CorVel(CRVL) - 2025 Q3 - Quarterly Report

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]