CORVEL CORP 10-K

Item 5. Market for Registrant’s Common Equity, Related Stoc kholder Matters and Issuer Purchases of Equity Securities. Market Information The Company’s common stock is traded on the Nasdaq Global Select Market under the symbol CRVL. Holders. As of May 23, 2023, there were approximately 760 holders of record of the Company’s common stock according to the information provided by the Company’s transfer agent. Dividends. The Company has never paid any cash dividends on its common stock and has no current plans to do so in the foreseeable future. The Company intends to retain future earnings, if any, for use in the Company’s business and for purchases of stock under its stock repurchase program. The payment of any future dividends on its common stock will be determined by the Board of Directors in light of conditions then existing, including the Company’s earnings, financial condition and requirements, restrictions in financing agreements, business conditions and other factors. Recent Sales of Unregistered Equity Securities. None. Issuer Purchases of Equity Securities. The following table summarizes purchases of the Company’s common stock made by or on behalf of the Company or on behalf of any affiliated purchaser in the quarter ended March 31, 2023. Period Total Number of Shares Purchased Average Price Paid Per Share Total Number of Shares Purchased as Part of Publicly Announced Program Maximum Number of Shares that may yet be Purchased Under the Program January 1 to January 31, 2023 38,146 $ 157.22 38,146 1,250,736 February 1 to February 28, 2023 31,095 183.21 31,095 1,219,641 March 1 to March 31, 2023 37,507 183.87 37,507 1,182,134 Total 106,748 $ 174.16 106,748 1,182,134 In 1996, the Company’s Board of Directors authorized a stock repurchase program initially for up to 100,000 shares of the Company’s common stock. The Company’s Board of Directors has periodically increased the number of shares of common stock authorized for repurchase under the program. In November 2022, the Company’s Board of Directors increased the number of shares of common stock authorized to be repurchased over the life of the program by 1,000,000 shares of common stock to 39,000,000 shares of common stock. As of March 31, 2023, the Company has repurchased 37,817,866 shares of its common stock over the life of the program. There is no expiration date for the program. 21 STOCK PERFORMANCE GRAPH The graph and the table depicted below show a comparison of cumulative total stockholder returns for the Company, the Nasdaq and the Nasdaq Healthcare Services Index over a five year period beginning on March 31, 2018. The graph assumes that $100 was invested in the Company’s Common Stock on March 31, 2018, and in each index, and that all dividends were reinvested. No cash dividends have been paid or declared on the Common Stock. Stockholder returns over the indicated period should not be considered indicative of future stockholder returns. 2018 2019 2020 2021 2022 2023 CorVel Corporation 100.00 129.06 107.83 202.95 333.21 376.42 U.S. Nasdaq 100.00 109.43 109.01 187.54 201.33 173.03 U.S. Nasdaq Healthcare Services 100.00 110.20 104.85 156.10 130.11 121.38 Notwithstanding anything to the contrary set forth in any of our previous filings made under the Securities Act or the Exchange Act that might incorporate future filings made by us under those statutes, neither the preceding Stock Performance Graph, nor the information relating to it, is “soliciting material” or is “filed” or is to be incorporated by reference into any such prior filings, nor shall such graph or information be incorporated by reference into any future filings made by us under those statutes. Item 6. [R e served.] 22 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations. Management's Discussion and Analysis of Financial Condition and Results of Operations financial condition appears in a separate section of this annual report immediately following the "Signatures" section, and is incorporated herein by this reference. Item 7A. Quantitative and Qualitat ive Disclosures About Market Risk. Market risk represents the risk of loss that may impact our financial position due to adverse changes in financial market prices and rates. Our market risk exposure is primarily the result of fluctuations in interest rates. We do not hold or issue financial instruments for trading purposes. Our invested assets are primarily held as cash and cash equivalents, which are subject to various market risk exposures such as interest rate risk. The fair value of our portfolio of cash and cash equivalents as of March 31, 2023 approximated its carrying value due to its short-term duration. We estimated market risk as the potential decrease in fair value resulting from a hypothetical one-percentage point increase in interest rates for the instruments contained in the cash and cash equivalents investment portfolio. The resulting fair values were not materially different from their carrying values at March 31, 2023. Item 8. Financial Statemen ts and Supplementary Data. The Company’s consolidated financial statements, as listed under Item 15(a)(1), appear in a separate section of this annual report, and are incorporated herein by this reference. The financial statement schedule is included below under Item 15(a)(2). The Company’s selected quarterly financial data appears in Note 14 to the Company’s consolidated financial statements in a separate section of this annual report, and is incorporated herein by this reference. Item 9. Changes in and Disagreements with Accou ntants on Accounting and Financial Disclosure. None.