CRAWFORD & COMPANY |
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Results of Operations By Quarter (Unaudited) |
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Revised for Realignment of Reportable Segments |
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2025 Quarterly Period |
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First |
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Second |
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Third |
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Fourth |
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Full Year |
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(Dollars in thousands) |
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Revenues: |
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U.S. Property and Casualty |
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$ |
82,190 |
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$ |
82,500 |
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$ |
76,227 |
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$ |
67,082 |
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$ |
307,999 |
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Broadspire |
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103,672 |
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108,158 |
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110,618 |
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107,903 |
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430,351 |
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International Operations |
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126,170 |
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132,339 |
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135,326 |
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133,536 |
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527,371 |
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Total Revenues before reimbursements |
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312,032 |
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322,997 |
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322,171 |
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308,521 |
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1,265,721 |
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Reimbursements |
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11,307 |
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11,598 |
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10,636 |
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11,565 |
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45,106 |
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Total Revenues |
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323,339 |
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334,595 |
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332,807 |
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320,086 |
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1,310,827 |
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Direct Compensation, Fringe Benefits & Non-Employee Labor: |
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U.S. Property and Casualty |
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50,788 |
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51,000 |
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47,170 |
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46,173 |
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195,131 |
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% of related revenues before reimbursements |
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61.8 |
% |
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61.8 |
% |
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61.9 |
% |
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68.8 |
% |
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63.4 |
% |
Broadspire |
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58,343 |
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60,694 |
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62,828 |
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62,629 |
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244,494 |
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% of related revenues before reimbursements |
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56.3 |
% |
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56.1 |
% |
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56.8 |
% |
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58.0 |
% |
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56.8 |
% |
International Operations |
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86,467 |
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88,165 |
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91,119 |
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88,022 |
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353,773 |
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% of related revenues before reimbursements |
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68.5 |
% |
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66.6 |
% |
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67.3 |
% |
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65.9 |
% |
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67.1 |
% |
Total |
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195,598 |
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199,859 |
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201,117 |
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196,824 |
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793,398 |
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% of Revenues before reimbursements |
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62.7 |
% |
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61.9 |
% |
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62.4 |
% |
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63.8 |
% |
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62.7 |
% |
Expenses Other than Direct Compensation, Fringe Benefits & Non-Employee Labor: |
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U.S. Property and Casualty |
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21,622 |
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24,049 |
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19,257 |
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18,829 |
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83,757 |
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% of related revenues before reimbursements |
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26.3 |
% |
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29.2 |
% |
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25.3 |
% |
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28.1 |
% |
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27.2 |
% |
Broadspire |
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33,352 |
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33,262 |
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32,504 |
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33,497 |
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132,615 |
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% of related revenues before reimbursements |
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32.2 |
% |
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30.8 |
% |
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29.4 |
% |
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31.0 |
% |
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30.8 |
% |
International Operations |
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37,483 |
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36,843 |
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36,555 |
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38,804 |
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149,685 |
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% of related revenues before reimbursements |
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29.7 |
% |
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27.8 |
% |
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27.0 |
% |
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29.1 |
% |
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28.4 |
% |
Total before reimbursements |
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92,457 |
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94,154 |
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88,316 |
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91,130 |
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366,057 |
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% of Revenues before reimbursements |
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29.6 |
% |
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29.2 |
% |
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27.4 |
% |
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29.5 |
% |
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28.9 |
% |
Reimbursements |
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11,307 |
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11,598 |
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10,636 |
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11,565 |
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45,106 |
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Total |
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103,764 |
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105,752 |
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98,952 |
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102,695 |
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411,163 |
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% of Revenues |
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32.1 |
% |
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31.6 |
% |
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29.7 |
% |
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32.1 |
% |
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31.4 |
% |
Segment Operating Earnings: |
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U.S. Property and Casualty |
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9,780 |
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7,451 |
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9,800 |
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2,080 |
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29,111 |
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% of related revenues before reimbursements |
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11.9 |
% |
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9.0 |
% |
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12.9 |
% |
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3.1 |
% |
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9.5 |
% |
Broadspire |
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11,977 |
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14,202 |
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15,286 |
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11,777 |
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53,242 |
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% of related revenues before reimbursements |
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11.6 |
% |
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13.1 |
% |
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13.8 |
% |
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10.9 |
% |
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12.4 |
% |
International Operations |
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|
2,220 |
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|
7,331 |
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7,652 |
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6,710 |
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|
23,913 |
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% of related revenues before reimbursements |
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1.8 |
% |
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5.5 |
% |
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5.7 |
% |
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5.0 |
% |
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4.5 |
% |
(Deduct) Add: |
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Unallocated corporate and shared costs, net |
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(6,133 |
) |
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(6,988 |
) |
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(6,147 |
) |
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(4,725 |
) |
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(23,993 |
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Net corporate interest expense |
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(3,944 |
) |
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(3,858 |
) |
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(3,788 |
) |
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(3,097 |
) |
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(14,687 |
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Non-service pension costs |
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(2,333 |
) |
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(2,354 |
) |
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(2,363 |
) |
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(2,363 |
) |
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(9,413 |
) |
Stock option expense |
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(184 |
) |
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(214 |
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(52 |
) |
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(159 |
) |
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(609 |
) |
Amortization of acquisition-related intangible assets |
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(1,800 |
) |
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(1,825 |
) |
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(2,126 |
) |
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(2,680 |
) |
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(8,431 |
) |
Restructuring and other costs, net |
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— |
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— |
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— |
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(13,996 |
) |
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(13,996 |
) |
Contingent earnout adjustments |
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(363 |
) |
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(80 |
) |
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(60 |
) |
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(34 |
) |
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|
(537 |
) |
Income (loss) before income taxes |
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9,220 |
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13,665 |
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18,202 |
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(6,487 |
) |
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34,600 |
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Provision for income taxes |
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(2,480 |
) |
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(5,845 |
) |
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(5,813 |
) |
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(786 |
) |
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(14,924 |
) |
Net income (loss) |
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6,740 |
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|
7,820 |
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|
12,389 |
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(7,273 |
) |
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|
19,676 |
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Net (income) loss attributable to noncontrolling interests |
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|
(56 |
) |
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(38 |
) |
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|
19 |
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|
33 |
|
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|
(42 |
) |
Net income (loss) attributable to shareholders of Crawford & Company |
|
$ |
6,684 |
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$ |
7,782 |
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$ |
12,408 |
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|
$ |
(7,240 |
) |
|
$ |
19,634 |
|