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 19, 2025, there were approximately 632 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, 2025. 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 still be Purchased Under the Program January 1 to January 31, 2025 26,932 $ 111.31 26,932 2,577,038 February 1 to February 28, 2025 24,585 115.85 24,585 2,552,453 March 1 to March 31, 2025 29,144 108.01 29,144 2,523,309 Total 80,661 $ 111.50 80,661 2,523,309 In 1996, the Board of Directors authorized a stock repurchase program initially for up to 100,000 original shares of our common stock. The Board of Directors has periodically increased the number of shares authorized for repurchase under the repurchase program. In November 2022, the Board of Directors increased the number of shares of common stock authorized to be repurchased over the life of the program by 3,000,000 shares to 117,000,000 shares. There is no expiration date for the program. The program does not obligate us to acquire any amount of common stock and may be suspended or discontinued at any time at our discretion. As of March 31, 2025, the Company has repurchased 114,476,691 shares of its common stock over the life of the program. 22 STOCK PERFORMANCE GRAPH The graph and the table depicted below show a comparison of cumulative total stockholder return on our Common Stock against the cumulative total return of the Nasdaq Composite and the Nasdaq Healthcare Services Index over a five year period beginning on March 31, 2020. The graph assumes that $100 was invested in the Company’s Common Stock, the Nasdaq Composite, and the Nasdaq Healthcare Services Index on March 31, 2020, 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. 2020 2021 2022 2023 2024 2025 CorVel Corporation 100.00 188.20 309.01 349.07 482.41 616.24 U.S. Nasdaq Composite 100.00 172.04 184.68 158.72 212.72 224.66 U.S. Nasdaq Healthcare Services 100.00 148.88 124.09 115.76 126.67 118.51 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.] 23