UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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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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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 February 1, 2022, CorVel Corporation (the "Company") issued a press release announcing its financial results for the three and nine months ended December 31, 2021. 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 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On January 26, 2022, the Company announced that Diane J. Blaha, its Chief Marketing Officer, will retire effective as of April 1, 2022. Leadership replacement options are being explored both internally and externally while interim plans are being finalized. The Company expresses its appreciation to Ms. Blaha for her contributions since joining the Company in 1991.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
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: |
February 1, 2022 |
By: |
/s/ Brandon T. O’Brien |
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Brandon T. O'Brien |
Exhibit 99.1
Date: February 1, 2022 |
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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 |
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CorVel Announces Revenues and Earnings
FORT WORTH, Texas, February 1, 2022 — CorVel Corporation (NASDAQ: CRVL) announced the results for the quarter ended December 31, 2021. Earnings per share for the quarter were 76 cents, compared to 63 cents in the same quarter of the prior year. Revenues for the quarter were $165 million, an increase from $142 million in the same quarter of the previous year.
Earnings per share for the nine months ended December 31, 2021 were $2.57, compared to $1.74 for the nine months ended December 31, 2020. Revenues for the nine months ended December 31, 2021 were $475 million, compared to $407 million for the nine months ended December 31, 2020.
New sales remained robust for the quarter and were a record high for the calendar year 2021. Continued investment in payment integrity services created robust growth with CERiS in the health market, an essential component of the Company’s current and future strategy.
The pandemic has changed the mix of workplace injuries and increased the need for virtual and telephonic identification of injuries. CorVel’s virtual care offerings and Advocacy 24/7 nurse hotline allow for treatment without the need of a brick and mortar facility visit. The Company offers a hybrid form of telehealth by bringing a balanced blend of technology alongside essential human contact. This has resulted in improved user experiences and healthcare outcomes, as well as continued triple-digit growth in the utilization of these services.
About CorVel
CorVel Corporation applies technology including artificial intelligence, machine learning and natural language processing to enhance the managing 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 the stabilization of telehealth usage and the Company’s continued investment in evolving healthcare models, healthcare navigation tools, and other innovative technologies. 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 the impact of the COVID-19 pandemic on our business, results of operations and financial condition is greater than our initial assessment.
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, 2021 and the Company’s Quarterly Report on Form 10-Q for the quarters ended June 30, 2021 and September 30, 2021. 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 Nine Months Ended December 31, 2021 (unaudited) and December 31, 2020 (unaudited)
Quarter Ended |
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December 31, 2021 |
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December 31, 2020 |
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Revenues |
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$ |
164,508,000 |
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$ |
141,506,000 |
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Cost of revenues |
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129,320,000 |
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110,613,000 |
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Gross profit |
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35,188,000 |
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30,893,000 |
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General and administrative |
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17,506,000 |
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16,937,000 |
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Income from operations |
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17,682,000 |
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13,956,000 |
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Income tax provision |
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3,824,000 |
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2,576,000 |
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Net income |
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$ |
13,858,000 |
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$ |
11,380,000 |
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Earnings Per Share: |
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Basic |
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$ |
0.78 |
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$ |
0.64 |
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Diluted |
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$ |
0.76 |
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$ |
0.63 |
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Weighted Shares |
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Basic |
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17,785,000 |
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17,899,000 |
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Diluted |
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18,211,000 |
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18,180,000 |
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Nine Months Ended |
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December 31, 2021 |
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December 31, 2020 |
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Revenues |
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$ |
474,871,000 |
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$ |
407,134,000 |
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Cost of revenues |
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365,808,000 |
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319,228,000 |
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Gross profit |
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109,063,000 |
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87,906,000 |
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General and administrative |
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50,810,000 |
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48,084,000 |
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Income from operations |
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58,253,000 |
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39,822,000 |
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Income tax provision |
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11,480,000 |
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8,275,000 |
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Net income |
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$ |
46,773,000 |
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$ |
31,547,000 |
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Earnings Per Share: |
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Basic |
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$ |
2.62 |
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$ |
1.76 |
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Diluted |
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$ |
2.57 |
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$ |
1.74 |
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Weighted Shares |
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Basic |
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17,841,000 |
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17,939,000 |
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Diluted |
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18,221,000 |
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18,156,000 |
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CorVel Corporation
Quarterly Results – Condensed Balance Sheet
December 30, 2021 (unaudited) and March 31, 2021 (audited)
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December 31, 2021 |
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March 31, 2021 |
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Cash |
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$ |
115,538,000 |
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$ |
139,716,000 |
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Customer deposits |
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70,163,000 |
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56,497,000 |
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Accounts receivable, net |
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69,545,000 |
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64,722,000 |
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Prepaid taxes and expenses |
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13,429,000 |
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8,006,000 |
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Property, net |
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70,884,000 |
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70,619,000 |
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Goodwill and other assets |
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40,762,000 |
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39,876,000 |
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Right-of-use asset, net |
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43,387,000 |
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45,324,000 |
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Total |
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$ |
423,708,000 |
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$ |
424,760,000 |
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Accounts and taxes payable |
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$ |
12,346,000 |
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$ |
13,574,000 |
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Accrued liabilities |
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158,191,000 |
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148,886,000 |
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Long-term lease liabilities |
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38,244,000 |
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41,898,000 |
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Paid-in capital |
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198,987,000 |
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185,944,000 |
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Treasury stock |
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(629,726,000 |
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(564,435,000 |
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Retained earnings |
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645,666,000 |
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598,893,000 |
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Total |
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$ |
423,708,000 |
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$ |
424,760,000 |
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Document And Entity Information |
Feb. 01, 2022 |
|---|---|
| Cover [Abstract] | |
| Document Type | 8-K |
| Amendment Flag | false |
| Document Period End Date | Feb. 01, 2022 |
| Entity Registrant Name | CORVEL CORP |
| Entity Central Index Key | 0000874866 |
| Entity Emerging Growth Company | false |
| Entity File Number | 000-19291 |
| Entity Incorporation, State or Country Code | DE |
| Entity Tax Identification Number | 33-0282651 |
| Entity Address, Address Line One | 5128 Apache Plume Road |
| Entity Address, Address Line Two | Suite 400 |
| Entity Address, City or Town | Fort Worth |
| Entity Address, State or Province | TX |
| Entity Address, Postal Zip Code | 76109 |
| City Area Code | (817) |
| Local Phone Number | 390-1416 |
| Written Communications | false |
| Soliciting Material | false |
| Pre-commencement Tender Offer | false |
| Pre-commencement Issuer Tender Offer | false |
| Title of 12(b) Security | Common Stock, Par Value $0.0001 Per Share |
| Trading Symbol | CRVL |
| Security Exchange Name | NASDAQ |
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