UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 0-19291 CORVEL CORPORATION (Exact Name of Registrant as Specified in its Charter) Delaware 33-0282651 (State or other jurisdiction of ...

Stock Repurchase and Financial Performance - In fiscal 2020, the company repurchased 822,353 shares of its common stock at a cost of $66 million, bringing total repurchases since 1996 to 36,285,591 shares for $532 million[18]. - The company has lifted the temporary suspension of its stock repurchase program and expects to resume it in the June 2020 quarter[18]. - The stock repurchase program has authorized the repurchase of up to 37,000,000 shares since its inception in 1996, with the most recent increase in February 2019[103]. - The company has a stock repurchase program authorized for up to 37 million shares, with 36,285,591 shares repurchased to date[148]. - The company has never paid cash dividends and intends to retain future earnings for business use and stock repurchase[146]. - Revenues for the fiscal year ended March 31, 2020, were $592.225 million, a slight decrease of 0.9% from $595.740 million in fiscal 2019[200]. - Gross profit for the fiscal year 2020 was $125.921 million, representing an increase of 0.9% compared to $124.809 million in fiscal 2019[200]. - Net income for fiscal 2020 was $47.377 million, up from $46.703 million in fiscal 2019, reflecting a growth of 1.4%[200]. - Basic net income per share increased to $2.59 in fiscal 2020 from $2.48 in fiscal 2019, marking a rise of 4.4%[200]. - Total assets as of March 31, 2020, were $416.260 million, an increase from $318.018 million in the previous year, indicating a growth of 30.9%[200]. - Cash and cash equivalents decreased to $83.223 million from $91.713 million in fiscal 2019, a decline of 9.1%[200]. - Working capital as of March 31, 2020, was $75.302 million, down from $98.574 million in fiscal 2019, a decrease of 23.5%[200]. - Return on beginning of year equity for fiscal 2020 was 24.3%, down from 27.3% in fiscal 2019[200]. - The company reported a total stockholders' equity of $189.711 million as of March 31, 2020, compared to $194.805 million in the previous year, a decrease of 2.2%[200]. - The income tax provision for fiscal 2020 was $13.334 million, slightly lower than $14.810 million in fiscal 2019, a decrease of 10.0%[200]. Services and Technology - The company offers a proprietary national PPO network comprising over 750,000 board-certified providers, enhancing healthcare cost management for employers[24]. - CorVel's artificial intelligence engine automates the bill review process with over 112 million individual rules, resulting in faster turnaround times and higher total savings[22]. - The company provides a full-feature pharmacy program that includes formulary management and discounted prescriptions, contributing to cost savings for workers' compensation claims[34]. - CorVel's claims management services utilize a proprietary rules engine to process reported incidents and injuries, ensuring immediate attention and expert claims professional assignment[40]. - CorVel's Symbeo technologies include scanning and document management services, expanding office automation capabilities across the company[32]. - CorVel's case management services focus on early intervention and rehabilitation, aiming to reduce the duration of disability and promote timely recovery[43]. - The company offers Medicare solutions to help employers comply with CMS requirements, including Medicare Set Asides and Agent Reporting Services[37]. - CorVel's Virtual Care Platform allows injured workers to connect with registered nurses for immediate assessment and care recommendations, potentially preventing minor injuries from escalating into costly claims[48]. - The company offers Utilization Management programs that utilize experienced registered nurses and proprietary protocols to avoid unnecessary treatments and associated costs[49]. - CorVel's Vocational Rehabilitation program assists injured workers in returning to work, providing services such as ergonomic assessments and job placement[50]. - Life Care Planning services project long-term care needs and costs for catastrophic injuries, aiding in timely claim resolutions[51]. - CareMC, CorVel's application platform, facilitates electronic communication and reporting, allowing users to manage claims and receive alerts for outlier events[59][61]. - CorVel Corporation provides medical cost containment and managed care services to address escalating medical costs in workers' compensation, automobile insurance, and group health insurance[205]. - The company offers network solutions services aimed at reducing medical service costs, including automated medical fee auditing and preferred provider management[206]. - Patient management services include claims management, case management, and 24/7 nurse triage, designed to expedite return to work for injured employees[207]. Market and Competitive Environment - The healthcare cost containment industry is competitive, with CorVel facing significant competition from larger companies with greater resources[65]. - There is a risk of declining sequential revenue growth, influenced by factors such as reduced manufacturing employment and competition in the workers' compensation market[84]. - The company faces challenges in maintaining market share among national and regional insurance carriers, which may impact future revenue[93]. - Increased competition from national managed care providers and insurance companies could adversely affect the company's growth and profits[94]. - The ongoing impacts of the pandemic may lead to prolonged economic slowdowns, affecting demand for the company's services and overall financial performance[89]. - Increased competition from managed care providers and legislative reforms may hinder the company's ability to retain customers and grow[112]. Operational Risks and Challenges - The company has experienced adverse effects on operations and financial results due to the COVID-19 pandemic, leading to significant volatility and economic disruption[82]. - Cybersecurity threats pose significant risks, including potential loss of sensitive information and operational disruptions, which could harm the company's reputation and financial condition[95]. - The company is subject to risks associated with strategic acquisitions, including integration challenges and potential negative impacts on operating results[90]. - The company is dependent on key management personnel, and the loss of key individuals could materially affect its business and financial condition[131]. - Customer contracts allow for termination without cause, and losing several customers in a short period could adversely impact results[132]. - The effectiveness of the company's information systems is crucial for enhancing its service model, and delays in system upgrades could negatively affect operations[134]. - The company has implemented remote working arrangements to mitigate COVID-19 risks, which may not fully address operational challenges[89]. - The company is sensitive to regional weather conditions, which can temporarily affect operations and results[137]. Regulatory and Economic Factors - CorVel's services are subject to various state and federal regulations, which may impact the demand for its services depending on legislative changes[67]. - Changes in government regulations may increase operational costs and reduce demand for services, impacting competitiveness[125]. - The reduction in workers' compensation claims due to a less labor-intensive economy may materially harm the company's results of operations[106]. - Rising costs of professional and general liability insurance could adversely affect profitability, with significant increases noted in recent years[123]. - Sustained increases in employee benefits costs may materially reduce profitability, influenced by macro-economic factors[124]. - Future performance may be impacted by risks such as global pandemics, cybersecurity incidents, and changes in regulatory environments[204]. Financial Reporting and Accounting - The consolidated balance sheets and statements of income for the fiscal years ended March 31, 2020, 2019, and 2018 are detailed on pages 48 to 51 of the annual report[178]. - The company's financial statements are incorporated by reference from the Definitive Proxy Statement for the 2020 Annual Meeting of Stockholders[178]. - The report of the independent registered public accounting firm is included on page 44 of the annual report[178]. - The consolidated statements of stockholders' equity for the fiscal years ended March 31, 2020, 2019, and 2018 are presented on page 50[178]. - The consolidated statements of cash flows for the fiscal years ended March 31, 2020, 2019, and 2018 are available on page 51[178]. - The financial statement schedule includes valuation and qualifying accounts, with specific details on the allowance for doubtful accounts[179]. - The allowance for doubtful accounts as of March 31, 2020, was $5,133,000, down from $5,508,000 in 2019, reflecting a decrease of approximately 6.8%[179]. - Additions charged to cost expenses for doubtful accounts in the fiscal year ended March 31, 2020, were $1,606,000, compared to $1,875,000 in 2019, indicating a decrease of about 14.3%[179]. - Deductions for doubtful accounts in the fiscal year ended March 31, 2020, were $(1,981,000), compared to $(918,000) in 2019, showing an increase in deductions of approximately 116.5%[179]. - The company has incorporated various exhibits related to stock option agreements and incentive plans in its filings[182]. - The company disclaims any obligation to update forward-looking statements based on future events or new information[204].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 2019 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to | --- | --- | --- | --- | --- | --- | --- | |---------------------------------------------------------------------------------------|-------|----------- ...

CorVel Corporation (NASDAQ:CRVL) Q4 2019 Earnings Conference Call February 4, 2020 11:30 AM ET Company Participants Michael Combs - President & CEO Brandon O'Brien - CFO Conference Call Participants Operator Thank you for standing by. Welcome to the CorVel Corporation Quarterly Earnings Release webcast. During the course of this webcast, CorVel Corporation may make projections or other forward-looking statements regarding future events or the future financial performances of the company. CorVel wishes to c ...

CorVel Corporation (NASDAQ:CRVL) Q3 2019 Earnings Conference Call November 5, 2019 11:30 AM ET Corporate Participants Michael Combs - President and Chief Executive Officer Brandon O'Brien - Chief Financial Officer Conference Call Participants Operator Thank you for standing by. Welcome to the CorVel Corporation Quarterly Earnings Release Webcast. During the course of this webcast, CorVel Corporation may make projections or other forward-looking statements regarding future events or the future financial perf ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2019 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 0-19291 Delaware 33-0282651 (State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.) 2 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2019 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to | --- | --- | |-----------------------------------------------------------------------------------------------------|--------------------------------------- ...

Financial Data and Key Metrics Changes - Earnings per share for the quarter ended June 30, 2019, were a record $0.71, increasing 15% from $0.62 per share in the same quarter of the prior year [5][32] - Revenues for the period were $150 million [5][32] - Net income increased due to attracting a higher mix of CERiS customer business, offsetting decreases in lower margin services [33] Business Line Data and Key Metrics Changes - Revenue for patient management, including third-party administration (TPA) services, was a record $99 million, an annual increase of 13% [33] - Revenue for network solutions sold in the wholesale market for the quarter was $51 million, down 19% from the same quarter of the prior year [35] - Gross profit in the wholesale business was down 17% from March 2018, but improved sequentially from the March quarter [35] Market Data and Key Metrics Changes - The landscape of the Work Comp TPA business consolidated further, opening additional opportunities for the company to align with customers focused on moving their programs forward [34] - The company has now risen to fourth place among the top three workers' compensation third-party administrators [34] Company Strategy and Development Direction - The company is focused on enhancing its claims management model, which has not evolved much over the past 50 years, by creating a new value-added service that improves patient experiences while reducing total costs for employers [6][7] - The company is leveraging emerging technologies such as AI and machine learning to transform its service offerings and improve operational efficiencies [10][15] - The Edge platform is attracting new wholesale customers who are embracing innovative approaches to casualty claims management [36] Management's Comments on Operating Environment and Future Outlook - Management noted that the current healthcare market is very active, with ongoing discussions about healthcare reform and the aging population [17] - The company anticipates that the market will shift from early adopters to a broader customer base as the benefits of new approaches become more apparent [13] - Management addressed a recent security incident that temporarily affected system availability but expressed confidence that it would not have a long-term material adverse impact on the business [29][30] Other Important Information - The company repurchased 124,411 shares for a total price of $9.1 million during the quarter, with a total of 35.6 million shares repurchased to date [37] - The quarter ending cash balance was $104 million, and days sales outstanding (DSO) increased to 41 days, up from one day a year ago [37] Q&A Session Summary Question: What is the impact of the recent security incident? - Management indicated that they are in the early stages of assessing the impact of the security incident and expect to incur certain costs and experience delays, but do not believe it will have a long-term material adverse impact on the business [30]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended March 31, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission File Number 0-19291 CorVel Corporation (Exact name of Registrant as specified in its Charter) Delaware 33-0282651 ( State or other jurisdiction of incor ...

CorVel Corp. (NASDAQ:CRVL) Q4 2018 Earnings Conference Call May 30, 2019 11:30 AM ET Company Participants Michael Combs - President Brandon O'Brien - Chief Financial Officer Conference Call Participants Operator Thank you for standing by. Welcome to the CorVel Corporation Quarterly Earnings Release Webcast. During the course of this webcast, CorVel Corporation may make projections or other forward-looking statements regarding future events or the future financial performances of the Company. CorVel wishes t ...