8-K

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): July 30, 2024

CORVEL CORPORATION

(Exact name of Registrant as Specified in Its Charter)

Delaware	000-19291	33-0282651
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)
5128 Apache Plume Road Suite 400
Fort Worth, Texas		76109
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s Telephone Number, Including Area Code: (817) 390-1416

(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:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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	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 July 30, 2024, CorVel Corporation (the "Company") issued a press release announcing its financial results for the three months ended June 30, 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

Exhibit Number	Description
99.1	Press Release, dated July 30, 2024, announcing CorVel Corporation’s financial results for the three months ended June 30, 2024 (furnished herewith but not filed pursuant to Item 2.02).
104	Cover Page Interactive Data file (embedded within the Inline XBRL document).

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.

			CORVEL CORPORATION, a Delaware corporation (Registrant)
Date:	July 30, 2024	By:	/s/ Brandon T. O’Brien
			Brandon T. O'Brien Chief Financial Officer

EX-99.1

Exhibit 99.1

Date: July 30, 2024	CorVel Corporation
	5128 Apache Plume Road
	Suite 400
	Fort Worth, TX 76109
FOR IMMEDIATE RELEASE	Contact: Melissa Storan
	Phone: 949-851-1473
	www.corvel.com

CorVel Announces Revenues and Earnings

FORT WORTH, Texas, July 30, 2024 — CorVel Corporation (NASDAQ: CRVL) announced the results for the quarter ended June 30, 2024. Revenues for the quarter were $212 million, an increase from $190 million in the June quarter of 2023. Earnings per share for the quarter were $1.25, compared to $1.14 in the same quarter of the prior year.

First Quarter Fiscal Year 2025 Highlights

•Revenue increased 11% to $212 million, compared to first quarter of fiscal year 2024.

•Gross profit increased 15% to $48.2 million, at 22.7% gross margin, compared to first quarter of fiscal year 2024 gross profit of $41.9 million.

•Diluted earnings per share increased 10% to $1.25, compared to first quarter of fiscal year 2024 diluted earnings per share of $1.14.

•Exited the quarter with $132 million of cash, cash equivalents, and no borrowings.

•The Company repurchased $9.5 million of common stock during the quarter.

During the quarter, the Company introduced an enhanced communications platform integrated in CorVel’s proprietary claims system, CareMC. This platform benefits claim staff and injured workers and yields a level of efficiency that is unique in the industry. Additionally, the platform utilizes the advanced security features embedded in the system, reducing patient security risk.

Artificial intelligence is also being used in the review of clinical bills to identify anomalies and document activities. This utilization of AI allows the users to focus on reviewing procedures and achieving optimal cost containment. The Company believes the use of AI in partnership with the CorVel team will provide improved outcomes for partners, enhanced experience for workers with injuries, and increased job satisfaction for team members.

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, improved productivity resulting from automation and augmentation across

enterprise business systems. 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, 2024 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 Ended June 30, 2024 (unaudited) and June 30, 2023 (unaudited)

Quarter Ended	June 30, 2024		June 30, 2023
Revenues	$	211,722,000	$	190,253,000
Cost of revenues		163,567,000		148,375,000
Gross profit		48,155,000		41,878,000
General and administrative		20,120,000		16,450,000
Income from operations		28,035,000		25,428,000
Income tax provision		6,458,000		5,623,000
Net income	$	21,577,000	$	19,805,000
Earnings Per Share:
Basic	$	1.26	$	1.16
Diluted	$	1.25	$	1.14
Weighted Shares
Basic		17,122,000		17,144,000
Diluted		17,313,000		17,385,000

CorVel Corporation

Quarterly Results – Condensed Balance Sheet

June 30, 2024 (unaudited) and March 31, 2024

	June 30, 2024			March 31, 2024
Cash	$	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
Property, net		86,865,000			85,892,000
Goodwill and other assets		42,808,000			42,498,000
Right-of-use asset, net		23,241,000			24,058,000
Total	$	486,172,000		$	454,679,000
Accounts and taxes payable	$	18,681,000		$	16,631,000
Accrued liabilities		181,904,000			167,868,000
Long-term lease liabilities		21,714,000			22,533,000
Paid-in capital		237,807,000			233,632,000
Treasury stock		(803,431,000	)		(793,905,000	)
Retained earnings		829,497,000			807,920,000
Total	$	486,172,000		$	454,679,000

XML

Document And Entity Information	Jul. 30, 2024
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Jul. 30, 2024
Entity Registrant Name	CORVEL CORPORATION
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