Corvel (CRVL) Q2 FY2024 earnings: revenue $196 million, up 10.2% on the year

Corvel Corp. (CRVL) reported revenue of $196 million for Q2 FY2024, the quarter ended 30 September 2023, up 10.2% on the same quarter a year earlier. Net income was $20 million, up 35.8% on the year, and diluted earnings per share $0.38. The figures are the company's own, from the 10-Q it filed with the SEC on 2 November 2023.

Revenue$196 millionup 10.2%

Net income$20 millionup 35.8%

Diluted EPS$0.38

QuarterQ2 FY2024ended 30 September 2023

The quarter, against the one before and a year earlier

Line	Q2 FY2024	Quarter before	A year earlier	Change on the year
Revenue	196	n/a	n/a	n/a
Cost of revenue	151	n/a	n/a	n/a
Gross profit	44.3	n/a	n/a	n/a
Gross margin	22.6%	n/a	n/a
Pre-tax income	24.7	n/a	n/a	n/a
Income tax	4.8	n/a	n/a	n/a
Effective tax rate	19.5%	n/a	n/a
Net income	19.9	n/a	n/a	n/a
Net margin	10.2%	n/a	n/a
Diluted EPS	$0.38	n/a	n/a	n/a

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q2 FY2024	Quarter before	A year earlier	Change on the year
Operating cash flow	18.0	n/a	n/a	n/a
Capital expenditure	7.2	n/a	n/a	n/a
Free cash flow	10.8	n/a	n/a	n/a
Free cash flow margin	5.5%	n/a	n/a
Cash from investing	-7.2	n/a	n/a	n/a
Cash from financing	-5.6	n/a	n/a	n/a
Depreciation and amortisation	6.5	n/a	n/a	n/a
Share-based compensation	1.3	n/a	n/a	n/a
Buybacks	9.4	n/a	n/a	n/a
Diluted shares, weighted	52m	n/a	n/a	n/a
Shares outstanding at period end	51m	n/a	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q2 FY2024	Quarter before	A year earlier	Change on the year
Shareholders' equity	223	n/a	n/a	n/a
Operating lease liabilities	25.0	n/a	n/a	n/a
Other liabilities	186	n/a	n/a	n/a
Total liabilities and equity	434	n/a	n/a	n/a
Fixed assets	84.9	n/a	n/a	n/a
Goodwill	36.8	n/a	n/a	n/a
Intangible assets	1.0	n/a	n/a	n/a
Cash and equivalents	91.7	n/a	n/a	n/a
Receivables	86.9	n/a	n/a	n/a
Other assets	133	n/a	n/a	n/a
Total assets	434	n/a	n/a	n/a

Questions

What was Corvel's revenue in Q2 FY2024?

Corvel (CRVL) reported revenue of $196 million for Q2 FY2024, the quarter ended 30 September 2023, up 10.2% on the same quarter a year earlier.

How much did Corvel earn in Q2 FY2024?

Net income for Q2 FY2024 was $20 million, up 35.8% on the year, and diluted earnings per share $0.38.

When did Corvel report Q2 FY2024 results?

Corvel filed its 10-Q for the quarter ended 30 September 2023 with the SEC on 2 November 2023.

Quarterly results, the last 12 quarters

	Q2 FY2024	Q3 FY2024	Q4 FY2024	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026	Q4 FY2026 *	Q1 FY2027
Revenue	196	202	207	212	224	228	232	235	240	236	249	260
Cost of revenue	151	160	164	164	174	175	174	178	181	181	186	192
Gross profit	44.3	42.2	43.4	48.2	50.7	52.9	58.0	56.8	58.2	54.9	63.0	67.8
Gross margin	23%	21%	21%	23%	23%	23%	25%	24%	24%	23%	25%	26%
Pre-tax income	24.7	22.4	22.6	28.0	28.7	30.8	33.3	35.3	35.9	32.2	39.7	43.3
Tax rate	19%	24%	14%	23%	18%	23%	21%	23%	22%	25%	22%	26%
Net income	19.9	17.1	19.5	21.6	23.4	23.8	26.4	27.2	27.9	24.2	31.0	32.2
Net margin	10%	8%	9%	10%	10%	10%	11%	12%	12%	10%	12%	12%
Diluted EPS	$0.38	$0.33	$0.37	$0.42	$0.45	$0.46	$0.51	$0.52	$0.54	$0.47	$0.61	$0.63
Operating cash flow	18.0	29.4	15.2	40.4	22.3	41.6	22.9	55.0	25.0	46.1	29.5	49.9
Capital expenditure	7.2	6.9	10.0	7.7	9.9	9.5	8.7	15.5	9.8	11.0	9.2	6.8
Free cash flow	10.8	22.5	5.2	32.8	12.4	32.1	14.3	39.5	15.3	35.2	20.3	43.1
Buybacks	9.4	9.3	9.2	9.5	9.6	9.5	9.0	9.6	12.8	13.6	20.2	22.0
Shares outstanding	51m	51m	51m	51m	51m	51m	51m	51m	51m	51m	51m	51m
Filing	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 September 2023, filed 2 November 2023, accession 0000950170-23-058278: the filing on EDGAR. All of Corvel Corp.'s filings: EDGAR company page.

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