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 ...

Part I [Business](index=6&type=section&id=Item%201.%20Business) CorVel Corporation provides medical cost containment and managed care services for workers' compensation, auto liability, and group health insurance markets, utilizing technology to manage healthcare costs and episodes of care for diverse customers - CorVel provides **technology-driven cost management solutions** for **workers' compensation, group health, and auto insurance sectors**, partnering with employers, TPAs, insurance companies, and government agencies[23](index=23&type=chunk) - The company's services are offered in **bundled solutions** (like claims management) or on a **standalone basis**, addressing the complex and state-variable nature of workers' compensation[12](index=12&type=chunk)[14](index=14&type=chunk) - In fiscal 2024, the company repurchased **215,313 shares** of its common stock for **$45.7 million**. As of March 31, 2024, **966,821 shares** remained authorized for repurchase under the existing program[16](index=16&type=chunk) - **No single customer represented more than 10% of revenues** in fiscal 2024, 2023, or 2022, indicating a diversified client portfolio[67](index=67&type=chunk) [Network Solutions Services](index=7&type=section&id=Network%20Solutions%20Services) This service line reduces medical service prices through offerings like AI-driven bill review, a national PPO network, pharmacy services, and Medicare compliance solutions - CorVel's PPO network comprised **over 1.2 million providers** nationwide as of March 31, 2024. The company focuses on network development to provide comprehensive and customized solutions[29](index=29&type=chunk)[47](index=47&type=chunk) - The bill review service utilizes an **artificial intelligence engine with over 100 million rules** to automate and enhance the review process, offering a paperless solution that surpasses manual methods[46](index=46&type=chunk) - CERiS, an enhanced review program, performs clinical reviews and comparative analysis of itemized bills against national standards to produce **incremental savings**[31](index=31&type=chunk) - The company offers a **full-feature pharmacy program** and a **national directed care network** for specialty services like medical imaging and physical therapy[34](index=34&type=chunk)[35](index=35&type=chunk) [Patient Management Services](index=10&type=section&id=Patient%20Management%20Services) This segment integrates claims and case management, virtual care, and rehabilitation programs to reduce costs and disability duration from injury onset - Patient management services **integrate claims management, case management**, and other services to **control costs** by advocating for medical management at the onset of an injury[56](index=56&type=chunk) - The company offers a **24/7 nurse triage hotline and a telehealth platform**, connecting injured workers with registered nurses and doctors for virtual appointments, which helps in providing quick and accurate care intervention[59](index=59&type=chunk) - Utilization management programs review proposed care for appropriateness, frequency, and duration, using experienced nurses and proprietary medical protocols to **avoid unnecessary treatments**[220](index=220&type=chunk) - Comprehensive **vocational rehabilitation and disability management programs** are available to assist injured workers in returning to work[80](index=80&type=chunk)[81](index=81&type=chunk) [Systems and Technology](index=11&type=section&id=Systems%20and%20Technology) CorVel's technology infrastructure, including a tier III data center and the AI-driven CareMC® portal, streamlines service delivery, claims management, and client data access - The company operates a primary **tier III-rated data center** in Portland, Oregon, and a backup redundancy center in Lone Mountain, Nevada, ensuring **high uptime and data replication** in near-real time[61](index=61&type=chunk)[64](index=64&type=chunk) - The **CareMC® online portal** provides customers with direct access to services, allowing for **electronic injury reporting, bill review, claims management, and automated provider reimbursement**[85](index=85&type=chunk) - CareMC uses **artificial intelligence** to provide situation alerts and event triggers, helping users prioritize claims and make **quicker, more effective decisions** through its 'Edge' feature[65](index=65&type=chunk) [Human Capital](index=16&type=section&id=Human%20Capital) CorVel employs 4,870 US-based individuals, with 75% working remotely and a diverse workforce, supported by development programs like CorVel University - As of March 31, 2024, CorVel had **4,870 employees**, with **75%** working from home permanently[72](index=72&type=chunk)[95](index=95&type=chunk) - The company reports a diverse workforce, with **over 79% of employees** and **72% of managers** identifying as women[93](index=93&type=chunk) - CorVel focuses on employee development, launching '**CorVel University**' in fiscal 2024, a **national training initiative** to equip candidates with skills to become claims specialists[225](index=225&type=chunk) [Risk Factors](index=18&type=page&id=Item%201A.%20Risk%20Factors) The company faces significant risks including intense competition, potential revenue declines, cybersecurity threats, regulatory changes, and challenges in attracting and retaining key personnel [Risks Related to Our Business and Industry](index=18&type=section&id=Risks%20Related%20to%20Our%20Business%20and%20Industry) Key business risks include revenue declines from market conditions, intense competition, declining workers' compensation claims, and challenges in personnel retention and benefit costs - The company faces **considerable price competition** in a flat-to-declining workers' compensation market, which could cause **revenue to decline** and fail to meet investor expectations[100](index=100&type=chunk) - Competition is a major risk, coming from national managed care providers, TPAs, insurance carriers performing services in-house, and smaller local vendors. Many competitors have **greater financial and marketing resources**[88](index=88&type=chunk)[107](index=107&type=chunk) - The business is **dependent on key management personnel**, particularly Chairman V. Gordon Clemons and CEO Michael Combs. The loss of their services could **materially harm the company**[115](index=115&type=chunk) [Risks Related to Cybersecurity and Our Information Systems](index=25&type=section&id=Risks%20Related%20to%20Our%20Information%20Systems) Heavy reliance on IT exposes CorVel to cybersecurity attacks and system disruptions, risking data breaches, reputational harm, litigation, and financial loss - A cybersecurity attack could result in the **loss or unauthorized disclosure** of sensitive customer or company information, potentially leading to **litigation, regulatory penalties, and reputational damage**[116](index=116&type=chunk) - The **frequency and sophistication of cyber-attacks are increasing**, and despite security investments, there is **no assurance** that the company's measures will be effective in preventing all breaches[137](index=137&type=chunk) - A **significant disruption** to business systems could prevent access to critical data, cause customers to cancel services, and require **unanticipated investments** in technology and security[118](index=118&type=chunk)[167](index=167&type=chunk) [Risks Related to Our Regulatory Environment](index=28&type=section&id=Risks%20Related%20to%20Our%20Regulatory%20Environment) Operating in a highly regulated environment, the company faces risks from evolving state and federal laws, increased data privacy scrutiny, and new regulations on AI and big data - Changes in government regulations for workers' compensation, auto insurance, or group healthcare could **increase costs, reduce demand for services, or alter the fees** the company can charge[173](index=173&type=chunk)[174](index=174&type=chunk) - The company is subject to **licensing and regulatory requirements in nearly every state**, which establish standards for personnel, confidentiality, and quality control, potentially **increasing operational costs**[91](index=91&type=chunk)[151](index=151&type=chunk) - There is **increasing regulatory focus on data privacy and the use of AI and 'big data,'** which could lead to new regulations that materially affect operations and expose the company to **increased liability**[154](index=154&type=chunk)[155](index=155&type=chunk) [Cybersecurity](index=32&type=section&id=Item%201C.%20Cybersecurity) CorVel's comprehensive cybersecurity program, led by the CISO and overseen by the Board, protects data and has reported no material incidents in the last three fiscal years - The cybersecurity program is led by the **CISO** and is designed to protect the **confidentiality, integrity, and availability** of information systems, based on an industry-adopted framework[162](index=162&type=chunk)[180](index=180&type=chunk) - The **Board of Directors and the Audit Committee** provide oversight for the cybersecurity program. The CISO, CIO, and CTO report to the CEO, who escalates issues to the Board as needed[182](index=182&type=chunk)[200](index=200&type=chunk) - The company has **not experienced any material cybersecurity incidents** or related costs in the last three fiscal years[181](index=181&type=chunk) [Properties](index=34&type=section&id=Item%202.%20Properties) CorVel's facilities include a leased 25,000 sq ft Fort Worth headquarters, 66 leased branch offices, and one owned 32,000 sq ft building in Oregon - CorVel's headquarters is in **Fort Worth, Texas**. The company leases **66 branch offices in 41 states** and owns one **32,000 square foot building** in Milwaukie, Oregon[202](index=202&type=chunk) - Due to a **shift towards permanent remote work**, the company has reassessed its office space needs and **no longer believes it is reasonably certain to exercise most of its lease renewal options**[184](index=184&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=35&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) CorVel's common stock trades on Nasdaq (CRVL); the company has never paid dividends, retaining earnings for business and its stock repurchase program, which bought back 37,829 shares for $9.1 million in Q4 FY2024 - The company's common stock trades on the **Nasdaq Global Select Market (CRVL)**. CorVel has **never paid cash dividends** and has no current plans to do so[205](index=205&type=chunk)[206](index=206&type=chunk) Issuer Purchases of Equity Securities (Q4 FY2024) | Period | Total Number of Shares Purchased | Average Price Paid Per Share | Maximum Number of Shares that may still be Purchased Under the Program | | :--- | :--- | :--- | :--- | | Jan 1 - Jan 31, 2024 | 13,373 | $235.28 | 991,277 | | Feb 1 - Feb 29, 2024 | 12,206 | $245.54 | 979,071 | | Mar 1 - Mar 31, 2024 | 12,250 | $244.67 | 966,821 | | **Total Q4 FY2024** | **37,829** | **$241.63** | **966,821** | - The stock repurchase program, authorized by the Board of Directors, has been periodically increased, with the total authorization reaching **39,000,000 shares**. As of March 31, 2024, the company has repurchased **38,033,179 shares** over the life of the program[207](index=207&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=37&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) In fiscal 2024, CorVel achieved 11% revenue growth to $795.3 million, with net income up 14.9% to $76.3 million, strong operating cash flow of $99.2 million, and a healthy liquidity position Financial Highlights (in millions) | Metric | Fiscal 2024 | Fiscal 2023 | % Change | | :--- | :--- | :--- | :--- | | Revenues | $795.3M | $718.6M | 10.7% | | Gross Profit | $171.7M | $158.3M | 8.5% | | Net Income | $76.3M | $66.4M | 14.9% | | Diluted EPS | $4.40 | $3.77 | 16.7% | - The **11% revenue growth** in fiscal 2024 was attributed to increased activity and services provided for existing customers in both the Patient Management (**+11%**) and Network Solutions (**+11%**) segments[476](index=476&type=chunk) - Cash flow from operations increased to **$99.2 million** in fiscal 2024 from **$82.3 million** in fiscal 2023, primarily due to a **$9.9 million** increase in net income[304](index=304&type=chunk) [Results of Operations](index=51&type=section&id=Results%20of%20Operations) Fiscal 2024 revenue grew 11% to $795.3 million, driven by 11% growth in both Patient Management and Network Solutions, while cost of revenues increased 11% and the effective tax rate decreased to 20% Revenue by Service Line (in millions) | Service Line | FY2024 Revenue | FY2023 Revenue | % Change | | :--- | :--- | :--- | :--- | | Patient Management | $530M | $479M | 11% | | Network Solutions | $265M | $240M | 11% | | **Total** | **$795M** | **$719M** | **11%** | - Cost of revenues increased by **11%** in fiscal 2024, driven by a **10% increase in salaries** resulting from an **8% growth in average headcount** in field operations and wage inflation[477](index=477&type=chunk) - The effective income tax rate for fiscal 2024 was **20%**, down from **22%** in fiscal 2023, primarily due to the impact of stock option exercises[480](index=480&type=chunk) [Liquidity and Capital Resources](index=55&type=section&id=Liquidity%20and%20Capital%20Resources) CorVel maintains strong liquidity with $105.6 million in cash and $117.7 million in working capital, funded by $99.2 million in operating cash flow, and has virtually no interest-bearing debt - As of March 31, 2024, the company had **$105.6 million** in cash and cash equivalents and has maintained **virtually no interest-bearing debt** for the past 33 years[302](index=302&type=chunk)[303](index=303&type=chunk) Cash Flow Summary (in millions) | Cash Flow Activity (FY 2024) | Amount | | :--- | :--- | | Net cash provided by operating activities | $99.2 million | | Net cash used in investing activities | ($29.2 million) | | Net cash used in financing activities | ($35.8 million) | - During fiscal 2024, the company spent **$45.7 million** to repurchase **215,313 shares** of its common stock, a decrease from the **$93.7 million** spent in fiscal 2023[306](index=306&type=chunk) [Critical Accounting Estimates](index=58&type=section&id=Critical%20Accounting%20Estimates) Critical accounting estimates involve significant judgment in revenue recognition, expected credit losses, leases, impairment testing, self-insured costs, income taxes, and share-based compensation - Revenue recognition for medical bill review services involves **significant estimation**, as revenues are **variable** and based on performance metrics. The company uses historical averages and other factors to project these revenues[520](index=520&type=chunk) - Goodwill and long-lived assets are tested for impairment annually or when triggering events occur. As of March 31, 2024, **no impairment was identified**[522](index=522&type=chunk)[523](index=523&type=chunk) - The company **self-insures** for employee group medical and workers' compensation costs, requiring management to **estimate reserves** based on historical trends and claims data[495](index=495&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=37&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is interest rate risk on cash and cash equivalents, with a hypothetical 1% rate increase estimated to have no material fair value impact - The company's main market risk is from **interest rate fluctuations** on its cash and cash equivalents[194](index=194&type=chunk) - A hypothetical **1% increase in interest rates** was estimated to have **no material impact** on the fair value of the company's cash and cash equivalents portfolio at fiscal year-end 2024[212](index=212&type=chunk) [Controls and Procedures](index=37&type=section&id=Item%209A.%20Controls%20and%20Procedures) As of March 31, 2024, management, including the CEO and CFO, concluded that disclosure controls and internal control over financial reporting were effective, a finding attested by the independent auditor - The CEO and CFO concluded that as of March 31, 2024, the company's disclosure controls and procedures were **effective**[217](index=217&type=chunk) - Management concluded that the company's internal control over financial reporting was **effective** as of March 31, 2024, based on the COSO 2013 framework[198](index=198&type=chunk) - **No changes** in internal control over financial reporting occurred during the fourth quarter of fiscal 2024 that materially affected, or are reasonably likely to materially affect, these controls[199](index=199&type=chunk) Part III [Directors, Executive Officers, Compensation, and Corporate Governance](index=40&type=section&id=Items%2010-14) Information for Items 10-14, including directors, executive compensation, and related party transactions, is incorporated by reference from the forthcoming 2024 Proxy Statement - Information regarding Directors, Executive Officers, Corporate Governance (Item 10), Executive Compensation (Item 11), Security Ownership (Item 12), Certain Relationships and Related Transactions (Item 13), and Principal Accountant Fees (Item 14) is **incorporated by reference** from the forthcoming 2024 Proxy Statement[410](index=410&type=chunk)[411](index=411&type=chunk)[563](index=563&type=chunk) Part IV [Exhibit and Financial Statement Schedules](index=41&type=section&id=Item%2015.%20Exhibit%20and%20Financial%20Statement%20Schedules) This section details financial statements, schedules, and exhibits filed with the 10-K, including Schedule II's allowance for expected credit losses over three fiscal years Allowance for Expected Credit Losses (in thousands) | Allowance for expected credit losses | Balance at Beginning of Year | Additions Charged to Cost and Expenses | Deductions | Balance at End of Year | | :--- | :--- | :--- | :--- | :--- | | Fiscal Year Ended March 31, 2024 | $2,823,000 | $1,828,000 | ($406,000) | $4,245,000 | | Fiscal Year Ended March 31, 2023 | $2,562,000 | $1,216,000 | ($955,000) | $2,823,000 | | Fiscal Year Ended March 31, 2022 | $3,274,000 | $158,000 | ($870,000) | $2,562,000 | Financial Statements and Notes [Consolidated Financial Statements](index=68&type=section&id=Consolidated%20Financial%20Statements) Fiscal 2024 consolidated financial statements report total assets of $454.7 million, liabilities of $207.0 million, equity of $247.6 million, revenues of $795.3 million, and net income of $76.3 million Consolidated Statement of Income Highlights (in thousands) | (in thousands) | 2024 | 2023 | 2022 | | :--- | :--- | :--- | :--- | | Revenues | $795,311 | $718,562 | $646,230 | | Gross Profit | $171,693 | $158,259 | $152,114 | | Net Income | $76,252 | $66,365 | $66,410 | | Diluted EPS | $4.40 | $3.77 | $3.66 | Consolidated Balance Sheet Highlights (in thousands) | (in thousands) | 2024 | 2023 | | :--- | :--- | :--- | | Cash and cash equivalents | $105,563 | $71,329 | | Total Assets | $454,679 | $393,923 | | Total Liabilities | $207,032 | $191,747 | | Total Stockholders' Equity | $247,647 | $202,176 | Consolidated Cash Flow Highlights (in thousands) | (in thousands) | Amount | | :--- | :--- | | Net cash provided by operating activities | $99,237 | | Net cash used in investing activities | $(29,240) | | Net cash used in financing activities | $(35,763) | [Notes to Consolidated Financial Statements](index=72&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) These notes detail accounting policies and financial data, including revenue recognition, stock-based compensation, leases, and quarterly results, with the company operating as a single managed care segment [Note 2 – Revenue Recognition](index=76&type=section&id=Note%202%20%E2%80%93%20Revenue%20Recognition) Revenue is recognized from Patient Management (over time) and Network Solutions (point in time), with FY2024 revenues of $530.0 million and $265.3 million respectively, and $30.0 million in deferred revenue Revenue by Service Line (in thousands) | Service Line | FY 2024 Revenue | FY 2023 Revenue | FY 2022 Revenue | | :--- | :--- | :--- | :--- | | Patient management services | $529,995,000 | $478,751,000 | $424,050,000 | | Network solutions services | $265,316,000 | $239,811,000 | $222,180,000 | | **Total services** | **$795,311,000** | **$718,562,000** | **$646,230,000** | - Net accounts receivable increased to **$97.1 million** at March 31, 2024, from **$81.0 million** at March 31, 2023, with unbilled receivables growing from **$26.6 million** to **$42.4 million**[270](index=270&type=chunk) - As of March 31, 2024, the company had **$30.0 million** in remaining performance obligations (deferred revenue), of which **98%** is expected to be recognized as revenue within one year[274](index=274&type=chunk) [Note 3 — Stock Options and Stock-Based Compensation](index=80&type=section&id=Note%203%20%E2%80%94%20Stock%20Options%20and%20Stock-Based%20Compensation) CorVel's Restated Omnibus Incentive Plan resulted in $5.0 million in share-based compensation expense in FY2024, with $8.2 million in unrecognized costs for 489,727 outstanding options Stock-Based Compensation Expense (in thousands) | Expense Category | Fiscal 2024 | Fiscal 2023 | Fiscal 2022 | | :--- | :--- | :--- | :--- | | Share-based compensation expense | $4,982,000 | $5,559,000 | $5,198,000 | | Income tax benefit recognized | ($987,000) | ($1,210,000) | ($1,119,000) | | **Amount charged to net income** | **$3,995,000** | **$4,349,000** | **$4,079,000** | - As of March 31, 2024, there was **$8,178,000** of total unrecognized compensation cost related to stock options, which is expected to be recognized over a weighted-average period of **3 years**[356](index=356&type=chunk) [Note 14 — Quarterly Results (Unaudited)](index=92&type=section&id=Note%2014%20%E2%80%94%20Quarterly%20Results%20%28Unaudited%29) Fiscal 2024 unaudited quarterly results show sequential revenue growth from $190.3 million in Q1 to $207.2 million in Q4, with net income fluctuating between $17.1 million and $19.9 million Fiscal Year 2024 Quarterly Results (Unaudited, in thousands) | Quarter | Revenues | Gross Profit | Net Income | | :--- | :--- | :--- | :--- | | First Quarter | $190,253 | $41,878 | $19,805 | | Second Quarter | $195,522 | $44,252 | $19,898 | | Third Quarter | $202,303 | $42,160 | $17,095 | | Fourth Quarter | $207,233 | $43,403 | $19,454 |

Core Viewpoint - CorVel Corporation reported strong financial results for the quarter and fiscal year ended March 31, 2024, with significant revenue and earnings growth compared to the previous year [1][2]. Financial Performance - Revenues for the quarter reached $207 million, up from $185 million year-over-year, representing an increase of approximately 11.9% [1]. - Earnings per share for the quarter were $1.12, compared to $1.04 in the same quarter of the prior year, reflecting a growth of about 7.7% [1]. - For the fiscal year, revenues totaled $795 million, an increase from $719 million in the previous fiscal year, marking a growth of approximately 10.6% [2]. - Earnings per share for the fiscal year were $4.40, up from $3.77, indicating a growth of about 16.7% [2]. Service and Market Position - Patient Management services, including revenue from Third Party Administration (TPA) customers, increased by 11%, significantly contributing to overall fiscal revenue growth [3]. - CorVel ranked third in Workers' Compensation revenue according to Business Insurance's 2024 TPA Rankings, showcasing the company's success in the market [3]. Operational Developments - The fiscal year 2024 saw a solid increase in new bookings and a net revenue retention rate of 108%, highlighting the company's commitment and market reputation [4]. - CorVel implemented Generative AI functionality, leading to substantial benefits and the introduction of a GAI-powered software as a service (SaaS) platform for the managed care market [5]. Technology Integration - The GAI-powered platform aims to automate tasks and enhance efficiencies within workflows, reducing IT constraints for partners and facilitating seamless integration with RMIS systems [5]. - CorVel utilizes advanced technologies such as artificial intelligence, machine learning, and natural language processing to improve care management and healthcare cost management [6].

[Financial Performance Summary](index=1&type=section&id=Financial%20Performance%20Summary) CorVel reported strong financial growth in both the fourth quarter and full fiscal year 2024, driven by increased revenues and diluted EPS [Fourth Quarter Fiscal 2024 Performance](index=1&type=section&id=Fourth%20Quarter%20Fiscal%202024%20Performance) CorVel reported a 11.7% year-over-year increase in revenue to $207 million and a 7.7% rise in diluted EPS to $1.12 for the fourth quarter ended March 31, 2024. Net income for the quarter grew to $19.5 million from $18.2 million in the prior-year period Q4 Fiscal 2024 vs. Q4 Fiscal 2023 Performance | Metric | Q4 FY 2024 | Q4 FY 2023 | Change | | :--- | :--- | :--- | :--- | | Revenues | $207.2M | $185.4M | +11.7% | | Net Income | $19.5M | $18.2M | +7.1% | | Diluted EPS | $1.12 | $1.04 | +7.7% | [Full Fiscal Year 2024 Performance](index=1&type=section&id=Full%20Fiscal%20Year%202024%20Performance) For the full fiscal year ended March 31, 2024, revenues grew by 10.7% to $795 million, and diluted EPS increased by 16.7% to $4.40. This growth was significantly driven by an 11% increase in Patient Management services Full Fiscal Year 2024 vs. 2023 Performance | Metric | FY 2024 | FY 2023 | Change | | :--- | :--- | :--- | :--- | | Revenues | $795.3M | $718.6M | +10.7% | | Net Income | $76.3M | $66.4M | +14.9% | | Diluted EPS | $4.40 | $3.77 | +16.7% | [Business and Operational Highlights](index=1&type=section&id=Business%20and%20Operational%20Highlights) The company's growth was driven by strong Patient Management services and market positioning, complemented by strategic investments in Generative AI and high client retention [Business Performance and Market Position](index=1&type=section&id=Business%20Performance%20and%20Market%20Position) The company's Patient Management services, which include revenue from Third Party Administration (TPA) customers, were a primary driver of growth, increasing 11% year-over-year. CorVel's market position was reinforced by its third-place ranking in Workers' Compensation revenue among TPAs by Business Insurance - Patient Management services, including TPA customers, saw an **11% revenue increase**, significantly contributing to the overall fiscal year revenue growth[3](index=3&type=chunk) - The company achieved a **third-place ranking** in Workers' Compensation revenue on Business Insurance's 2024 TPA Rankings and Directory[3](index=3&type=chunk) [Recent Developments and Strategic Initiatives](index=1&type=section&id=Recent%20Developments%20and%20Strategic%20Initiatives) Fiscal year 2024 was marked by a strong increase in new bookings and a high net revenue retention rate of 108%. A key strategic initiative was the investment in and implementation of a Generative AI (GAI)-powered SaaS platform aimed at automating tasks and enhancing workflow efficiencies in the managed care market - Fiscal year 2024 experienced a solid increase in new bookings and achieved a net revenue retention rate of **108%**[4](index=4&type=chunk) - Invested in and implemented Generative AI (GAI) functionality, introducing a GAI-powered SaaS platform to automate tasks and increase workflow efficiencies for partners[5](index=5&type=chunk) [Detailed Financial Statements](index=3&type=section&id=Detailed%20Financial%20Statements) CorVel's detailed financial statements show robust growth in revenues and net income, alongside a significant increase in total assets and cash reserves [Income Statement](index=3&type=section&id=Income%20Statement) The income statement for the fiscal year ended March 31, 2024, shows revenues of $795.3 million and a gross profit of $171.7 million, compared to $718.6 million and $158.3 million in the prior year, respectively. Income from operations grew to $95.1 million from $84.6 million Fiscal Year Ended March 31 - Income Statement Highlights (in thousands) | Account | 2024 | 2023 | | :--- | :--- | :--- | | Revenues | $795,311 | $718,562 | | Gross profit | $171,693 | $158,259 | | Income from operations | $95,101 | $84,554 | | Net income | $76,252 | $66,365 | [Condensed Balance Sheet](index=4&type=section&id=Condensed%20Balance%20Sheet) As of March 31, 2024, CorVel's total assets increased to $454.7 million from $393.9 million a year prior. This growth was supported by an increase in cash to $105.6 million and a rise in retained earnings to $807.9 million Condensed Balance Sheet Highlights (in thousands) | Account | March 31, 2024 | March 31, 2023 | | :--- | :--- | :--- | | Cash | $105,563 | $71,329 | | Accounts receivable, net | $97,108 | $81,034 | | Total Assets | $454,679 | $393,923 | | Accrued liabilities | $167,868 | $152,578 | | Retained earnings | $807,920 | $731,668 | | Total Liabilities & Equity | $454,679 | $393,923 | [Company Overview and Forward-Looking Statements](index=1&type=section&id=Company%20Overview%20and%20Forward-Looking%20Statements) CorVel leverages advanced technologies to manage healthcare costs, with forward-looking statements subject to inherent risks and uncertainties, including potential GAI system errors [About CorVel](index=1&type=section&id=About%20CorVel) CorVel Corporation specializes in managing healthcare costs for workers' compensation, health, auto, and liability services by applying advanced technologies such as artificial intelligence, machine learning, and natural language processing. The company partners with a diverse client base including employers, TPAs, insurance companies, and government agencies - CorVel applies technology including AI, machine learning, and natural language processing to enhance the management of care episodes and related health care costs[6](index=6&type=chunk) [Safe Harbor Statement](index=1&type=section&id=Safe%20Harbor%20Statement) This section outlines the forward-looking nature of statements in the press release, which are based on current expectations and subject to risks and uncertainties. It specifically mentions statements related to GAI functionality and operational efficiencies, cautioning that actual results could differ materially and highlighting risks such as potential errors in GAI systems - The press release contains forward-looking statements based on current expectations, which are not guarantees of future results and are subject to risks and uncertainties[7](index=7&type=chunk)[8](index=8&type=chunk) - A specified risk is that the company's Generative AI (GAI) could be prone to errors, which may cause inefficiencies and be costly to mitigate[8](index=8&type=chunk)

FORT WORTH, Texas, April 23, 2024 (GLOBE NEWSWIRE) -- CorVel Corporation (NASDAQ:CRVL), a national provider of risk management solutions, is announcing upcoming innovations to its managed care service offerings. Over the past year, CorVel has invested substantially in advanced technologies, particularly Generative AI. As a result, CorVel is pleased to introduce a new hub platform to the carrier market. This offering will lessen our partners' IT constraints and lead to better program outcomes. Founded over t ...

FORT WORTH, Texas, Feb. 28, 2024 (GLOBE NEWSWIRE) -- To meet the growing demand for cost-effective vocational evaluation services in workers' compensation, CorVel Corporation(NASDAQ:CRVL), a national provider of risk management solutions, has created a "center of excellence" for its clients, offering services virtually and in-person across the U.S. "Companies are focused on keeping good employees, so they value in-depth vocational evaluation assistance that enables them to get injured employees back to work ...

Revenue Growth - The Company's revenues increased to $202.3 million for the quarter ended December 31, 2023, up from $179.4 million in the same quarter of 2022, representing a growth of $22.9 million or 12.8%[75] - Patient management services revenues rose to $131.8 million, an increase of 10.8% from $118.9 million, primarily driven by higher revenue from TPA and related services[83] - Network solutions services revenues increased to $70.5 million, up 16.7% from $60.5 million, mainly due to growth with existing customers[83] - Revenues for the nine months ended December 31, 2023, reached $588.1 million, an increase of $55.0 million or 10.3% compared to $533.1 million for the same period in 2022[93] - Patient management services revenues increased to $389.4 million, up 10.2% from $353.2 million, primarily due to higher revenue from TPA and related services[93] Expenses - Cost of revenues increased to $160.1 million, up from $139.0 million, reflecting a rise of $21.1 million or 15.2%, primarily due to increased revenues and a 10% rise in salaries[86] - General and administrative expenses increased to $19.8 million, up from $18.1 million, a rise of $1.7 million or 9.2%[77] - Cost of revenues rose to $459.8 million for the nine months ended December 31, 2023, an increase of $43.0 million or 10.3% from $416.8 million in the prior year[94] - General and administrative expenses increased to $19.8 million for the three months ended December 31, 2023, up from $18.1 million in the same period in 2022, representing a 9.2% increase[88] Profitability - Net income for the quarter was $17.1 million, compared to $16.8 million in the same quarter of 2022, an increase of $246,000 or 1.5%[82] - Net income for the nine months ended December 31, 2023, was $56.8 million, an increase of $8.6 million or 17.8% from $48.2 million in the same period in 2022[92] - Income before income tax provision increased to $72.5 million, up 17.0% from $62.0 million in the prior year[96] Earnings Per Share - Diluted earnings per share increased to $0.99, up from $0.96, representing a growth of $0.03 or 3.1%[80] Taxation - The effective tax rate decreased to 23.6% for the quarter ended December 31, 2023, compared to 24.2% in the same quarter of 2022[78] - The effective tax rate decreased to 21.7% for the nine months ended December 31, 2023, compared to 22.1% in the same period in 2022[96] Cash and Market Risk - Cash increased to $107.0 million as of December 31, 2023, up from $71.3 million as of March 31, 2023, an increase of $35.7 million[97] - Net cash provided by operating activities increased to $84.0 million for the nine months ended December 31, 2023, up from $69.5 million in the same period in 2022, an increase of $14.5 million[102] - The company expects its cash and cash equivalents will be sufficient to meet its cash requirements for the next 12 months, including obligations and stock repurchase programs[101] - As of December 31, 2023, the fair value of the company's portfolio of cash and cash equivalents approximated its carrying value due to short-term duration[112] - The company estimated market risk as a potential decrease in fair value from a hypothetical one-percentage point increase in interest rates, with resulting fair values not materially different from carrying values[112] - The company held no market risk sensitive instruments for trading purposes as of December 31, 2023[113] - The company did not employ any derivative financial instruments or other financial instruments to hedge market risk[113] - The company had no debt outstanding as of December 31, 2023, resulting in no market risk related to debt[113] Claims - The Company experienced a 1.6% increase in total new claims for the quarter ended December 31, 2023, compared to the same period in 2022[83] - The percentage of total revenue from patient management services was 65.1% for the quarter ended December 31, 2023, compared to 66.3% in the previous year[81]

FORT WORTH, Texas, Jan. 30, 2024 (GLOBE NEWSWIRE) -- CorVel Corporation (NASDAQ:CRVL) announced the results for the quarter ended December 31, 2023. Revenues for the quarter were $202 million, an increase from $179 million in the December quarter of 2022. Earnings per share for the quarter were $0.99, compared to $0.96 in the same quarter of the prior year.   Revenues for the nine months ended December 31, 2023 were $588 million, compared to $533 million for the nine months ended December 31, 2022. Earnings ...