CorVel (CRVL) 10-Q 7 Nov 24 2025 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Sep. 30, 2024	Nov. 04, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
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		17,126,171
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 ($)	Sep. 30, 2024	Mar. 31, 2024
Current Assets
Cash and cash equivalents	$ 138,349,000	$ 105,563,000
Customer deposits	109,110,000	88,142,000
Accounts receivable, net	102,393,000	97,108,000
Prepaid taxes and expenses	13,481,000	11,418,000
Total current assets	363,333,000	302,231,000
Property and equipment, net	89,115,000	85,892,000
Goodwill	36,814,000	36,814,000
Other intangibles, net	611,000	821,000
Right-of-use asset, net	23,818,000	24,058,000
Deferred tax asset, net	4,183,000	3,545,000
Other assets	679,000	1,318,000
TOTAL ASSETS	518,553,000	454,679,000
Current Liabilities
Accounts and taxes payable	14,174,000	16,631,000
Accrued liabilities	198,685,000	167,868,000
Total current liabilities	212,859,000	184,499,000
Long-term lease liabilities	22,922,000	22,533,000
Total liabilities	235,781,000	207,032,000
Commitments and contingencies
Stockholders' Equity
Common stock, $.0001 par value: 120,000,000 shares authorized at September 30, 2024 and March 31, 2024; 55,238,600 shares issued (17,135,160 shares outstanding, net of Treasury shares) and 55,162,075 shares issued (17,128,896 shares outstanding, net of Treasury shares) at September 30, 2024 and March 31, 2024, respectively	3,000	3,000
Paid-in capital	242,894,000	233,629,000
Treasury stock (38,103,440 shares at September 30, 2024 and 38,033,179 shares at March 31, 2024)	(813,020,000)	(793,905,000)
Retained earnings	852,895,000	807,920,000
Total stockholders' equity	282,772,000	247,647,000
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 518,553,000	$ 454,679,000

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2024	Mar. 31, 2024
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	55,238,600	55,162,075
Common stock, shares outstanding	17,135,160	17,128,896
Treasury stock, shares	38,103,440	38,033,179

Consolidated Income Statements

Consolidated Income Statements - Unaudited - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
REVENUES	$ 224,380,000	$ 195,522,000	$ 436,102,000	$ 385,775,000
Cost of revenues	173,632,000	151,270,000	337,200,000	299,644,000
Gross profit	50,748,000	44,252,000	98,902,000	86,131,000
General and administrative expenses	22,078,000	19,538,000	42,198,000	35,989,000
Income before income tax provision	28,670,000	24,714,000	56,704,000	50,142,000
Income tax provision	5,272,000	4,816,000	11,729,000	10,439,000
NET INCOME	$ 23,398,000	$ 19,898,000	$ 44,975,000	$ 39,703,000
Net income per common and common equivalent share
Basic	$ 1.37	$ 1.16	$ 2.63	$ 2.32
Diluted	$ 1.35	$ 1.15	$ 2.6	$ 2.29
Weighted average common and common equivalent shares
Basic	17,133,000	17,123,000	17,127,000	17,133,000
Diluted	17,341,000	17,346,000	17,327,000	17,365,000

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, 2023	$ 202,176,000	$ 3,000	$ 218,700,000	$ (748,195,000)	$ 731,668,000
Beginning balance, shares at Mar. 31, 2023		54,987,366		(37,817,866)
Stock issued under employee stock purchase plan	336,000	$ 0	336,000	$ 0	0
Stock issued under employee stock purchase plan, shares		1,797		0
Stock issued under stock option plan, net of shares repurchased	4,946,000	$ 0	4,946,000	$ 0	0
Stock issued under stock option plan, net of shares repurchased, shares		81,679		0
Stock-based compensation expense	2,613,000	$ 0	2,613,000	$ 0	0
Purchase of treasury stock	(27,205,000)		0	$ (27,205,000)	0
Purchase of treasury stock, shares		0		(133,493)
Net Income (Loss)	39,703,000	$ 0	0	$ 0	39,703,000
Ending balance at Sep. 30, 2023	222,569,000	$ 3,000	226,595,000	$ (775,400,000)	771,371,000
Ending balance, shares at Sep. 30, 2023		55,070,842		(37,951,359)
Beginning balance at Jun. 30, 2023	206,980,000	$ 3,000	221,486,000	$ (765,982,000)	751,473,000
Beginning balance, shares at Jun. 30, 2023		55,019,773		(37,905,858)
Stock issued under employee stock purchase plan	336,000	$ 0	336,000	$ 0	0
Stock issued under employee stock purchase plan, shares		1,797		0
Stock issued under stock option plan, net of shares repurchased	3,472,000	$ 0	3,472,000	$ 0	0
Stock issued under stock option plan, net of shares repurchased, shares		49,272		0
Stock-based compensation expense	1,301,000	$ 0	1,301,000	$ 0	0
Purchase of treasury stock	(9,418,000)		0	$ (9,418,000)	0
Purchase of treasury stock, shares		0		(45,501)
Net Income (Loss)	19,898,000	$ 0	0	$ 0	19,898,000
Ending balance at Sep. 30, 2023	222,569,000	$ 3,000	226,595,000	$ (775,400,000)	771,371,000
Ending balance, shares at Sep. 30, 2023		55,070,842		(37,951,359)
Beginning balance at Mar. 31, 2024	247,647,000	$ 3,000	233,629,000	$ (793,905,000)	807,920,000
Beginning balance, shares at Mar. 31, 2024		55,162,075		(38,033,179)
Stock issued under employee stock purchase plan	342,000	$ 0	342,000	$ 0	0
Stock issued under employee stock purchase plan, shares		1,102		0
Stock issued under stock option plan, net of shares repurchased	6,371,000	$ 0	6,371,000	$ 0	0
Stock issued under stock option plan, net of shares repurchased, shares		75,423		0
Stock-based compensation expense	2,552,000	$ 0	2,552,000	$ 0	0
Purchase of treasury stock	$ (19,115,000)		0	$ (19,115,000)	0
Purchase of treasury stock, shares	(70,261)	0		(70,261)
Net Income (Loss)	$ 44,975,000	$ 0	0	$ 0	44,975,000
Ending balance at Sep. 30, 2024	282,772,000	$ 3,000	242,894,000	$ (813,020,000)	852,895,000
Ending balance, shares at Sep. 30, 2024		55,238,600		(38,103,440)
Beginning balance at Jun. 30, 2024	263,873,000	$ 3,000	237,804,000	$ (803,431,000)	829,497,000
Beginning balance, shares at Jun. 30, 2024		55,194,878		(38,071,317)
Stock issued under employee stock purchase plan	342,000	$ 0	342,000	$ 0	0
Stock issued under employee stock purchase plan, shares		1,102		0
Stock issued under stock option plan, net of shares repurchased	3,266,000	$ 0	3,266,000	$ 0	0
Stock issued under stock option plan, net of shares repurchased, shares		42,620		0
Stock-based compensation expense	1,482,000	$ 0	1,482,000	$ 0	0
Purchase of treasury stock	$ (9,589,000)	$ (9,600,000)	0	$ (9,589,000)	0
Purchase of treasury stock, shares	(32,123)	0		(32,123)
Net Income (Loss)	$ 23,398,000	$ 0	0	$ 0	23,398,000
Ending balance at Sep. 30, 2024	$ 282,772,000	$ 3,000	$ 242,894,000	$ (813,020,000)	$ 852,895,000
Ending balance, shares at Sep. 30, 2024		55,238,600		(38,103,440)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - (Unaudited) - USD ($)	6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash Flows from Operating Activities
NET INCOME	$ 44,975,000	$ 39,703,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	14,438,000	12,825,000
Loss on write down or disposal of property, capitalized software or investment	109,000	221,000
Stock-based compensation expense	2,552,000	2,613,000
Provision for expected credit losses	1,764,000	590,000
Deferred income tax	(638,000)	(653,000)
Changes in operating assets and liabilities
Accounts receivable	(7,049,000)	(6,493,000)
Customer deposits	(20,968,000)	(10,105,000)
Prepaid taxes and expenses	(2,064,000)	(1,677,000)
Other assets	639,000	(26,000)
Accounts and taxes payable	(2,458,000)	(2,680,000)
Accrued liabilities	30,817,000	18,565,000
Operating leases, net	630,000	1,736,000
Net cash provided by operating activities	62,747,000	54,619,000
Cash Flows from Investing Activities
Purchase of property and equipment	(17,559,000)	(12,276,000)
Net cash used in investing activities	(17,559,000)	(12,276,000)
Cash Flows from Financing Activities
Purchase of treasury stock	(19,115,000)	(27,205,000)
Proceeds from exercise of common stock options	6,371,000	4,946,000
Proceeds from purchases under employee stock purchase plan	342,000	336,000
Net cash used in financing activities	(12,402,000)	(21,923,000)
Increase in cash and cash equivalents	32,786,000	20,420,000
Cash and cash equivalents at beginning of period	105,563,000	71,329,000
Cash and cash equivalents at end of period	138,349,000	91,749,000
Supplemental Cash Flow Information:
Income taxes paid	14,501,000	13,913,000
Purchase of software license under finance agreement	$ 0	$ 2,728,000

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 23,398,000	$ 19,898,000	$ 44,975,000	$ 39,703,000

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Item 5 – Other Inf ormation The Company’s directors and officers (as defined in Rule4 16a-1 under the Exchange Act) may enter into trading plans or other arrangements with financial institutions to purchase or sell shares of the Company’s common stock. These plans or arrangements may be intended to comply with the affirmative defense provisions of Rule 10b5-1 of the Exchange Act, which are referred to as Rule 10b5-1 trading arrangements, or they may represent non-Rule 10b5-1 trading arrangements. During the three months ended September 30, 2024, none of our directors or officers adopted , modified or terminated a Rule 10b5-1 trading arrangement or "non-Rule 10b5-1 trading arrangement" (as those terms are defined in Item 408 of Regulation S-K).
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule10b5-1 Arr Modified	false
Non-Rule10b5-1 Arr Modified	false

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Sep. 30, 2024
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”, or “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, 2024. Accordingly, note disclosures which would substantially duplicate the disclosures contained in the March 31, 2024 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 and six months ended September 30, 2024 are not necessarily indicative of the results that may be expected for the fiscal year ending March 31, 2025. For further information, refer to the audited consolidated financial statements and notes thereto for the fiscal year ended March 31, 2024 included in the Company's Annual Report on Form 10-K filed with the SEC on May 24, 2024. Recent Accounting Pronouncements: In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , a new accounting standard to enhance the transparency and decision usefulness of income tax disclosures. The new standard is effective for fiscal years beginning after December 15, 2024, with retrospective application permitted. The Company is currently evaluating the impact of this guidance on its consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , which requires more detailed information about a reportable segment expenses. The new standard is effective for fiscal years beginning after December 15, 2023 and interim periods beginning after December 15, 2024, with retrospective application required. The Company is currently evaluating the impact of this guidance on its consolidated financial statements.

Revenue Recognition

Revenue Recognition	6 Months Ended
	Sep. 30, 2024
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 and performance obligations are satisfied through efforts 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 by utilizing a portfolio approach based on time elapsed for these claims, which is generally between three and fifteen months . The Company believes this approach reasonably reflects the transfer of the claims management services to its customer. The Company’s obligation to manage claims and cases under the patient management service line 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 also 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 revenue isrecognized 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 revenue is variable, generally based on performance metrics set forth in the underlying contracts. Each period, the Company bases its revenue estimates on a contract-by-contract basis. The Company makes its best estimate using 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 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 and the pricing, 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 that the Company is the principal and therefore required to recognize gross revenue and operating expense from service-partner fees within the Company’s consolidated statements of income. The following table presents revenues disaggregated by service line for the three and six months ended September 30, 2024 and 2023: Three Months Ended Three Months Ended September 30, 2024 September 30, 2023 Patient management services $ 147,173,000 $ 129,805,000 Network solutions services 77,207,000 65,717,000 Total services $ 224,380,000 $ 195,522,000 Six Months Ended Six Months Ended September 30, 2024 September 30, 2023 Patient management services $ 286,345,000 $ 257,643,000 Network solutions services 149,757,000 128,132,000 Total services $ 436,102,000 $ 385,775,000 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 to each 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 . September 30, 2024 March 31, 2024 Billed receivables $ 65,935,000 $ 58,936,000 Allowance for expected credit losses ( 5,668,000 ) ( 4,245,000 ) Unbilled receivables 42,126,000 42,417,000 Accounts receivable, net $ 102,393,000 $ 97,108,000 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. 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 straight-lined and 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 six months ended September 30, 2024: Six Months Ended September 30, 2024 Beginning balance at April 1, 2024 $ 29,961,000 Additions 28,653,000 Revenue recognized from beginning of period ( 9,635,000 ) Revenue recognized from additions ( 19,021,000 ) Ending balance at September 30, 2024 $ 29,958,000 Remaining Performance Obligations As of September 30, 2024 , the Company had approximately $ 30.0 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 expects to recognize the remaining balance as revenues 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 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 that the Company recognizes revenue for the amount 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	6 Months Ended
	Sep. 30, 2024
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 September 30, 2024 , 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 over the following 36 months. The options granted to employees and the Company’s Board of Directors (the "Board") expire at the end of five years and ten years from the date of grant, respecti vely. All options granted in six months ended September 30, 2024 and 2023 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 September 30, 2024 and 2023 using the Black-Scholes option-pricing model: Three Months Ended Three Months Ended September 30, 2024 September 30, 2023 Risk-free interest rate 3.89 % 4.19 % Expected volatility 35 % 36 % Expected dividend yield 0.00 % 0.00 % Expected weighted average life of option in years 9.2 years 4.2 years For the three months ended September 30, 2024 and 2023 , the Company recorded stock-based compensation expense of $ 1,482,000 and $ 1,301,000 , respectively. For the six months ended September 30, 2024 and 2023, the Company recorded stock-based compensation expense of $ 2,552,000 and $ 2,613,000 , respectively. The table below shows the amounts recognized in the unaudited consolidated financial statements for stock-based compensation expense for time-based options and performance-based options during the three and six months ended September 30, 2024 and 2023, respectively. Three Months Ended September 30, 2024 September 30, 2023 Cost of revenues $ 723,000 $ 679,000 General and administrative 759,000 622,000 Total cost of stock-based compensation included in 1,482,000 1,301,000 Amount of income tax benefit recognized ( 273,000 ) ( 254,000 ) Amount charged against net income $ 1,209,000 $ 1,047,000 Effect on basic earnings per share $ ( 0.07 ) $ ( 0.06 ) Effect on diluted earnings per share $ ( 0.07 ) $ ( 0.06 ) Six Months Ended September 30, 2024 September 30, 2023 Cost of revenues $ 1,438,000 $ 1,347,000 General and administrative 1,114,000 1,266,000 Total cost of stock-based compensation included in 2,552,000 2,613,000 Amount of income tax benefit recognized ( 528,000 ) ( 544,000 ) Amount charged against net income $ 2,024,000 $ 2,069,000 Effect on basic earnings per share $ ( 0.12 ) $ ( 0.12 ) Effect on diluted earnings per share $ ( 0.12 ) $ ( 0.12 ) The following table summarizes information for all stock options for the three and six months ended September 30, 2024 and 2023: Three Months Ended September 30, 2024 Three Months Ended September 30, 2023 Shares Weighted Shares Weighted Options outstanding, beginning 469,167 $ 136.02 611,901 $ 110.10 Options granted 6,250 306.82 16,500 222.26 Options exercised ( 46,405 ) 93.04 ( 50,776 ) 74.53 Options cancelled/forfeited ( 403 ) 167.86 ( 2,362 ) 145.71 Options outstanding, ending 428,609 $ 143.14 575,263 $ 116.31 Six Months Ended September 30, 2024 Six Months Ended September 30, 2023 Shares Weighted Shares Weighted Options outstanding, beginning 489,727 $ 129.39 651,857 $ 108.10 Options granted 21,000 281.13 16,500 222.26 Options exercised ( 79,350 ) 94.01 ( 90,247 ) 75.08 Options cancelled/forfeited ( 2,768 ) 165.75 ( 2,847 ) 147.59 Options outstanding, ending 428,609 $ 143.14 575,263 $ 116.31 The following table summarizes the status of stock options outstanding and exercisable at September 30, 2024: Range of Exercise Price Number of Weighted Outstanding Exercisable Exercisable $ 33.16 to $ 87.69 126,453 2.43 $ 68.03 125,847 $ 67.94 $ 87.70 to $ 155.99 143,695 2.84 143.06 68,685 135.24 $ 156.00 to $ 200.55 121,460 3.68 187.09 35,152 179.04 $ 200.56 to $ 306.82 37,001 5.62 255.82 3,569 222.26 Total 428,609 3.20 $ 143.14 233,253 $ 106.86 The following table summarizes the status of all outstanding options at September 30, 2024, and changes during the three months then ended: Number Weighted Weighted Aggregate Intrinsic Options outstanding at July 1, 2024 469,167 $ 136.02 Granted 6,250 306.82 Exercised ( 46,405 ) 93.04 Cancelled – forfeited ( 403 ) 167.86 Cancelled – expired — — Ending outstanding 428,609 $ 143.14 3.20 $ 78,758,230 Ending vested and expected to vest 367,624 $ 129.20 3.23 $ 69,625,471 Ending exercisable at September 30, 2024 233,253 $ 106.86 2.71 $ 51,322,012 The weighted-average grant-date fair value of options granted during the three months ended September 30, 2024 and 2023 was $ 155.72 and $ 85.83 , respectively. Included in the above-noted stock option grants and stock-based compensation expense are performance-based stock options that vest only upon the Company’s achievement of certain earnings per share targets that are assessed on a calendar year basis, as determined by the Board. These options were valued in the same manner as the time-based options. However, the Company only recognizes stock-based 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 $ 454,000 and $ 338,000 of stock-based compensation expense for the three months ended September 30, 2024 and 2023 , respectively, for performance-based stock options.

Treasury Stock

Treasury Stock	6 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Treasury Stock	Note 4 — Treasury Stock The Board initially approved the commencement of a stock repurchase program in the fall of 1996. In November 2022, the Board 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 39,000,000 shares. The stock repurchase program does not obligate the Company to acquire any amount of common stock and may be suspended or discontinued at any time at its discretion. Since the commencement of the stock repurchase program, the Company has spent $ 813 million on the repurchase of 38,103,440 shares of its common stock, equal to 69 % of the outstanding common stock had there been no repurchases. The average price of these repurchases was $ 21.34 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 and six months ended September 30, 2024, the Company repurchased 32,123 shares of the common stock for $ 9.6 million at an average price of $ 298.49 per share and 70,261 shares for $ 19.1 million at an average price of $ 272.06 , respectively. The Company had 17,135,160 shares of common stock outstanding as of September 30, 2024 , net of the 38,103,440 shares in treasury. During the period subsequent to the quarter ended September 30, 2024, the Company repurchas ed 12,023 shares of the common stock for $ 3.7 million at an av erage price of $ 311.57 per share under the Company’s stock repurchase program.

Weighted Average Shares and Net

Weighted Average Shares and Net Income Per Share	6 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Weighted Average Shares and Net Income Per Share	Note 5 — Weighted Average Shares and Net Income Per Share 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 and six months ended September 30, 2024 and 2023: Three Months Ended September 30, 2024 2023 Net Income $ 23,398,000 $ 19,898,000 Basic: Weighted average common shares outstanding 17,133,000 17,123,000 Net Income per share $ 1.37 $ 1.16 Diluted: Weighted average common shares outstanding 17,133,000 17,123,000 Treasury stock impact of stock options 208,000 223,000 Total common and common equivalent shares 17,341,000 17,346,000 Net Income per share $ 1.35 $ 1.15 Six Months Ended September 30, 2024 2023 Net Income $ 44,975,000 $ 39,703,000 Basic: Weighted average common shares outstanding 17,127,000 17,133,000 Net Income per share $ 2.63 $ 2.32 Diluted: Weighted average common shares outstanding 17,127,000 17,133,000 Treasury stock impact of stock options 200,000 232,000 Total common and common equivalent shares 17,327,000 17,365,000 Net Income per share $ 2.60 $ 2.29

Contingencies and Legal Proceed

Contingencies and Legal Proceedings	6 Months Ended
	Sep. 30, 2024
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	6 Months Ended
	Sep. 30, 2024
Payables and Accruals [Abstract]
Accounts and Income Taxes Payable and Accrued Liabilities	Note 7 — Accounts and Income Taxes Payable and Accrued Liabilities The following tables set forth accounts payable, income taxes payable, and accrued liabilities at September 30, 2024 and March 31, 2024: September 30, 2024 March 31, 2024 Accounts payable $ 13,700,000 $ 16,410,000 Income taxes payable and uncertain tax positions 474,000 221,000 Total accounts and taxes payable $ 14,174,000 $ 16,631,000 September 30, 2024 March 31, 2024 Payroll, payroll taxes and employee benefits $ 36,533,000 $ 26,291,000 Customer deposits 109,110,000 88,142,000 Accrued professional service fees 9,617,000 9,838,000 Self-insurance accruals 3,488,000 3,818,000 Deferred revenue 29,958,000 29,961,000 Operating lease liabilities 8,779,000 8,864,000 Other 1,200,000 954,000 Total accrued liabilities $ 198,685,000 $ 167,868,000

Leases

Leases	6 Months Ended
	Sep. 30, 2024
Leases [Abstract]
Leases	Note 8 — Leases The Company determines if an arrangement contains a lease at contract inception. The Company's current lease agreements have remaining lease terms between 1 and 8 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. Accounting Standard Codification ("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. The Company has since 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 from 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 September 30, 2024 September 30, 2023 Operating lease expense $ 2,304,000 $ 2,455,000 Finance lease expense 20,000 22,000 Short-term lease expense 13,000 91,000 Variable lease expense 151,000 126,000 Total lease expenses $ 2,488,000 $ 2,694,000 Six Months Ended Six Months Ended September 30, 2024 September 30, 2023 Operating lease expense $ 4,541,000 $ 5,218,000 Finance lease expense 41,000 44,000 Short-term lease expense 109,000 98,000 Variable lease expense 287,000 394,000 Total lease expenses $ 4,978,000 $ 5,754,000 The following table presents the lease related assets and liabilities recorded on the Company’s consolidated balance sheets related to its operating leases: September 30, 2024 March 31, 2024 Right-of-use asset, net $ 23,818,000 $ 24,058,000 Short-term lease liability $ 8,779,000 $ 8,864,000 Long-term lease liability 22,922,000 22,533,000 Total lease liabilities $ 31,701,000 $ 31,397,000 Weighted average remaining operating lease term 4.27 years 4.11 years Weighted average remaining finance lease term 0.75 years 1.25 years Weighted average discount rate 4.3 % 3.7 % Supplemental cash flow information related to operating leases for the six months ended September 30, 2024 and 2023 was as follows: Six Months Ended Six Months Ended September 30, 2024 September 30, 2023 Cash paid for amounts included in the measurement of $ 3,996,000 $ 3,838,000 Operating lease liabilities arising from obtaining ROU assets $ 51,648,000 $ 52,155,000 Finance lease liabilities arising from obtaining ROU assets $ 358,000 $ 358,000 Additions/(reductions) to ROU assets resulting from $ 1,672,000 $ ( 2,552,000 ) As of September 30, 2024, maturities of operating lease liabilities for each of the next five years and thereafter are as follows: 2025 $ 5,182,000 2026 8,800,000 2027 7,165,000 2028 6,261,000 2029 4,048,000 Thereafter 3,591,000 Total lease payments 35,047,000 Less interest ( 3,346,000 ) Total lease liabilities $ 31,701,000

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Sep. 30, 2024
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”, or “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, 2024. Accordingly, note disclosures which would substantially duplicate the disclosures contained in the March 31, 2024 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 and six months ended September 30, 2024 are not necessarily indicative of the results that may be expected for the fiscal year ending March 31, 2025. For further information, refer to the audited consolidated financial statements and notes thereto for the fiscal year ended March 31, 2024 included in the Company's Annual Report on Form 10-K filed with the SEC on May 24, 2024.
Recent Accounting Pronouncements	Recent Accounting Pronouncements: In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , a new accounting standard to enhance the transparency and decision usefulness of income tax disclosures. The new standard is effective for fiscal years beginning after December 15, 2024, with retrospective application permitted. The Company is currently evaluating the impact of this guidance on its consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , which requires more detailed information about a reportable segment expenses. The new standard is effective for fiscal years beginning after December 15, 2023 and interim periods beginning after December 15, 2024, with retrospective application required. The Company is currently evaluating the impact of this guidance on its consolidated financial statements.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Sep. 30, 2024
Revenue Recognition [Abstract]
Schedule of Disaggregated Revenue by Service Line	The following table presents revenues disaggregated by service line for the three and six months ended September 30, 2024 and 2023: Three Months Ended Three Months Ended September 30, 2024 September 30, 2023 Patient management services $ 147,173,000 $ 129,805,000 Network solutions services 77,207,000 65,717,000 Total services $ 224,380,000 $ 195,522,000 Six Months Ended Six Months Ended September 30, 2024 September 30, 2023 Patient management services $ 286,345,000 $ 257,643,000 Network solutions services 149,757,000 128,132,000 Total services $ 436,102,000 $ 385,775,000
Schedule of Accounts Receivable, Net	September 30, 2024 March 31, 2024 Billed receivables $ 65,935,000 $ 58,936,000 Allowance for expected credit losses ( 5,668,000 ) ( 4,245,000 ) Unbilled receivables 42,126,000 42,417,000 Accounts receivable, net $ 102,393,000 $ 97,108,000
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 six months ended September 30, 2024: Six Months Ended September 30, 2024 Beginning balance at April 1, 2024 $ 29,961,000 Additions 28,653,000 Revenue recognized from beginning of period ( 9,635,000 ) Revenue recognized from additions ( 19,021,000 ) Ending balance at September 30, 2024 $ 29,958,000

Stock-Based Compensation and _2

Stock-Based Compensation and Stock Options (Tables)	6 Months Ended
	Sep. 30, 2024
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 September 30, 2024 and 2023 using the Black-Scholes option-pricing model: Three Months Ended Three Months Ended September 30, 2024 September 30, 2023 Risk-free interest rate 3.89 % 4.19 % Expected volatility 35 % 36 % Expected dividend yield 0.00 % 0.00 % Expected weighted average life of option in years 9.2 years 4.2 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-based compensation expense for time-based options and performance-based options during the three and six months ended September 30, 2024 and 2023, respectively. Three Months Ended September 30, 2024 September 30, 2023 Cost of revenues $ 723,000 $ 679,000 General and administrative 759,000 622,000 Total cost of stock-based compensation included in 1,482,000 1,301,000 Amount of income tax benefit recognized ( 273,000 ) ( 254,000 ) Amount charged against net income $ 1,209,000 $ 1,047,000 Effect on basic earnings per share $ ( 0.07 ) $ ( 0.06 ) Effect on diluted earnings per share $ ( 0.07 ) $ ( 0.06 ) Six Months Ended September 30, 2024 September 30, 2023 Cost of revenues $ 1,438,000 $ 1,347,000 General and administrative 1,114,000 1,266,000 Total cost of stock-based compensation included in 2,552,000 2,613,000 Amount of income tax benefit recognized ( 528,000 ) ( 544,000 ) Amount charged against net income $ 2,024,000 $ 2,069,000 Effect on basic earnings per share $ ( 0.12 ) $ ( 0.12 ) Effect on diluted earnings per share $ ( 0.12 ) $ ( 0.12 )
Stock Options	The following table summarizes information for all stock options for the three and six months ended September 30, 2024 and 2023: Three Months Ended September 30, 2024 Three Months Ended September 30, 2023 Shares Weighted Shares Weighted Options outstanding, beginning 469,167 $ 136.02 611,901 $ 110.10 Options granted 6,250 306.82 16,500 222.26 Options exercised ( 46,405 ) 93.04 ( 50,776 ) 74.53 Options cancelled/forfeited ( 403 ) 167.86 ( 2,362 ) 145.71 Options outstanding, ending 428,609 $ 143.14 575,263 $ 116.31 Six Months Ended September 30, 2024 Six Months Ended September 30, 2023 Shares Weighted Shares Weighted Options outstanding, beginning 489,727 $ 129.39 651,857 $ 108.10 Options granted 21,000 281.13 16,500 222.26 Options exercised ( 79,350 ) 94.01 ( 90,247 ) 75.08 Options cancelled/forfeited ( 2,768 ) 165.75 ( 2,847 ) 147.59 Options outstanding, ending 428,609 $ 143.14 575,263 $ 116.31
Stock Options Outstanding and Exercisable	The following table summarizes the status of stock options outstanding and exercisable at September 30, 2024: Range of Exercise Price Number of Weighted Outstanding Exercisable Exercisable $ 33.16 to $ 87.69 126,453 2.43 $ 68.03 125,847 $ 67.94 $ 87.70 to $ 155.99 143,695 2.84 143.06 68,685 135.24 $ 156.00 to $ 200.55 121,460 3.68 187.09 35,152 179.04 $ 200.56 to $ 306.82 37,001 5.62 255.82 3,569 222.26 Total 428,609 3.20 $ 143.14 233,253 $ 106.86
Outstanding Options	The following table summarizes the status of all outstanding options at September 30, 2024, and changes during the three months then ended: Number Weighted Weighted Aggregate Intrinsic Options outstanding at July 1, 2024 469,167 $ 136.02 Granted 6,250 306.82 Exercised ( 46,405 ) 93.04 Cancelled – forfeited ( 403 ) 167.86 Cancelled – expired — — Ending outstanding 428,609 $ 143.14 3.20 $ 78,758,230 Ending vested and expected to vest 367,624 $ 129.20 3.23 $ 69,625,471 Ending exercisable at September 30, 2024 233,253 $ 106.86 2.71 $ 51,322,012

Weighted Average Shares and N_2

Weighted Average Shares and Net Income Per Share (Tables)	6 Months Ended
	Sep. 30, 2024
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 and six months ended September 30, 2024 and 2023: Three Months Ended September 30, 2024 2023 Net Income $ 23,398,000 $ 19,898,000 Basic: Weighted average common shares outstanding 17,133,000 17,123,000 Net Income per share $ 1.37 $ 1.16 Diluted: Weighted average common shares outstanding 17,133,000 17,123,000 Treasury stock impact of stock options 208,000 223,000 Total common and common equivalent shares 17,341,000 17,346,000 Net Income per share $ 1.35 $ 1.15 Six Months Ended September 30, 2024 2023 Net Income $ 44,975,000 $ 39,703,000 Basic: Weighted average common shares outstanding 17,127,000 17,133,000 Net Income per share $ 2.63 $ 2.32 Diluted: Weighted average common shares outstanding 17,127,000 17,133,000 Treasury stock impact of stock options 200,000 232,000 Total common and common equivalent shares 17,327,000 17,365,000 Net Income per share $ 2.60 $ 2.29

Accounts and Income Taxes Pay_2

Accounts and Income Taxes Payable and Accrued Liabilities (Tables)	6 Months Ended
	Sep. 30, 2024
Payables and Accruals [Abstract]
Accounts Payable, Income Taxes Payable and Accrued Liabilities	The following tables set forth accounts payable, income taxes payable, and accrued liabilities at September 30, 2024 and March 31, 2024: September 30, 2024 March 31, 2024 Accounts payable $ 13,700,000 $ 16,410,000 Income taxes payable and uncertain tax positions 474,000 221,000 Total accounts and taxes payable $ 14,174,000 $ 16,631,000 September 30, 2024 March 31, 2024 Payroll, payroll taxes and employee benefits $ 36,533,000 $ 26,291,000 Customer deposits 109,110,000 88,142,000 Accrued professional service fees 9,617,000 9,838,000 Self-insurance accruals 3,488,000 3,818,000 Deferred revenue 29,958,000 29,961,000 Operating lease liabilities 8,779,000 8,864,000 Other 1,200,000 954,000 Total accrued liabilities $ 198,685,000 $ 167,868,000

Leases (Tables)

Leases (Tables)	6 Months Ended
	Sep. 30, 2024
Leases [Abstract]
Summary of Components of Lease Expenses	The components of lease expense are as follows: Three Months Ended Three Months Ended September 30, 2024 September 30, 2023 Operating lease expense $ 2,304,000 $ 2,455,000 Finance lease expense 20,000 22,000 Short-term lease expense 13,000 91,000 Variable lease expense 151,000 126,000 Total lease expenses $ 2,488,000 $ 2,694,000 Six Months Ended Six Months Ended September 30, 2024 September 30, 2023 Operating lease expense $ 4,541,000 $ 5,218,000 Finance lease expense 41,000 44,000 Short-term lease expense 109,000 98,000 Variable lease expense 287,000 394,000 Total lease expenses $ 4,978,000 $ 5,754,000
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: September 30, 2024 March 31, 2024 Right-of-use asset, net $ 23,818,000 $ 24,058,000 Short-term lease liability $ 8,779,000 $ 8,864,000 Long-term lease liability 22,922,000 22,533,000 Total lease liabilities $ 31,701,000 $ 31,397,000 Weighted average remaining operating lease term 4.27 years 4.11 years Weighted average remaining finance lease term 0.75 years 1.25 years Weighted average discount rate 4.3 % 3.7 %
Schedule of Supplemental Cash Flow Information Related to Operating Leases	Supplemental cash flow information related to operating leases for the six months ended September 30, 2024 and 2023 was as follows: Six Months Ended Six Months Ended September 30, 2024 September 30, 2023 Cash paid for amounts included in the measurement of $ 3,996,000 $ 3,838,000 Operating lease liabilities arising from obtaining ROU assets $ 51,648,000 $ 52,155,000 Finance lease liabilities arising from obtaining ROU assets $ 358,000 $ 358,000 Additions/(reductions) to ROU assets resulting from $ 1,672,000 $ ( 2,552,000 )
Summary of Maturities of Operating Lease Liabilities	As of September 30, 2024, maturities of operating lease liabilities for each of the next five years and thereafter are as follows: 2025 $ 5,182,000 2026 8,800,000 2027 7,165,000 2028 6,261,000 2029 4,048,000 Thereafter 3,591,000 Total lease payments 35,047,000 Less interest ( 3,346,000 ) Total lease liabilities $ 31,701,000

Revenue Recognition - Additiona

Revenue Recognition - Additional Information (Detail) $ in Millions	6 Months Ended
	Sep. 30, 2024 USD ($) Segment PerformanceObligation
Disaggregation Of Revenue [Line Items]
Accounts receivable due period	30 days
Number of reportable segments | Segment	1
Revenue recognition, number of performance obligation | PerformanceObligation	1
Latest duration of unbilled revenue, billing	1 year
Revenue, remaining performance obligation, amount | $	$ 30
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 expects to recognize the remaining balance as revenues 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 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 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		6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation Of Revenue [Line Items]
Total services	$ 224,380,000	$ 195,522,000	$ 436,102,000	$ 385,775,000
Patient Management Services [Member]
Disaggregation Of Revenue [Line Items]
Total services	147,173,000	129,805,000	286,345,000	257,643,000
Network Solutions Services [Member]
Disaggregation Of Revenue [Line Items]
Total services	$ 77,207,000	$ 65,717,000	$ 149,757,000	$ 128,132,000

Revenue Recognition - Schedul_2

Revenue Recognition - Schedule of Accounts Receivable, Net (Detail) - USD ($)	Sep. 30, 2024	Mar. 31, 2024
Accounts Receivable, after Allowance for Credit Loss, Current [Abstract]
Billed receivables	$ 65,935,000	$ 58,936,000
Allowance for expected credit losses	(5,668,000)	(4,245,000)
Unbilled receivables	42,126,000	42,417,000
Accounts receivable, net	$ 102,393,000	$ 97,108,000

Revenue Recognition - Schedul_3

Revenue Recognition - Schedule of Deferred Revenues Balance as of Transition Date and Significant Activity Affecting Deferred Revenues (Detail)	6 Months Ended
	Sep. 30, 2024 USD ($)
Change in Contract with Customer, Liability [Abstract]
Beginning balance at April 1, 2024	$ 29,961,000
Additions	28,653,000
Revenue recognized from beginning of period	(9,635,000)
Revenue recognized from additions	(19,021,000)
Ending balance at September 30, 2024	$ 29,958,000

Revenue Recognition - Additio_2

Revenue Recognition - Additional Information (Detail1)	Sep. 30, 2024
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-07-01
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		6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-statutory stock options expiration period			5 years
Options granted, Shares	6,250	16,500	21,000	16,500
Time Based Options and Performance Based Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 1,482,000	$ 1,301,000	$ 2,552,000	$ 2,613,000
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average grant-date fair value of options granted	$ 155.72	$ 85.83
Stock-based compensation expense	$ 454,000	$ 338,000
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		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
	Sep. 30, 2024	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Risk-free interest rate	3.89%	4.19%
Expected volatility	35%	36%
Expected dividend yield	0%	0%
Expected weighted average life of option in years	9 years 2 months 12 days	4 years 2 months 12 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		6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Effect on basic earnings per share	$ (1.37)	$ (1.16)	$ (2.63)	$ (2.32)
Effect on diluted earnings per share	$ (1.35)	$ (1.15)	$ (2.6)	$ (2.29)
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	$ 1,482,000	$ 1,301,000	$ 2,552,000	$ 2,613,000
Amount of income tax benefit recognized	(273,000)	(254,000)	(528,000)	(544,000)
Amount charged against net income	$ 1,209,000	$ 1,047,000	$ 2,024,000	$ 2,069,000
Effect on basic earnings per share	$ (0.07)	$ (0.06)	$ (0.12)	$ (0.12)
Effect on diluted earnings per share	$ (0.07)	$ (0.06)	$ (0.12)	$ (0.12)
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	$ 723,000	$ 679,000	$ 1,438,000	$ 1,347,000
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	$ 759,000	$ 622,000	$ 1,114,000	$ 1,266,000

Stock-Based Compensation and _6

Stock-Based Compensation and Stock Options - Stock Options (Detail) - $ / shares	3 Months Ended		6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Options outstanding, beginning balance, Shares	469,167	611,901	489,727	651,857
Options granted, Shares	6,250	16,500	21,000	16,500
Options exercised, Shares	(46,405)	(50,776)	(79,350)	(90,247)
Options cancelled/forfeited, Shares	(403)	(2,362)	(2,768)	(2,847)
Options outstanding, ending balance, Shares	428,609	575,263	428,609	575,263
Options outstanding, beginning balance, Weighted Average Exercise Price	$ 136.02	$ 110.1	$ 129.39	$ 108.1
Options granted, Weighted Average Exercise Price	306.82	222.26	281.13	222.26
Options exercised, Weighted Average Exercise Price	93.04	74.53	94.01	75.08
Options cancelled/forfeited, Weighted Average Exercise Price	167.86	145.71	165.75	147.59
Options outstanding, ending balance, Weighted Average Exercise Price	$ 143.14	$ 116.31	$ 143.14	$ 116.31

Stock-Based Compensation and _7

Stock-Based Compensation and Stock Options - Stock Options Outstanding and Exercisable (Detail) - $ / shares	6 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of Outstanding Options	428,609	469,167	489,727	575,263	611,901	651,857
Weighted Average Remaining Contractual Life	3 years 2 months 12 days
Outstanding Options – Weighted Average Exercise Price	$ 143.14	$ 136.02	$ 129.39	$ 116.31	$ 110.1	$ 108.1
Exercisable Options – Number of Exercisable Options	233,253
Exercisable Options – Weighted Average Exercise Price	$ 106.86
Range of Exercise Price, $33.16 to $87.69 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of Exercise Price, lower limit	33.16
Range of Exercise Price, upper limit	$ 87.69
Number of Outstanding Options	126,453
Weighted Average Remaining Contractual Life	2 years 5 months 4 days
Outstanding Options – Weighted Average Exercise Price	$ 68.03
Exercisable Options – Number of Exercisable Options	125,847
Exercisable Options – Weighted Average Exercise Price	$ 67.94
Range of Exercise Price, $87.70 to $155.99 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of Exercise Price, lower limit	87.7
Range of Exercise Price, upper limit	$ 155.99
Number of Outstanding Options	143,695
Weighted Average Remaining Contractual Life	2 years 10 months 2 days
Outstanding Options – Weighted Average Exercise Price	$ 143.06
Exercisable Options – Number of Exercisable Options	68,685
Exercisable Options – Weighted Average Exercise Price	$ 135.24
Range of Exercise Price, $156.00 to $200.55 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of Exercise Price, lower limit	156
Range of Exercise Price, upper limit	$ 200.55
Number of Outstanding Options	121,460
Weighted Average Remaining Contractual Life	3 years 8 months 4 days
Outstanding Options – Weighted Average Exercise Price	$ 187.09
Exercisable Options – Number of Exercisable Options	35,152
Exercisable Options – Weighted Average Exercise Price	$ 179.04
Range of Exercise Price, $200.56 to $306.82 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of Exercise Price, lower limit	200.56
Range of Exercise Price, upper limit	$ 306.82
Number of Outstanding Options	37,001
Weighted Average Remaining Contractual Life	5 years 7 months 13 days
Outstanding Options – Weighted Average Exercise Price	$ 255.82
Exercisable Options – Number of Exercisable Options	3,569
Exercisable Options – Weighted Average Exercise Price	$ 222.26

Stock-Based Compensation and _8

Stock-Based Compensation and Stock Options - Outstanding Options (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Options outstanding, beginning balance, Shares	469,167	611,901	489,727	651,857
Granted, Number of Options	6,250	16,500	21,000	16,500
Exercised, Number of Options	(46,405)	(50,776)	(79,350)	(90,247)
Cancelled - forfeited, Number of Options	(403)
Cancelled - expired, Number of Options	0
Options outstanding, ending balance, Shares	428,609	575,263	428,609	575,263
Ending vested and expected to vest, Number of Options	367,624		367,624
Ending exercisable, Number of Options	233,253		233,253
Options outstanding, beginning balance, Weighted Average Exercise Price	$ 136.02	$ 110.1	$ 129.39	$ 108.1
Granted, Weighted Average Exercise Price per Share	306.82	222.26	281.13	222.26
Exercised, Weighted Average Exercise Price per Share	93.04	74.53	94.01	75.08
Cancelled - forfeited, Weighted Average Exercise Price per Share	167.86
Cancelled - expired, Weighted Average Exercise Price per Share	0
Options outstanding, ending balance, Weighted Average Exercise Price	143.14	$ 116.31	143.14	$ 116.31
Ending vested and expected to vest, Weighted Average Exercise Price per Share	129.2		129.2
Ending exercisable, Weighted Average Exercise Price per Share	$ 106.86		$ 106.86
Option outstanding, Weighted Average Remaining Contractual Life (Years)	3 years 2 months 12 days
Ending vested and expected to vest, Weighted Average Remaining Contractual Life (Years)	3 years 2 months 23 days
Ending exercisable, Weighted Average Remaining Contractual Life (Years)	2 years 8 months 15 days
Ending Outstanding Aggregate Intrinsic Value	$ 78,758,230		$ 78,758,230
Ending vested and expected to vest, Aggregate Intrinsic Value	69,625,471		69,625,471
Ending exercisable, Aggregate Intrinsic Value	$ 51,322,012		$ 51,322,012

Treasury Stock - Additional Inf

Treasury Stock - Additional Information (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Mar. 31, 2024	Nov. 30, 2022
Class of Stock [Line Items]
Number of shares of common stock authorized to repurchase	39,000,000		39,000,000			1,000,000
Treasury stock, value	$ 813,020,000		$ 813,020,000		$ 793,905,000
Treasury stock, shares	38,103,440		38,103,440		38,033,179
Average price per share of common stock	$ 298.49		$ 272.06
Common stock, shares outstanding	17,135,160		17,135,160		17,128,896
Purchase of treasury stock, shares	32,123		70,261
Purchase of treasury stock	$ (9,589,000)	$ (9,418,000)	$ (19,115,000)	$ (27,205,000)
Treasury stock, shares outstanding	38,103,440		38,103,440
Common Stock [Member]
Class of Stock [Line Items]
Purchase of treasury stock, shares	0	0	0	0
Purchase of treasury stock	$ (9,600,000)
1996 Repurchase Program [Member]
Class of Stock [Line Items]
Treasury stock, shares	38,103,440		38,103,440
Common stock equals to percentage of outstanding common stock			69%
Average price per share of common stock	$ 311.57		$ 21.34
Purchase of treasury stock, shares	12,023
Purchase of treasury stock	$ (3,700,000)

Weighted Average Shares and N_3

Weighted Average Shares and Net Income Per Share - Additional Information (Detail) - shares	3 Months Ended		6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Weighted average common shares outstanding	17,133,000	17,123,000	17,127,000	17,133,000
Weighted average common shares outstanding	17,341,000	17,346,000	17,327,000	17,365,000

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		6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Net Income	$ 23,398,000	$ 19,898,000	$ 44,975,000	$ 39,703,000
Basic:
Weighted average common shares outstanding	17,133,000	17,123,000	17,127,000	17,133,000
Net Income per share	$ 1.37	$ 1.16	$ 2.63	$ 2.32
Diluted:
Weighted average common shares outstanding	17,341,000	17,346,000	17,327,000	17,365,000
Treasury stock impact of stock options	208,000	223,000	200,000	232,000
Total common and common equivalent shares	17,341,000	17,346,000	17,327,000	17,365,000
Net Income per share	$ 1.35	$ 1.15	$ 2.6	$ 2.29

Accounts and Income Taxes Pay_3

Accounts and Income Taxes Payable and Accrued Liabilities - Accounts Payable and Income Taxes Payable (Detail) - USD ($)	Sep. 30, 2024	Mar. 31, 2024
Payables and Accruals [Abstract]
Accounts payable	$ 13,700,000	$ 16,410,000
Income taxes payable and uncertain tax positions	474,000	221,000
Total accounts and taxes payable	$ 14,174,000	$ 16,631,000

Accounts and Income Taxes Pay_4

Accounts and Income Taxes Payable and Accrued Liabilities - Accrued Liabilities (Detail) - USD ($)	Sep. 30, 2024	Mar. 31, 2024
Payables and Accruals [Abstract]
Payroll, payroll taxes and employee benefits	$ 36,533,000	$ 26,291,000
Customer deposits	109,110,000	88,142,000
Accrued professional service fees	9,617,000	9,838,000
Self-insurance accruals	3,488,000	3,818,000
Deferred revenue	29,958,000	29,961,000
Operating lease liabilities	8,779,000	8,864,000
Other	1,200,000	954,000
Total accrued liabilities	$ 198,685,000	$ 167,868,000

Leases - Additional Information

Leases - Additional Information (Detail)	Sep. 30, 2024
Lessee Lease Description [Line Items]
Remaining lease term	12 months
Minimum [Member]
Lessee Lease Description [Line Items]
Remaining lease term	1 year
Maximum [Member]
Lessee Lease Description [Line Items]
Remaining lease term	8 years

Leases - Summary of Components

Leases - Summary of Components of Lease Expenses (Details) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Operating lease expense	$ 2,304,000	$ 2,455,000	$ 4,541,000	$ 5,218,000
Finance lease expense	20,000	22,000	41,000	44,000
Short-term lease expense	13,000	91,000	109,000	98,000
Variable lease expense	151,000	126,000	287,000	394,000
Total lease expenses	$ 2,488,000	$ 2,694,000	$ 4,978,000	$ 5,754,000

Leases - Summary of Lease Relat

Leases - Summary of Lease Related Assets and Liabilities Recorded in Balance Sheet Related to Operating Leases (Details) - USD ($)	Sep. 30, 2024	Mar. 31, 2024
Lessee Lease Description [Line Items]
Right-of-use asset, net	$ 23,818,000	$ 24,058,000
Short-term lease liability	$ 8,779,000	$ 8,864,000
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Liabilities, Current	Liabilities, Current
Long-term lease liability	$ 22,922,000	$ 22,533,000
Total lease liabilities	$ 31,701,000	$ 31,397,000
Weighted average remaining operating lease term	4 years 3 months 7 days	4 years 1 month 9 days
Weighted average remaining finance lease term	9 months	1 year 3 months
Weighted average discount rate	4.30%	3.70%

Leases - Schedule of Supplement

Leases - Schedule of Supplemental Cash Flow Information Related to Operating Leases (Detail) - USD ($)	6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 3,996,000	$ 3,838,000
Operating lease liabilities arising from obtaining ROU assets	51,648,000	52,155,000
Finance lease liabilities arising from obtaining ROU assets	358,000	358,000
Additions/(reductions) to ROU assets resulting from additions/(reductions) to operating lease liabilities	$ 1,672,000	$ (2,552,000)

Leases - Summary of Maturities

Leases - Summary of Maturities of Operating Lease Liabilities (Details) - USD ($)	Sep. 30, 2024	Mar. 31, 2024
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]
2025	$ 5,182,000
2026	8,800,000
2027	7,165,000
2028	6,261,000
2029	4,048,000
Thereafter	3,591,000
Total lease payments	35,047,000
Less interest	(3,346,000)
Total lease liabilities	$ 31,701,000	$ 31,397,000