Core Points - CorVel Corporation's Board of Directors has approved a three-for-one forward stock split of its common stock, along with a proportionate increase in the number of authorized shares of common stock [1][3] - The stock split is intended to enhance the accessibility of the stock to potential investors, reflecting the company's strong financial performance and strategic execution [3] - The implementation of the stock split is contingent upon filing an amendment to the Company's Fourth Amended and Restated Certificate of Incorporation, expected to be filed on December 24, 2024 [2][4] Company Actions - Every share of common stock outstanding or held in treasury on December 23, 2024, will be split into three shares [4] - Trading on a post-stock split adjusted basis is anticipated to begin on December 26, 2024, subject to final approval by the Nasdaq Global Select Market [4]

Core Points - V. Gordon Clemons has retired as Chairman of the Board of CorVel Corporation after 37 years of service, effective November 26, 2024 [1] - Michael G. Combs, the current President and CEO, has been appointed as the new Chairman of the Board following Clemons' retirement [1] - Clemons founded CorVel Corporation in 1988 and has been instrumental in its growth and success since it went public in 1991 [1][3] - Clemons will continue to serve as an outside consultant to Combs, providing guidance based on his extensive experience [1] Company Achievements - Clemons' leadership has been characterized by a commitment to technological innovation, conservative fiscal practices, and exceptional service, which have formed the foundation of CorVel's success [3] - The organizational structure established by Clemons has enabled internal growth and advancement within the company [3] - The executive team is dedicated to continuing the tradition of innovation and excellence that has been a hallmark of CorVel under Clemons' guidance [3]

Revenue Growth - The Company's revenues increased to $224.4 million in the quarter ended September 30, 2024, from $195.5 million in the quarter ended September 30, 2023, an increase of $28.9 million, or 14.8%[74] - Patient management services revenues increased to $147.2 million from $129.8 million, an increase of $17.4 million, or 13.4%[82] - Network solutions services revenues increased to $77.2 million from $65.7 million, an increase of $11.5 million, or 17.5%[82] - Revenues for the six months ended September 30, 2024, reached $436.1 million, an increase of $50.3 million or 13.0% compared to $385.8 million for the same period in 2023[90] - Patient management services revenues increased to $286.3 million, up 11.1% from $257.6 million, primarily due to higher revenue from TPA and related services[90] Cost and Expenses - Cost of revenues increased to $173.6 million in the quarter ended September 30, 2024, from $151.3 million in the quarter ended September 30, 2023, an increase of $22.4 million, or 14.8%[75] - General and administrative expense increased to $22.1 million in the quarter ended September 30, 2024, from $19.5 million in the quarter ended September 30, 2023, an increase of $2.5 million, or 13.0%[76] - Cost of revenues rose to $337.2 million for the six months ended September 30, 2024, an increase of $37.6 million or 12.5% from $299.6 million in the prior year[91] - General and administrative expenses increased to $22.1 million for the three months ended September 30, 2024, up from $19.5 million in the same period last year, representing a 13.0% increase[86] - General and administrative expenses represented approximately 10% of revenues for the quarter ended September 30, 2024[86] - The company expects future general and administrative expenses to remain between 9% to 11% of revenues[86] Income and Earnings - Income before income tax provision increased to $28.7 million in the quarter ended September 30, 2024, from $24.7 million in the quarter ended September 30, 2023, an increase of $4.0 million, or 16.0%[77] - Diluted earnings per share increased to $1.35 per share in the quarter ended September 30, 2024, from $1.15 per share in the quarter ended September 30, 2023, an increase of $0.20 per share, or 17.4%[78] - Net income for the six months ended September 30, 2024, was $44.975 million, a 13.3% increase from $39.703 million in the same period last year[89] Tax Information - The effective tax rate was 18.4% for the quarter ended September 30, 2024, compared to 19.5% in the quarter ended September 30, 2023[77] - The effective tax rate for the six months ended September 30, 2024, was 20.7%, slightly down from 20.8% in the same period in 2023[93] Cash Flow and Liquidity - Cash and cash equivalents increased to $138.3 million as of September 30, 2024, up from $105.6 million as of March 31, 2024, reflecting an increase of $32.8 million[94] - Net cash provided by operating activities increased to $62.7 million for the six months ended September 30, 2024, compared to $54.6 million in the same period last year, an increase of $8.1 million[99] Market and Industry Conditions - Total new claims increased by 5% during the three months ended September 30, 2024, compared to the same period in 2023[82] - General industry conditions indicate that the occupational injury count for 2022 was 2.34 million, showing an increase from 2.24 million in 2021, but not returning to pre-pandemic levels[68] Accounting Policies and Standards - The Company has not experienced any material changes in its significant accounting policies since the last Annual Report on Form 10-K for the fiscal year ended March 31, 2024[104] - There have been no material changes in market risk as reported in the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2024[106] - Recent accounting standards updates have been adopted, as detailed in the accompanying unaudited consolidated financial statements[105]

CorVel Announces Revenues and Earnings FORT WORTH, Texas, November 5, 2024 — CorVel Corporation (NASDAQ: CRVL) announced the results for the quarter ended September 30, 2024. Revenues for the quarter were $224 million, an increase from $196 million in the September quarter of 2023. Earnings per share for the quarter were $1.35, compared to $1.15 in the same quarter of the prior year. Revenues for the six months ended September 30, 2024 were $436 million, an increase from $386 million during the six months e ...

FORT WORTH, Texas, Sept. 10, 2024 (GLOBE NEWSWIRE) -- CorVel Corporation (NASDAQ: CRVL), a national provider of risk management solutions, today announced that it has received two awards from Business Insurance in 2024. The Company was recognized for its innovation and advancements with generative AI and for its collaboration with O'Reilly Automotive Inc., a leading auto parts retailer. The 2024 Innovation Award, an awards program that is in its 15th year, highlights unique advancements in products and serv ...

FORT WORTH, Texas, Aug. 27, 2024 (GLOBE NEWSWIRE) -- Today, CERIS, a CorVel Company, has announced advancements to its current Fraud, Waste, and Abuse (FWA) solutions, including earlier detection capabilities and improved behavioral analytics. These new integrations and services will expand on CERIS' current FWA offering for customers as they navigate a complex healthcare industry and work to better manage and mitigate prevalent fraud and risk issues in today's landscape. Through identity and behavioral ana ...

Revenue Growth - The Company's revenues increased to $211.7 million in the quarter ended June 30, 2024, from $190.3 million in the same quarter of 2023, representing an increase of $21.5 million, or 11.3%[60] - Patient management services revenues rose to $139.2 million, an increase of $11.4 million, or 8.9%, primarily due to higher revenue from the Company's TPA and related services[66] - Network solutions services revenues increased to $72.6 million, up $10.2 million, or 16.2%, mainly attributed to growth with existing customers[66] Cost and Expenses - Cost of revenues increased to $163.6 million in the quarter ended June 30, 2024, from $148.4 million in the same quarter of 2023, an increase of $15.2 million, or 10.2%[60] - General and administrative expenses rose to $20.1 million, an increase of $3.7 million, or 22.3%, primarily due to the increase in total revenues[61] - General and administrative expenses rose to $20.1 million for the three months ended June 30, 2024, compared to $16.5 million in the prior year, an increase of 22.3%[69] Income and Earnings - Income before income tax provision increased to $28.0 million, up $2.6 million, or 10.3%, compared to the same quarter in 2023[62] - Diluted earnings per share increased to $1.25 per share, an increase of $0.11 per share, or 9.6%[63] - Income tax provision increased to $6.5 million for the three months ended June 30, 2024, from $5.6 million in the same period in 2023, a rise of 14.8%[70] Tax Rate - The effective tax rate was 23.0% for the quarter ended June 30, 2024, compared to 22.0% in the same quarter of 2023[62] - The effective tax rate was 23.0% for the three months ended June 30, 2024, compared to 22.0% in the same period in the prior year[70] Cash Flow and Working Capital - Net cash provided by operating activities increased to $40.4 million for the three months ended June 30, 2024, up from $36.6 million in the prior year, an increase of $3.8 million[75] - Net cash flow used in investing activities increased to $7.7 million for the three months ended June 30, 2024, compared to $5.0 million in the same period in 2023, an increase of $2.6 million[76] - Net cash flow used in financing activities decreased to $6.4 million for the three months ended June 30, 2024, down from $16.3 million in the prior year, a decrease of $9.9 million[77] - Working capital increased to $132.7 million as of June 30, 2024, up from $117.7 million as of March 31, 2024, an increase of $14.9 million[71] - Cash increased to $131.9 million as of June 30, 2024, from $105.6 million as of March 31, 2024, an increase of $26.3 million[71] Operating Segment - The Company operates in one reportable operating segment, managed care, with virtually all operating revenue generated within the United States[58] Future Expectations - The Company has approximately $6.9 million of additional operating lease commitments that have not yet commenced, with lease terms between 4 and 7 years[53] - The Company expects future general and administrative expenses to remain at 9% to 11% of revenues[69]

Financial Performance - Revenues for the quarter ended June 30, 2024, were $212 million, an increase of 11% from $190 million in the same quarter of 2023[1][7] - Gross profit increased 15% to $48.2 million, with a gross margin of 22.7%, compared to $41.9 million in the prior year[7][9] - Diluted earnings per share rose 10% to $1.25, compared to $1.14 in the same quarter of the previous year[7][9] - Net income for the quarter was $21.6 million, compared to $19.8 million in the same quarter of the prior year[9] Cash and Assets - The company exited the quarter with $132 million in cash and cash equivalents, with no borrowings[7] - Total assets as of June 30, 2024, were $486.2 million, up from $454.7 million as of March 31, 2024[10] - Retained earnings increased to $829.5 million from $807.9 million[10] Stock and Shareholder Actions - The company repurchased $9.5 million of common stock during the quarter[7] Technological Advancements - CorVel introduced an enhanced communications platform integrated into its proprietary claims system, CareMC, improving efficiency for claim staff and injured workers[3] - Artificial intelligence is being utilized to review clinical bills, allowing users to focus on optimal cost containment and improving outcomes for partners[4]

Core Insights - Symbeo has launched RapidInvoice, an accounts payable automation solution for Amazon Business customers, which includes features like document separation, classification, and AI-enabled OCR for better financial reporting and cash flow management [1][7] - The partnership with Amazon Business marks a significant expansion into the mid-market and SMB sectors, allowing customers to benefit from wholesale pricing and integrated payment reconciliation [7][8] - Symbeo has a long-standing reputation in AP automation, leveraging advanced technologies to streamline processes and enhance efficiency for businesses [2][3] Company Overview - Symbeo, a CorVel Company, has been a trusted provider of AP automation for nearly three decades, focusing on cutting-edge technology and customer engagement to drive sustainable growth [2] - The company aims to create a paperless environment that aligns with sustainability goals while optimizing the procure-to-pay ecosystem [3] - CorVel Corp. utilizes technology such as AI and machine learning to manage healthcare costs and services, partnering with various stakeholders in the industry [4]

Symbeo helps businesses everywhere build efficiencies between payors and payees for corporate accounts payable (AP) business-to-business transactions with true AP automation. As an industry leader for over 25 years, we remove the manual invoice process burden by navigating emerging technologies, including Artificial Intelligence, Machine Learning, and intelligent OCR solutions, to optimize the P2P ecosystem from invoice receipt through payments. In harnessing the power of automation, we create a paperless e ...