Thursday January 16th, 2025 1:54PM

Crawford & Company Reports 2024 Second Quarter Results

By The Associated Press

ATLANTA--(BUSINESS WIRE)--Aug 5, 2024--

Crawford & Company® (NYSE: CRD-A and CRD-B), is pleased to announce its financial results for the second quarter ended June 30, 2024. Based in Atlanta, Crawford & Company (NYSE: CRD‐A and CRD‐B) is a leading global provider of claims management and outsourcing solutions to insurance companies and self‐insured entities with an expansive network serving clients in more than 70 countries. Refer to the Company's website ( www.crawco.com ) for more information.

Rohit Verma, president and chief executive officer of Crawford & Company, commented, “Our growth strategy and initiatives are yielding results. Despite a difficult comparison due to weather events last year, three of our four business segments showed operating earnings growth with improved margins in the quarter. This enabled us to achieve consolidated earnings consistent with last year and reflects Crawford’s diversified revenue model with a healthy balance between weather and non-weather dependent businesses. We added $23 million in new and enhanced business in the quarter, and our pipeline remains robust. As we move through the back half of 2024, I am optimistic about the overall direction of the Company and believe we are well-positioned to drive enhanced value for customers and shareholders."

GAAP Consolidated Results

Second Quarter 2024

  • Revenues before reimbursements of $314.2 million, compared to $324.6 million for the 2023 second quarter
  • Net income attributable to shareholders of $8.6 million, increasing from the $8.4 million in the same period last year
  • Diluted earnings per share of $0.17 for both CRD-A and CRD-B, unchanged from diluted earnings per share of $0.17 for both share classes in the prior year second quarter

Non-GAAP Consolidated Results

Second Quarter 2024

  • Diluted earnings per share, on a non-GAAP basis, totaled $0.25 for both CRD-A and CRD-B in the 2024 second quarter, compared with $0.24 for both share classes in the prior year second quarter
  • Net income attributable to shareholders, on a non-GAAP basis, totaled $12.4 million in the 2024 second quarter, compared with $12.0 million in the same period last year
  • Consolidated adjusted operating earnings, on a non-GAAP basis, were $22.1 million, or 7.0% of revenues before reimbursements in the 2024 second quarter, compared with $22.8 million, or 7.0% of revenues, in the 2023 second quarter
  • Consolidated adjusted EBITDA, a non-GAAP financial measure, was $30.6 million, or 9.7% of revenues before reimbursements in the 2024 second quarter, compared with $31.5 million, or 9.7% of revenues, in the 2023 second quarter
  • Foreign currency exchange rates decreased revenues before reimbursements by $1.9 million or less than (1)%. Presented on a constant dollar basis to the prior year period, revenues before reimbursements totaled $316.1 million, decreasing (3)% from the 2023 second quarter

Mr. Verma continued, “Our second quarter performance was highlighted by strong revenue growth and margin improvement at Broadspire, resulting in another record quarter for this business. Additionally, we achieved continued improvement over the prior year period in our International Operations segment. Our North American Loss Adjusting business achieved improved margin performance and consistent revenues quarter over quarter, despite a decline in extreme weather events, reflecting the segment’s increased market share in the industry. The absence of severe weather continued to impact weather-related demand for our Platform Solutions business as carriers have capacity to meet current volumes. However, we remain well positioned to respond to seasonal storm activity. Our balance sheet remains strong, providing us flexibility to execute our strategic growth strategy.”

Segment Results for the Second Quarter

North America Loss Adjusting

North America Loss Adjusting revenues before reimbursements were $76.0 million in the second quarter of 2024, decreasing (0.4)% from $76.4 million in the second quarter of 2023.

The segment had operating earnings of $4.9 million in the 2024 second quarter, increasing from $3.9 million in the second quarter of 2023. The operating margin was 6.4% in the 2024 quarter and 5.1% in the 2023 quarter.

International Operations

International Operations revenues before reimbursements were $102.3 million in the second quarter of 2024, up 7.3% from $95.3 million in the same period of 2023. Absent foreign exchange rate decreases of $1.5 million, revenues would have been $103.7 million for the 2024 second quarter.

Operating earnings were $5.7 million in the 2024 second quarter, increasing from $3.7 million in the 2023 period. The segment’s operating margin for the 2024 quarter was 5.6% as compared with 3.9% in the 2023 quarter.

Broadspire

Broadspire segment revenues before reimbursements were a new quarterly record of $97.1 million in the 2024 second quarter, increasing 11.3% from $87.2 million in the 2023 second quarter.

Broadspire recorded operating earnings of $15.1 million in the second quarter of 2024, representing an operating margin of 15.5%, increasing from $8.1 million, or 9.3% of revenues, in the 2023 second quarter.

Platform Solutions

Platform Solutions revenues before reimbursements were $38.8 million in the second quarter of 2024, down (40.8)% from $65.6 million in the same period of 2023 as the Networks service line had significantly reduced weather related claim volumes.

Operating earnings were $1.5 million in the 2024 second quarter, decreasing from the $8.1 million in the 2023 period. The segment’s operating margin for the 2024 quarter was 3.8% as compared with 12.3% in the 2023 quarter.

Unallocated Corporate and Shared Costs and Credits, Net

Unallocated corporate costs were $5.1 million in the second quarter of 2024, compared with $1.1 million in the same period of 2023. The increase in the 2024 second quarter was primarily due to an increase in professional fees and other reserves.

Selling, General, and Administrative Expenses

Selling, general, and administrative expenses (“SG&A”) increased $1.8 million, or 2.6%, in the three months ended June 30, 2024 as compared with the 2023 period. The increase was primarily due to professional fees, IT costs, and compensation expense, including taxes and benefits.

Other Matters

The Company recognized pretax contingent earnout expenses totaling $0.4 million in the 2024 second quarter, compared to $0.7 million in the same period of 2023, related to the fair value adjustment of earnout liabilities arising from recent acquisitions. This adjustment, which is not a component of operating earnings, is based on favorable changes to projections of acquired entities over the respective earnout periods, which span multiple years.

The Company recognized non-service pension costs of $2.4 million in the 2024 second quarter compared with $2.1 million in the 2023 period. Non-service pension costs represent the U.S. and U.K. non-service defined benefit pension costs, which are non-operating in nature as the U.S. plan is frozen and the U.K. plans are closed to new participants.

Balance Sheet and Cash Flow

The Company’s consolidated cash and cash equivalents position as of June 30, 2024, totaled $46.7 million, compared with $58.4 million at December 31, 2023. The Company’s total debt outstanding as of June 30, 2024, totaled $233.8 million, compared with $209.1 million at December 31, 2023.

The Company’s operations used $8.3 million of cash during the first six months of 2024, compared with $27.2 million provided in 2023. The increase in cash used was due primarily to $13.5 million lower operating earnings, $16.7 million net change in incentive compensation, and a $5.9 million increase in other working capital items over the prior year.

The Company made no contributions to its U.S. defined benefit pension plan and $1.2 million in contributions to its U.K. plans for the first half of 2024, compared with no contributions to the U.S. plan and $1.0 million to the U.K. plans in 2023.

During the first six months of 2024, the Company didn't repurchase any shares of CRD-A, but repurchased 230,861 shares of CRD-B at an average per share cost of $8.98. There were no shares repurchased during the first six months of 2023. The total cost of share repurchases during 2024 was $2.1 million.

Conference Call

As previously announced, Crawford & Company will host a conference call on August 6, 2024, at 8:30 a.m. Eastern Time to discuss its second quarter 2024 results. The conference call can be accessed live by dialing 1-888-259-6580 and using Conference ID 95332233. A presentation for tomorrow’s call can also be found on the investor relations portion of the Company’s website, https://ir.crawco.com. The call will be recorded and available for replay through September 5, 2024. You may dial 1-877-674-7070 and use passcode 332233# to listen to the replay.

Non-GAAP Presentation

In the normal course of business, our operating segments incur certain out-of-pocket expenses that are thereafter reimbursed by our clients. Under U.S. generally accepted accounting principles (“GAAP”), these out-of-pocket expenses and associated reimbursements are required to be included when reporting expenses and revenues, respectively, in our consolidated results of operations. In the foregoing discussion and analysis of segment results of operations, we do not include a gross up of segment expenses and revenues for these pass-through reimbursed expenses. The amounts of reimbursed expenses and related revenues offset each other in our results of operations with no impact to our net income or operating earnings. A reconciliation of revenues before reimbursements to consolidated revenues determined in accordance with GAAP is self-evident from the face of the accompanying unaudited condensed consolidated statements of operations.

Operating earnings is the primary financial performance measure used by our senior management and chief operating decision maker (“CODM”) to evaluate the financial performance of our Company and operating segments, and make resource allocation and certain compensation decisions. Unlike net income, segment operating earnings is not a standard performance measure found in GAAP. We believe this measure is useful to others in that it allows them to evaluate segment and consolidated operating performance using the same criteria used by our senior management and CODM. Consolidated operating earnings represent segment earnings including certain unallocated corporate and shared costs, but before net corporate interest expense, stock option expense, amortization of acquisition-related intangible assets, contingent earnout adjustments, non-service pension costs, income taxes and net income or loss attributable to noncontrolling interests.

Adjusted EBITDA is not a term defined by GAAP and as a result our measure of adjusted EBITDA might not be comparable to similarly titled measures used by other companies. However, adjusted EBITDA is used by management to evaluate, assess and benchmark our operational results. The Company believes that adjusted EBITDA is relevant and useful information widely used by analysts, investors and other interested parties. Adjusted EBITDA is defined as net income attributable to shareholders of the Company with adjustments for depreciation and amortization, net corporate interest expense, contingent earnout adjustments, non-service pension costs, income taxes and stock-based compensation expense.

Unallocated corporate and shared costs and credits include expenses and credits related to our chief executive officer and Board of Directors, certain provisions for bad debt allowances or subsequent recoveries such as those related to bankrupt clients, certain unallocated professional fees and certain self-insurance costs and recoveries that are not allocated to our individual operating segments.

Income taxes, net corporate interest expense, stock option expense, amortization of acquisition-related intangible assets, contingent earnout adjustments, and non-service pension costs are recurring components of our net income, but they are not considered part of our segment operating earnings because they are managed on a corporate-wide basis. Income taxes are calculated for the Company on a consolidated basis based on statutory rates in effect in the various jurisdictions in which we provide services and vary significantly by jurisdiction. Net corporate interest expense results from capital structure decisions made by senior management and the Board of Directors, affecting the Company as a whole. Stock option expense represents the non-cash costs generally related to stock options and employee stock purchase plan expenses which are not allocated to our operating segments. Amortization expense is a non-cash expense for finite-lived customer-relationship and trade name intangible assets acquired in business combinations. Contingent earnout adjustments relate to changes in the fair value of earnouts associated with our recent acquisitions. Non-service pension costs represent the U.S. and U.K. non-service defined benefit pension costs, which are non-operating in nature as the U.S. plan was frozen in 2002 and the U.K. plans are closed to new participants. None of these costs relate directly to the performance of our services or operating activities and, therefore, are excluded from segment operating earnings to better assess the results of each segment's operating activities on a consistent basis.

A significant portion of our operations are international. These international operations subject us to foreign exchange fluctuations. The following table illustrates revenue as a percentage of total revenue for the major currencies of the geographic areas that Crawford does business:

 

 

 

Three Months Ended

 

 

Six Months Ended

 

( in thousands )

 

June 30,
2024

 

June 30,
2023

 

June 30,
2024

 

June 30,
2023

Geographic Area

Currency

USD equivalent

 

% of total

 

 

USD equivalent

 

% of total

 

 

USD equivalent

 

% of total

 

 

USD equivalent

 

% of total

 

U.S.

USD

$

189,743

 

 

60.4

%

 

$

204,854

 

 

63.1

%

 

$

369,464

 

 

60.0

%

 

$

404,711

 

 

63.1

%

U.K.

GBP

 

41,420

 

 

13.2

%

 

 

34,725

 

 

10.7

%

 

 

81,675

 

 

13.3

%

 

 

67,849

 

 

10.6

%

Canada

CAD

 

22,201

 

 

7.1

%

 

 

24,390

 

 

7.5

%

 

 

46,042

 

 

7.5

%

 

 

49,004

 

 

7.6

%

Australia

AUD

 

22,316

 

 

7.1

%

 

 

22,926

 

 

7.1

%

 

 

41,977

 

 

6.8

%

 

 

45,920

 

 

7.2

%

Europe

EUR

 

15,661

 

 

5.0

%

 

 

14,301

 

 

4.4

%

 

 

30,546

 

 

5.0

%

 

 

28,339

 

 

4.4

%

Rest of World

Various

 

22,886

 

 

7.2

%

 

 

23,360

 

 

7.2

%

 

 

46,177

 

 

7.4

%

 

 

45,067

 

 

7.1

%

Total Revenues, before reimbursements

$

314,227

 

 

100.0

%

 

$

324,556

 

 

100.0

%

 

$

615,881

 

 

100.0

%

 

$

640,890

 

 

100.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Following is a reconciliation of consolidated operating earnings to net income attributable to shareholders of Crawford & Company on a GAAP basis:

 

 

Three Months Ended

 

 

Six Months Ended

 

(in thousands)

June 30, 2024

June 30, 2023

 

June 30, 2024

June 30, 2023

Operating earnings:

 

 

 

 

 

 

 

 

 

North America Loss Adjusting

$

4,885

 

$

3,900

 

 

$

9,364

 

$

11,965

 

International Operations

 

5,702

 

 

3,742

 

 

 

7,392

 

 

6,777

 

Broadspire

 

15,091

 

 

8,148

 

 

 

27,895

 

 

16,075

 

Platform Solutions

 

1,469

 

 

8,106

 

 

 

2,584

 

 

18,072

 

Unallocated corporate and shared costs, net

 

(5,079

)

 

(1,098

)

 

 

(13,086

)

 

(5,217

)

Consolidated operating earnings

 

22,068

 

 

22,798

 

 

 

34,149

 

 

47,672

 

(Deduct) add:

 

 

 

 

 

 

 

 

 

Net corporate interest expense

 

(4,256

)

 

(4,309

)

 

 

(7,852

)

 

(8,708

)

Stock option expense

 

(139

)

 

(139

)

 

 

(306

)

 

(295

)

Amortization of intangible assets

 

(1,856

)

 

(1,979

)

 

 

(3,724

)

 

(3,878

)

Non-service pension costs

 

(2,399

)

 

(2,095

)

 

 

(4,872

)

 

(4,266

)

Contingent earnout adjustments

 

(430

)

 

(725

)

 

 

(581

)

 

(973

)

Income tax provision

 

(4,486

)

 

(5,206

)

 

 

(5,533

)

 

(10,477

)

Net loss attributable to noncontrolling interests

 

82

 

 

82

 

 

 

140

 

 

33

 

Net income attributable to shareholders of Crawford & Company

$

8,584

 

$

8,427

 

 

$

11,421

 

$

19,108

 

 

Following is a reconciliation of net income attributable to shareholders of Crawford & Company on a GAAP basis to non-GAAP adjusted EBITDA:

 

 

Three Months Ended

 

 

Six Months Ended

 

(in thousands)

June 30,
2024

June 30,
2023

 

June 30,
2024

June 30,
2023

Net income attributable to shareholders of Crawford & Company

$

8,584

 

$

8,427

 

 

$

11,421

 

$

19,108

 

Add:

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

8,845

 

 

9,191

 

 

 

18,144

 

 

18,241

 

Stock-based compensation

 

1,613

 

 

1,586

 

 

 

2,831

 

 

2,609

 

Net corporate interest expense

 

4,256

 

 

4,309

 

 

 

7,852

 

 

8,708

 

Non-service pension costs

 

2,399

 

 

2,095

 

 

 

4,872

 

 

4,266

 

Contingent earnout adjustments

 

430

 

 

725

 

 

 

581

 

 

973

 

Income tax provision

 

4,486

 

 

5,206

 

 

 

5,533

 

 

10,477

 

Non-GAAP adjusted EBITDA

$

30,613

 

$

31,539

 

 

$

51,234

 

$

64,382

 

 

 

 

 

 

 

 

 

 

 

Following is a reconciliation of operating cash flow to free cash flow for the six months ended June 30, 2024 and 2023:

 

Six Months Ended

 

(in thousands)

June 30, 2024

 

June 30, 2023

 

Change

Net Cash (Used in) Provided by Operating Activities

$

(8,253

)

 

$

27,169

 

 

$

(35,422

)

Less:

 

 

 

 

 

 

 

 

Property & Equipment Purchases, net

 

(1,418

)

 

 

(1,914

)

 

 

496

 

Capitalized Software (internal and external costs)

 

(17,031

)

 

 

(16,031

)

 

 

(1,000

)

Free Cash Flow

$

(26,702

)

 

$

9,224

 

 

$

(35,926

)

 

 

 

 

 

 

 

 

 

Non-GAAP consolidated results for 2024 and 2023 exclude the non-cash, after-tax adjustments for amortization of intangible assets, non-service-related pension costs, and contingent earnout adjustment.

Following are the reconciliations of GAAP Pretax Earnings, Net Income and Earnings Per Share to related non-GAAP Adjusted figures, which reflect each of 2024 and 2023 before amortization of intangible assets, non-service related pension costs and contingent earnout adjustments:

 

Three Months Ended June 30, 2024

 

( in thousands )

Pretax earnings

Net income
attributable to Crawford & Company

Diluted earnings per
CRD-A
share

Diluted earnings per
CRD-B
share

GAAP

$

12,988

 

$

8,584

 

$

0.17

 

$

0.17

 

Adjustments:

 

 

 

 

 

 

 

 

Amortization of intangible assets

 

1,856

 

 

1,565

 

 

0.03

 

 

0.03

 

Non-service related pension costs

 

2,399

 

 

1,876

 

 

0.04

 

 

0.04

 

Contingent earnout adjustments

 

430

 

 

423

 

 

0.01

 

 

0.01

 

Non-GAAP Adjusted

$

17,673

 

$

12,448

 

$

0.25

 

$

0.25

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30, 2023

 

(in thousands)

Pretax earnings

Net income
attributable to Crawford & Company

Diluted earnings per
CRD-A
share

Diluted earnings per
CRD-B
share

GAAP

$

13,551

 

$

8,427

 

$

0.17

 

$

0.17

 

Adjustments:

 

 

 

 

 

 

 

 

Amortization of intangible assets

 

1,979

 

 

1,484

 

 

0.03

 

 

0.03

 

Non-service related pension costs

 

2,095

 

 

1,557

 

 

0.03

 

 

0.03

 

Contingent earnout adjustments

 

725

 

 

537

 

 

0.01

 

 

0.01

 

Non-GAAP Adjusted

$

18,350

 

$

12,005

 

$

0.24

 

$

0.24

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30, 2024

 

(in thousands)

Pretax earnings

Net income
attributable to Crawford & Company

Diluted earnings per
CRD-A
share

Diluted earnings per
CRD-B
share

GAAP

$

16,814

 

$

11,421

 

$

0.23

 

$

0.23

 

Adjustments:

 

 

 

 

 

 

 

 

Amortization of intangible assets

 

3,724

 

 

3,139

 

 

0.06

 

 

0.06

 

Non-service related pension costs

 

4,872

 

 

3,805

 

 

0.08

 

 

0.08

 

Contingent earnout adjustments

 

581

 

 

574

 

 

0.01

 

 

0.01

 

Non-GAAP Adjusted

$

25,991

 

$

18,939

 

$

0.38

 

$

0.38

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30, 2023

 

(in thousands)

Pretax earnings

Net income
attributable to Crawford & Company

Diluted
earnings per
CRD-A
share (1)

Diluted
earnings per
CRD-B
share

GAAP

$

29,552

 

$

19,108

 

$

0.39

 

$

0.39

 

Adjustments:

 

 

 

 

 

 

 

 

Amortization of intangible assets

 

3,878

 

 

2,909

 

 

0.06

 

 

0.06

 

Non-service related pension costs

 

4,266

 

 

3,170

 

 

0.06

 

 

0.06

 

Contingent earnout adjustments

 

973

 

 

720

 

 

0.02

 

 

0.02

 

Non-GAAP Adjusted

$

38,669

 

$

25,907

 

$

0.52

 

$

0.53

 

 

 

 

 

 

 

 

 

 

(1) Sum of reconciling items may differ from total due to rounding of individual components.

Following is information regarding the weighted average shares used in the computation of basic and diluted earnings per share:

 

 

Three Months Ended

 

Six Months Ended

 

( in thousands )

June 30, 2024

June 30, 2023

June 30, 2024

June 30, 2023

Weighted-Average Shares Used to Compute Basic Earnings Per Share:

 

 

 

 

 

 

 

 

Class A Common Stock

 

29,728

 

 

28,956

 

 

29,657

 

 

28,899

 

Class B Common Stock

 

19,374

 

 

19,848

 

 

19,458

 

 

19,848

 

Weighted-Average Shares Used to Compute Diluted Earnings Per Share:

 

 

 

 

 

 

 

 

Class A Common Stock

 

30,171

 

 

29,770

 

 

30,225

 

 

29,456

 

Class B Common Stock

 

19,374

 

 

19,848

 

 

19,458

 

 

19,848

 

 

 

 

 

 

 

 

 

 

Further information regarding the Company’s operating results for the three and six months ended June 30, 2024, financial position as of June 30, 2024, and cash flows for the six months ended June 30, 2024 is shown on the attached unaudited condensed consolidated financial statements.

About Crawford & Company

Based in Atlanta, Crawford & Company (NYSE: CRD-A and CRD-B) is a leading provider of claims management and outsourcing solutions to insurance companies and self-insured entities with an expansive network serving clients in more than 70 countries. The Company's two classes of stock are substantially identical, except with respect to voting rights for the Class B Common Stock (CRD-B) and protections for the non-voting Class A Common Stock (CRD-A). More information is available at www.crawco.com.

TAG: Crawford-Financial, Crawford-Investor-News-and-Events

FOR FURTHER INFORMATION REGARDING THIS PRESS RELEASE, PLEASE CALL BRUCE SWAIN AT (404) 300-1051.

 

This press release contains forward-looking statements, including statements about the expected future financial condition, results of operations and earnings outlook of Crawford & Company. Statements, both qualitative and quantitative, that are not historical facts may be “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 and other federal securities laws. Forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from historical experience or Crawford & Company’s present expectations. Accordingly, no one should place undue reliance on forward-looking statements, which speak only as of the date on which they are made. Crawford & Company does not undertake to update forward-looking statements to reflect the impact of circumstances or events that may arise or not arise after the date the forward-looking statements are made. For further information regarding Crawford & Company, including factors that could cause our actual financial condition, results or earnings to differ from those described in any forward-looking statements, please read Crawford & Company’s reports filed with the SEC and available at www.sec.gov and in the Investor Relations section of Crawford & Company’s website at www.crawco.com.

CRAWFORD & COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Unaudited

(In Thousands, Except Per Share Amounts and Percentages)

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30,

 

2024

 

2023

 

% Change

 

 

 

 

 

 

 

 

 

 

Revenues:

 

 

 

 

 

 

 

 

 

Revenues Before Reimbursements

 

$

314,227

 

 

$

324,556

 

 

 

(3

)%

Reimbursements

 

 

12,626

 

 

 

13,073

 

 

 

(3

)%

Total Revenues

 

 

326,853

 

 

 

337,629

 

 

 

(3

)%

 

 

 

 

 

 

 

 

 

 

Costs and Expenses:

 

 

 

 

 

 

 

 

 

Costs of Services Provided, Before Reimbursements

 

 

222,265

 

 

 

234,031

 

 

 

(5

)%

Reimbursements

 

 

12,626

 

 

 

13,073

 

 

 

(3

)%

Total Costs of Services

 

 

234,891

 

 

 

247,104

 

 

 

(5

)%

 

 

 

 

 

 

 

 

 

 

Selling, General, and Administrative Expenses

 

 

72,270

 

 

 

70,473

 

 

 

3

%

Corporate Interest Expense, Net

 

 

4,256

 

 

 

4,309

 

 

 

(1

)%

Total Costs and Expenses

 

 

311,417

 

 

 

321,886

 

 

 

(3

)%

 

 

 

 

 

 

 

 

 

 

Other Loss, Net

 

 

(2,448

)

 

 

(2,192

)

 

 

12

%

 

 

 

 

 

 

 

 

 

 

Income Before Income Taxes

 

 

12,988

 

 

 

13,551

 

 

 

(4

)%

Provision for Income Taxes

 

 

4,486

 

 

 

5,206

 

 

 

(14

)%

 

 

 

 

 

 

 

 

 

 

Net Income

 

 

8,502

 

 

 

8,345

 

 

 

2

%

 

 

 

 

 

 

 

 

 

 

Net Loss Attributable to Noncontrolling Interests

 

 

82

 

 

 

82

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income Attributable to Shareholders of Crawford & Company

 

$

8,584

 

 

$

8,427

 

 

 

2

%

 

 

 

 

 

 

 

 

 

 

Earnings Per Share - Basic:

 

 

 

 

 

 

 

 

 

Class A Common Stock

 

$

0.17

 

 

$

0.17

 

 

 

 

Class B Common Stock

 

$

0.17

 

 

$

0.17

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings Per Share - Diluted:

 

 

 

 

 

 

 

 

 

Class A Common Stock

 

$

0.17

 

 

$

0.17

 

 

 

 

Class B Common Stock

 

$

0.17

 

 

$

0.17

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash Dividends Per Share:

 

 

 

 

 

 

 

 

 

Class A Common Stock

 

$

0.07

 

 

$

0.06

 

 

 

17

%

Class B Common Stock

 

$

0.07

 

 

$

0.06

 

 

 

17

%

 

CRAWFORD & COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Unaudited

(In Thousands, Except Per Share Amounts and Percentages)

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30,

 

2024

 

2023

 

% Change

 

 

 

 

 

 

 

 

 

 

Revenues:

 

 

 

 

 

 

 

 

 

Revenues Before Reimbursements

 

$

615,881

 

 

$

640,890

 

 

 

(4

)%

Reimbursements

 

 

24,045

 

 

 

24,677

 

 

 

(3

)%

Total Revenues

 

 

639,926

 

 

 

665,567

 

 

 

(4

)%

 

 

 

 

 

 

 

 

 

 

Costs and Expenses:

 

 

 

 

 

 

 

 

 

Costs of Services Provided, Before Reimbursements

 

 

436,654

 

 

 

461,109

 

 

 

(5

)%

Reimbursements

 

 

24,045

 

 

 

24,677

 

 

 

(3

)%

Total Costs of Services

 

 

460,699

 

 

 

485,786

 

 

 

(5

)%

 

 

 

 

 

 

 

 

 

 

Selling, General, and Administrative Expenses

 

 

149,590

 

 

 

137,184

 

 

 

9

%

Corporate Interest Expense, Net

 

 

7,852

 

 

 

8,708

 

 

 

(10

)%

Total Costs and Expenses

 

 

618,141

 

 

 

631,678

 

 

 

(2

)%

 

 

 

 

 

 

 

 

 

 

Other Loss, Net

 

 

(4,971

)

 

 

(4,337

)

 

 

15

%

 

 

 

 

 

 

 

 

 

 

Income Before Income Taxes

 

 

16,814

 

 

 

29,552

 

 

 

(43

)%

Provision for Income Taxes

 

 

5,533

 

 

 

10,477

 

 

 

(47

)%

 

 

 

 

 

 

 

 

 

 

Net Income

 

 

11,281

 

 

 

19,075

 

 

 

(41

)%

 

 

 

 

 

 

 

 

 

 

Net Loss Attributable to Noncontrolling Interests

 

 

140

 

 

 

33

 

 

 

324

%

 

 

 

 

 

 

 

 

 

 

Net Income Attributable to Shareholders of Crawford & Company

 

$

11,421

 

 

$

19,108

 

 

 

(40

)%

 

 

 

 

 

 

 

 

 

 

Earnings Per Share - Basic:

 

 

 

 

 

 

 

 

 

Class A Common Stock

 

$

0.23

 

 

$

0.39

 

 

 

(41

)%

Class B Common Stock

 

$

0.23

 

 

$

0.39

 

 

 

(41

)%

 

 

 

 

 

 

 

 

 

 

Earnings Per Share - Diluted:

 

 

 

 

 

 

 

 

 

Class A Common Stock

 

$

0.23

 

 

$

0.39

 

 

 

(41

)%

Class B Common Stock

 

$

0.23

 

 

$

0.39

 

 

 

(41

)%

 

 

 

 

 

 

 

 

 

 

Cash Dividends Per Share:

 

 

 

 

 

 

 

 

 

Class A Common Stock

 

$

0.14

 

 

$

0.12

 

 

 

17

%

Class B Common Stock

 

$

0.14

 

 

$

0.12

 

 

 

17

%

 

CRAWFORD & COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

As of June 30, 2024and December 31, 2023

Unaudited

(In Thousands, Except Par Values)

 

 

 

 

 

 

 

 

 

June 30,

  • Associated Categories: Associated Press (AP), AP Business, AP Online - Georgia News, AP Business Wire - Georgia
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