Crawford & Company Reports 2024 Fourth Quarter and Full Year Results
Crawford & Company (NYSE: CRD-A and CRD-B) reported strong financial results for Q4 and full year 2024. The company achieved record revenues of $1.293 billion in 2024, up 2% from 2023. Q4 revenues increased 17% to $347.3 million, with net income of $5.7 million ($0.11 per CRD-A share, $0.12 for CRD-B).
Full year 2024 net income was $26.6 million ($0.53 per CRD-A share, $0.54 for CRD-B), compared to $30.6 million in 2023. The fourth quarter saw increased claims activity from Hurricanes Helene and Milton, driving growth across all business lines. Broadspire achieved its second consecutive year of record annual revenue, while International Operations showed improved performance in key markets.
The company's cash position stood at $55.4 million as of December 31, 2024, with total debt of $218.1 million. Operating cash flow was $51.6 million in 2024, down from $103.8 million in 2023.
Crawford & Company (NYSE: CRD-A e CRD-B) ha riportato risultati finanziari robusti per il quarto trimestre e per l'intero anno 2024. L'azienda ha raggiunto entrate record di 1,293 miliardi di dollari nel 2024, con un aumento del 2% rispetto al 2023. Le entrate del quarto trimestre sono aumentate del 17% a 347,3 milioni di dollari, con un reddito netto di 5,7 milioni di dollari (0,11 dollari per azione CRD-A, 0,12 dollari per CRD-B).
Il reddito netto per l'intero anno 2024 è stato di 26,6 milioni di dollari (0,53 dollari per azione CRD-A, 0,54 dollari per CRD-B), rispetto ai 30,6 milioni di dollari del 2023. Nel quarto trimestre si è registrato un aumento dell'attività di richieste risarcitorie a causa degli uragani Helene e Milton, che hanno spinto la crescita in tutte le linee di business. Broadspire ha raggiunto il suo secondo anno consecutivo di entrate annuali record, mentre le operazioni internazionali hanno mostrato un miglioramento delle performance nei mercati chiave.
La posizione di cassa dell'azienda era di 55,4 milioni di dollari al 31 dicembre 2024, con un debito totale di 218,1 milioni di dollari. Il flusso di cassa operativo è stato di 51,6 milioni di dollari nel 2024, in calo rispetto ai 103,8 milioni di dollari del 2023.
Crawford & Company (NYSE: CRD-A y CRD-B) reportó resultados financieros sólidos para el cuarto trimestre y el año completo 2024. La compañía logró ingresos récord de 1.293 millones de dólares en 2024, un aumento del 2% en comparación con 2023. Los ingresos del cuarto trimestre aumentaron un 17% a 347,3 millones de dólares, con un ingreso neto de 5,7 millones de dólares (0,11 dólares por acción CRD-A, 0,12 dólares por CRD-B).
El ingreso neto del año completo 2024 fue de 26,6 millones de dólares (0,53 dólares por acción CRD-A, 0,54 dólares por CRD-B), en comparación con 30,6 millones de dólares en 2023. El cuarto trimestre vio un aumento en la actividad de reclamaciones debido a los huracanes Helene y Milton, impulsando el crecimiento en todas las líneas de negocio. Broadspire logró su segundo año consecutivo de ingresos anuales récord, mientras que las operaciones internacionales mostraron un mejor desempeño en mercados clave.
La posición de efectivo de la compañía era de 55,4 millones de dólares al 31 de diciembre de 2024, con una deuda total de 218,1 millones de dólares. El flujo de efectivo operativo fue de 51,6 millones de dólares en 2024, en comparación con 103,8 millones de dólares en 2023.
Crawford & Company (NYSE: CRD-A 및 CRD-B)는 2024년 4분기 및 전체 연도에 대한 강력한 재무 결과를 보고했습니다. 이 회사는 2024년에 12억 9,300만 달러의 기록적인 수익을 달성했으며, 이는 2023년 대비 2% 증가한 수치입니다. 4분기 수익은 17% 증가하여 3억 4,730만 달러에 도달했으며, 순이익은 570만 달러(주당 CRD-A: 0.11달러, CRD-B: 0.12달러)였습니다.
2024년 전체 연도의 순이익은 2,660만 달러(주당 CRD-A: 0.53달러, CRD-B: 0.54달러)로, 2023년의 3,060만 달러와 비교됩니다. 4분기에는 헬렌과 밀턴 허리케인으로 인한 청구 활동이 증가하여 모든 사업 분야에서 성장을 이끌었습니다. Broadspire는 두 번째 연속 연간 수익 기록을 달성했으며, 국제 운영은 주요 시장에서 성과가 개선되었습니다.
회사의 현금 보유액은 2024년 12월 31일 기준으로 5,540만 달러였으며, 총 부채는 2억 1,810만 달러였습니다. 운영 현금 흐름은 2024년에 5,160만 달러로, 2023년의 1억 3,800만 달러에서 감소했습니다.
Crawford & Company (NYSE: CRD-A et CRD-B) a annoncé des résultats financiers solides pour le quatrième trimestre et l'année complète 2024. L'entreprise a atteint des revenus records de 1,293 milliard de dollars en 2024, en hausse de 2% par rapport à 2023. Les revenus du quatrième trimestre ont augmenté de 17% pour atteindre 347,3 millions de dollars, avec un bénéfice net de 5,7 millions de dollars (0,11 dollar par action CRD-A, 0,12 dollar pour CRD-B).
Le bénéfice net pour l'année complète 2024 s'élevait à 26,6 millions de dollars (0,53 dollar par action CRD-A, 0,54 dollar pour CRD-B), contre 30,6 millions de dollars en 2023. Le quatrième trimestre a connu une augmentation de l'activité des réclamations en raison des ouragans Helene et Milton, stimulant la croissance dans toutes les lignes d'activité. Broadspire a réalisé sa deuxième année consécutive de revenus annuels record, tandis que les opérations internationales ont montré une amélioration des performances sur les marchés clés.
La position de trésorerie de l'entreprise s'élevait à 55,4 millions de dollars au 31 décembre 2024, avec une dette totale de 218,1 millions de dollars. Le flux de trésorerie d'exploitation s'élevait à 51,6 millions de dollars en 2024, en baisse par rapport à 103,8 millions de dollars en 2023.
Crawford & Company (NYSE: CRD-A und CRD-B) hat starke finanzielle Ergebnisse für das vierte Quartal und das gesamte Jahr 2024 gemeldet. Das Unternehmen erzielte Rekordumsätze von 1,293 Milliarden Dollar im Jahr 2024, was einem Anstieg von 2% im Vergleich zu 2023 entspricht. Die Umsätze im vierten Quartal stiegen um 17% auf 347,3 Millionen Dollar, mit einem Nettogewinn von 5,7 Millionen Dollar (0,11 Dollar pro CRD-A-Aktie, 0,12 Dollar für CRD-B).
Der Nettogewinn für das gesamte Jahr 2024 betrug 26,6 Millionen Dollar (0,53 Dollar pro CRD-A-Aktie, 0,54 Dollar für CRD-B), im Vergleich zu 30,6 Millionen Dollar im Jahr 2023. Im vierten Quartal gab es aufgrund der Hurrikane Helene und Milton eine erhöhte Schadensmeldungsaktivität, die das Wachstum in allen Geschäftsbereichen vorantrieb. Broadspire erzielte im zweiten Jahr in Folge Rekordumsätze, während die internationalen Operationen in wichtigen Märkten eine verbesserte Leistung zeigten.
Die Liquiditätsposition des Unternehmens betrug zum 31. Dezember 2024 55,4 Millionen Dollar, bei einer Gesamtverschuldung von 218,1 Millionen Dollar. Der operative Cashflow betrug 51,6 Millionen Dollar im Jahr 2024, ein Rückgang von 103,8 Millionen Dollar im Jahr 2023.
- Record annual revenue of $1.293 billion, up 2% YoY
- Q4 revenue increased 17% to $347.3 million
- Broadspire achieved record annual revenue of $388.1 million, up 9.1%
- International Operations operating margin improved to 5.0% from 2.9%
- Full year net income decreased to $26.6M from $30.6M YoY
- Operating cash flow declined to $51.6M from $103.8M YoY
- Total debt increased to $218.1M from $209.1M YoY
- Platform Solutions revenue dropped 23% to $173.7M
Insights
Crawford & Company's Q4 2024 results demonstrate a robust recovery with revenues up 17% to $347.3 million, significantly outpacing full-year revenue growth of just 2%. This quarter's performance was primarily driven by increased claims activity from Hurricanes Helene and Milton, highlighting the company's countercyclical resilience during catastrophic events.
While quarterly net income rebounded to $5.7 million from a loss of $0.8 million in Q4 2023, full-year profit declined to $26.6 million from $30.6 million in 2023. This pattern reveals Crawford's operational leverage during higher claims periods but suggests challenges in maintaining profitability during quieter periods.
Segment performance was notably mixed. Platform Solutions delivered exceptional growth (55.1% revenue increase) due to hurricane-related activity. International Operations showed solid improvement with margins tripling to 7.5% from 2.3%. North America Loss Adjusting grew 14% with margin expansion to 4.2%. Meanwhile, Broadspire achieved record annual revenue but experienced margin compression in Q4 (10.4% vs. 13.3%) due to higher self-insurance costs and increased staffing.
Cash flow declined significantly with operations generating $51.6 million in 2024 versus $103.8 million in 2023, primarily due to changes in receivables. Debt increased slightly to $218.1 million from $209.1 million. The dependence on catastrophe-driven revenue demonstrates both a strength in Crawford's business model during disaster periods and a vulnerability during quieter claims environments.
Crawford's Q4 surge following Hurricanes Helene and Milton perfectly illustrates the countercyclical nature of claims management businesses. After a relatively benign claims environment for most of 2024, these weather events triggered the first significant outsourced claims activity increase since Q3 2023, demonstrating how Crawford's service model functions as a critical overflow capacity for insurers during catastrophe periods.
The segment results reveal important industry dynamics. Broadspire's achievement of record annual revenue ($388.1 million, up 9.1%) with improved full-year margins (13.5% vs 11.8%) indicates strong demand for third-party claims administration services driven by new client programs and increased medical management usage. This suggests insurers are increasingly outsourcing claims management functions even in non-catastrophe lines.
The dramatic year-over-year decline in Platform Solutions' annual revenue (-23%) despite the Q4 surge demonstrates how catastrophe-dependent the contractor network business remains. The $173.7 million annual revenue represents a significant drop from $225.5 million in 2023, highlighting volatility in demand for contractor connection services when catastrophe activity normalizes.
International results show encouraging geographic diversification with growth across the UK, Europe, Asia, and Latin America. This multi-region strength indicates Crawford is successfully expanding its global footprint beyond traditional markets, providing a more balanced revenue stream less dependent on any single geographic insurance market. The improved international margins suggest the company has achieved increased operational efficiency in these markets after years of investment.
Achieved Record Revenues for Year
Revenues before reimbursements increased
Revenues before reimbursements increased
GAAP Consolidated Results |
|||||||
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
||||
(in millions, except per share amounts) |
2024 |
2023 |
Change |
|
2024 |
2023 |
Change |
Revenues before reimbursements |
|
|
|
|
|
|
|
Net income (loss) attributable to shareholders |
5.7 |
(0.8) |
|
|
26.6 |
30.6 |
- |
Diluted earnings (loss) per share CRD-A |
0.11 |
(0.02) |
|
|
0.53 |
0.61 |
- |
Diluted earnings (loss) per share CRD-B |
0.12 |
(0.02) |
|
|
0.54 |
0.62 |
- |
Non-GAAP Consolidated Results |
|||||||
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
||||
(in millions, except per share amounts) |
2024 |
2023 |
Change |
|
2024 |
2023 |
Change |
Revenues before reimbursements on constant dollar basis |
|
|
|
|
|
|
|
Consolidated adjusted operating earnings |
18.7 |
7.8 |
|
|
74.7 |
85.4 |
- |
Consolidated adjusted EBITDA |
27.9 |
15.7 |
|
|
108.7 |
118.7 |
- |
Non-GAAP net income attributable to shareholders |
9.7 |
3.3 |
|
|
39.4 |
47.0 |
- |
Non-GAAP diluted earnings per share CRD-A |
0.19 |
0.06 |
|
|
0.79 |
0.95 |
- |
Non-GAAP diluted earnings per share CRD-B |
0.19 |
0.07 |
|
|
0.80 |
0.95 |
- |
Mr. Rohit Verma, president and chief executive officer of Crawford & Company, commented, "Our fourth quarter performance delivered a strong close to 2024, reflecting revenue growth across all business lines and margin expansion in our North America Loss Adjusting, International Operations and Platform Solutions segments. As we expected, after a relatively quiet year, we saw increased claims activity during the fourth quarter in the aftermath of Hurricanes Helene and Milton, which represented the first meaningful increase in outsourced claims activity since the third quarter of 2023. Broadspire continued the momentum it has driven all year, resulting in revenue growth in the quarter and its second consecutive year of record annual revenue. International made solid progress, with several key markets contributing to the segment’s revenue growth and margin improvement.”
Mr. Verma continued, “As we move through 2025, we remain committed to delivering operational excellence, investing in our people, improving our technology, and embracing innovation to enhance the customer experience across all our offerings. Our ability to develop and maintain longstanding client relationships drives our success and positions us as a key partner in periods of both benign and extreme weather. We appreciate the dedication of our employees and the confidence of our clients, which enable us to maintain our market leadership.”
Segment Results for the Fourth Quarter and Full Year
North America Loss Adjusting
North America Loss Adjusting revenues before reimbursements were
The segment had operating earnings of
North America Loss Adjusting revenues before reimbursements were
The segment had operating earnings of
International Operations
International Operations revenues before reimbursements were
Operating earnings were
International Operations revenues before reimbursements were
Operating earnings were
Broadspire
Broadspire segment revenues before reimbursements were
Broadspire operating earnings were
Broadspire segment revenues before reimbursements were a new annual record of
Broadspire operating earnings were
Platform Solutions
Platform Solutions revenues before reimbursements were
Operating earnings were
Platform Solutions revenues before reimbursements were
Operating earnings were
Unallocated Corporate and Shared Costs and Credits, Net
Unallocated corporate costs were
Unallocated corporate costs were
Selling, General, and Administrative Expenses
Selling, general, and administrative expenses (“SG&A”) increased
SG&A increased
Other Matters
The Company recognized pretax contingent earnout adjustments totaling expenses of
The Company recognized non-service pension costs of
Balance Sheet and Cash Flow
The Company’s consolidated cash and cash equivalents position as of December 31, 2024, totaled
The Company’s operations provided
The Company made no contributions to its
During 2024 and 2023, the Company did not repurchase any shares of CRD-A. In 2024, the Company repurchased 409,610 shares of CRD-B at an average per share cost of
Conference Call
As previously announced, Crawford & Company will host a conference call on March 4, 2025 at 8:30 a.m. Eastern Time to discuss its fourth quarter and full year 2024 results. The conference call can be accessed live by dialing 1-800-549-8228 and using Conference ID 03099. 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 April 4, 2025. You may dial 1-888-660-6264 and use passcode 03099# 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
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 customer-relationship intangible assets, contingent earnout adjustments, non-service pension costs and credits, 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 and credits, 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 customer-relationship intangible assets, contingent earnout adjustments, and non-service pension costs and credits 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 and credits represent the
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 |
|
Year Ended |
|||||||||
(in thousands) |
|
December 31,
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
||||
Geographic Area |
Currency |
USD equivalent |
% of total |
|
USD equivalent |
% of total |
|
USD equivalent |
% of total |
|
USD equivalent |
% of total |
|
USD |
|
|
|
|
|
|
|
|
|
|
|
|
GBP |
44,417 |
|
|
37,214 |
|
|
168,357 |
|
|
143,353 |
|
|
CAD |
21,363 |
|
|
22,882 |
|
|
90,879 |
|
|
96,374 |
|
|
AUD |
23,481 |
|
|
20,692 |
|
|
88,988 |
|
|
89,479 |
|
|
EUR |
16,304 |
|
|
14,545 |
|
|
62,110 |
|
|
57,513 |
|
Rest of World |
Various |
28,289 |
|
|
24,701 |
|
|
99,152 |
|
|
92,048 |
|
Total Revenues, before reimbursements |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Following is a reconciliation of consolidated operating earnings to net income (loss) attributable to shareholders of Crawford & Company on a GAAP basis:
|
Three Months Ended |
|
|
Year Ended |
|
||||||||
(in thousands) |
December 31, 2024 |
|
December 31, 2023 |
|
|
December 31, 2024 |
|
December 31, 2023 |
|
||||
Operating earnings: |
|
|
|
|
|
|
|
|
|
||||
North America Loss Adjusting |
$ |
3,366 |
|
$ |
752 |
|
|
$ |
18,173 |
|
$ |
23,185 |
|
International Operations |
|
8,473 |
|
|
2,207 |
|
|
|
21,001 |
|
|
11,181 |
|
Broadspire |
|
10,132 |
|
|
12,266 |
|
|
|
52,429 |
|
|
41,873 |
|
Platform Solutions |
|
4,756 |
|
|
1,946 |
|
|
|
11,173 |
|
|
28,541 |
|
Unallocated corporate and shared costs, net |
|
(8,001 |
) |
|
(9,421 |
) |
|
|
(28,066 |
) |
|
(19,419 |
) |
Consolidated operating earnings |
|
18,726 |
|
|
7,750 |
|
|
|
74,710 |
|
|
85,361 |
|
(Deduct) add: |
|
|
|
|
|
|
|
|
|
||||
Net corporate interest expense |
|
(4,328 |
) |
|
(3,772 |
) |
|
|
(16,862 |
) |
|
(17,036 |
) |
Stock option expense |
|
(80 |
) |
|
(112 |
) |
|
|
(574 |
) |
|
(552 |
) |
Amortization expense |
|
(1,841 |
) |
|
(1,926 |
) |
|
|
(7,497 |
) |
|
(7,790 |
) |
Non-service pension costs |
|
(2,451 |
) |
|
(2,165 |
) |
|
|
(9,764 |
) |
|
(8,601 |
) |
Contingent earnout adjustments |
|
(448 |
) |
|
(925 |
) |
|
|
1,099 |
|
|
(4,025 |
) |
Income tax (provision) benefit |
|
(3,717 |
) |
|
161 |
|
|
|
(14,583 |
) |
|
(17,097 |
) |
Net (income) loss attributable to noncontrolling interests |
|
(139 |
) |
|
171 |
|
|
|
67 |
|
|
349 |
|
Net income (loss) attributable to shareholders of Crawford & Company |
$ |
5,722 |
|
$ |
(818 |
) |
|
$ |
26,596 |
|
$ |
30,609 |
|
|
|
|
|
|
|
|
|
|
|
||||
Following is a reconciliation of net income (loss) attributable to shareholders of Crawford & Company on a GAAP basis to non-GAAP adjusted EBITDA:
|
Three Months Ended |
|
|
Year Ended |
|
||||||||
(in thousands) |
December 31,
|
|
December 31,
|
|
|
December 31,
|
|
December 31,
|
|
||||
Net income (loss) attributable to shareholders of Crawford & Company |
$ |
5,722 |
|
$ |
(818 |
) |
|
$ |
26,596 |
|
$ |
30,609 |
|
Add (Deduct): |
|
|
|
|
|
|
|
|
|
||||
Depreciation and amortization |
|
9,238 |
|
|
8,386 |
|
|
|
36,195 |
|
|
35,742 |
|
Stock-based compensation |
|
1,949 |
|
|
1,420 |
|
|
|
5,768 |
|
|
5,603 |
|
Net corporate interest expense |
|
4,328 |
|
|
3,772 |
|
|
|
16,862 |
|
|
17,036 |
|
Non-service pension costs |
|
2,451 |
|
|
2,165 |
|
|
|
9,764 |
|
|
8,601 |
|
Contingent earnout adjustments |
|
448 |
|
|
925 |
|
|
|
(1,099 |
) |
|
4,025 |
|
Income tax provision (benefit) |
|
3,717 |
|
|
(161 |
) |
|
|
14,583 |
|
|
17,097 |
|
Non-GAAP adjusted EBITDA |
$ |
27,853 |
|
$ |
15,689 |
|
|
$ |
108,669 |
|
$ |
118,713 |
|
|
|
|
|
|
|
|
|
|
|
||||
Following is a reconciliation of operating cash flow to free cash flow for the twelve months ended December 31, 2024 and 2023:
Twelve Months Ended |
|
||||||||||
(in thousands) |
December 31, 2024 |
|
|
December 31, 2023 |
|
|
Change |
|
|||
Net Cash Provided by Operating Activities |
$ |
51,619 |
|
|
$ |
103,790 |
|
|
$ |
(52,171 |
) |
Less: |
|
|
|
|
|
|
|
|
|||
Property & Equipment Purchases, net |
|
(6,210 |
) |
|
|
(4,890 |
) |
|
|
(1,320 |
) |
Capitalized Software (internal and external costs) |
|
(35,437 |
) |
|
|
(31,706 |
) |
|
|
(3,731 |
) |
Free Cash Flow |
$ |
9,972 |
|
|
$ |
67,194 |
|
|
$ |
(57,222 |
) |
|
|
|
|
|
|
|
|
|
|||
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 (Loss), Net Income (Loss) and Earnings (Loss) 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 December 31, 2024 |
|
|||||||||||
(in thousands) |
Pretax earnings |
|
Net income
|
|
Diluted earnings per
|
|
Diluted earnings per
|
|
||||
GAAP |
$ |
9,578 |
|
$ |
5,722 |
|
$ |
0.11 |
|
$ |
0.12 |
|
Adjustments: |
|
|
|
|
|
|
|
|
||||
Amortization of intangible assets |
|
1,841 |
|
|
1,561 |
|
|
0.03 |
|
|
0.03 |
|
Non-service related pension costs |
|
2,451 |
|
|
1,917 |
|
|
0.04 |
|
|
0.04 |
|
Contingent earnout adjustments |
|
448 |
|
|
450 |
|
|
0.01 |
|
|
0.01 |
|
Non-GAAP Adjusted |
$ |
14,318 |
|
$ |
9,650 |
|
$ |
0.19 |
|
$ |
0.19 |
|
|
|
|
|
|
|
|
|
|
||||
Three Months Ended December 31, 2023 |
|
|||||||||||
(in thousands) |
Pretax (loss) earnings |
|
Net (loss) income
|
|
Diluted (loss) earnings per
|
|
Diluted (loss) earnings per
|
|
||||
GAAP |
$ |
(1,150 |
) |
$ |
(818 |
) |
$ |
(0.02 |
) |
$ |
(0.02 |
) |
Adjustments: |
|
|
|
|
|
|
|
|
||||
Amortization of intangible assets |
|
1,926 |
|
|
1,623 |
|
|
0.03 |
|
|
0.03 |
|
Non-service related pension costs |
|
2,165 |
|
|
1,614 |
|
|
0.03 |
|
|
0.03 |
|
Contingent earnout adjustments |
|
925 |
|
|
849 |
|
|
0.02 |
|
|
0.02 |
|
Non-GAAP Adjusted |
$ |
3,866 |
|
$ |
3,268 |
|
$ |
0.06 |
|
$ |
0.07 |
|
|
|
|
|
|
|
|
|
|
||||
Year Ended December 31, 2024 |
|
|||||||||||
(in thousands) |
Pretax earnings |
|
Net income attributable to Crawford & Company |
|
Diluted earnings per
|
|
Diluted earnings per
|
|
||||
GAAP |
$ |
41,112 |
|
$ |
26,596 |
|
$ |
0.53 |
|
$ |
0.54 |
|
Adjustments: |
|
|
|
|
|
|
|
|
||||
Amortization of intangible assets |
|
7,497 |
|
|
6,368 |
|
|
0.13 |
|
|
0.13 |
|
Contingent earnout adjustments |
|
(1,099 |
) |
|
(1,155 |
) |
|
(0.02 |
) |
|
(0.02 |
) |
Non-service related pension costs |
|
9,764 |
|
|
7,631 |
|
|
0.15 |
|
|
0.15 |
|
Non-GAAP Adjusted |
$ |
57,274 |
|
$ |
39,440 |
|
$ |
0.79 |
|
$ |
0.80 |
|
|
|
|
|
|
|
|
|
|
||||
Year Ended December 31, 2023 |
|
|||||||||||
(in thousands) |
Pretax earnings |
|
Net income
|
|
Diluted earnings per
|
|
Diluted earnings per
|
|
||||
GAAP |
$ |
47,357 |
|
$ |
30,609 |
|
$ |
0.61 |
|
$ |
0.62 |
|
Adjustments: |
|
|
|
|
|
|
|
|
||||
Amortization of intangible assets |
|
7,790 |
|
|
6,662 |
|
|
0.13 |
|
|
0.13 |
|
Contingent earnout adjustments |
|
4,025 |
|
|
3,352 |
|
|
0.07 |
|
|
0.07 |
|
Non-service related pension costs |
|
8,601 |
|
|
6,396 |
|
|
0.13 |
|
|
0.13 |
|
Non-GAAP Adjusted |
$ |
67,773 |
|
$ |
47,019 |
|
$ |
0.95 |
|
$ |
0.95 |
|
|
|
|
|
|
|
|
|
|
||||
(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 |
|
Year Ended |
|
||||||||
(in thousands) |
December 31, 2024 |
|
December 31, 2023 |
|
December 31, 2024 |
|
December 31, 2023 |
|
||||
Weighted-Average Shares Used to Compute Basic Earnings Per Share: |
|
|
|
|
|
|
|
|
||||
Class A Common Stock |
|
29,937 |
|
|
29,213 |
|
|
29,783 |
|
|
29,039 |
|
Class B Common Stock |
|
19,161 |
|
|
19,653 |
|
|
19,332 |
|
|
19,796 |
|
Weighted-Average Shares Used to Compute Diluted Earnings Per Share: |
|
|
|
|
|
|
|
|
||||
Class A Common Stock |
|
30,695 |
|
|
29,213 |
|
|
30,404 |
|
|
29,799 |
|
Class B Common Stock |
|
19,161 |
|
|
19,653 |
|
|
19,332 |
|
|
19,796 |
|
|
|
|
|
|
|
|
|
|
||||
Non-GAAP (1) |
|
|
|
|
|
|
|
|
||||
Weighted-Average Shares Used to Compute Diluted Earnings Per Share: |
|
|
|
|
|
|
|
|
||||
Class A Common Stock |
|
30,695 |
|
|
30,218 |
|
|
30,404 |
|
|
29,799 |
|
Class B Common Stock |
|
19,161 |
|
|
19,653 |
|
|
19,332 |
|
|
19,796 |
|
|
|
|
|
|
|
|
|
|
||||
(1) The Company had a net loss for GAAP reporting during the three months ended December 31, 2023, resulting in no additional dilutive securities added to the basic weighted average shares in calculating diluted weighted average shares for GAAP reporting as their impact would be anti-dilutive. As the Company has Non-GAAP positive net income for the twelve months ended December 31, 2023, these dilutive securities were added back to calculate Non-GAAP earnings per share.
Further information regarding the Company’s operating results for the three and twelve months ended December 31, 2024, financial position as of December 31, 2024, and cash flows for the twelve months ended December 31, 2024 is shown on the attached unaudited condensed consolidated financial statements.
About Crawford & Company
Based in
TAG: Crawford-Financial, Crawford-Investor-News-and-Events
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 December 31, |
|
2024 |
|
|
2023 |
|
|
% Change |
|
|||
|
|
|
|
|
|
|
|
|
|
|||
Revenues: |
|
|
|
|
|
|
|
|
|
|||
Revenues Before Reimbursements |
|
$ |
347,254 |
|
|
$ |
296,121 |
|
|
|
17 |
% |
Reimbursements |
|
|
11,064 |
|
|
|
13,044 |
|
|
|
(15 |
)% |
Total Revenues |
|
|
358,318 |
|
|
|
309,165 |
|
|
|
16 |
% |
|
|
|
|
|
|
|
|
|
|
|||
Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|||
Costs of Services Provided, Before Reimbursements |
|
|
252,352 |
|
|
|
216,981 |
|
|
|
16 |
% |
Reimbursements |
|
|
11,064 |
|
|
|
13,044 |
|
|
|
(15 |
)% |
Total Costs of Services |
|
|
263,416 |
|
|
|
230,025 |
|
|
|
15 |
% |
|
|
|
|
|
|
|
|
|
|
|||
Selling, General, and Administrative Expenses |
|
|
78,548 |
|
|
|
74,877 |
|
|
|
5 |
% |
Corporate Interest Expense, Net |
|
|
4,328 |
|
|
|
3,772 |
|
|
|
15 |
% |
Total Costs and Expenses |
|
|
346,292 |
|
|
|
308,674 |
|
|
|
12 |
% |
|
|
|
|
|
|
|
|
|
|
|||
Other Loss, Net |
|
|
(2,448 |
) |
|
|
(1,641 |
) |
|
|
49 |
% |
|
|
|
|
|
|
|
|
|
|
|||
Income (Loss) Before Income Taxes |
|
|
9,578 |
|
|
|
(1,150 |
) |
|
|
933 |
% |
Provision (Benefit) for Income Taxes |
|
|
3,717 |
|
|
|
(161 |
) |
|
|
2409 |
% |
|
|
|
|
|
|
|
|
|
|
|||
Net Income (Loss) |
|
|
5,861 |
|
|
|
(989 |
) |
|
|
693 |
% |
|
|
|
|
|
|
|
|
|
|
|||
Net (Income) Loss Attributable to Noncontrolling Interests |
|
|
(139 |
) |
|
|
171 |
|
|
|
(181 |
)% |
|
|
|
|
|
|
|
|
|
|
|||
Net Income (Loss) Attributable to Shareholders of Crawford & Company |
|
$ |
5,722 |
|
|
$ |
(818 |
) |
|
|
800 |
% |
|
|
|
|
|
|
|
|
|
|
|||
Earnings (Loss) Per Share - Basic: |
|
|
|
|
|
|
|
|
|
|||
Class A Common Stock |
|
$ |
0.12 |
|
|
$ |
(0.02 |
) |
|
|
700 |
% |
Class B Common Stock |
|
$ |
0.12 |
|
|
$ |
(0.02 |
) |
|
|
700 |
% |
|
|
|
|
|
|
|
|
|
|
|||
Earnings (Loss) Per Share - Diluted: |
|
|
|
|
|
|
|
|
|
|||
Class A Common Stock |
|
$ |
0.11 |
|
|
$ |
(0.02 |
) |
|
|
650 |
% |
Class B Common Stock |
|
$ |
0.12 |
|
|
$ |
(0.02 |
) |
|
|
700 |
% |
|
|
|
|
|
|
|
|
|
|
|||
Cash Dividends Per Share: |
|
|
|
|
|
|
|
|
|
|||
Class A Common Stock |
|
$ |
0.07 |
|
|
$ |
0.07 |
|
|
|
— |
|
Class B Common Stock |
|
$ |
0.07 |
|
|
$ |
0.07 |
|
|
|
— |
|
CRAWFORD & COMPANY CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Unaudited (In Thousands, Except Per Share Amounts and Percentages) |
||||||||||||
Year Ended December 31, |
|
2024 |
|
|
2023 |
|
|
% Change |
|
|||
|
|
|
|
|
|
|
|
|
|
|||
Revenues: |
|
|
|
|
|
|
|
|
|
|||
Revenues Before Reimbursements |
|
$ |
1,292,510 |
|
|
$ |
1,267,131 |
|
|
|
2 |
% |
Reimbursements |
|
|
48,460 |
|
|
|
49,788 |
|
|
|
(3 |
)% |
Total Revenues |
|
|
1,340,970 |
|
|
|
1,316,919 |
|
|
|
2 |
% |
|
|
|
|
|
|
|
|
|
|
|||
Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|||
Costs of Services Provided, Before Reimbursements |
|
|
924,963 |
|
|
|
908,059 |
|
|
|
2 |
% |
Reimbursements |
|
|
48,460 |
|
|
|
49,788 |
|
|
|
(3 |
)% |
Total Costs of Services |
|
|
973,423 |
|
|
|
957,847 |
|
|
|
2 |
% |
|
|
|
|
|
|
|
|
|
|
|||
Selling, General, and Administrative Expenses |
|
|
299,664 |
|
|
|
286,506 |
|
|
|
5 |
% |
Corporate Interest Expense, Net |
|
|
16,862 |
|
|
|
17,036 |
|
|
|
(1 |
)% |
Total Costs and Expenses |
|
|
1,289,949 |
|
|
|
1,261,389 |
|
|
|
2 |
% |
|
|
|
|
|
|
|
|
|
|
|||
Other Loss, Net |
|
|
(9,909 |
) |
|
|
(8,173 |
) |
|
|
21 |
% |
|
|
|
|
|
|
|
|
|
|
|||
Income Before Income Taxes |
|
|
41,112 |
|
|
|
47,357 |
|
|
|
(13 |
)% |
Provision for Income Taxes |
|
|
14,583 |
|
|
|
17,097 |
|
|
|
(15 |
)% |
|
|
|
|
|
|
|
|
|
|
|||
Net Income |
|
|
26,529 |
|
|
|
30,260 |
|
|
|
(12 |
)% |
|
|
|
|
|
|
|
|
|
|
|||
Net Loss Attributable to Noncontrolling Interests |
|
|
67 |
|
|
|
349 |
|
|
|
(81 |
)% |
|
|
|
|
|
|
|
|
|
|
|||
Net Income Attributable to Shareholders of Crawford & Company |
|
$ |
26,596 |
|
|
$ |
30,609 |
|
|
|
(13 |
)% |
|
|
|
|
|
|
|
|
|
|
|||
Earnings Per Share - Basic: |
|
|
|
|
|
|
|
|
|
|||
Class A Common Stock |
|
$ |
0.54 |
|
|
$ |
0.63 |
|
|
|
(14 |
)% |
Class B Common Stock |
|
$ |
0.54 |
|
|
$ |
0.63 |
|
|
|
(14 |
)% |
|
|
|
|
|
|
|
|
|
|
|||
Earnings Per Share - Diluted: |
|
|
|
|
|
|
|
|
|
|||
Class A Common Stock |
|
$ |
0.53 |
|
|
$ |
0.61 |
|
|
|
(13 |
)% |
Class B Common Stock |
|
$ |
0.54 |
|
|
$ |
0.62 |
|
|
|
(13 |
)% |
|
|
|
|
|
|
|
|
|
|
|||
Cash Dividends Per Share: |
|
|
|
|
|
|
|
|
|
|||
Class A Common Stock |
|
$ |
0.28 |
|
|
$ |
0.26 |
|
|
|
8 |
% |
Class B Common Stock |
|
$ |
0.28 |
|
|
$ |
0.26 |
|
|
|
8 |
% |
CRAWFORD & COMPANY CONDENSED CONSOLIDATED BALANCE SHEETS As of December 31, 2024 and December 31, 2023 Unaudited (In Thousands, Except Par Values) |
||||||||
|
|
December 31, |
|
|
December 31, |
|
||
|
|
2024 |
|
|
2023 |
|
||
ASSETS |
|
|
|
|
|
|
||
|
|
|
|
|
|
|
||
Current Assets: |
|
|
|
|
|
|
||
Cash and Cash Equivalents |
|
$ |
55,412 |
|
|
$ |
58,363 |
|
Accounts Receivable, Net |
|
|
142,064 |
|
|
|
131,362 |
|
Unbilled Revenues, at Estimated Billable Amounts |
|
|
131,080 |
|
|
|
116,611 |
|
Income Taxes Receivable |
|
|
5,337 |
|
|
|
4,842 |
|
Prepaid Expenses and Other Current Assets |
|
|
40,334 |
|
|
|
58,168 |
|
Total Current Assets |
|
|
374,227 |
|
|
|
369,346 |
|
|
|
|
|
|
|
|
||
Net Property and Equipment |
|
|
20,554 |
|
|
|
22,742 |
|
|
|
|
|
|
|
|
||
Other Assets: |
|
|
|
|
|
|
||
Operating Lease Right-of-Use Asset, Net |
|
|
78,808 |
|
|
|
88,615 |
|
Goodwill |
|
|
76,368 |
|
|
|
76,724 |
|
Intangible Assets Arising from Business Acquisitions, Net |
|
|
74,545 |
|
|
|
81,786 |
|
Capitalized Software Costs, Net |
|
|
111,854 |
|
|
|
96,770 |
|
Deferred Income Tax Assets |
|
|
25,305 |
|
|
|
26,247 |
|
Other Noncurrent Assets |
|
|
42,094 |
|
|
|
36,969 |
|
Total Other Assets |
|
|
408,974 |
|
|
|
407,111 |
|
|
|
|
|
|
|
|
||
Total Assets |
|
$ |
803,755 |
|
|
$ |
799,199 |
|
|
|
|
|
|
|
|
||
LIABILITIES AND SHAREHOLDERS’ INVESTMENT |
|
|
|
|
|
|
||
|
|
|
|
|
|
|
||
Current Liabilities: |
|
|
|
|
|
|
||
Short-Term Borrowings |
|
$ |
17,822 |
|
|
$ |
14,813 |
|
Accounts Payable |
|
|
50,605 |
|
|
|
45,107 |
|
Accrued Compensation and Related Costs |
|
|
101,371 |
|
|
|
97,842 |
|
Self-Insured Risks |
|
|
27,813 |
|
|
|
33,238 |
|
Income Taxes Payable |
|
|
3,343 |
|
|
|
6,130 |
|
Operating Lease Liability |
|
|
24,541 |
|
|
|
24,351 |
|
Other Accrued Liabilities |
|
|
38,103 |
|
|
|
42,271 |
|
Deferred Revenues |
|
|
36,129 |
|
|
|
35,540 |
|
Total Current Liabilities |
|
|
299,727 |
|
|
|
299,292 |
|
|
|
|
|
|
|
|
||
Noncurrent Liabilities: |
|
|
|
|
|
|
||
Long-Term Debt and Finance Leases, Less Current Installments |
|
|
200,315 |
|
|
|
194,335 |
|
Operating Lease Liability |
|
|
66,811 |
|
|
|
78,029 |
|
Deferred Revenues |
|
|
23,556 |
|
|
|
24,871 |
|
Accrued Pension Liabilities |
|
|
21,084 |
|
|
|
24,006 |
|
Other Noncurrent Liabilities |
|
|
36,711 |
|
|
|
38,835 |
|
Total Noncurrent Liabilities |
|
|
348,477 |
|
|
|
360,076 |
|
|
|
|
|
|
|
|
||
Shareholders’ Investment: |
|
|
|
|
|
|
||
Class A Common Stock, |
|
|
30,124 |
|
|
|
29,525 |
|
Class B Common Stock, |
|
|
19,145 |
|
|
|
19,555 |
|
Additional Paid-in Capital |
|
|
87,118 |
|
|
|
82,589 |
|
Retained Earnings |
|
|
237,948 |
|
|
|
228,564 |
|
Accumulated Other Comprehensive Loss |
|
|
(217,125 |
) |
|
|
(218,615 |
) |
Shareholders’ Investment Attributable to Shareholders of Crawford & Company |
|
|
157,210 |
|
|
|
141,618 |
|
Noncontrolling Interests |
|
|
(1,659 |
) |
|
|
(1,787 |
) |
Total Shareholders’ Investment |
|
|
155,551 |
|
|
|
139,831 |
|
|
|
|
|
|
|
|
||
Total Liabilities and Shareholders’ Investment |
|
$ |
803,755 |
|
|
$ |
799,199 |
|
CRAWFORD & COMPANY SUMMARY RESULTS BY OPERATING SEGMENT WITH DIRECT COMPENSATION AND OTHER EXPENSES Unaudited (In Thousands, Except Percentages)
Three Months Ended December 31, |
||||||||||||||||
|
|
North America Loss Adjusting |
% |
International Operations |
% |
|
Broadspire |
% |
|
Platforms Solutions |
% |
|||||
|
|
2024 |
2023 |
Change |
|
2024 |
2023 |
Change |
|
2024 |
2023 |
Change |
|
2024 |
2023 |
Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues Before Reimbursements |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Direct Compensation, Fringe Benefits & Non-Employee Labor |
|
58,951 |
52,224 |
|
|
73,271 |
66,382 |
|
|
60,185 |
55,802 |
|
|
40,476 |
23,563 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% of Revenues Before Reimbursements |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses Other than Reimbursements, Direct Compensation, Fringe Benefits & Non-Employee Labor |
|
17,117 |
16,708 |
|
|
30,747 |
28,563 |
|
|
27,363 |
24,055 |
|
|
12,417 |
11,653 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% of Revenues Before Reimbursements |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Operating Expenses |
|
76,068 |
68,932 |
|
|
104,018 |
94,945 |
|
|
87,548 |
79,857 |
|
|
52,893 |
35,216 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Earnings (1) |
|
|
|
|
|
|
|
|
|
|
|
(17.4)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% of Revenues Before Reimbursements |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended December 31, |
||||||||||||||||
|
|
North America Loss Adjusting |
% |
International Operations |
% |
|
Broadspire |
% |
|
Platforms Solutions |
% |
|||||
|
|
2024 |
2023 |
Change |
|
2024 |
2023 |
Change |
|
2024 |
2023 |
Change |
|
2024 |
2023 |
Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues Before Reimbursements |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(23.0)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Direct Compensation, Fringe Benefits & Non-Employee Labor |
|
226,181 |
214,642 |
|
|
273,692 |
256,560 |
|
|
235,284 |
217,253 |
|
|
111,786 |
147,801 |
(24.4)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% of Revenues Before Reimbursements |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses Other than Reimbursements, Direct Compensation, Fringe Benefits & Non-Employee Labor |
|
67,804 |
65,802 |
|
|
123,914 |
114,652 |
|
|
100,361 |
96,524 |
|
|
50,712 |
49,117 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% of Revenues Before Reimbursements |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Operating Expenses |
|
293,985 |
280,444 |
|
|
397,606 |
371,212 |
|
|
335,645 |
313,777 |
|
|
162,498 |
196,918 |
(17.5)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Earnings (1) |
|
|
|
(21.6)% |
|
|
|
|
|
|
|
|
|
|
|
(60.9)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% of Revenues Before Reimbursements |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) A non-GAAP financial measurement which represents net income attributable to the applicable reporting segment excluding income taxes, net corporate interest expense, stock option expense, amortization of customer-relationship intangible assets, non-service pension costs and credits, contingent earnout adjustments, and certain unallocated corporate and shared costs and credits. See page 5 for additional information about segment operating earnings. |
CRAWFORD & COMPANY CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Year Ended December 31, 2024 and December 31, 2023 Unaudited (In Thousands) |
||||||||
|
|
2024 |
|
|
2023 |
|
||
Cash Flows From Operating Activities: |
|
|
|
|
|
|
||
Net income |
|
$ |
26,529 |
|
|
$ |
30,260 |
|
Reconciliation of net income to net cash provided by operating activities: |
|
|
|
|
|
|
||
Depreciation and amortization |
|
|
36,195 |
|
|
|
35,742 |
|
Deferred income taxes |
|
|
(2,534 |
) |
|
|
(12,279 |
) |
Stock-based compensation |
|
|
5,768 |
|
|
|
5,603 |
|
Loss on sale of property and equipment |
|
|
102 |
|
|
|
646 |
|
Contingent earnout adjustments |
|
|
(1,099 |
) |
|
|
4,025 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
||
Accounts receivable, net |
|
|
(10,741 |
) |
|
|
11,663 |
|
Unbilled revenues, net |
|
|
(13,691 |
) |
|
|
11,879 |
|
Accrued or prepaid income taxes |
|
|
(2,140 |
) |
|
|
13,063 |
|
Accounts payable and accrued liabilities |
|
|
6,916 |
|
|
|
(2,822 |
) |
Deferred revenues |
|
|
(1,443 |
) |
|
|
5,913 |
|
Accrued retirement costs |
|
|
8,312 |
|
|
|
7,174 |
|
Prepaid expenses and other operating activities |
|
|
(555 |
) |
|
|
(7,077 |
) |
Net cash provided by operating activities |
|
|
51,619 |
|
|
|
103,790 |
|
|
|
|
|
|
|
|
||
Cash Flows From Investing Activities: |
|
|
|
|
|
|
||
Acquisitions of property and equipment |
|
|
(6,210 |
) |
|
|
(4,890 |
) |
Capitalization of computer software costs |
|
|
(35,437 |
) |
|
|
(31,706 |
) |
Net cash used in investing activities |
|
|
(41,647 |
) |
|
|
(36,596 |
) |
|
|
|
|
|
|
|
||
Cash Flows From Financing Activities: |
|
|
|
|
|
|
||
Cash dividends paid |
|
|
(13,755 |
) |
|
|
(12,701 |
) |
Repurchases of common stock |
|
|
(3,867 |
) |
|
|
(2,731 |
) |
Increases in short-term and revolving credit facility borrowings |
|
|
70,197 |
|
|
|
37,578 |
|
Payments on short-term and revolving credit facility borrowings |
|
|
(61,576 |
) |
|
|
(69,066 |
) |
Payments of contingent consideration on acquisitions |
|
|
(3,348 |
) |
|
|
(7,060 |
) |
Other financing activities |
|
|
(513 |
) |
|
|
(700 |
) |
Net cash used in financing activities |
|
|
(12,862 |
) |
|
|
(54,680 |
) |
|
|
|
|
|
|
|
||
Effects of exchange rate changes on cash and cash equivalents |
|
|
(326 |
) |
|
|
386 |
|
(Decrease) increase in cash, cash equivalents, and restricted cash(1) |
|
|
(3,216 |
) |
|
|
12,900 |
|
Cash, cash equivalents, and restricted cash at beginning of year(1) |
|
|
59,545 |
|
|
|
46,645 |
|
Cash, cash equivalents, and restricted cash at end of period(1) |
|
$ |
56,329 |
|
|
$ |
59,545 |
|
(1) The 2024 amounts include beginning restricted cash of |
View source version on businesswire.com: https://www.businesswire.com/news/home/20250303063486/en/
Media Contacts: mediarelations@us.crawco.com
Lynn Cufley
+44 207 265 4067
Lynn.Cufley@crawco.uk
Katie Cline
+1 470 792 5678
Katie.Cline@us.crawco.com
Investor Contact:
Jennifer Belodeau/Rosalyn Christian
IMS Investor Relations
203 972 9200
crawford@imsinvestorrelations.com
Source: Crawford & Company
FAQ
What were Crawford & Company's Q4 2024 earnings per share for CRD-A and CRD-B?
How did Hurricanes Helene and Milton impact Crawford's Q4 2024 performance?
What was Crawford's (CRD) total revenue for full year 2024?
How much did Crawford's International Operations segment grow in Q4 2024?
What was Broadspire's revenue performance in 2024?
