CRVL FY 2023 Earnings Report — CorVel Corporation Revenue & Financial Results | Market Cap Arena

CorVel CorporationCRVL

FY 2023 Earnings

Reported May 26, 2023

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2023	Prior Q	FY 2022	QoQ Change	YoY Change
Revenue	$719M	—	$646M	—	11.2%
Op. Income	$85M	—	$85M	—	0.0%
Gross Margin	22.0%	—	23.5%	—	-1.5pp
Net Margin	9.2%	—	10.3%	—	-1.0pp
EPS (Diluted)	$1.26	—	$1.22	—	3.3%
Free Cash Flow	$56M	—	$37M	—	49.6%

Revenue Flow

Item	Amount
REVENUE	$719M
Cost of Revenue	$560M
GROSS PROFIT	$158M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$74M
SG&A Expenses	$74M
Other Expenses	$0
Operating Expenses	$74M
Cost & Expenses	$634M
OPERATING INCOME	$85M
Interest Income	$0
Interest Expense	$0
Other Income/Expenses	$0
INCOME BEFORE TAX	$85M
Income Tax Expense	$18M
Net Income from Continuing Ops	$66M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$66M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$66M
D&A	$25M
EBIT	$85M
EBITDA	$110M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$719M
Cost of Revenue	$560M
GROSS PROFIT	$158M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$74M
SG&A Expenses	$74M
Other Expenses	$0
Operating Expenses	$74M
Cost & Expenses	$634M
OPERATING INCOME	$85M
Interest Income	$0
Interest Expense	$0
Other Income/Expenses	$0
INCOME BEFORE TAX	$85M
Income Tax Expense	$18M
Net Income from Continuing Ops	$66M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$66M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$66M
D&A	$25M
EBIT	$85M
EBITDA	$110M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$66M
Depreciation & Amortization	$25M
Stock-Based Compensation	$6M
Deferred Income Tax	-$2M
Other Non-Cash Items	$2M
Change in Working Capital	-$14M
OPERATING CASH FLOW	$82M
Capital Expenditure	-$26M
Acquisitions (Net)	$0
Purchases of Investments	$0
Sales/Maturities of Investments	$0
Other Investing Activities	$0
NET CASH FROM INVESTING	-$26M
Net Debt Issuance	$0
Common Stock Repurchased	-$94M
Common Dividends Paid	$0
Other Financing Activities	$12M
NET CASH FROM FINANCING	-$82M
FREE CASH FLOW	$56M
Net Change in Cash	-$26M

Balance Sheet

Item	Amount
Cash & Equivalents	$71M
Short-Term Investments	$0
Net Receivables	$81M
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$244M
PP&E (Net)	$110M
Goodwill	$37M
Intangible Assets	$1M
Long-Term Investments	$0
Tax Assets	$224.0K
Other Non-Current Assets	$1M
TOTAL NON-CURRENT ASSETS	$150M
TOTAL ASSETS	$394M
Account Payables	$15M
Short-Term Debt	$0
Deferred Revenue	$107M
Other Current Liabilities	$0
TOTAL CURRENT LIABILITIES	$168M
Long-Term Debt	$0
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$0
TOTAL NON-CURRENT LIABILITIES	$24M
TOTAL LIABILITIES	$192M
Common Stock	$3.0K
Additional Paid-In Capital	$219M
Retained Earnings	$732M
Treasury Stock	-$748M
Accum. Other Comp. Income	$0
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$202M
Minority Interest	$0
TOTAL EQUITY	$202M
TOTAL LIABILITIES & EQUITY	$394M
Total Debt	$34M
Net Debt	-$38M