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CorVel Announces Revenues and Earnings
Источник: Nasdaq GlobeNewswire / 31 янв 2023 06:15:00 America/New_York
FORT WORTH, Texas, Jan. 31, 2023 (GLOBE NEWSWIRE) -- CorVel Corporation (NASDAQ: CRVL) announced the results for the quarter ended December 31, 2022. Revenues for the quarter were $179 million, an increase from $165 million in the same quarter of the previous year. Earnings per share for the quarter were $0.96, compared to $0.76 in the same quarter of the prior year.
Revenues for the nine months ended December 31, 2022 were $533 million, compared to $475 million for the nine months ended December 31, 2021. Earnings per share for the nine months ended December 31, 2022 were $2.73, compared to $2.57 for the nine months ended December 31, 2021.
CorVel was pleased to have record new sales in its Enterprise Comp book of business serving the Workers’ Compensation market. Increasing market recognition and acknowledgment of results achieved were the primary drivers for the increase. Additionally, continued investments in managed care services have increased interest and, ultimately, the growth of CorVel’s carrier business.
The Company has also continued work in the area of digital transformation. Most recent efforts have focused on enhancing CorVel’s document repository system with AI-centric technologies. The advancements being implemented automate the extraction and codification of critical data, which can then be leveraged dynamically within systems. The development roadmap for the quarter and beyond includes increased automation and augmentation, which will further optimize bottom-line results and outcomes.
About CorVel
CorVel Corporation applies technology including artificial intelligence, machine learning and natural language processing to enhance the managing of episodes of care and the related health care costs. We partner with employers, third-party administrators, insurance companies and government agencies in managing workers’ compensation and health, auto and liability services. Our diverse suite of solutions combines our integrated technologies with a human touch. CorVel's customized services, delivered locally, are backed by a national team to support clients as well as their customers and patients.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
All statements included in this press release, other than statements or characterizations of historical fact, are forward-looking statements. These forward-looking statements are based on the Company’s current expectations, estimates and projections about the Company, management’s beliefs, and certain assumptions made by the Company, and events beyond the Company’s control, all of which are subject to change. Such forward-looking statements include, but are not limited to, statements relating to our commercial health-focused operation, improved productivity resulting from automation and augmentation across enterprise business systems. These forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause the Company’s actual results to differ materially and adversely from those expressed in any forward-looking statement, including the risk that the impact of the COVID-19 pandemic on our business, results of operations and financial condition is greater than our initial assessment.
The risks and uncertainties referred to above include but are not limited to factors described in this press release and the Company’s filings with the Securities and Exchange Commission, including but not limited to “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended March 31, 2022 and the Company’s Quarterly Report on Form 10-Q for the quarters ended June 30, 2022 and September 30, 2022. The forward-looking statements in this press release speak only as of the date they are made. The Company undertakes no obligation to revise or update publicly any forward-looking statement for any reason.
CorVel Corporation
Quarterly Results – Income Statement
Quarters and Nine Months Ended December 31, 2022 (unaudited) and December 31, 2021 (unaudited)Quarter Ended December 31, 2022 December 31, 2021 Revenues $ 179,386,000 $ 164,508,000 Cost of revenues 139,041,000 129,320,000 Gross profit 40,345,000 35,188,000 General and administrative 18,128,000 17,506,000 Income from operations 22,217,000 17,682,000 Income tax provision 5,368,000 3,824,000 Net income $ 16,849,000 $ 13,858,000 Earnings Per Share: Basic $ 0.98 $ 0.78 Diluted $ 0.96 $ 0.76 Weighted Shares Basic 17,245,000 17,785,000 Diluted 17,487,000 18,211,000 Nine Months Ended December 31, 2022 December 31, 2021 Revenues $ 533,119,000 $ 474,871,000 Cost of revenues 416,811,000 365,808,000 Gross profit 116,308,000 109,063,000 General and administrative 54,347,000 50,810,000 Income from operations 61,961,000 58,253,000 Income tax provision 13,765,000 11,480,000 Net income $ 48,196,000 $ 46,773,000 Earnings Per Share: Basic $ 2.77 $ 2.62 Diluted $ 2.73 $ 2.57 Weighted Shares Basic 17,379,000 17,841,000 Diluted 17,647,000 18,221,000 CorVel Corporation
Quarterly Results – Condensed Balance Sheet
December 31, 2022 (unaudited) and March 31, 2022December 31, 2022 March 31, 2022 Cash $ 78,031,000 $ 97,504,000 Customer deposits 82,857,000 69,781,000 Accounts receivable, net 82,791,000 82,586,000 Prepaid taxes and expenses 13,064,000 15,123,000 Property, net 82,066,000 76,268,000 Goodwill and other assets 38,942,000 38,964,000 Right-of-use asset, net 29,936,000 35,020,000 Total $ 407,687,000 $ 415,246,000 Accounts and taxes payable $ 16,616,000 $ 14,431,000 Accrued liabilities 169,810,000 156,939,000 Deferred tax liability 683,000 1,689,000 Long-term lease liabilities 25,773,000 29,792,000 Paid-in capital 210,907,000 201,612,000 Treasury stock (729,601,000 ) (654,520,000 ) Retained earnings 713,499,000 665,303,000 Total $ 407,687,000 $ 415,246,000 Contact: Melissa Storan Phone: 949-851-1473 www.corvel.com