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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 22, 2024 |
CORVEL CORPORATION
(Exact name of Registrant as Specified in Its Charter)
Delaware |
000-19291 |
33-0282651 |
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(State or Other Jurisdiction |
(Commission File Number) |
(IRS Employer |
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5128 Apache Plume Road Suite 400 |
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Fort Worth, Texas |
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76109 |
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(Address of Principal Executive Offices) |
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(Zip Code) |
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Registrant’s Telephone Number, Including Area Code: (817) 390-1416 |
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(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
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Trading |
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Common Stock, Par Value $0.0001 Per Share |
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CRVL |
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Nasdaq Global Select Market |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
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. ☐
Item 2.02 Results of Operations and Financial Condition.
On May 22, 2024, CorVel Corporation (the "Company") issued a press release announcing its financial results for the three and fiscal year ended March 31, 2024. A copy of the press release is furnished herewith as Exhibit 99.1.
The information contained in this Item 2.02 and in the exhibit attached to this report as Exhibit 99.1 is being furnished to the Securities and Exchange Commission and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, or incorporated by reference in any filing of the Company under the Exchange Act or the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
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Exhibit Number |
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Description |
99.1 |
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104 |
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Cover Page Interactive Data file (embedded within the Inline XBRL document). |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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CORVEL CORPORATION, |
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Date: |
May 22, 2024 |
By: |
/s/ Brandon T. O’Brien |
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Brandon T. O'Brien |
Exhibit 99.1
Date: May 22, 2024 |
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CorVel Corporation |
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5128 Apache Plume Road |
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Suite 400 |
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Fort Worth, TX 76109 |
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FOR IMMEDIATE RELEASE |
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Contact: Melissa Storan |
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Phone: 949-851-1473 |
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www.corvel.com |
CorVel Announces Revenues and Earnings
FORT WORTH, Texas, May 22, 2024 — CorVel Corporation (NASDAQ: CRVL) announced the results for the quarter and fiscal year ended March 31, 2024. Revenues for the quarter were $207 million, an increase from $185 million in the same quarter of the previous year. Earnings per share for the quarter were $1.12, compared to $1.04 in the same quarter of the prior year.
Revenues for the fiscal year ended March 31, 2024 were $795 million, compared to $719 million for the fiscal year ended March 31, 2023. Earnings per share for the fiscal year ended March 31, 2024, were $4.40, compared to $3.77 for the fiscal year ended March 31, 2023.
Patient Management services, including revenue from our Third Party Administration (TPA) customers, increased 11%, significantly contributing to our overall year-over-year fiscal revenue growth. CorVel’s third-place ranking in Workers’ Compensation revenue on Business Insurance’s 2024 TPA Rankings and Directory highlights the company's ongoing success in providing effective solutions to the market.
Recent Development Updates
Fiscal year 2024 experienced a solid increase in new bookings compared to prior years and a net revenue retention of 108%. Both are a testament to the commitment and engagement of the CorVel team and the growing reputation for meaningful results the Company has earned in the market. Feedback from partners is that the service, communication, transparency, and innovative technological solutions CorVel provides are unmatched in the industry.
CorVel invested in and implemented Generative AI (GAI) functionality during the fiscal year, which brought substantive benefits across the enterprise and a broad foundation from which additional GAI functionality will be deployed in the future. As a result of those efforts, the Company has introduced GAI-powered software as a service (SaaS) platform to the managed care market. The data and service hub will automate tasks and leverage AI to increase efficiencies within workflows. The model will also lessen IT constraints for CorVel’s partners and allow seamless integration between RMIS systems and other provider platforms.
About CorVel
CorVel Corporation applies 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, third-party administrators, insurance companies and government agencies in managing workers’ compensation and health, auto and liability services. 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 clients as well as their customers and patients.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
All statements included in this press release, other than statements or characterizations of historical fact, are forward-looking statements. These forward-looking statements are based on the Company’s current expectations, estimates and projections about the Company, management’s beliefs, and certain assumptions made by the Company, and events beyond the Company’s control, all of which are subject to change.
Such forward-looking statements include, but are not limited to, statements relating to our commercial health-focused operation, the ability to deploy additional GAI functionality, improved productivity resulting from automation and augmentation across enterprise business systems, the ability to automate tasks and leverage AI to increase efficiencies within workflows, and the ability to reduce IT constraints for the Company’s partners and allow seamless integration between risk management information systems and other provider platforms. These forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause the Company’s actual results to differ materially and adversely from those expressed in any forward-looking statement, including the risk that GAI could be prone to errors and that those errors may cause inefficiencies and could be costly to mitigate.
The risks and uncertainties referred to above include but are not limited to factors described in this press release and the Company’s filings with the Securities and Exchange Commission, including but not limited to “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended March 31, 2023 and the Company’s Quarterly Report on Form 10-Q for the quarters ended June 30, 2023, September 30, 2023, and December 31, 2023. The forward-looking statements in this press release speak only as of the date they are made. The Company undertakes no obligation to revise or update publicly any forward-looking statement for any reason.
CorVel Corporation
Quarterly Results – Income Statement
Quarters and Fiscal Year Ended March 31, 2024 and March 31, 2023
Quarter Ended |
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March 31, 2024 |
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March 31, 2023 |
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Revenues |
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$ |
207,233,000 |
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$ |
185,443,000 |
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Cost of revenues |
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163,830,000 |
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143,492,000 |
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Gross profit |
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43,403,000 |
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41,951,000 |
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General and administrative |
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20,806,000 |
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19,358,000 |
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Income from operations |
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22,597,000 |
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22,593,000 |
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Income tax provision |
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3,143,000 |
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4,424,000 |
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Net income |
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$ |
19,454,000 |
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$ |
18,169,000 |
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Earnings Per Share: |
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Basic |
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$ |
1.13 |
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$ |
1.06 |
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Diluted |
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$ |
1.12 |
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$ |
1.04 |
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Weighted Shares |
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Basic |
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17,115,000 |
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17,176,000 |
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Diluted |
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17,332,000 |
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17,429,000 |
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Fiscal Year Ended |
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March 31, 2024 |
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March 31, 2023 |
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Revenues |
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$ |
795,311,000 |
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$ |
718,562,000 |
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Cost of revenues |
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623,618,000 |
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560,303,000 |
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Gross profit |
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171,693,000 |
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158,259,000 |
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General and administrative |
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76,592,000 |
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73,705,000 |
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Income from operations |
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95,101,000 |
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84,554,000 |
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Income tax provision |
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18,849,000 |
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18,189,000 |
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Net income |
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$ |
76,252,000 |
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$ |
66,365,000 |
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Earnings Per Share: |
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Basic |
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$ |
4.45 |
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$ |
3.83 |
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Diluted |
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$ |
4.40 |
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$ |
3.77 |
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Weighted Shares |
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Basic |
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17,122,000 |
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17,328,000 |
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Diluted |
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17,347,000 |
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17,592,000 |
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CorVel Corporation
Quarterly Results – Condensed Balance Sheet
March 31, 2024 and March 31, 2023
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March 31, 2024 |
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March 31, 2023 |
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Cash |
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$ |
105,563,000 |
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$ |
71,329,000 |
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Customer deposits |
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88,142,000 |
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80,022,000 |
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Accounts receivable, net |
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97,108,000 |
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81,034,000 |
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Prepaid taxes and expenses |
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11,418,000 |
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11,385,000 |
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Property, net |
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85,892,000 |
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82,770,000 |
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Goodwill and other assets |
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42,498,000 |
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39,662,000 |
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Right-of-use asset, net |
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24,058,000 |
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27,721,000 |
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Total |
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$ |
454,679,000 |
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$ |
393,923,000 |
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Accounts and taxes payable |
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$ |
16,631,000 |
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$ |
15,309,000 |
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Accrued liabilities |
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167,868,000 |
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152,578,000 |
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Long-term lease liabilities |
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22,533,000 |
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23,860,000 |
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Paid-in capital |
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233,632,000 |
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218,703,000 |
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Treasury stock |
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(793,905,000 |
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(748,195,000 |
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Retained earnings |
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807,920,000 |
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731,668,000 |
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Total |
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$ |
454,679,000 |
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$ |
393,923,000 |
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