CorVel(US:CRVL)2024-08-01 20:30Revenue 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]