Crawford & Company Reports 2024 Third Quarter Results
Crawford & Company reported Q3 2024 revenues of $329.4 million, slightly down from $330.1 million in Q3 2023. Net income decreased to $9.5 million from $12.3 million year-over-year. Diluted earnings per share were $0.19 for both CRD-A and CRD-B shares. Broadspire achieved record quarterly revenue of $99.0 million, up 7.4% YoY. International Operations saw 7.8% revenue growth to $105.7 million. However, North America Loss Adjusting and Platform Solutions segments were impacted by lower weather-related activity. The company's consolidated adjusted EBITDA was $29.6 million, down from $38.6 million in Q3 2023.
Crawford & Company ha riportato ricavi per il terzo trimestre del 2024 pari a $329,4 milioni, leggermente inferiori rispetto ai $330,1 milioni del terzo trimestre del 2023. L'utile netto è diminuito a $9,5 milioni rispetto ai $12,3 milioni dell'anno precedente. L'utile per azione diluito è stato di $0,19 sia per le azioni CRD-A che per le azioni CRD-B. Broadspire ha raggiunto un fatturato trimestrale record di $99,0 milioni, con un aumento del 7,4% rispetto all'anno precedente. Le operazioni internazionali hanno registrato una crescita dei ricavi del 7,8%, raggiungendo $105,7 milioni. Tuttavia, i segmenti di North America Loss Adjusting e Platform Solutions sono stati influenzati da una minore attività legata alle condizioni meteorologiche. L'EBITDA rettificato consolidato della società è stato di $29,6 milioni, in calo rispetto ai $38,6 milioni del terzo trimestre del 2023.
Crawford & Company informó ingresos de $329.4 millones en el tercer trimestre de 2024, ligeramente por debajo de los $330.1 millones en el tercer trimestre de 2023. La ganancia neta disminuyó a $9.5 millones desde $12.3 millones en el año. Las ganancias por acción diluidas fueron de $0.19 tanto para las acciones CRD-A como para las acciones CRD-B. Broadspire logró un ingreso trimestral récord de $99.0 millones, un aumento del 7.4% interanual. Las operaciones internacionales vieron un crecimiento de ingresos del 7.8%, alcanzando $105.7 millones. Sin embargo, los segmentos de ajuste de pérdidas y soluciones de plataforma de América del Norte se vieron afectados por una menor actividad relacionada con el clima. El EBITDA ajustado consolidado de la empresa fue de $29.6 millones, en comparación con $38.6 millones en el tercer trimestre de 2023.
Crawford & Company는 2024년 3분기 수익이 $329.4 백만으로, 2023년 3분기의 $330.1 백만에서 약간 감소했다고 보고했습니다. 순이익은 작년의 $12.3 백만에서 $9.5 백만으로 줄었습니다. 희석 주당 순이익은 CRD-A 및 CRD-B 주식 모두에 대해 $0.19였습니다. Broadspire는 기록적인 분기 수익인 $99.0 백만을 달성했으며, 이는 전년 대비 7.4% 증가한 수치입니다. 국제 사업부는 $105.7 백만의 수익 성장을 7.8% 기록했습니다. 그러나 북미 손실 조정 및 플랫폼 솔루션 부문은 날씨 관련 활동이 감소하면서 영향을 받았습니다. 회사의 연결 조정 EBITDA는 $29.6 백만으로, 2023년 3분기의 $38.6 백만에서 감소했습니다.
Crawford & Company a annoncé des revenus de $329,4 millions pour le troisième trimestre de 2024, légèrement en baisse par rapport à $330,1 millions pour le troisième trimestre de 2023. Le bénéfice net a chuté à $9,5 millions contre $12,3 millions l'année précédente. Le bénéfice par action dilué s'élevait à $0,19 pour les actions CRD-A et CRD-B. Broadspire a atteint des revenus trimestriels record de $99,0 millions, en hausse de 7,4% par rapport à l'année dernière. Les opérations internationales ont connu une croissance des revenus de 7,8% pour atteindre $105,7 millions. Cependant, les segments de l'ajustement des pertes en Amérique du Nord et des solutions de plateforme ont été touchés par une activité climatique plus faible. L'EBITDA ajusté consolidé de l'entreprise était de $29,6 millions, en baisse par rapport à $38,6 millions au troisième trimestre 2023.
Crawford & Company berichtete für das 3. Quartal 2024 Umsätze von $329,4 Millionen, leicht unter den $330,1 Millionen im 3. Quartal 2023. Der Nettoertrag fiel auf $9,5 Millionen im Vergleich zu $12,3 Millionen im Vorjahr. Der verwässerte Gewinn pro Aktie betrug $0,19 sowohl für die CRD-A- als auch für die CRD-B-Aktien. Broadspire erreichte einen Rekordumsatz von $99,0 Millionen im Quartal, was einem Anstieg von 7,4% im Vergleich zum Vorjahr entspricht. Die internationalen Geschäfte verzeichneten ein Umsatzwachstum von 7,8% auf $105,7 Millionen. Allerdings wurden die Segmente der Verlustregulierung in Nordamerika und der Plattformlösungen durch eine geringere wetterbedingte Aktivität beeinträchtigt. Das konsolidierte bereinigte EBITDA des Unternehmens betrug $29,6 Millionen, ein Rückgang von $38,6 Millionen im 3. Quartal 2023.
- Broadspire segment achieved record quarterly revenue of $99.0 million, up 7.4% YoY
- International Operations revenue increased 7.8% to $105.7 million
- International Operations operating margin improved to 4.9% from 2.2% YoY
- Net income declined 22.8% to $9.5 million from $12.3 million YoY
- Consolidated adjusted EBITDA decreased to $29.6 million from $38.6 million YoY
- Platform Solutions revenue dropped 24.2% to $45.3 million due to reduced weather-related claims
- Total debt increased to $238.4 million from $209.1 million at year-end 2023
Insights
Crawford & Company's Q3 2024 results show mixed performance with some concerning trends.
The bright spots include Broadspire's record quarterly revenue of
Continued momentum in core non-weather businesses highlighted by record quarterly revenue at Broadspire; revenue growth and improved margins in International Operations
GAAP Consolidated Results
Third Quarter 2024
-
Revenues before reimbursements of
$329.4 million $330.1 million -
Net income attributable to shareholders of
$9.5 million $12.3 million -
Diluted earnings per share of
$0.19 $0.25
Non-GAAP Consolidated Results
Third Quarter 2024
-
Diluted earnings per share, on a non-GAAP basis, totaled
$0.22 $0.35 $0.36 -
Net income attributable to shareholders, on a non-GAAP basis, totaled
$10.9 million $17.7 million -
Consolidated adjusted operating earnings, on a non-GAAP basis, were
$21.8 million 6.6% of revenues before reimbursements in the 2024 third quarter, compared with$29.9 million 9.1% of revenues, in the 2023 third quarter -
Consolidated adjusted EBITDA, a non-GAAP financial measure, was
$29.6 million 9.0% of revenues before reimbursements in the 2024 third quarter, compared with$38.6 million 11.7% of revenues, in the 2023 third quarter -
Foreign currency exchange rates decreased revenues before reimbursements by
$2.2 million $331.6 million 1% from the 2023 third quarter
Mr. Rohit Verma, president and chief executive officer of Crawford & Company, commented, “Consolidated third quarter revenues were consistent with the previous year, reflecting our ability to drive continued momentum in our core non-weather-dependent businesses. Broadspire achieved a new quarterly revenue record and our International Operations also demonstrated revenue growth and margin expansion, with growth across key markets. Our third quarter results also reflected the ongoing benign weather environment which impacted growth at our North America Loss Adjusting and Platform Solutions segments. Storm activity in the third quarter of 2024 was notably lower than historical levels, with Hurricane Helene occurring late in the quarter and Hurricane Milton following approximately two weeks later. We expect to see activity related to these two storms reflected in our fourth quarter performance."
Mr. Verma continued, “These results underscore the strength of our diversified business lines, which enable us to mitigate challenges encountered in one part of the business with growth from other segments. As we move forward, our focus remains on delivering sustainable growth, winning new customers, establishing strategic partnerships and delivering operational excellence as we continue to drive value for our stakeholders."
Segment Results for the Third Quarter
North America Loss Adjusting
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
Broadspire
Broadspire segment revenues before reimbursements were a new quarterly record of
Broadspire recorded operating earnings of
Platform Solutions
Platform Solutions revenues before reimbursements were
Operating earnings were
Unallocated Corporate and Shared Costs and Credits, Net
Unallocated corporate costs were
Selling, General, and Administrative Expenses
Selling, general, and administrative expenses (“SG&A”) decreased
Other Matters
The Company recognized pretax contingent earnout benefits totaling
The Company recognized non-service pension costs of
Balance Sheet and Cash Flow
The Company’s consolidated cash and cash equivalents position as of September 30, 2024, totaled
The Company’s operations provided
The Company made no contributions to its
During the first nine months of 2024 and 2023, the Company did not repurchase any shares of CRD-A. In the first nine months of 2024, the Company repurchased 385,544 shares of CRD-B at an average per share cost of
Conference Call
As previously announced, Crawford & Company will host a conference call on November 5, 2024, at 8:30 a.m. Eastern Time to discuss its third quarter 2024 results. The conference call can be accessed live by dialing 1-800-549-8228 and using Conference ID 04164. 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 December 5, 2024. You may dial 1-888-660-6264 and use passcode 04164# 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 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
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 |
|
Nine Months Ended |
||||||||||||||||||||||||
(in thousands) |
|
September 30,
|
|
September 30,
|
|
September 30,
|
September 30,
|
|||||||||||||||||||||
Geographic Area |
Currency |
USD
|
% of total |
|
USD
|
% of total |
|
USD
|
% of total |
USD
|
% of total |
|||||||||||||||||
|
USD |
$ |
200,160 |
|
|
60.8 |
% |
|
$ |
207,565 |
|
|
62.9 |
% |
|
$ |
569,624 |
|
|
60.3 |
% |
|
$ |
612,276 |
|
|
63.1 |
% |
|
GBP |
|
42,265 |
|
|
12.8 |
% |
|
|
38,290 |
|
|
11.6 |
% |
|
|
123,940 |
|
|
13.1 |
% |
|
|
106,139 |
|
|
10.9 |
% |
|
CAD |
|
23,474 |
|
|
7.1 |
% |
|
|
24,490 |
|
|
7.4 |
% |
|
|
69,516 |
|
|
7.4 |
% |
|
|
73,494 |
|
|
7.6 |
% |
|
AUD |
|
23,530 |
|
|
7.1 |
% |
|
|
22,867 |
|
|
6.9 |
% |
|
|
65,507 |
|
|
6.9 |
% |
|
|
68,787 |
|
|
7.1 |
% |
|
EUR |
|
15,260 |
|
|
4.6 |
% |
|
|
14,629 |
|
|
4.4 |
% |
|
|
45,806 |
|
|
4.8 |
% |
|
|
42,968 |
|
|
4.4 |
% |
Rest of World |
Various |
|
24,686 |
|
|
7.6 |
% |
|
|
22,280 |
|
|
6.8 |
% |
|
|
70,863 |
|
|
7.5 |
% |
|
|
67,347 |
|
|
6.9 |
% |
Total Revenues, before reimbursements |
$ |
329,375 |
|
|
100.0 |
% |
|
$ |
330,121 |
|
|
100.0 |
% |
|
$ |
945,256 |
|
|
100.0 |
% |
|
$ |
971,011 |
|
|
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 |
|
Nine Months Ended |
||||||||||
(in thousands) |
September 30,
|
September 30,
|
|
September 30,
|
September 30,
|
||||||||
Operating earnings: |
|
|
|
|
|
|
|
|
|
||||
North America Loss Adjusting |
$ |
5,443 |
|
$ |
10,468 |
|
|
$ |
14,807 |
|
$ |
22,433 |
|
International Operations |
|
5,136 |
|
|
2,197 |
|
|
|
12,528 |
|
|
8,974 |
|
Broadspire |
|
14,402 |
|
|
13,532 |
|
|
|
42,297 |
|
|
29,607 |
|
Platform Solutions |
|
3,833 |
|
|
8,523 |
|
|
|
6,417 |
|
|
26,595 |
|
Unallocated corporate and shared costs, net |
|
(6,979 |
) |
|
(4,781 |
) |
|
|
(20,065 |
) |
|
(9,998 |
) |
Consolidated operating earnings |
|
21,835 |
|
|
29,939 |
|
|
|
55,984 |
|
|
77,611 |
|
(Deduct) add: |
|
|
|
|
|
|
|
|
|
||||
Net corporate interest expense |
|
(4,682 |
) |
|
(4,556 |
) |
|
|
(12,534 |
) |
|
(13,264 |
) |
Stock option expense |
|
(188 |
) |
|
(145 |
) |
|
|
(494 |
) |
|
(440 |
) |
Amortization of intangible assets |
|
(1,932 |
) |
|
(1,986 |
) |
|
|
(5,656 |
) |
|
(5,864 |
) |
Non-service pension costs |
|
(2,441 |
) |
|
(2,170 |
) |
|
|
(7,313 |
) |
|
(6,436 |
) |
Contingent earnout adjustments |
|
2,128 |
|
|
(2,127 |
) |
|
|
1,547 |
|
|
(3,100 |
) |
Income tax provision |
|
(5,333 |
) |
|
(6,781 |
) |
|
|
(10,866 |
) |
|
(17,258 |
) |
Net loss attributable to noncontrolling interests |
|
66 |
|
|
145 |
|
|
|
206 |
|
|
178 |
|
Net income attributable to shareholders of Crawford & Company |
$ |
9,453 |
|
$ |
12,319 |
|
|
$ |
20,874 |
|
$ |
31,427 |
|
|
|
|
|
|
|
|
|
|
|
||||
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 |
|
Nine Months Ended |
||||||||||
(in thousands) |
September 30,
|
September 30,
|
|
September 30,
|
September 30,
|
||||||||
Net income attributable to shareholders of Crawford & Company |
$ |
9,453 |
|
$ |
12,319 |
|
|
$ |
20,874 |
|
$ |
31,427 |
|
Add (Deduct): |
|
|
|
|
|
|
|
|
|
||||
Depreciation and amortization |
|
8,813 |
|
|
9,115 |
|
|
|
26,957 |
|
|
27,356 |
|
Stock-based compensation |
|
988 |
|
|
1,574 |
|
|
|
3,819 |
|
|
4,183 |
|
Net corporate interest expense |
|
4,682 |
|
|
4,556 |
|
|
|
12,534 |
|
|
13,264 |
|
Non-service pension costs |
|
2,441 |
|
|
2,170 |
|
|
|
7,313 |
|
|
6,436 |
|
Contingent earnout adjustments |
|
(2,128 |
) |
|
2,127 |
|
|
|
(1,547 |
) |
|
3,100 |
|
Income tax provision |
|
5,333 |
|
|
6,781 |
|
|
|
10,866 |
|
|
17,258 |
|
Non-GAAP adjusted EBITDA |
$ |
29,582 |
|
$ |
38,642 |
|
|
$ |
80,816 |
|
$ |
103,024 |
|
|
|
|
|
|
|
|
|
|
|
||||
Following is a reconciliation of operating cash flow to free cash flow for the nine months ended September 30, 2024 and 2023:
Nine Months Ended |
|||||||||||
(in thousands) |
September 30, 2024 |
|
September 30, 2023 |
|
Change |
||||||
Net Cash Provided by Operating Activities |
$ |
11,093 |
|
|
$ |
68,077 |
|
|
$ |
(56,984 |
) |
Less: |
|
|
|
|
|
|
|
|
|||
Property & Equipment Purchases, net |
|
(2,992 |
) |
|
|
(3,360 |
) |
|
|
368 |
|
Capitalized Software (internal and external costs) |
|
(26,453 |
) |
|
|
(24,323 |
) |
|
|
(2,130 |
) |
Free Cash Flow |
$ |
(18,352 |
) |
|
$ |
40,394 |
|
|
$ |
(58,746 |
) |
|
|
|
|
|
|
|
|
|
|||
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 September 30, 2024 |
||||||||||||
(in thousands) |
Pretax earnings |
Net income
|
Diluted
|
Diluted
|
||||||||
GAAP |
$ |
14,720 |
|
$ |
9,453 |
|
$ |
0.19 |
|
$ |
0.19 |
|
Adjustments: |
|
|
|
|
|
|
|
|
||||
Amortization of intangible assets |
|
1,932 |
|
|
1,668 |
|
|
0.03 |
|
|
0.03 |
|
Non-service related pension costs |
|
2,441 |
|
|
1,910 |
|
|
0.04 |
|
|
0.04 |
|
Contingent earnout adjustments |
|
(2,128 |
) |
|
(2,179 |
) |
|
(0.04 |
) |
|
(0.04 |
) |
Non-GAAP Adjusted |
$ |
16,965 |
|
$ |
10,852 |
|
$ |
0.22 |
|
$ |
0.22 |
|
|
|
|
|
|
|
|
|
|
||||
Three Months Ended September 30, 2023 |
||||||||||||
(in thousands) |
Pretax earnings |
Net income
|
Diluted
|
Diluted
|
||||||||
GAAP |
$ |
18,955 |
|
$ |
12,319 |
|
$ |
0.25 |
|
$ |
0.25 |
|
Adjustments: |
|
|
|
|
|
|
|
|
||||
Amortization of intangible assets |
|
1,986 |
|
|
1,711 |
|
|
0.03 |
|
|
0.03 |
|
Non-service related pension costs |
|
2,170 |
|
|
1,612 |
|
|
0.03 |
|
|
0.03 |
|
Contingent earnout adjustments |
|
2,127 |
|
|
2,101 |
|
|
0.04 |
|
|
0.04 |
|
Non-GAAP Adjusted |
$ |
25,238 |
|
$ |
17,743 |
|
$ |
0.35 |
|
$ |
0.36 |
|
|
|
|
|
|
|
|
|
|
||||
Nine Months Ended September 30, 2024 |
||||||||||||
(in thousands) |
Pretax earnings |
Net income
|
Diluted
|
Diluted
|
||||||||
GAAP |
$ |
31,534 |
|
$ |
20,874 |
|
$ |
0.42 |
|
$ |
0.42 |
|
Adjustments: |
|
|
|
|
|
|
|
|
||||
Amortization of intangible assets |
|
5,656 |
|
|
4,807 |
|
|
0.10 |
|
|
0.10 |
|
Non-service related pension costs |
|
7,313 |
|
|
5,714 |
|
|
0.11 |
|
|
0.11 |
|
Contingent earnout adjustments |
|
(1,547 |
) |
|
(1,605 |
) |
|
(0.03 |
) |
|
(0.03 |
) |
Non-GAAP Adjusted |
$ |
42,956 |
|
$ |
29,790 |
|
$ |
0.60 |
|
$ |
0.60 |
|
|
|
|
|
|
|
|
|
|
||||
Nine Months Ended September 30, 2023 |
||||||||||||
(in thousands) |
Pretax earnings |
Net income
|
Diluted
|
Diluted
|
||||||||
GAAP |
$ |
48,507 |
|
$ |
31,427 |
|
$ |
0.63 |
|
$ |
0.64 |
|
Adjustments: |
|
|
|
|
|
|
|
|
||||
Amortization of intangible assets |
|
5,864 |
|
|
5,039 |
|
|
0.10 |
|
|
0.10 |
|
Non-service related pension costs |
|
6,436 |
|
|
4,782 |
|
|
0.10 |
|
|
0.10 |
|
Contingent earnout adjustments |
|
3,100 |
|
|
2,503 |
|
|
0.05 |
|
|
0.05 |
|
Non-GAAP Adjusted |
$ |
63,907 |
|
$ |
43,751 |
|
$ |
0.88 |
|
$ |
0.89 |
|
|
|
|
|
|
|
|
|
|
||||
(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 |
Nine Months Ended |
||||||||||
(in thousands) |
September 30,
|
September 30,
|
September 30,
|
September 30,
|
||||||||
Weighted-Average Shares Used to Compute Basic Earnings Per Share: |
|
|
|
|
|
|
|
|
||||
Class A Common Stock |
|
29,880 |
|
|
29,140 |
|
|
29,732 |
|
|
28,980 |
|
Class B Common Stock |
|
19,255 |
|
|
19,837 |
|
|
19,390 |
|
|
19,845 |
|
Weighted-Average Shares Used to Compute Diluted Earnings Per Share: |
|
|
|
|
|
|
|
|
||||
Class A Common Stock |
|
30,472 |
|
|
30,063 |
|
|
30,308 |
|
|
29,659 |
|
Class B Common Stock |
|
19,255 |
|
|
19,837 |
|
|
19,390 |
|
|
19,845 |
|
|
|
|
|
|
|
|
|
|
||||
Further information regarding the Company’s operating results for the three and nine months ended September 30, 2024, financial position as of September 30, 2024, and cash flows for the nine months ended September 30, 2024 is shown on the attached unaudited condensed consolidated financial statements.
About Crawford & Company
Based in
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 September 30, |
|
2024 |
|
2023 |
|
% Change |
||||||
|
|
|
|
|
|
|
|
|
|
|||
Revenues: |
|
|
|
|
|
|
|
|
|
|||
Revenues Before Reimbursements |
|
$ |
329,375 |
|
|
$ |
330,121 |
|
|
|
(0 |
)% |
Reimbursements |
|
|
13,351 |
|
|
|
12,066 |
|
|
|
11 |
% |
Total Revenues |
|
|
342,726 |
|
|
|
342,187 |
|
|
|
0 |
% |
|
|
|
|
|
|
|
|
|
|
|||
Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|||
Costs of Services Provided, Before Reimbursements |
|
|
235,957 |
|
|
|
229,969 |
|
|
|
3 |
% |
Reimbursements |
|
|
13,351 |
|
|
|
12,066 |
|
|
|
11 |
% |
Total Costs of Services |
|
|
249,308 |
|
|
|
242,035 |
|
|
|
3 |
% |
|
|
|
|
|
|
|
|
|
|
|||
Selling, General, and Administrative Expenses |
|
|
71,526 |
|
|
|
74,447 |
|
|
|
(4 |
)% |
Corporate Interest Expense, Net |
|
|
4,682 |
|
|
|
4,556 |
|
|
|
3 |
% |
Total Costs and Expenses |
|
|
325,516 |
|
|
|
321,038 |
|
|
|
1 |
% |
|
|
|
|
|
|
|
|
|
|
|||
Other Loss, Net |
|
|
(2,490 |
) |
|
|
(2,194 |
) |
|
|
13 |
% |
|
|
|
|
|
|
|
|
|
|
|||
Income Before Income Taxes |
|
|
14,720 |
|
|
|
18,955 |
|
|
|
(22 |
)% |
Provision for Income Taxes |
|
|
5,333 |
|
|
|
6,781 |
|
|
|
(21 |
)% |
|
|
|
|
|
|
|
|
|
|
|||
Net Income |
|
|
9,387 |
|
|
|
12,174 |
|
|
|
(23 |
)% |
|
|
|
|
|
|
|
|
|
|
|||
Net Loss Attributable to Noncontrolling Interests |
|
|
66 |
|
|
|
145 |
|
|
|
(54 |
)% |
|
|
|
|
|
|
|
|
|
|
|||
Net Income Attributable to Shareholders of Crawford & Company |
|
$ |
9,453 |
|
|
$ |
12,319 |
|
|
|
(23 |
)% |
|
|
|
|
|
|
|
|
|
|
|||
Earnings Per Share - Basic: |
|
|
|
|
|
|
|
|
|
|||
Class A Common Stock |
|
$ |
0.19 |
|
|
$ |
0.25 |
|
|
|
(24 |
)% |
Class B Common Stock |
|
$ |
0.19 |
|
|
$ |
0.25 |
|
|
|
(24 |
)% |
|
|
|
|
|
|
|
|
|
|
|||
Earnings Per Share - Diluted: |
|
|
|
|
|
|
|
|
|
|||
Class A Common Stock |
|
$ |
0.19 |
|
|
$ |
0.25 |
|
|
|
(24 |
)% |
Class B Common Stock |
|
$ |
0.19 |
|
|
$ |
0.25 |
|
|
|
(24 |
)% |
|
|
|
|
|
|
|
|
|
|
|||
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) |
||||||||||||
Nine Months Ended September 30, |
|
2024 |
|
2023 |
|
% Change |
||||||
|
|
|
|
|
|
|
|
|
|
|||
Revenues: |
|
|
|
|
|
|
|
|
|
|||
Revenues Before Reimbursements |
|
$ |
945,256 |
|
|
$ |
971,011 |
|
|
|
(3 |
)% |
Reimbursements |
|
|
37,396 |
|
|
|
36,743 |
|
|
|
2 |
% |
Total Revenues |
|
|
982,652 |
|
|
|
1,007,754 |
|
|
|
(2 |
)% |
|
|
|
|
|
|
|
|
|
|
|||
Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|||
Costs of Services Provided, Before Reimbursements |
|
|
672,611 |
|
|
|
691,078 |
|
|
|
(3 |
)% |
Reimbursements |
|
|
37,396 |
|
|
|
36,743 |
|
|
|
2 |
% |
Total Costs of Services |
|
|
710,007 |
|
|
|
727,821 |
|
|
|
(2 |
)% |
|
|
|
|
|
|
|
|
|
|
|||
Selling, General, and Administrative Expenses |
|
|
221,116 |
|
|
|
211,631 |
|
|
|
4 |
% |
Corporate Interest Expense, Net |
|
|
12,534 |
|
|
|
13,264 |
|
|
|
(6 |
)% |
Total Costs and Expenses |
|
|
943,657 |
|
|
|
952,716 |
|
|
|
(1 |
)% |
|
|
|
|
|
|
|
|
|
|
|||
Other Loss, Net |
|
|
(7,461 |
) |
|
|
(6,531 |
) |
|
|
14 |
% |
|
|
|
|
|
|
|
|
|
|
|||
Income Before Income Taxes |
|
|
31,534 |
|
|
|
48,507 |
|
|
|
(35 |
)% |
Provision for Income Taxes |
|
|
10,866 |
|
|
|
17,258 |
|
|
|
(37 |
)% |
|
|
|
|
|
|
|
|
|
|
|||
Net Income |
|
|
20,668 |
|
|
|
31,249 |
|
|
|
(34 |
)% |
|
|
|
|
|
|
|
|
|
|
|||
Net Loss Attributable to Noncontrolling Interests |
|
|
206 |
|
|
|
178 |
|
|
|
16 |
% |
|
|
|
|
|
|
|
|
|
|
|||
Net Income Attributable to Shareholders of Crawford & Company |
|
$ |
20,874 |
|
|
$ |
31,427 |
|
|
|
(34 |
)% |
|
|
|
|
|
|
|
|
|
|
|||
Earnings Per Share - Basic: |
|
|
|
|
|
|
|
|
|
|||
Class A Common Stock |
|
$ |
0.42 |
|
|
$ |
0.64 |
|
|
|
(34 |
)% |
Class B Common Stock |
|
$ |
0.42 |
|
|
$ |
0.64 |
|
|
|
(34 |
)% |
|
|
|
|
|
|
|
|
|
|
|||
Earnings Per Share - Diluted: |
|
|
|
|
|
|
|
|
|
|||
Class A Common Stock |
|
$ |
0.42 |
|
|
$ |
0.63 |
|
|
|
(33 |
)% |
Class B Common Stock |
|
$ |
0.42 |
|
|
$ |
0.64 |
|
|
|
(34 |
)% |
|
|
|
|
|
|
|
|
|
|
|||
Cash Dividends Per Share: |
|
|
|
|
|
|
|
|
|
|||
Class A Common Stock |
|
$ |
0.21 |
|
|
$ |
0.19 |
|
|
|
11 |
% |
Class B Common Stock |
|
$ |
0.21 |
|
|
$ |
0.19 |
|
|
|
11 |
% |
CRAWFORD & COMPANY |
||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||||
As of September 30, 2024 and December 31, 2023 |
||||||||
Unaudited |
||||||||
(In Thousands, Except Par Values) |
||||||||
|
|
September 30, |
|
December 31, |
||||
|
|
2024 |
|
2023 |
||||
ASSETS |
|
|
|
|
|
|
||
|
|
|
|
|
|
|
||
Current Assets: |
|
|
|
|
|
|
||
Cash and Cash Equivalents |
|
$ |
52,340 |
|
|
$ |
58,363 |
|
Accounts Receivable, Net |
|
|
131,352 |
|
|
|
131,362 |
|
Unbilled Revenues, at Estimated Billable Amounts |
|
|
134,998 |
|
|
|
116,611 |
|
Income Taxes Receivable |
|
|
4,108 |
|
|
|
4,842 |
|
Prepaid Expenses and Other Current Assets |
|
|
39,570 |
|
|
|
58,168 |
|
Total Current Assets |
|
|
362,368 |
|
|
|
369,346 |
|
|
|
|
|
|
|
|
||
Net Property and Equipment |
|
|
19,921 |
|
|
|
22,742 |
|
|
|
|
|
|
|
|
||
Other Assets: |
|
|
|
|
|
|
||
Operating Lease Right-of-Use Asset, Net |
|
|
83,637 |
|
|
|
88,615 |
|
Goodwill |
|
|
76,631 |
|
|
|
76,724 |
|
Intangible Assets Arising from Business Acquisitions, Net |
|
|
76,607 |
|
|
|
81,786 |
|
Capitalized Software Costs, Net |
|
|
108,791 |
|
|
|
96,770 |
|
Deferred Income Tax Assets |
|
|
24,618 |
|
|
|
26,247 |
|
Other Noncurrent Assets |
|
|
48,221 |
|
|
|
36,969 |
|
Total Other Assets |
|
|
418,505 |
|
|
|
407,111 |
|
|
|
|
|
|
|
|
||
Total Assets |
|
$ |
800,794 |
|
|
$ |
799,199 |
|
|
|
|
|
|
|
|
||
LIABILITIES AND SHAREHOLDERS’ INVESTMENT |
|
|
|
|
|
|
||
|
|
|
|
|
|
|
||
Current Liabilities: |
|
|
|
|
|
|
||
Short-Term Borrowings |
|
$ |
32,440 |
|
|
$ |
14,813 |
|
Accounts Payable |
|
|
43,738 |
|
|
|
45,107 |
|
Accrued Compensation and Related Costs |
|
|
78,897 |
|
|
|
97,842 |
|
Self-Insured Risks |
|
|
24,096 |
|
|
|
33,238 |
|
Income Taxes Payable |
|
|
— |
|
|
|
6,130 |
|
Operating Lease Liability |
|
|
24,998 |
|
|
|
24,351 |
|
Other Accrued Liabilities |
|
|
43,756 |
|
|
|
42,271 |
|
Deferred Revenues |
|
|
35,441 |
|
|
|
35,540 |
|
Total Current Liabilities |
|
|
283,366 |
|
|
|
299,292 |
|
|
|
|
|
|
|
|
||
Noncurrent Liabilities: |
|
|
|
|
|
|
||
Long-Term Debt and Finance Leases, Less Current Installments |
|
|
205,918 |
|
|
|
194,335 |
|
Operating Lease Liability |
|
|
70,492 |
|
|
|
78,029 |
|
Deferred Revenues |
|
|
23,779 |
|
|
|
24,871 |
|
Accrued Pension Liabilities |
|
|
23,064 |
|
|
|
24,006 |
|
Other Noncurrent Liabilities |
|
|
34,985 |
|
|
|
38,835 |
|
Total Noncurrent Liabilities |
|
|
358,238 |
|
|
|
360,076 |
|
|
|
|
|
|
|
|
||
Shareholders’ Investment: |
|
|
|
|
|
|
||
Class A Common Stock, |
|
|
29,890 |
|
|
|
29,525 |
|
Class B Common Stock, |
|
|
19,169 |
|
|
|
19,555 |
|
Additional Paid-in Capital |
|
|
87,338 |
|
|
|
82,589 |
|
Retained Earnings |
|
|
235,900 |
|
|
|
228,564 |
|
Accumulated Other Comprehensive Loss |
|
|
(211,370 |
) |
|
|
(218,615 |
) |
Shareholders’ Investment Attributable to Shareholders of Crawford & Company |
|
|
160,927 |
|
|
|
141,618 |
|
Noncontrolling Interests |
|
|
(1,737 |
) |
|
|
(1,787 |
) |
Total Shareholders’ Investment |
|
|
159,190 |
|
|
|
139,831 |
|
|
|
|
|
|
|
|
||
Total Liabilities and Shareholders’ Investment |
|
$ |
800,794 |
|
|
$ |
799,199 |
|
CRAWFORD & COMPANY |
||||||||||||||||||||||||||||||||||||
SUMMARY RESULTS BY OPERATING SEGMENT WITH DIRECT COMPENSATION AND OTHER EXPENSES |
||||||||||||||||||||||||||||||||||||
Unaudited |
||||||||||||||||||||||||||||||||||||
(In Thousands, Except Percentages) |
||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, |
||||||||||||||||||||||||||||||||||||
|
|
North America Loss
|
|
% |
|
International Operations |
|
% |
|
Broadspire |
|
% |
|
Platform Solutions |
|
% |
||||||||||||||||||||
|
|
2024 |
|
2023 |
|
Change |
|
2024 |
|
2023 |
|
Change |
|
2024 |
|
2023 |
|
Change |
|
2024 |
|
2023 |
|
Change |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Revenues Before Reimbursements |
|
$ |
79,329 |
|
$ |
79,987 |
|
(0.8 |
)% |
|
$ |
105,741 |
|
$ |
98,066 |
|
7.8 |
% |
|
$ |
99,009 |
|
$ |
92,229 |
|
7.4 |
% |
|
$ |
45,296 |
|
$ |
59,839 |
|
(24.3 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Direct Compensation, Fringe Benefits & Non-Employee Labor |
|
|
57,055 |
|
|
53,635 |
|
6.4 |
% |
|
|
69,395 |
|
|
66,426 |
|
4.5 |
% |
|
|
59,680 |
|
|
54,310 |
|
9.9 |
% |
|
|
28,976 |
|
|
39,638 |
|
(26.9 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
% of Revenues Before Reimbursements |
|
|
71.9 |
% |
|
67.1 |
% |
|
|
|
65.6 |
% |
|
67.7 |
% |
|
|
|
60.3 |
% |
|
58.9 |
% |
|
|
|
64.0 |
% |
|
66.2 |
% |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Expenses Other than Reimbursements, Direct Compensation, Fringe Benefits & Non-Employee Labor |
|
|
16,831 |
|
|
15,884 |
|
6.0 |
% |
|
|
31,210 |
|
|
29,443 |
|
6.0 |
% |
|
|
24,927 |
|
|
24,387 |
|
2.2 |
% |
|
|
12,487 |
|
|
11,678 |
|
6.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
% of Revenues Before Reimbursements |
|
|
21.2 |
% |
|
19.9 |
% |
|
|
|
29.5 |
% |
|
30.0 |
% |
|
|
|
25.2 |
% |
|
26.4 |
% |
|
|
|
27.6 |
% |
|
19.5 |
% |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total Operating Expenses |
|
|
73,886 |
|
|
69,519 |
|
6.3 |
% |
|
|
100,605 |
|
|
95,869 |
|
4.9 |
% |
|
|
84,607 |
|
|
78,697 |
|
7.5 |
% |
|
|
41,463 |
|
|
51,316 |
|
(19.2 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating Earnings (1) |
|
$ |
5,443 |
|
$ |
10,468 |
|
(48.0 |
)% |
|
$ |
5,136 |
|
$ |
2,197 |
|
133.8 |
% |
|
$ |
14,402 |
|
$ |
13,532 |
|
6.4 |
% |
|
$ |
3,833 |
|
$ |
8,523 |
|
(55.0 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
% of Revenues Before Reimbursements |
|
|
6.9 |
% |
|
13.1 |
% |
|
|
|
4.9 |
% |
|
2.2 |
% |
|
|
|
14.5 |
% |
|
14.7 |
% |
|
|
|
8.5 |
% |
|
14.2 |
% |
|
||||
Nine Months Ended September 30, |
||||||||||||||||||||||||||||||||||||||||||||
|
|
North America Loss
|
|
|
% |
International
|
% |
|
Broadspire |
|
|
% |
|
Platforms Solutions |
|
|
% |
|||||||||||||||||||||||||||
|
|
2024 |
|
|
2023 |
|
|
Change |
|
2024 |
|
|
2023 |
|
|
Change |
|
2024 |
|
|
2023 |
|
|
Change |
|
2024 |
|
|
2023 |
|
|
Change |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Revenues Before Reimbursements |
|
$ |
232,724 |
|
|
$ |
233,946 |
|
|
(0.5 |
)% |
|
$ |
306,116 |
|
|
$ |
285,241 |
|
|
7.3 |
% |
|
$ |
290,394 |
|
|
$ |
263,527 |
|
|
10.2 |
% |
|
$ |
116,022 |
|
|
$ |
188,297 |
|
|
(38.4 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Direct Compensation, Fringe Benefits & Non-Employee Labor |
|
|
167,230 |
|
|
|
162,418 |
|
|
3.0 |
% |
|
|
200,421 |
|
|
|
190,178 |
|
|
5.4 |
% |
|
|
175,099 |
|
|
|
161,451 |
|
|
8.5 |
% |
|
|
71,310 |
|
|
|
124,238 |
|
|
(42.6 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
% of Revenues Before Reimbursements |
|
|
71.9 |
% |
|
|
69.4 |
% |
|
|
|
|
65.5 |
% |
|
|
66.7 |
% |
|
|
|
|
60.3 |
% |
|
|
61.3 |
% |
|
|
|
|
61.5 |
% |
|
|
66.0 |
% |
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Expenses Other than Reimbursements, Direct Compensation, Fringe Benefits & Non-Employee Labor |
|
|
50,687 |
|
|
|
49,095 |
|
|
3.2 |
% |
|
|
93,167 |
|
|
|
86,089 |
|
|
8.2 |
% |
|
|
72,998 |
|
|
|
72,469 |
|
|
0.7 |
% |
|
|
38,295 |
|
|
|
37,464 |
|
|
2.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
% of Revenues Before Reimbursements |
|
|
21.8 |
% |
|
|
21.0 |
% |
|
|
|
|
30.4 |
% |
|
|
30.2 |
% |
|
|
|
|
25.1 |
% |
|
|
27.5 |
% |
|
|
|
|
33.0 |
% |
|
|
19.9 |
% |
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total Operating Expenses |
|
|
217,917 |
|
|
|
211,513 |
|
|
3.0 |
% |
|
|
293,588 |
|
|
|
276,267 |
|
|
6.3 |
% |
|
|
248,097 |
|
|
|
233,920 |
|
|
6.1 |
% |
|
|
109,605 |
|
|
|
161,702 |
|
|
(32.2 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating Earnings(1) |
|
$ |
14,807 |
|
|
$ |
22,433 |
|
|
(34.0 |
)% |
|
$ |
12,528 |
|
|
$ |
8,974 |
|
|
39.6 |
% |
|
$ |
42,297 |
|
|
$ |
29,607 |
|
|
42.9 |
% |
|
$ |
6,417 |
|
|
$ |
26,595 |
|
|
(75.9 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
% of Revenues Before Reimbursements |
|
|
6.4 |
% |
|
|
9.6 |
% |
|
|
|
|
4.1 |
% |
|
|
3.1 |
% |
|
|
|
|
14.6 |
% |
|
|
11.2 |
% |
|
|
|
|
5.5 |
% |
|
|
14.1 |
% |
|
|
||||
(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 acquisition-related intangible assets, non-service pension costs, contingent earnout adjustments, and certain unallocated corporate and shared costs and credits. See pages 3 and 4 for additional information about segment operating earnings. |
||||||||||||||||||||||||||||||||||||||||||||
CRAWFORD & COMPANY |
||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||
Year-to-Date Period Ended September 30, 2024 and September 30, 2023 |
||||||||
Unaudited |
||||||||
(In Thousands) |
||||||||
|
|
2024 |
|
2023 |
||||
Cash Flows From Operating Activities: |
|
|
|
|
|
|
||
Net Income |
|
$ |
20,668 |
|
|
$ |
31,249 |
|
Reconciliation of net income to net cash provided by operating activities: |
|
|
|
|
|
|
||
Depreciation and amortization |
|
|
26,957 |
|
|
|
27,355 |
|
Stock-based compensation |
|
|
3,819 |
|
|
|
4,183 |
|
(Gain) loss on disposal of property and equipment |
|
|
(93 |
) |
|
|
96 |
|
Contingent earnout adjustments |
|
|
(1,547 |
) |
|
|
3,100 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
||
Accounts receivable, net |
|
|
751 |
|
|
|
(6,309 |
) |
Unbilled revenues, net |
|
|
(17,263 |
) |
|
|
419 |
|
Accrued or prepaid income taxes |
|
|
(5,520 |
) |
|
|
5,306 |
|
Accounts payable and accrued liabilities |
|
|
(17,141 |
) |
|
|
(1,437 |
) |
Deferred revenues |
|
|
(1,819 |
) |
|
|
4,869 |
|
Accrued retirement costs |
|
|
4,993 |
|
|
|
4,818 |
|
Prepaid expenses and other operating activities |
|
|
(2,712 |
) |
|
|
(5,572 |
) |
Net cash provided by operating activities |
|
|
11,093 |
|
|
|
68,077 |
|
|
|
|
|
|
|
|
||
Cash Flows From Investing Activities: |
|
|
|
|
|
|
||
Acquisitions of property and equipment |
|
|
(2,992 |
) |
|
|
(3,360 |
) |
Capitalization of computer software costs |
|
|
(26,453 |
) |
|
|
(24,323 |
) |
Net cash used in investing activities |
|
|
(29,445 |
) |
|
|
(27,683 |
) |
|
|
|
|
|
|
|
||
Cash Flows From Financing Activities: |
|
|
|
|
|
|
||
Cash dividends paid |
|
|
(10,320 |
) |
|
|
(9,284 |
) |
Repurchases of common stock |
|
|
(3,604 |
) |
|
|
(582 |
) |
Increases in short-term and revolving credit facility borrowings |
|
|
61,612 |
|
|
|
20,958 |
|
Payments on short-term and revolving credit facility borrowings |
|
|
(32,606 |
) |
|
|
(43,719 |
) |
Payments of contingent consideration on acquisitions |
|
|
(3,183 |
) |
|
|
(6,760 |
) |
Other financing activities |
|
|
1,410 |
|
|
|
1,317 |
|
Net cash provided by (used in) financing activities |
|
|
13,309 |
|
|
|
(38,070 |
) |
|
|
|
|
|
|
|
||
Effects of exchange rate changes on cash and cash equivalents |
|
|
181 |
|
|
|
1,313 |
|
(Decrease) Increase in cash, cash equivalents, and restricted cash(1) |
|
|
(4,862 |
) |
|
|
3,637 |
|
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) |
|
$ |
54,683 |
|
|
$ |
50,282 |
|
(1) The 2024 amounts include beginning restricted cash of |
||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20241104540991/en/
Bruce Swain
(404) 300-1051
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 was Crawford & Company's revenue in Q3 2024?
How much did Broadspire segment revenue grow in Q3 2024?
What was Crawford's earnings per share for CRD-A and CRD-B in Q3 2024?
