm.xml (XML) — 1207KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements 3 Consolidated Balance Sheets – September 30, 2024 (unaudited) and March 31, 2024 3 Consolidated Income Statements (unaudited) – Three months ended September 30, 2024 and 2023 4 Consolidated Income Statements (unaudited) – Six months ended September 30, 2024 and 2023 6 Consolidated Statements of Stockholders' Equity (unaudited) – Three and six months ended September 30, 2024 and 202 3 6 Consolidated Statements of Cash Flows (unaudited) – Six months ended September 30, 2024 and 2023 7

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

Notes to Consolidated Financial Statements (unaudited) – September 30, 2024 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 25 Item 1A.

Risk Factors

Risk Factors 25 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 34 Item 3. Defaults Upon Senior Securities 34 Item 4. Mine Safety Disclosures 34 Item 5. Other Information 34 Item 6. Exhibits 35

Signatures

Signatures 36 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 September 30, 2024 March 31, 2024 (Unaudited) Assets Current Assets Cash and cash equivalents $ 138,349,000 $ 105,563,000 Customer deposits 109,110,000 88,142,000 Accounts receivable, net 102,393,000 97,108,000 Prepaid taxes and expenses 13,481,000 11,418,000 Total current assets 363,333,000 302,231,000 Property and equipment, net 89,115,000 85,892,000 Goodwill 36,814,000 36,814,000 Other intangibles, net 611,000 821,000 Right-of-use asset, net 23,818,000 24,058,000 Deferred tax asset, net 4,183,000 3,545,000 Other assets 679,000 1,318,000 TOTAL ASSETS $ 518,553,000 $ 454,679,000 Liabilities and Stockholders' Equity Current Liabilities Accounts and taxes payable $ 14,174,000 $ 16,631,000 Accrued liabilities 198,685,000 167,868,000 Total current liabilities 212,859,000 184,499,000 Long-term lease liabilities 22,922,000 22,533,000 Total liabilities 235,781,000 207,032,000 Commitments and contingencies Stockholders' Equity Common stock, $ .0001 par value: 120,000,000 shares authorized at September 30, 2024 and March 31, 2024; 55,238,600 shares issued ( 17,135,160 shares outstanding, net of Treasury shares) and 55,162,075 shares issued ( 17,128,896 shares outstanding, net of Treasury shares) at September 30, 2024 and March 31, 2024, respectively 3,000 3,000 Paid-in capital 242,894,000 233,629,000 Treasury stock ( 38,103,440 shares at September 30, 2024 and 38,033,179 shares at March 31, 2024) ( 813,020,000 ) ( 793,905,000 ) Retained earnings 852,895,000 807,920,000 Total stockholders' equity 282,772,000 247,647,000 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 518,553,000 $ 454,679,000 See accompanying notes to unaudited consolidated financial statements. Page 3 CORVEL CORPORATION Consolidated Income S t a

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements September 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", or "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 and six months ended September 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 Accounti

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