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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2022

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to x

Commission file number 0-19291

 

CORVEL CORPORATION

(Exact Name of Registrant as Specified in its Charter)

 

 

Delaware

 

33-0282651

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer
Identification No.)

 

5128 Apache Plume Road, Suite 400

 

 

Fort Worth, TX

 

76109

(Address of principal executive offices)

 

(Zip Code)

 

Registrant’s telephone number, including area code: (817) 390-1416

 

Not Applicable

(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common Stock, Par Value $0.0001 Per Share

 

CRVL

 

The Nasdaq Global Select Market

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

 

Accelerated filer

 

 

 

 

 

 

 

Non-accelerated filer

 

 

Smaller reporting company

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Emerging growth company

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No

The number of shares outstanding of the registrant's Common Stock, $0.0001 par value per share, as of November 1, 2022, was 17,265,239.
 

 

 

 


 

CORVEL CORPORATION

QUARTERLY REPORT ON FORM 10-Q

TABLE OF CONTENTS

 

 

 

Page

 

 

 

PART I - FINANCIAL INFORMATION

 

 

 

 

 

 

Item 1.

Financial Statements

 

3

 

 

 

 

 

Consolidated Balance Sheets – September 30, 2022 (unaudited) and March 31, 2022

 

3

 

Consolidated Income Statements (unaudited) – Three months ended September 30, 2022 and 2021

 

4

 

Consolidated Income Statements (unaudited) – Six months ended September 30, 2022 and 2021

 

5

 

Consolidated Statements of Stockholders’ Equity (unaudited) – Three and six months ended September 30, 2022 and 2021

 

6

 

Consolidated Statements of Cash Flows (unaudited) – Six months ended September 30, 2022 and 2021

 

7

 

Notes to Consolidated Financial Statements (unaudited) – September 30, 2022

 

8

 

 

 

 

Item 2.

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

 

17

 

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

 

24

 

 

 

 

Item 4.

Controls and Procedures

 

24

 

 

 

 

PART II - OTHER INFORMATION

 

 

 

 

 

 

Item 1.

Legal Proceedings

 

25

 

 

 

 

Item 1A.

Risk Factors

 

25

 

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

 

32

 

 

 

 

Item 3.

Defaults Upon Senior Securities

 

33

 

 

 

 

Item 4.

Mine Safety Disclosures

 

33

 

 

 

 

Item 5.

Other Information

 

33

 

 

 

 

Item 6.

Exhibits

 

34

 

 

 

 

 

Signatures

 

35

 

Page 2


 

PART I – FINANCIAL INFORMATION

ITEM 1 – FINANCIAL STATEMENTS

CORVEL CORPORATION

Consolidated Balance Sheets

 

 

 

September 30, 2022

 

 

March 31, 2022

 

 

 

(Unaudited)

 

 

 

 

Assets

 

 

 

 

 

 

Current Assets

 

 

 

 

 

 

Cash and cash equivalents

 

$

75,625,000

 

 

$

97,504,000

 

Customer deposits

 

 

75,770,000

 

 

 

69,781,000

 

Accounts receivable, net

 

 

84,787,000

 

 

 

82,586,000

 

Prepaid taxes and expenses

 

 

12,201,000

 

 

 

15,123,000

 

Total current assets

 

 

248,383,000

 

 

 

264,994,000

 

Property and equipment, net

 

 

82,506,000

 

 

 

76,268,000

 

Goodwill

 

 

36,814,000

 

 

 

36,814,000

 

Other intangibles, net

 

 

1,456,000

 

 

 

1,669,000

 

Right-of-use asset, net

 

 

29,930,000

 

 

 

35,020,000

 

Other assets

 

 

797,000

 

 

 

481,000

 

TOTAL ASSETS

 

$

399,886,000

 

 

$

415,246,000

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

Current Liabilities

 

 

 

 

 

 

Accounts and taxes payable

 

$

17,028,000

 

 

$

14,431,000

 

Accrued liabilities

 

 

158,482,000

 

 

 

156,939,000

 

Total current liabilities

 

 

175,510,000

 

 

 

171,370,000

 

Deferred income taxes, net

 

 

1,107,000

 

 

 

1,689,000

 

Long-term lease liabilities

 

 

25,436,000

 

 

 

29,792,000

 

Total liabilities

 

 

202,053,000

 

 

 

202,851,000

 

Commitments and contingencies

 

 

 

 

 

 

Stockholders' Equity

 

 

 

 

 

 

Common stock, $.0001 par value: 120,000,000 shares authorized at September 30, 2022
   and March 31, 2022;
54,873,202 shares issued (17,314,186 shares outstanding, net of
   Treasury shares) and
54,788,712 shares issued (17,569,087 shares outstanding, net of
   Treasury shares) at September 30, 2022 and March 31, 2022, respectively

 

 

3,000

 

 

 

3,000

 

Paid-in capital

 

 

207,986,000

 

 

 

201,609,000

 

Treasury stock (37,559,016 shares at September 30, 2022 and 37,219,625 shares at
   March 31, 2022)

 

 

(706,806,000

)

 

 

(654,520,000

)

Retained earnings

 

 

696,650,000

 

 

 

665,303,000

 

Total stockholders' equity

 

 

197,833,000

 

 

 

212,395,000

 

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

 

$

399,886,000

 

 

$

415,246,000

 

 

See accompanying notes to unaudited consolidated financial statements.

Page 3


 

CORVEL CORPORATION

Consolidated Income Statements – (Unaudited)

 

 

 

Three Months Ended September 30,

 

 

 

2022

 

 

2021

 

REVENUES

 

$

177,426,000

 

 

$

157,743,000

 

Cost of revenues

 

 

141,332,000

 

 

 

121,082,000

 

Gross profit

 

 

36,094,000

 

 

 

36,661,000

 

General and administrative expenses

 

 

17,549,000

 

 

 

16,658,000

 

Income before income tax provision

 

 

18,545,000

 

 

 

20,003,000

 

Income tax provision

 

 

3,889,000

 

 

 

3,931,000

 

NET INCOME

 

$

14,656,000

 

 

$

16,072,000

 

Net income per common and common equivalent share

 

 

 

 

 

 

Basic

 

$

0.84

 

 

$

0.90

 

Diluted

 

$

0.83

 

 

$

0.88

 

Weighted average common and common equivalent shares

 

 

 

 

 

 

Basic

 

 

17,386,000

 

 

 

17,841,000

 

Diluted

 

 

17,650,000

 

 

 

18,232,000

 

 

See accompanying notes to unaudited consolidated financial statements.

Page 4


 

CORVEL CORPORATION

Consolidated Income Statements – (Unaudited)

 

 

 

Six Months Ended September 30,

 

 

 

2022

 

 

2021

 

REVENUES

 

$

353,733,000

 

 

$

310,363,000

 

Cost of revenues

 

 

277,770,000

 

 

 

236,489,000

 

Gross profit

 

 

75,963,000

 

 

 

73,874,000

 

General and administrative expenses

 

 

36,219,000

 

 

 

33,303,000

 

Income before income tax provision

 

 

39,744,000

 

 

 

40,571,000

 

Income tax provision

 

 

8,397,000

 

 

 

7,656,000

 

NET INCOME

 

$

31,347,000

 

 

$

32,915,000

 

Net income per common and common equivalent share

 

 

 

 

 

 

Basic

 

$

1.80

 

 

$

1.84

 

Diluted

 

$

1.77

 

 

$

1.81

 

Weighted average common and common equivalent shares

 

 

 

 

 

 

Basic

 

 

17,446,000

 

 

 

17,869,000

 

Diluted

 

 

17,726,000

 

 

 

18,226,000

 

 

See accompanying notes to unaudited consolidated financial statements.

Page 5


 

CORVEL CORPORATION

Consolidated Statements of Stockholders’ Equity – (Unaudited)

 

 

 

Three Months Ended September 30, 2022

 

 

 

Common
Shares

 

 

Stock
Amount

 

 

Paid-in-
Capital

 

 

Treasury
Shares

 

 

Treasury
Stock

 

 

Retained
Earnings

 

 

Total
Stockholders'
Equity

 

Balance – June 30, 2022

 

 

54,832,358

 

 

$

3,000

 

 

$

204,839,000

 

 

 

(37,394,507

)

 

$

(681,208,000

)

 

$

681,994,000

 

 

$

205,628,000

 

Stock issued under employee stock
   purchase plan

 

 

2,636

 

 

 

 

 

 

346,000

 

 

 

 

 

 

 

 

 

 

 

 

346,000

 

Stock issued under stock option plan,
   net of shares repurchased

 

 

38,208

 

 

 

 

 

 

1,851,000

 

 

 

 

 

 

 

 

 

 

 

 

1,851,000

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

950,000

 

 

 

 

 

 

 

 

 

 

 

 

950,000

 

Purchase of treasury stock

 

 

 

 

 

 

 

 

 

 

 

(164,509

)

 

 

(25,598,000

)

 

 

 

 

 

(25,598,000

)

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

14,656,000

 

 

 

14,656,000

 

Balance – September 30, 2022

 

 

54,873,202

 

 

$

3,000

 

 

$

207,986,000

 

 

 

(37,559,016

)

 

$

(706,806,000

)

 

$

696,650,000

 

 

$

197,833,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30, 2021

 

 

 

Common
Shares

 

 

Stock
Amount

 

 

Paid-in-
Capital

 

 

Treasury
Shares

 

 

Treasury
Stock

 

 

Retained
Earnings

 

 

Total
Stockholders'
Equity

 

Balance – June 30, 2021

 

 

54,642,752

 

 

$

3,000

 

 

$

192,431,000

 

 

 

(36,772,445

)

 

$

(578,631,000

)

 

$

615,736,000

 

 

$

229,539,000

 

Stock issued under employee stock
   purchase plan

 

 

1,534

 

 

 

 

 

 

271,000

 

 

 

 

 

 

 

 

 

 

 

 

271,000

 

Stock issued under stock option plan,
   net of shares repurchased

 

 

57,190

 

 

 

 

 

 

2,117,000

 

 

 

 

 

 

 

 

 

 

 

 

2,117,000

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

1,355,000

 

 

 

 

 

 

 

 

 

 

 

 

1,355,000

 

Purchase of treasury stock

 

 

 

 

 

 

 

 

 

 

 

(165,455

)

 

 

(25,559,000

)

 

 

 

 

 

(25,559,000

)

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

16,072,000

 

 

 

16,072,000

 

Balance – September 30, 2021

 

 

54,701,476

 

 

$

3,000

 

 

$

196,174,000

 

 

 

(36,937,900

)

 

$

(604,190,000

)

 

$

631,808,000

 

 

$

223,795,000

 

 

 

 

Six Months Ended September 30, 2022

 

 

 

Common
Shares

 

 

Stock
Amount

 

 

Paid-in-
Capital

 

 

Treasury
Shares

 

 

Treasury
Stock

 

 

Retained
Earnings

 

 

Total
Stockholders'
Equity

 

Balance – March 31, 2022

 

 

54,788,712

 

 

$

3,000

 

 

$

201,609,000

 

 

 

(37,219,625

)

 

$

(654,520,000

)

 

$

665,303,000

 

 

$

212,395,000

 

Stock issued under employee stock
   purchase plan

 

 

2,636

 

 

 

 

 

 

346,000

 

 

 

 

 

 

 

 

 

 

 

 

346,000

 

Stock issued under stock option plan,
   net of shares repurchased

 

 

81,854

 

 

 

 

 

 

3,702,000

 

 

 

 

 

 

 

 

 

 

 

 

3,702,000

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

2,329,000

 

 

 

 

 

 

 

 

 

 

 

 

2,329,000

 

Purchase of treasury stock

 

 

 

 

 

 

 

 

 

 

 

(339,391

)

 

 

(52,286,000

)

 

 

 

 

 

(52,286,000

)

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

31,347,000

 

 

 

31,347,000

 

Balance – September 30, 2022

 

 

54,873,202

 

 

$

3,000

 

 

$

207,986,000

 

 

 

(37,559,016

)

 

$

(706,806,000

)

 

$

696,650,000

 

 

$

197,833,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended September 30, 2021

 

 

 

Common
Shares

 

 

Stock
Amount

 

 

Paid-in-
Capital

 

 

Treasury
Shares

 

 

Treasury
Stock

 

 

Retained
Earnings

 

 

Total
Stockholders'
Equity

 

Balance – March 31, 2021

 

 

54,529,642

 

 

$

3,000

 

 

$

185,941,000

 

 

 

(36,653,552

)

 

$

(564,435,000

)

 

$

598,893,000

 

 

$

220,402,000

 

Stock issued under employee stock
   purchase plan

 

 

1,534

 

 

 

 

 

 

271,000

 

 

 

 

 

 

 

 

 

 

 

 

271,000

 

Stock issued under stock option plan,
   net of shares repurchased

 

 

170,300

 

 

 

 

 

 

7,261,000

 

 

 

 

 

 

 

 

 

 

 

 

7,261,000

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

2,701,000

 

 

 

 

 

 

 

 

 

 

 

 

2,701,000

 

Purchase of treasury stock

 

 

 

 

 

 

 

 

 

 

 

(284,348

)

 

 

(39,755,000

)

 

 

 

 

 

(39,755,000

)

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

32,915,000

 

 

 

32,915,000

 

Balance – September 30, 2021

 

 

54,701,476

 

 

$

3,000

 

 

$

196,174,000

 

 

 

(36,937,900

)

 

$

(604,190,000

)

 

$

631,808,000

 

 

$

223,795,000

 

 

See accompanying notes to unaudited consolidated financial statements.

Page 6


 

CORVEL CORPORATION

Consolidated Statements of Cash Flows – (Unaudited)

 

 

 

Six Months Ended September 30,

 

 

 

2022

 

 

2021

 

Cash Flows from Operating Activities

 

 

 

 

 

 

NET INCOME

 

$

31,347,000

 

 

$

32,915,000

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

Depreciation and amortization

 

 

12,645,000

 

 

 

11,845,000

 

Gain on write down or disposal of property, capitalized software or investment

 

 

 

 

 

(11,000

)

Stock compensation expense

 

 

2,329,000

 

 

 

2,701,000

 

Provision for doubtful accounts

 

 

1,239,000

 

 

 

129,000

 

Deferred income tax

 

 

(582,000

)

 

 

(675,000

)

Changes in operating assets and liabilities

 

 

 

 

 

 

Accounts receivable

 

 

(3,440,000

)

 

 

(4,846,000

)

Customer deposits

 

 

(5,989,000

)

 

 

(4,563,000

)

Prepaid taxes and expenses

 

 

2,922,000

 

 

 

(2,464,000

)

Other assets

 

 

(317,000

)

 

 

(292,000

)

Accounts and taxes payable

 

 

(2,676,000

)

 

 

450,000

 

Accrued liabilities

 

 

1,543,000

 

 

 

302,000

 

Operating lease liabilities

 

 

734,000

 

 

 

(292,000

)

Net cash provided by operating activities

 

 

39,755,000

 

 

 

35,199,000

 

Cash Flows from Investing Activities

 

 

 

 

 

 

Purchase of property and equipment

 

 

(13,396,000

)

 

 

(11,617,000

)

Net cash used in investing activities

 

 

(13,396,000

)

 

 

(11,617,000

)

Cash Flows from Financing Activities

 

 

 

 

 

 

Purchase of treasury stock

 

 

(52,286,000