Financial Performance - Revenues for Q4 FY 2025 were $232 million, a 12% increase from $207 million in Q4 FY 2024[6] - Earnings per share for Q4 FY 2025 were $0.51, up 38% from $0.37 in the same quarter of the prior year[6] - Fiscal year revenues reached $896 million, a 12.7% increase from $795 million in FY 2024[1] - Net income for FY 2025 was $95.2 million, compared to $76.3 million in FY 2024[8] Profitability and Margins - Gross profit for Q4 FY 2025 increased 34% to $58 million, with a gross margin of 25%[6] Cash and Assets - The company exited the quarter with $171 million in cash and cash equivalents, with no borrowings[6] - Total assets as of March 31, 2025, were $546 million, up from $455 million in the previous year[9] Strategic Initiatives - CorVel's AI integration is enhancing communication platforms and medical billing practices, improving efficiency and reducing costs[3] - The health market saw the successful launch of CERIS's first customer and a second partnership agreement, aligning with the company's long-term strategy[4] Shareholder Actions - The company repurchased $9 million of common stock during the quarter[6]

Core Points - CorVel Corporation has been recognized as a Great Place To Work for the fifth consecutive year, highlighting its commitment to employee experience and workplace culture [1][2][3] - The Great Place To Work Certification is based on real-time employee feedback, emphasizing the importance of a high-trust workplace [3][4] - CorVel utilizes advanced technologies such as artificial intelligence and machine learning to enhance healthcare management and reduce costs [6] Company Overview - CorVel Corporation partners with various entities, including employers and insurance companies, to manage workers' compensation and healthcare services [6] - The company offers a diverse suite of solutions that integrate technology with personalized service, supported by a national team [6] Industry Recognition - Great Place To Work Certification is a globally recognized benchmark for outstanding employee experience, with over 10,000 companies applying annually [4][5] - The organization has 30 years of research and data focused on improving workplace culture and employee satisfaction [5]

Core Insights - CorVel Corporation has promoted Sarah Scott to Executive Vice President of Product, where she will lead the product vision and strategy from ideation to launch and optimization [1][2][3] - Sarah Scott has 25 years of experience with CorVel, previously serving as Vice President of Network Solutions, where she oversaw key areas such as pharmacy management and network management, contributing to improved clinical outcomes and cost reductions [2][3] - The company's President and CEO, Michael Combs, expressed confidence in Sarah's ability to drive transformative growth and innovation within the organization [3] Company Overview - CorVel Corporation specializes in risk management solutions, utilizing technology such as artificial intelligence and machine learning to manage healthcare costs and episodes of care [4] - The company partners with various entities, including employers and insurance companies, to manage services related to workers' compensation, health, auto, and liability [4] - CorVel's approach combines integrated technologies with personalized services, supported by a national team to assist partners and their clients [4]

Revenue Growth - The Company's revenues increased to $228.0 million in the quarter ended December 31, 2024, from $202.3 million in the quarter ended December 31, 2023, an increase of $25.7 million, or 12.7%[73] - Patient management services revenues increased to $145.9 million from $131.8 million, an increase of $14.1 million, or 10.7%[83] - Network solutions services revenues increased to $82.1 million from $70.5 million, an increase of $11.6 million, or 16.4%[83] - Revenue for the nine months ended December 31, 2024, increased to $664.1 million, up from $588.1 million in the same period in 2023, representing a growth of $76.0 million, or 12.9%[92] Cost and Expenses - Cost of revenues increased to $175.1 million in the quarter ended December 31, 2024, from $160.1 million in the quarter ended December 31, 2023, an increase of $15.0 million, or 9.3%[74] - General and administrative expense increased to $22.1 million in the quarter ended December 31, 2024, from $19.8 million in the quarter ended December 31, 2023, an increase of $2.3 million, or 11.4%[75] - General and administrative expenses increased to $22.1 million for the three months ended December 31, 2024, from $19.8 million in the same period in 2023, an increase of $2.3 million, or 11.4%[87] - Cost of revenues increased to $512.5 million for the nine months ended December 31, 2024, from $459.8 million in the same period in 2023, an increase of $52.7 million, or 11.5%[93] - General and administrative expenses for the nine months ended December 31, 2024, were $64.0 million, up from $55.8 million in the same period in 2023, an increase of $8.3 million, or 14.8%[95] Income and Earnings - Income before income tax provision increased to $30.8 million in the quarter ended December 31, 2024, from $22.4 million in the quarter ended December 31, 2023, an increase of $8.4 million, or 37.7%[76] - Net income increased to $23.8 million in the quarter ended December 31, 2024, from $17.1 million in the quarter ended December 31, 2023, an increase of $6.7 million, or 39.1%[82] - Net income for the nine months ended December 31, 2024, was $68.7 million, compared to $56.8 million in the same period in 2023, an increase of $11.9 million, or 21.0%[91] - Diluted earnings per share increased to $0.46 per share in the quarter ended December 31, 2024, from $0.33 per share in the quarter ended December 31, 2023, an increase of $0.13 per share, or 39.4%[78] Tax Information - The effective tax rate was 22.8% for the quarter ended December 31, 2024, compared to 23.6% in the quarter ended December 31, 2023[76] - Income tax provision increased to $7.0 million for the three months ended December 31, 2024, from $5.3 million in the same period in 2023, an increase of $1.8 million, or 33.5%[88] - The effective tax rate was 22.8% for the three months ended December 31, 2024, compared to 23.6% in the same period in the prior year[88] Cash Flow - Cash and cash equivalents increased to $162.9 million as of December 31, 2024, from $105.6 million as of March 31, 2024, an increase of $57.4 million[97] - Net cash provided by operating activities increased to $104.4 million for the nine months ended December 31, 2024, from $84.0 million in the same period in 2023, an increase of $20.4 million[104] Claims and Market Risk - Total new claims increased by 10% during the three months ended December 31, 2024, compared to the three months ended December 31, 2023[83] - There have been no material changes in market risk from those addressed in the Annual Report during the three months ended December 31, 2024[111] - The Company expects future quarters of general and administrative expenses to remain at approximately 9% to 11% of revenues[87]

Financial Performance - Revenues for the quarter ended December 31, 2024, were $228 million, a 13% increase from $202 million in the same quarter of 2023[1] - Earnings per share for the quarter were $0.46, up 39% from $0.33 in the same quarter of the prior year[1] - Gross profit for the quarter increased 25% to $52.9 million, with a gross margin of 23.2% compared to $42.2 million in the same quarter of fiscal year 2024[6] - For the nine months ended December 31, 2024, revenues were $664 million, a 13% increase from $588 million during the same period in 2023[1] - Net income for the quarter was $23.8 million, compared to $17.1 million in the same quarter of the prior year[8] Cash and Assets - The company exited the quarter with $163 million in cash and cash equivalents, with no borrowings[6] - Total assets as of December 31, 2024, were $538.8 million, up from $454.7 million as of March 31, 2024[9] Strategic Initiatives - Generative-AI-based functionality was released to enhance document processing and communication platforms, improving operational efficiency[3] - CorVel's CERIS system is positioned to help ASO customers achieve greater cost efficiency in claims amidst rising medical costs[4] Stock Activity - The company repurchased $9.6 million of common stock during the quarter[6]

Group 1: SES AI Corp - SES AI reported a third-quarter GAAP loss of 9 cents per share and highlighted milestones in building a revenue pipeline from UAM and drones, including collaboration with SoftBank [3] - The company passed global EV industry safety tests for its 100Ah Li-Metal cells, marking significant progress towards production [3] - SES AI's stock gained approximately 82% over the past five days, with a 52-week high of $1.92 and an RSI value of 79, indicating potential overbought conditions [3] Group 2: CorVel Corp - CorVel announced a three-for-one forward stock split, resulting in a stock surge of around 38% over the past six months, with a 52-week high of $125.52 [7] - The company's shares closed at $115.82 on Tuesday, with an RSI value of 84, suggesting it may also be in overbought territory [7]

Core Points - CorVel Corporation announced a three-for-one forward stock split effective December 24, 2024 [1] - The number of authorized shares of common stock will be proportionately increased to accommodate the stock split [1] - Each share of common stock outstanding as of December 23, 2024, will be split into three shares [2] - Additional shares are expected to be distributed on December 24, 2024 [2] - Trading on a post-stock split adjusted basis is expected to begin on December 26, 2024 [5] - The company filed an amendment to its Fourth Amended and Restated Certificate of Incorporation with the Secretary of State of Delaware to effect the stock split [4]

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]