CorVel (CRVL) 10-Q 4 Aug 22 2023 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Jun. 30, 2022	Aug. 01, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Trading Symbol	CRVL
Entity Registrant Name	CORVEL CORPORATION
Entity Central Index Key	0000874866
Current Fiscal Year End Date	--03-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		17,404,962
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity File Number	0-19291
Entity Tax Identification Number	33-0282651
Entity Address, Address Line One	5128 Apache Plume Road
Entity Address, Address Line Two	Suite 400
Entity Address, City or Town	Fort Worth
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	76109
City Area Code	817
Local Phone Number	390-1416
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common Stock, Par Value $0.0001 Per Share
Security Exchange Name	NASDAQ
Entity Incorporation, State or Country Code	DE
Document Quarterly Report	true
Document Transition Report	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Jun. 30, 2022	Mar. 31, 2022
Current Assets
Cash and cash equivalents	$ 94,308,000	$ 97,504,000
Customer deposits	74,421,000	69,781,000
Accounts receivable, net	81,090,000	82,586,000
Prepaid taxes and expenses	10,816,000	15,123,000
Total current assets	260,635,000	264,994,000
Property and equipment, net	83,707,000	76,268,000
Goodwill	36,814,000	36,814,000
Other intangibles, net	1,562,000	1,669,000
Right-of-use asset, net	32,448,000	35,020,000
Other assets	511,000	481,000
TOTAL ASSETS	415,677,000	415,246,000
Current Liabilities
Accounts and taxes payable	23,901,000	14,431,000
Accrued liabilities	157,504,000	156,939,000
Total current liabilities	181,405,000	171,370,000
Deferred income taxes, net	1,345,000	1,689,000
Long-term lease liabilities	27,299,000	29,792,000
Total liabilities	210,049,000	202,851,000
Commitments and contingencies
Stockholders' Equity
Common stock, $.0001 par value: 120,000,000 shares authorized at June 30, 2022 and March 31, 2022; 54,832,358 shares issued (17,437,851 shares outstanding, net of Treasury shares) and 54,788,712 shares issued (17,569,087 shares outstanding, net of Treasury shares) at June 30, 2022 and March 31, 2022, respectively	3,000	3,000
Paid-in capital	204,839,000	201,609,000
Treasury stock (37,394,507 shares at June 30, 2022 and 37,219,625 shares at March 31, 2022)	(681,208,000)	(654,520,000)
Retained earnings	681,994,000	665,303,000
Total stockholders' equity	205,628,000	212,395,000
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 415,677,000	$ 415,246,000

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2022	Mar. 31, 2022
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	120,000,000	120,000,000
Common stock, shares issued	54,832,358	54,788,712
Common stock, shares outstanding	17,437,851	17,569,087
Treasury stock, shares	37,394,507	37,219,625

Consolidated Income Statements

Consolidated Income Statements - Unaudited - USD ($)	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Income Statement [Abstract]
REVENUES	$ 176,307,000	$ 152,620,000
Cost of revenues	136,438,000	115,407,000
Gross profit	39,869,000	37,213,000
General and administrative expenses	18,671,000	16,645,000
Income before income tax provision	21,198,000	20,568,000
Income tax provision	4,507,000	3,725,000
NET INCOME	$ 16,691,000	$ 16,843,000
Net income per common and common equivalent share
Basic	$ 0.95	$ 0.94
Diluted	$ 0.94	$ 0.92
Weighted average common and common equivalent shares
Basic	17,506,000	17,897,000
Diluted	17,803,000	18,220,000

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - UNAUDITED - USD ($)	Total	Common Stock [Member]	Paid-in Capital [Member]	Treasury Stock [Member]	Retained Earnings [Member]
Beginning balance at Mar. 31, 2021	$ 220,402,000	$ 3,000	$ 185,941,000	$ (564,435,000)	$ 598,893,000
Beginning balance, shares at Mar. 31, 2021		54,529,642		(36,653,552)
Stock issued under stock option plan, net of shares repurchased	5,145,000	$ 0	5,145,000	$ 0	0
Stock issued under stock option plan, net of shares repurchased, shares		113,110		0
Stock-based compensation expense	1,345,000	$ 0	1,345,000	$ 0	0
Purchase of treasury stock	(14,196,000)	0	0	$ (14,196,000)	0
Purchase of treasury stock, shares				(118,893)
Net income	16,843,000	0	0	$ 0	16,843,000
Ending balance at Jun. 30, 2021	229,539,000	$ 3,000	192,431,000	$ (578,631,000)	615,736,000
Ending balance, shares at Jun. 30, 2021		54,642,752		(36,772,445)
Beginning balance at Mar. 31, 2022	212,395,000	$ 3,000	201,609,000	$ (654,520,000)	665,303,000
Beginning balance, shares at Mar. 31, 2022		54,788,712		(37,219,625)
Stock issued under stock option plan, net of shares repurchased	1,851,000	$ 0	1,851,000	$ 0	0
Stock issued under stock option plan, net of shares repurchased, shares		43,646		0
Stock-based compensation expense	1,379,000	$ 0	1,379,000	$ 0	0
Purchase of treasury stock	$ (26,688,000)	0	0	$ (26,688,000)	0
Purchase of treasury stock, shares	(174,882)			(174,882)
Net income	$ 16,691,000	0	0	$ 0	16,691,000
Ending balance at Jun. 30, 2022	$ 205,628,000	$ 3,000	$ 204,839,000	$ (681,208,000)	$ 681,994,000
Ending balance, shares at Jun. 30, 2022		54,832,358		(37,394,507)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED - USD ($)	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash Flows from Operating Activities
NET INCOME	$ 16,691,000	$ 16,843,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	6,319,000	5,900,000
Loss (gain) on write down or disposal of property, capitalized software or investment	2,000	(11,000)
Stock compensation expense	1,379,000	1,345,000
Provision for doubtful accounts	452,000	170,000
Deferred income tax	(344,000)	(336,000)
Changes in operating assets and liabilities
Accounts receivable	1,044,000	(2,705,000)
Customer deposits	(4,640,000)	4,028,000
Prepaid taxes and expenses	4,307,000	(481,000)
Other assets	(30,000)	(377,000)
Accounts and taxes payable	4,197,000	3,257,000
Accrued liabilities	565,000	(12,894,000)
Operating lease liabilities	79,000	(279,000)
Net cash provided by operating activities	30,021,000	14,460,000
Cash Flows from Investing Activities
Purchase of property and equipment	(8,380,000)	(6,463,000)
Net cash used in investing activities	(8,380,000)	(6,463,000)
Cash Flows from Financing Activities
Purchase of treasury stock	(26,688,000)	(14,196,000)
Proceeds from employee stock purchase plan	1,851,000	5,145,000
Net cash used in financing activities	(24,837,000)	(9,051,000)
Decrease in cash and cash equivalents	(3,196,000)	(1,054,000)
Cash and cash equivalents at beginning of period	97,504,000	139,716,000
Cash and cash equivalents at end of period	94,308,000	138,662,000
Supplemental Cash Flow Information:
Income taxes paid	226,000	442,000
Purchase of software license under finance agreement	$ 5,273,000

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 1 — Summary of Significant Accounting Policies Basis of Presentation: The unaudited consolidated financial statements include the accounts of CorVel Corporation and its subsidiaries. Significant intercompany accounts and transactions have been eliminated in consolidation. The unaudited consolidated financial statements herein have been prepared by CorVel Corporation (“the Company”, “we”, “our”, “us”) pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”). The accompanying interim unaudited consolidated financial statements have been prepared under the presumption that users of the interim financial information have either read or have access to the audited consolidated financial statements for the latest fiscal year ended March 31, 2022. Accordingly, note disclosures which would substantially duplicate the disclosures contained in the March 31, 2022 audited consolidated financial statements have been omitted from these interim unaudited consolidated financial statements. The Company evaluated all subsequent events and transactions through the date of filing this report. Certain information and note disclosures normally included in financial statements prepared in accordance with United States generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. Operating results for the three months ended June 30, 2022 are not necessarily indicative of the results that may be expected for the fiscal year ending March 31, 2023. For further information, refer to the audited consolidated financial statements and notes thereto for the fiscal year ended March 31, 2022 included in the Company's Annual Report on Form 10-K filed with the SEC on May 27, 2022 . Recent Accounting Pronouncements: The Company has evaluated recent accounting pronouncements through the date the financial statements were issued and filed with the Securities and Exchange Commission and believe that there are none that will have a material impact on the Company’s financial statements.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Jun. 30, 2022
Revenue Recognition [Abstract]
Revenue Recognition	Note 2 – Revenue Recognition Revenue from Contracts with Customers Revenue is recognized when control of the promised services is transferred to the Company’s customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services. As the Company completes its performance obligations, which are identified below, it has an unconditional right to consideration as outlined in the Company’s contracts. Generally, the Company’s accounts receivable are expected to be collected in 30 days in accordance with the underlying payment terms. The Company generates revenue through its patient management and network solutions service lines. The Company operates in one reportable operating segment, managed care. Patient Management Service Line The patient management service line provides services primarily related to workers’ compensation claims management and case management. This service line also includes additional services such as accident and health claims programs. Each claim referred by the customer is considered an additional optional purchase of claims management services under the agreement with the customer. The transaction price is readily available from the contract and is fixed for each service. Revenue is recognized over time as services are provided as the performance obligations are satisfied through the effort expended to research, investigate, evaluate, document, and report the claim and control of these services is transferred to the customer. Revenue is recognized based on historical claim closure rates and claim type applied utilizing a portfolio approach based on time elapsed for these claims, generally between three and fifteen months . The Company believes this approach reasonably reflects the transfer of the claims management services to its customers. The Company’s obligation to manage claims and cases under the patient management service line can range from less than one year to multi-year contracts. They are generally one year under the terms of the contract; however, many of these contracts contain auto-renewal provisions and the Company’s customer relationships can span multiple years. Under certain claims management agreements, the Company receives consideration from a customer at contract inception prior to transferring services to the customer, however, the Company would begin performing services immediately. The period between a customer’s payment of consideration and the completion of the promised services is generally less than one year. There is no difference between the amount of promised consideration and the cash selling price of the promised services. The fee is billed upfront by the Company in order to provide customers with simplified and predictable ways of purchasing the Company’s services. The patient management service line also offers the services of case managers who provide administration services by proactively managing medical treatment for claimants while facilitating an understanding of and participation in their rehabilitation process. Revenue for case management services is recognized over time as the performance obligations are satisfied through the effort expended to manage the medical treatment for claimants and control of these services is transferred to the customer. Case management services are generally billed based on time incurred, are considered variable consideration, and revenue is recognized at the amount in which the Company has the right to invoice for services performed. The Company believes this approach reasonably reflects the transfer of the case management service to the customer. Network Solutions Service Line The network solutions service line consists primarily of medical bill review and third-party services. Medical bill review services provide an analysis of medical charges for customers’ claims to identify opportunities for savings. Medical bill review services revenues are recognized at a point in time when control of the service is transferred to the customer. Revenue is recognized based upon the transfer of the results of the medical bill review service to the customer as this is the most accurate depiction of the transfer of the service to the customer. Medical bill review revenues are variable and generally based on performance metrics set forth in the underlying contracts. Each period, the Company bases its estimates on a contract-by-contract basis. The Company makes its best estimate of amounts the Company has earned and expects to be collected using historical averages and other factors to project such revenues. Variable consideration is recognized when the Company concludes that it is probable that a significant revenue reversal will not occur in future periods. Third-party services revenue includes pharmacy, directed care services and other services, and includes amounts received from customers compensating the Company for certain third-party costs associated with providing its integrated network solutions services. The Company is considered the principal in these transactions as it directs the third party, controls the specified service, performs program utilization review, directs payment to the provider, accepts the financial risk of loss associated with services rendered, and combines the services provided into an integrated solution, as specified within the Company’s customer contracts. The Company has the ability to influence contractual fees with customers and possesses the financial risk of loss in certain contractual obligations. These factors indicate the Company is the principal and, as such, it is required to recognize revenue gross and service partner vendor fees in the operating expense in the Company’s consolidated statements of income. The following table presents revenues disaggregated by service line for the three months ended June 30, 2022 and 2021: Three Months Ended Three Months Ended June 30, 2022 June 30, 2021 Patient management services $ 114,810,000 $ 100,449,000 Network solutions services 61,497,000 52,171,000 Total services $ 176,307,000 $ 152,620,000 Arrangements with Multiple Performance Obligations For many of the Company’s services, the Company typically has one performance obligation; however, the Company also provides the customer with an option to acquire additional services. The Company offers multiple services under its patient management and network solutions service lines. The Company typically provides a menu of offerings from which the customer may choose to purchase. The price of each service is separate and distinct and provides a separate and distinct value to the customer. Pricing is generally consistent for each service irrespective of the other services or quantities requested by the customer. Contract Balances The timing of revenue recognition, billings and cash collections results in billed accounts receivables, unbilled receivables, and contract liabilities (reported as deferred revenues) on the Company’s consolidated balance sheets. Unbilled receivables are due to the Company unconditionally for services already rendered except for physical invoicing and the passage of time. Invoicing requirements vary by customer contract, but substantially all unbilled revenues are billed within one year . June 30, 2022 March 31, 2022 Billed receivables $ 56,967,000 $ 57,841,000 Allowance for doubtful accounts ( 2,924,000 ) ( 2,562,000 ) Unbilled receivables 27,047,000 27,307,000 Accounts receivable, net $ 81,090,000 $ 82,586,000 When the Company receives consideration from a customer prior to transferring services to the customer under the terms of certain claims management agreements, it records deferred revenues on the Company’s consolidated balance sheets, which represents a contract liability. Such deferred revenue is included within accrued liabilities on the accompanying consolidated balance sheets. Certain services, such as claims management, are provided under fixed-fee service agreements and require the Company to manage claims over a contract period, typically for one year with the option for auto renewal, with the fixed fee renewing on the anniversary date of such contracts. The Company recognizes deferred revenues as revenues when it performs services and transfers control of the services to the customer and satisfies the performance obligation which it determines utilizing a portfolio approach. For all fixed fee service agreements, revenues are recognized over the expected service periods by type of claim. The table below presents the deferred revenues balance and the significant activity affecting deferred revenues during the three months ended June 30, 2022: Three Months Ended June 30, 2022 Beginning balance at April 1, 2022 $ 25,796,000 Additions 10,288,000 Revenue recognized from beginning of period ( 6,980,000 ) Revenue recognized from additions ( 3,082,000 ) Ending balance at June 30, 2022 $ 26,022,000 Remaining Performance Obligations As of June 30, 2022 , the Company had $ 26.0 million of remaining performance obligations related to claims and non-claims services for which the price is fixed. Remaining performance obligations consist of deferred revenues. The Company expects to recognize approximately 98% of its remaining performance obligations as revenues within one year and the remaining balance thereafter. See the discussion below regarding the practical expedients elected for the disclosure of remaining performance obligations. Costs to Obtain a Contract The Company has an internal sales force compensation program where remuneration is based solely on the revenues recognized in the period and does not represent an incremental cost to the Company which provides a future benefit expected to be longer than one year and would meet the criteria to be capitalized and presented as unbilled receivables on the Company’s consolidated balance sheets. Practical Expedients Elected As a practical expedient, the Company does not adjust the consideration in a contract for the effects of a significant financing component. It expects, at contract inception, that the period between a customer’s payment of consideration and the transfer of promised services to the customer will be one year or less . For patient management services that are billed on a time-and-expense incurred or per unit basis and for which revenue is recognized over time, the Company recognizes revenue at the amount to which it has the right to invoice for services performed. The Company does not disclose the value of remaining performance obligations for (i) contracts for which it recognizes revenue at the amount to which it has the right to invoice for services performed, and (ii) contracts with variable consideration allocated entirely to a single performance obligation.

Stock-Based Compensation and St

Stock-Based Compensation and Stock Options	3 Months Ended
	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation and Stock Options	Note 3 — Stock-Based Compensation and Stock Options Under the Company’s Restated Omnibus Incentive Plan (formerly the Restated 1988 Executive Stock Option Plan) (“the Plan”) as in effect at June 30, 2022 , options exercisable for up to 20,615,000 shares of the Company’s common stock may be granted over the life of the Plan to key employees, non-employee directors, and consultants at exercise prices not less than the fair market value of the common stock on the date of grant. Options granted under the Plan are non-statutory stock options and generally vest 25 % one year from the date of grant with the remaining 75 % vesting ratably each month for the next 36 months. The options granted to employees and the Company’s Board of Directors expire at the end of five years and ten years from the date of grant, respectively. All options granted in the three months ended June 30, 2022 and 2021 were granted with an exercise price equal to the fair value of the Company’s common stock on the grant date and are non-statutory stock options. The Company records compensation expense for employee stock options based on the estimated fair value of the options on the date of grant using the Black-Scholes option-pricing model with the assumptions included in the table below. The Company uses historical data, among other factors, to estimate the expected volatility, the expected dividend yield and the expected option life. The Company accounts for forfeitures as they occur, rather than estimating expected forfeitures. The risk-free rate is based on the interest rate paid on a U.S. Treasury issue with a term similar to the estimated life of the option. The following assumptions were used to estimate the fair value of options granted during the three months ended June 30, 2022 and 2021 using the Black-Scholes option-pricing model: Three Months Ended June 30, 2022 June 30, 2021 Risk-free interest rate 2.81 % 0.81 % Expected volatility 36 % 34 % Expected dividend yield 0.00 % 0.00 % Expected weighted average life of option in years 4.3 years 4.4 years For the three months ended June 30, 2022 and 2021 , the Company recorded share-based compensation expense of $ 1,379,000 and $ 1,345,000 , respectively. The table below shows the amounts recognized in the unaudited consolidated financial statements for stock compensation expense for time-based options and performance-based options during the three mo nths ended June 30, 2022 and 2021, respectively. Three Months Ended June 30, 2022 June 30, 2021 Cost of revenues $ 580,000 $ 524,000 General and administrative 799,000 821,000 Total cost of stock-based compensation included in 1,379,000 1,345,000 Amount of income tax benefit recognized ( 293,000 ) ( 244,000 ) Amount charged against net income $ 1,086,000 $ 1,101,000 Effect on basic earnings per share $ ( 0.06 ) $ ( 0.06 ) Effect on diluted earnings per share $ ( 0.06 ) $ ( 0.06 ) The following table summarizes information for all stock options for the three months ended June 30, 2022 and 2021: Three Months Ended June 30, 2022 Three Months Ended June 30, 2021 Shares Weighted Shares Weighted Options outstanding, beginning 723,876 $ 84.55 937,158 $ 64.28 Options granted 44,600 148.89 33,000 119.48 Options exercised ( 43,739 ) 42.69 ( 118,756 ) 49.17 Options cancelled/forfeited ( 2,394 ) 121.79 ( 4,777 ) 72.97 Options outstanding, ending 722,343 $ 90.94 846,625 $ 68.50 The following table summarizes the status of stock options outstanding and exercisable at June 30, 2022: Range of Exercise Price Number of Weighted Outstanding Exercisable Exercisable $ 22.07 to $ 59.32 213,617 2.32 $ 48.76 187,864 $ 48.03 $ 59.33 to $ 87.49 191,401 3.11 77.92 99,870 77.16 $ 87.50 to $ 148.89 221,425 3.67 105.87 51,057 94.44 $ 148.90 to $ 197.16 95,900 5.03 176.39 — — Total 722,343 3.30 $ 90.94 338,791 $ 63.61 The following table summarizes the status of all outstanding options at June 30, 2022, and changes during the three months then ended: Number Weighted Weighted Aggregate Intrinsic Options outstanding at April 1, 2022 723,876 $ 84.55 Granted 44,600 148.89 Exercised ( 43,739 ) 42.69 Cancelled – forfeited ( 2,394 ) 121.79 Ending outstanding 722,343 $ 90.94 3.30 $ 43,555,855 Ending vested and expected to vest 657,869 $ 89.54 3.32 $ 40,212,900 Ending exercisable at June 30, 2022 338,791 $ 63.61 2.55 $ 28,342,859 The weighted-average grant-date fair value of options granted during the three months ended June 30, 2022 and 2021 , was $ 49.97 and $ 34.43 , respectively. Included in the above-noted stock option grants and stock compensation expense are performance-based stock options that vest only upon the Company’s achievement of certain earnings per share targets on a calendar year basis, as determined by the Company’s Board of Directors. These options were valued in the same manner as the time-based options. However, the Company only recognizes stock compensation expense to the extent that the targets are determined to be probable of being achieved, which triggers the vesting of the performance options. The Company recognized $ 578,000 and $ 605,000 of stock compensation expense for the three months ended June 30, 2022 and 2021 , respectively, for performance-based stock options.

Treasury Stock

Treasury Stock	3 Months Ended
	Jun. 30, 2022
Equity [Abstract]
Treasury Stock	Note 4 — Treasury Stock The Company’s Board of Directors approved the commencement of a stock repurchase program in the fall of 1996. In May 2021, the Company’s Board of Directors approved a 1,000,000 share expansion to the Company’s existing stock repurchase program, increasing the total number of shares of the Company’s common stock approved for repurchase over the life of the program to 38,000,000 shares. Since the commencement of the stock repurchase program, the Company has spent $ 681 million on the repurchase of 37,394,507 shares of its common stock, equal to 68 % of the outstanding common stock had there been no repurchases. The average price of these repurchases was $ 18.22 per share. These repurchases were funded primarily by the net earnings of the Company, along with proceeds from the exercise of common stock options. During the three months ended June 30, 2022, the Company repurchased 174,882 shares of its common stock for $ 26.7 million at an average price of $ 152.60 per share. The Company had 17,437,851 shares of common stock outstanding as of June 30, 2022 , net of the 37,394,507 shares in treasury. During the period subsequent to the quarter ended June 30, 2022 , the Company repurchased 54,619 shares of its common stock for $ 8.4 million at an average price of $ 153.75 per share under the Company’s stock repurchase program.

Weighted Average Shares and Net

Weighted Average Shares and Net Income Per Share	3 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Weighted Average Shares and Net Income Per Share	Note 5 — Weighted Average Shares and Net Income Per Share Basic weighted average common shares outstanding decreased to 17,506,000 for the quarter ended June 30, 2022 from 17,897,000 for the quarter ended June 30, 2021 . Diluted weighted average common and common equivalent shares outstanding decreased to 17,803,000 for the quarter ended June 30, 2022 from 18,220,000 for the quarter ended June 30, 2021. Net income per common and common equivalent share was computed by dividing net income by the weighted average number of common and common share equivalents outstanding during the period. The following table sets forth the calculations of the basic and diluted weighted average common shares for the three months ended June 30, 2022 and 2021: Three Months Ended June 30, 2022 2021 Net Income $ 16,691,000 $ 16,843,000 Basic: Weighted average common shares outstanding 17,506,000 17,897,000 Net Income per share $ 0.95 $ 0.94 Diluted: Weighted average common shares outstanding 17,506,000 17,897,000 Treasury stock impact of stock options 297,000 323,000 Total common and common equivalent shares 17,803,000 18,220,000 Net Income per share $ 0.94 $ 0.92

Contingencies and Legal Proceed

Contingencies and Legal Proceedings	3 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Contingencies and Legal Proceedings	Note 6 — Contingencies and Legal Proceedings The Company is involved in litigation arising in the ordinary course of business. The Company believes that resolution of these matters will not result in any payment that, individually or in the aggregate, would be material to the consolidated financial position or results of operations of the Company.

Accounts and Income Taxes Payab

Accounts and Income Taxes Payable and Accrued Liabilities	3 Months Ended
	Jun. 30, 2022
Payables and Accruals [Abstract]
Accounts and Income Taxes Payable and Accrued Liabilities	Note 7 — Accounts and Income Taxes Payable and Accrued Liabilities The following table sets forth accounts payable, income taxes payable, and accrued liabilities at June 30, 2022 and March 31, 2022: June 30, 2022 March 31, 2022 Accounts payable $ 19,279,000 $ 14,080,000 Income taxes payable and uncertain tax positions 4,622,000 351,000 Total accounts and taxes payable $ 23,901,000 $ 14,431,000 June 30, 2022 March 31, 2022 Payroll, payroll taxes and employee benefits $ 33,971,000 $ 36,066,000 Customer deposits 74,421,000 69,781,000 Accrued professional service fees 6,165,000 8,073,000 Self-insurance accruals 2,700,000 2,798,000 Deferred revenue 26,022,000 25,796,000 Operating lease liabilities 12,718,000 13,348,000 Other 1,507,000 1,077,000 Total accrued liabilities $ 157,504,000 $ 156,939,000

Leases

Leases	3 Months Ended
	Jun. 30, 2022
Leases [Abstract]
Leases	Note 8 — Leases The Company determines if an arrangement is or contains a lease at contract inception. These lease agreements have remaining lease terms of 1 to 15 years . The Company recognizes a right-of-use (“ROU”) asset and a lease liability at the lease commencement date. The lease liability is initially measured at the present value of the unpaid lease payments as of the lease commencement date. Key estimates and judgments include how the Company determines (1) the discount rate it uses to discount the unpaid lease payments to present value, (2) the lease term, and (3) lease payments. ASC 842 requires a lessee to discount its unpaid lease payments using the interest rate implicit in the lease or, if that rate cannot be readily determined, its incremental borrowing rate. Generally, the Company cannot determine the interest rate implicit in the lease because it does not have access to the lessor's estimated residual value or the amount of the lessor's deferred initial direct costs. Therefore, the Company generally uses its incremental borrowing rate as the discount rate for the lease. The Company's incremental borrowing rate for a lease is the rate of interest it would have to pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms. Because the Company does not generally borrow on a collateralized basis, it uses quoted interest rates obtained from financial institutions as an input to derive an appropriate incremental borrowing rate, adjusted for the amount of the lease payments, the lease term, and the effect on that rate of designating specific collateral with a value equal to the unpaid lease payments for that lease. The Company’s lease agreements may include options to extend the lease following the initial term. At the time of adopting ASC 842, the Company determined that it was reasonably certain it would exercise the option to renew; accordingly, these options were considered in determining the initial lease term. The Company elected the practical expedient of hindsight in determining the option to renew. During the June quarter in fiscal 2022, the Company has reassessed the assumption of the renewal term and determined that due to the COVID-19 pandemic, the Company is now expecting more of its workforce to be working from home permanently. Therefore, expecting a reduction in overall square footage of office space needs, the Company no longer believes it is reasonably certain it will exercise most of its options to renew, and therefore, has removed the renewal term of several lease obligations. The subsequent re-measurement reduced the right-of-use asset and related lease liability on the consolidated balance sheet, but had an immaterial impact on the income statement. For lease agreements entered into or reassessed after the adoption of ASC 842, the Company has elected the practical expedient to account for the lease and non-lease components as a single lease component. Therefore, for those leases, the lease payments used to measure the lease liability include all of the fixed consideration in the contract. Variable lease payments associated with the Company’s leases are recognized upon occurrence of the event, activity, or circumstance in the lease agreement on which those payments are assessed. Leases with an initial term of 12 months or less are not recorded on the balance sheet. The Company recognizes lease expense for these leases on a straight-line basis over the lease term. The components of lease expense are as follows: Three Months Ended Three Months Ended June 30, 2022 June 30, 2021 Operating lease expense $ 3,177,000 $ 3,612,000 Finance lease expense 24,000 25,000 Short-term lease expense 18,000 35,000 Variable lease expense 501,000 387,000 Total lease expenses $ 3,720,000 $ 4,059,000 The following table presents the lease related assets and liabilities recorded on the Company’s consolidated balance sheets related to its operating leases: June 30, 2022 March 31, 2022 Right-of-use asset, net $ 32,448,000 $ 35,020,000 Short-term lease liability $ 12,718,000 $ 13,348,000 Long-term lease liability 27,299,000 29,792,000 Total lease liabilities $ 40,017,000 $ 43,140,000 Weighted average remaining operating lease term 4.23 years 4.32 years Weighted average remaining finance lease term 3 years 3.25 years Weighted average discount rate 2.7 % 2.6 % Supplemental cash flow information related to operating leases for the three months ended June 30, 2022 and 2021 was as follows: Three Months Ended Three Months Ended June 30, 2022 June 30, 2021 Cash paid for amounts included in the measurement of $ 3,731,000 $ 3,780,000 Operating lease liabilities arising from obtaining ROU assets $ 54,236,000 $ 59,448,000 Finance lease liabilities arising from obtaining ROU assets $ 358,000 $ 358,000 Reductions to ROU assets resulting from reductions to $ 6,230,000 $ 2,929,000 As of June 30, 2022, maturities of operating lease liabilities for each of the next five years and thereafter are as follows: 2023 $ 10,487,000 2024 9,811,000 2025 7,587,000 2026 5,413,000 2027 3,792,000 Thereafter 5,552,000 Total lease payments 42,642,000 Less interest ( 2,625,000 ) Total lease liabilities $ 40,017,000 As of June 30, 2022 , the Company has approximately $ 5.3 million of additional operating lease commitments that have not yet commenced. These additional leases commence in 2022 and have lease terms between 2 years and 5 years.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation: The unaudited consolidated financial statements include the accounts of CorVel Corporation and its subsidiaries. Significant intercompany accounts and transactions have been eliminated in consolidation. The unaudited consolidated financial statements herein have been prepared by CorVel Corporation (“the Company”, “we”, “our”, “us”) pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”). The accompanying interim unaudited consolidated financial statements have been prepared under the presumption that users of the interim financial information have either read or have access to the audited consolidated financial statements for the latest fiscal year ended March 31, 2022. Accordingly, note disclosures which would substantially duplicate the disclosures contained in the March 31, 2022 audited consolidated financial statements have been omitted from these interim unaudited consolidated financial statements. The Company evaluated all subsequent events and transactions through the date of filing this report. Certain information and note disclosures normally included in financial statements prepared in accordance with United States generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. Operating results for the three months ended June 30, 2022 are not necessarily indicative of the results that may be expected for the fiscal year ending March 31, 2023. For further information, refer to the audited consolidated financial statements and notes thereto for the fiscal year ended March 31, 2022 included in the Company's Annual Report on Form 10-K filed with the SEC on May 27, 2022
Recent Accounting Pronouncements	Recent Accounting Pronouncements: The Company has evaluated recent accounting pronouncements through the date the financial statements were issued and filed with the Securities and Exchange Commission and believe that there are none that will have a material impact on the Company’s financial statements.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Jun. 30, 2022
Revenue Recognition [Abstract]
Schedule of Disaggregated Revenue by Service Line	The following table presents revenues disaggregated by service line for the three months ended June 30, 2022 and 2021: Three Months Ended Three Months Ended June 30, 2022 June 30, 2021 Patient management services $ 114,810,000 $ 100,449,000 Network solutions services 61,497,000 52,171,000 Total services $ 176,307,000 $ 152,620,000
Schedule of Accounts Receivable, Net	June 30, 2022 March 31, 2022 Billed receivables $ 56,967,000 $ 57,841,000 Allowance for doubtful accounts ( 2,924,000 ) ( 2,562,000 ) Unbilled receivables 27,047,000 27,307,000 Accounts receivable, net $ 81,090,000 $ 82,586,000
Schedule of Deferred Revenues Balance as of Transition Date and Significant Activity Affecting Deferred Revenues	The table below presents the deferred revenues balance and the significant activity affecting deferred revenues during the three months ended June 30, 2022: Three Months Ended June 30, 2022 Beginning balance at April 1, 2022 $ 25,796,000 Additions 10,288,000 Revenue recognized from beginning of period ( 6,980,000 ) Revenue recognized from additions ( 3,082,000 ) Ending balance at June 30, 2022 $ 26,022,000

Stock-Based Compensation and _2

Stock-Based Compensation and Stock Options (Tables)	3 Months Ended
	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Fair Value of Options Granted	The following assumptions were used to estimate the fair value of options granted during the three months ended June 30, 2022 and 2021 using the Black-Scholes option-pricing model: Three Months Ended June 30, 2022 June 30, 2021 Risk-free interest rate 2.81 % 0.81 % Expected volatility 36 % 34 % Expected dividend yield 0.00 % 0.00 % Expected weighted average life of option in years 4.3 years 4.4 years
Stock Compensation Expense for Time Based Options and Performance Based Options	The table below shows the amounts recognized in the unaudited consolidated financial statements for stock compensation expense for time-based options and performance-based options during the three mo nths ended June 30, 2022 and 2021, respectively. Three Months Ended June 30, 2022 June 30, 2021 Cost of revenues $ 580,000 $ 524,000 General and administrative 799,000 821,000 Total cost of stock-based compensation included in 1,379,000 1,345,000 Amount of income tax benefit recognized ( 293,000 ) ( 244,000 ) Amount charged against net income $ 1,086,000 $ 1,101,000 Effect on basic earnings per share $ ( 0.06 ) $ ( 0.06 ) Effect on diluted earnings per share $ ( 0.06 ) $ ( 0.06 )
Stock Options	The following table summarizes information for all stock options for the three months ended June 30, 2022 and 2021: Three Months Ended June 30, 2022 Three Months Ended June 30, 2021 Shares Weighted Shares Weighted Options outstanding, beginning 723,876 $ 84.55 937,158 $ 64.28 Options granted 44,600 148.89 33,000 119.48 Options exercised ( 43,739 ) 42.69 ( 118,756 ) 49.17 Options cancelled/forfeited ( 2,394 ) 121.79 ( 4,777 ) 72.97 Options outstanding, ending 722,343 $ 90.94 846,625 $ 68.50
Stock Options Outstanding and Exercisable	The following table summarizes the status of stock options outstanding and exercisable at June 30, 2022: Range of Exercise Price Number of Weighted Outstanding Exercisable Exercisable $ 22.07 to $ 59.32 213,617 2.32 $ 48.76 187,864 $ 48.03 $ 59.33 to $ 87.49 191,401 3.11 77.92 99,870 77.16 $ 87.50 to $ 148.89 221,425 3.67 105.87 51,057 94.44 $ 148.90 to $ 197.16 95,900 5.03 176.39 — — Total 722,343 3.30 $ 90.94 338,791 $ 63.61
Outstanding Options	The following table summarizes the status of all outstanding options at June 30, 2022, and changes during the three months then ended: Number Weighted Weighted Aggregate Intrinsic Options outstanding at April 1, 2022 723,876 $ 84.55 Granted 44,600 148.89 Exercised ( 43,739 ) 42.69 Cancelled – forfeited ( 2,394 ) 121.79 Ending outstanding 722,343 $ 90.94 3.30 $ 43,555,855 Ending vested and expected to vest 657,869 $ 89.54 3.32 $ 40,212,900 Ending exercisable at June 30, 2022 338,791 $ 63.61 2.55 $ 28,342,859

Weighted Average Shares and N_2

Weighted Average Shares and Net Income Per Share (Tables)	3 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Calculations of Basic and Diluted Weighted Average Common Shares	The following table sets forth the calculations of the basic and diluted weighted average common shares for the three months ended June 30, 2022 and 2021: Three Months Ended June 30, 2022 2021 Net Income $ 16,691,000 $ 16,843,000 Basic: Weighted average common shares outstanding 17,506,000 17,897,000 Net Income per share $ 0.95 $ 0.94 Diluted: Weighted average common shares outstanding 17,506,000 17,897,000 Treasury stock impact of stock options 297,000 323,000 Total common and common equivalent shares 17,803,000 18,220,000 Net Income per share $ 0.94 $ 0.92

Accounts and Income Taxes Pay_2

Accounts and Income Taxes Payable and Accrued Liabilities (Tables)	3 Months Ended
	Jun. 30, 2022
Payables and Accruals [Abstract]
Accounts Payable, Income Taxes Payable and Accrued Liabilities	The following table sets forth accounts payable, income taxes payable, and accrued liabilities at June 30, 2022 and March 31, 2022: June 30, 2022 March 31, 2022 Accounts payable $ 19,279,000 $ 14,080,000 Income taxes payable and uncertain tax positions 4,622,000 351,000 Total accounts and taxes payable $ 23,901,000 $ 14,431,000 June 30, 2022 March 31, 2022 Payroll, payroll taxes and employee benefits $ 33,971,000 $ 36,066,000 Customer deposits 74,421,000 69,781,000 Accrued professional service fees 6,165,000 8,073,000 Self-insurance accruals 2,700,000 2,798,000 Deferred revenue 26,022,000 25,796,000 Operating lease liabilities 12,718,000 13,348,000 Other 1,507,000 1,077,000 Total accrued liabilities $ 157,504,000 $ 156,939,000

Leases (Tables)

Leases (Tables)	3 Months Ended
	Jun. 30, 2022
Leases [Abstract]
Summary of Components of Lease Expenses	The components of lease expense are as follows: Three Months Ended Three Months Ended June 30, 2022 June 30, 2021 Operating lease expense $ 3,177,000 $ 3,612,000 Finance lease expense 24,000 25,000 Short-term lease expense 18,000 35,000 Variable lease expense 501,000 387,000 Total lease expenses $ 3,720,000 $ 4,059,000
Summary of Lease Related Assets and Liabilities Recorded in Balance Sheet Related to Operating Leases	The following table presents the lease related assets and liabilities recorded on the Company’s consolidated balance sheets related to its operating leases: June 30, 2022 March 31, 2022 Right-of-use asset, net $ 32,448,000 $ 35,020,000 Short-term lease liability $ 12,718,000 $ 13,348,000 Long-term lease liability 27,299,000 29,792,000 Total lease liabilities $ 40,017,000 $ 43,140,000 Weighted average remaining operating lease term 4.23 years 4.32 years Weighted average remaining finance lease term 3 years 3.25 years Weighted average discount rate 2.7 % 2.6 %
Schedule of Supplemental Cash Flow Information Related to Operating Leases	Supplemental cash flow information related to operating leases for the three months ended June 30, 2022 and 2021 was as follows: Three Months Ended Three Months Ended June 30, 2022 June 30, 2021 Cash paid for amounts included in the measurement of $ 3,731,000 $ 3,780,000 Operating lease liabilities arising from obtaining ROU assets $ 54,236,000 $ 59,448,000 Finance lease liabilities arising from obtaining ROU assets $ 358,000 $ 358,000 Reductions to ROU assets resulting from reductions to $ 6,230,000 $ 2,929,000
Summary of Maturities of Operating Lease Liabilities	As of June 30, 2022, maturities of operating lease liabilities for each of the next five years and thereafter are as follows: 2023 $ 10,487,000 2024 9,811,000 2025 7,587,000 2026 5,413,000 2027 3,792,000 Thereafter 5,552,000 Total lease payments 42,642,000 Less interest ( 2,625,000 ) Total lease liabilities $ 40,017,000

Revenue Recognition - Additiona

Revenue Recognition - Additional Information (Detail) $ in Millions	3 Months Ended
	Jun. 30, 2022 USD ($) Segment
Disaggregation Of Revenue [Line Items]
Accounts receivable due period	30 days
Number of reportable segments | Segment	1
Revenue recognition, number of performance obligation	1
Latest duration of unbilled revenue, billing	1 year
Revenue, remaining performance obligation, amount | $	$ 26
Revenue, remaining performance obligation, expected timing of satisfaction, explanation	The Company expects to recognize approximately 98% of its remaining performance obligations as revenues within one year and the remaining balance thereafter.
Capitalized contract cost, judgment	The Company has an internal sales force compensation program where remuneration is based solely on the revenues recognized in the period and does not represent an incremental cost to the Company which provides a future benefit expected to be longer than one year and would meet the criteria to be capitalized and presented as unbilled receivables on the Company’s consolidated balance sheets.
Period between consideration received and service rendered	one year or less
Patient Management Services [Member]
Disaggregation Of Revenue [Line Items]
Contract with customer, performance obligation, description	The Company’s obligation to manage claims and cases under the patient management service line can range from less than one year to multi-year contracts. They are generally one year under the terms of the contract; however, many of these contracts contain auto-renewal provisions and the Company’s customer relationships can span multiple years. Under certain claims management agreements, the Company receives consideration from a customer at contract inception prior to transferring services to the customer, however, the Company would begin performing services immediately. The period between a customer’s payment of consideration and the completion of the promised services is generally less than one year. There is no difference between the amount of promised consideration and the cash selling price of the promised services. The fee is billed upfront by the Company in order to provide customers with simplified and predictable ways of purchasing the Company’s services.
Patient Management Services [Member] | Minimum [Member]
Disaggregation Of Revenue [Line Items]
Revenue recognition, time elapsed for claims	3 months
Patient Management Services [Member] | Maximum [Member]
Disaggregation Of Revenue [Line Items]
Revenue recognition, time elapsed for claims	15 months

Revenue Recognition - Schedule

Revenue Recognition - Schedule of Revenues Disaggregated by Service Line (Detail) - USD ($)	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Disaggregation Of Revenue [Line Items]
Total services	$ 176,307,000	$ 152,620,000
Patient Management Services [Member]
Disaggregation Of Revenue [Line Items]
Total services	114,810,000	100,449,000
Network Solutions Services [Member]
Disaggregation Of Revenue [Line Items]
Total services	$ 61,497,000	$ 52,171,000

Revenue Recognition - Schedul_2

Revenue Recognition - Schedule of Accounts Receivable, Net (Detail) - USD ($)	Jun. 30, 2022	Mar. 31, 2022
Accounts Receivable, after Allowance for Credit Loss, Current [Abstract]
Billed receivables	$ 56,967,000	$ 57,841,000
Allowance for doubtful accounts	(2,924,000)	(2,562,000)
Unbilled receivables	27,047,000	27,307,000
Accounts receivable, net	$ 81,090,000	$ 82,586,000

Revenue Recognition - Schedul_3

Revenue Recognition - Schedule of Deferred Revenues Balance as of Transition Date and Significant Activity Affecting Deferred Revenues (Detail)	3 Months Ended
	Jun. 30, 2022 USD ($)
Change in Contract with Customer, Liability [Abstract]
Beginning balance at April 1, 2021	$ 25,796,000
Additions	10,288,000
Revenue recognized from beginning of period	(6,980,000)
Revenue recognized from additions	(3,082,000)
Ending balance at June 30, 2022	$ 26,022,000

Revenue Recognition - Additio_2

Revenue Recognition - Additional Information (Detail1)	Jun. 30, 2022
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-10-01
Disaggregation Of Revenue [Line Items]
Revenue, remaining performance obligation, expected recognition as revenue, period	1 year

Stock-Based Compensation and _3

Stock-Based Compensation and Stock Options - Additional Information (Detail) - USD ($)	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-statutory stock options expiration period	5 years
Weighted-average grant-date fair value of options granted	$ 49.97	$ 34.43
Time Based Options and Performance Based Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 1,379,000	$ 1,345,000
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 578,000	$ 605,000
Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-statutory stock options expiration period	10 years
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock grants	20,615,000
Non-statutory stock options vesting period	36 months
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-statutory stock options vesting period	1 year
Share-based Compensation Award, Tranche One [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting Percentage	25%
Share-based Compensation Award, Tranche Two [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting Percentage	75%

Stock-Based Compensation and _4

Stock-Based Compensation and Stock Options - Fair Value of Options Granted (Detail)	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Share-Based Payment Arrangement [Abstract]
Risk-free interest rate	2.81%	0.81%
Expected volatility	36%	34%
Expected dividend yield	0%	0%
Expected weighted average life of option in years	4 years 3 months 18 days	4 years 4 months 24 days

Stock-Based Compensation and _5

Stock-Based Compensation and Stock Options - Stock Compensation Expense for Time Based Options and Performance Based Options (Detail) - USD ($)	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Effect on basic earnings per share	$ 0.95	$ 0.94
Effect on diluted earnings per share	$ 0.94	$ 0.92
Time Based Options and Performance Based Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total cost of stock-based compensation included in income before income tax provision	$ 1,379,000	$ 1,345,000
Amount of income tax benefit recognized	293,000	(244,000)
Amount charged against net income	$ 1,086,000	$ 1,101,000
Effect on basic earnings per share	$ (0.06)	$ (0.06)
Effect on diluted earnings per share	$ (0.06)	$ (0.06)
Time Based Options and Performance Based Options [Member] | Cost of Revenues [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total cost of stock-based compensation included in income before income tax provision	$ 580,000	$ 524,000
Time Based Options and Performance Based Options [Member] | General and Administrative [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total cost of stock-based compensation included in income before income tax provision	$ 799,000	$ 821,000

Stock-Based Compensation and _6

Stock-Based Compensation and Stock Options - Stock Options (Detail) - $ / shares	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Share-Based Payment Arrangement [Abstract]
Options outstanding, beginning balance, Shares	723,876	937,158
Options granted, Shares	44,600	33,000
Options exercised, Shares	(43,739)	(118,756)
Options cancelled/forfeited, Shares	(2,394)	(4,777)
Options outstanding, ending balance, Shares	722,343	846,625
Options outstanding, beginning balance, Weighted Average Exercise Price	$ 84.55	$ 64.28
Options granted, Weighted Average Exercise Price	148.89	119.48
Options exercised, Weighted Average Exercise Price	42.69	49.17
Options cancelled/forfeited, Weighted Average Exercise Price	121.79	72.97
Options outstanding, ending balance, Weighted Average Exercise Price	$ 90.94	$ 68.50

Stock-Based Compensation and _7

Stock-Based Compensation and Stock Options - Stock Options Outstanding and Exercisable (Detail) - $ / shares	3 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of Outstanding Options	722,343	723,876	846,625	937,158
Weighted Average Remaining Contractual Life	3 years 3 months 18 days
Outstanding Options – Weighted Average Exercise Price	$ 90.94	$ 84.55	$ 68.50	$ 64.28
Exercisable Options – Number of Exercisable Options	338,791
Exercisable Options – Weighted Average Exercise Price	$ 63.61
Range of Exercise Price, $22.07 to $57.35 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of Exercise Price, lower limit	22.07
Range of Exercise Price, upper limit	$ 59.32
Number of Outstanding Options	213,617
Weighted Average Remaining Contractual Life	2 years 3 months 25 days
Outstanding Options – Weighted Average Exercise Price	$ 48.76
Exercisable Options – Number of Exercisable Options	187,864
Exercisable Options – Weighted Average Exercise Price	$ 48.03
Range of Exercise Price, $57.36 to $77.93 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of Exercise Price, lower limit	59.33
Range of Exercise Price, upper limit	$ 87.49
Number of Outstanding Options	191,401
Weighted Average Remaining Contractual Life	3 years 1 month 9 days
Outstanding Options – Weighted Average Exercise Price	$ 77.92
Exercisable Options – Number of Exercisable Options	99,870
Exercisable Options – Weighted Average Exercise Price	$ 77.16
Range of Exercise Price, $77.94 to $88.22 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of Exercise Price, lower limit	87.50
Range of Exercise Price, upper limit	$ 148.89
Number of Outstanding Options	221,425
Weighted Average Remaining Contractual Life	3 years 8 months 1 day
Outstanding Options – Weighted Average Exercise Price	$ 105.87
Exercisable Options – Number of Exercisable Options	51,057
Exercisable Options – Weighted Average Exercise Price	$ 94.44
Range of Exercise Price, $88.23 to $197.16 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of Exercise Price, lower limit	148.90
Range of Exercise Price, upper limit	$ 197.16
Number of Outstanding Options	95,900
Weighted Average Remaining Contractual Life	5 years 10 days
Outstanding Options – Weighted Average Exercise Price	$ 176.39
Exercisable Options – Number of Exercisable Options	0
Exercisable Options – Weighted Average Exercise Price	$ 0

Stock-Based Compensation and _8

Stock-Based Compensation and Stock Options - Outstanding Options (Detail) - USD ($)	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Share-Based Payment Arrangement [Abstract]
Options outstanding, beginning balance, Shares	723,876	937,158
Granted, Number of Options	44,600	33,000
Exercised, Number of Options	(43,739)	(118,756)
Cancelled - forfeited, Number of Options	(2,394)
Options outstanding, ending balance, Shares	722,343	846,625
Ending vested and expected to vest, Number of Options	657,869
Ending exercisable, Number of Options	338,791
Options outstanding, beginning balance, Weighted Average Exercise Price	$ 84.55	$ 64.28
Granted, Weighted Average Exercise Price per Share	148.89	119.48
Exercised, Weighted Average Exercise Price per Share	42.69	49.17
Cancelled - forfeited, Weighted Average Exercise Price per Share	121.79
Options outstanding, ending balance, Weighted Average Exercise Price	90.94	$ 68.50
Ending vested and expected to vest, Weighted Average Exercise Price per Share	89.54
Ending exercisable, Weighted Average Exercise Price per Share	$ 63.61
Option outstanding, Weighted Average Remaining Contractual Life (Years)	3 years 3 months 18 days
Ending vested and expected to vest, Weighted Average Remaining Contractual Life (Years)	3 years 3 months 25 days
Ending exercisable, Weighted Average Remaining Contractual Life (Years)	2 years 6 months 18 days
Ending Outstanding Aggregate Intrinsic Value	$ 43,555,855
Ending vested and expected to vest, Aggregate Intrinsic Value	40,212,900
Ending exercisable, Aggregate Intrinsic Value	$ 28,342,859

Treasury Stock - Additional Inf

Treasury Stock - Additional Information (Detail) - USD ($)		3 Months Ended
	Jul. 01, 2022	Jun. 30, 2022	Jun. 30, 2021	Mar. 31, 2022	Dec. 31, 2021	May 30, 2021
Class of Stock [Line Items]
Number of shares of common stock authorized to repurchase					38,000,000	1,000,000
Treasury stock, value		$ 681,208,000		$ 654,520,000
Treasury stock, shares		37,394,507		37,219,625
Average price per share of common stock		$ 152.60
Common stock, shares outstanding		17,437,851		17,569,087
Purchase of treasury stock, shares	(54,619)	(174,882)
Purchase of treasury stock	$ (8,400,000)	$ (26,688,000)	$ (14,196,000)
TreasuryStock, Shares Outstanding		37,394,507
Nineteen Ninety Six Share Repurchase Program [Member]
Class of Stock [Line Items]
Common stock equals to percentage of outstanding common stock		68%
Average price per share of common stock	$ 153.75	$ 18.22

Weighted Average Shares and N_3

Weighted Average Shares and Net Income Per Share - Additional Information (Detail) - shares	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Earnings Per Share [Abstract]
Basic weighted average common shares outstanding	17,506,000	17,897,000
Diluted weighted average common and common equivalent shares outstanding	17,803,000	18,220,000

Weighted Average Shares and N_4

Weighted Average Shares and Net Income Per Share - Calculations of Basic and Diluted Weighted Average Common Shares (Detail) - USD ($)	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Earnings Per Share [Abstract]
Net Income	$ 16,691,000	$ 16,843,000
Basic:
Basic weighted average common shares outstanding	17,506,000	17,897,000
Basic	$ 0.95	$ 0.94
Diluted:
Weighted Average Number of Shares Outstanding, Basic	17,506,000	17,897,000
Treasury stock impact of stock options	297,000	323,000
Total common and common equivalent shares	17,803,000	18,220,000
Diluted	$ 0.94	$ 0.92

Accounts and Income Taxes Pay_3

Accounts and Income Taxes Payable and Accrued Liabilities - Accounts Payable and Income Taxes Payable (Detail) - USD ($)	Jun. 30, 2022	Mar. 31, 2022
Payables and Accruals [Abstract]
Accounts payable	$ 19,279,000	$ 14,080,000
Income taxes payable and uncertain tax positions	4,622,000	351,000
Total accounts and taxes payable	$ 23,901,000	$ 14,431,000

Accounts and Income Taxes Pay_4

Accounts and Income Taxes Payable and Accrued Liabilities - Accrued Liabilities (Detail) - USD ($)	Jun. 30, 2022	Mar. 31, 2022
Payables and Accruals [Abstract]
Payroll, payroll taxes and employee benefits	$ 33,971,000	$ 36,066,000
Customer deposits	74,421,000	69,781,000
Accrued professional service fees	6,165,000	8,073,000
Self-insurance accruals	2,700,000	2,798,000
Deferred revenue	26,022,000	25,796,000
Operating lease liabilities	12,718,000	13,348,000
Other	1,507,000	1,077,000
Total accrued liabilities	$ 157,504,000	$ 156,939,000

Leases - Additional Information

Leases - Additional Information (Detail) $ in Millions	3 Months Ended
	Jun. 30, 2022 USD ($)
Lessee Lease Description [Line Items]
Remaining lease term	12 months
Additional operating lease commitments not yet commenced	$ 5.3
Minimum [Member]
Lessee Lease Description [Line Items]
Remaining lease term	1 year
Operating lease commitments not yet commenced, lease term	2 years
Maximum [Member]
Lessee Lease Description [Line Items]
Remaining lease term	15 years
Operating lease commitments not yet commenced, lease term	5 years

Leases - Summary of Components

Leases - Summary of Components of Lease Expenses (Details) - USD ($)	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Leases [Abstract]
Operating lease expense	$ 3,177,000	$ 3,612,000
Finance lease expense	24,000	25,000
Short-term lease expense	18,000	35,000
Variable lease expense	501,000	387,000
Total lease expenses	$ 3,720,000	$ 4,059,000

Leases - Summary of Lease Relat

Leases - Summary of Lease Related Assets and Liabilities Recorded in Balance Sheet Related to Operating Leases (Details) - USD ($)	Jun. 30, 2022	Mar. 31, 2022
Lessee Lease Description [Line Items]
Right-of-use asset, net	$ 32,448,000	$ 35,020,000
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Liabilities, Current	Liabilities, Current
Long-term lease liability	$ 27,299,000	$ 29,792,000
Total lease liabilities	$ 40,017,000	$ 43,140,000
Weighted average remaining operating lease term	4 years 2 months 23 days	4 years 3 months 25 days
Weighted average remaining finance lease term	3 years	3 years 3 months
Weighted average discount rate	2.70%	2.60%
Accrued Liabilities [Member]
Lessee Lease Description [Line Items]
Short-term lease liability	$ 12,718,000	$ 13,348,000

Leases - Schedule of Supplement

Leases - Schedule of Supplemental Cash Flow Information Related to Operating Leases (Detail) - USD ($)	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Leases [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 3,731,000	$ 3,780,000
Operating lease liabilities arising from obtaining ROU assets	54,236,000	59,448,000
Finance lease liabilities arising from obtaining ROU assets	358,000	358,000
Reductions to ROU assets resulting from reductions to operating lease liabilities	$ 6,230,000	$ 2,929,000

Leases - Summary of Maturities

Leases - Summary of Maturities of Operating Lease Liabilities (Details) - USD ($)	Jun. 30, 2022	Mar. 31, 2022
Lessee, Operating Lease, Liability, to be Paid [Abstract]
2023	$ 10,487,000
2024	9,811,000
2025	7,587,000
2026	3,792,000
2027	5,413,000
Thereafter	5,552,000
Total lease payments	42,642,000
Less interest	(2,625,000)
Total lease liabilities	$ 40,017,000	$ 43,140,000