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CRAWFORD & COMPANY

 

Results of Operations By Quarter (Unaudited)

 

Revised for Realignment of Reportable Segments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2025 Quarterly Period

 

First

 

 

Second

 

 

Third

 

 

Fourth

 

 

Full Year

 

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Property and Casualty

 

$

82,190

 

 

$

82,500

 

 

$

76,227

 

 

$

67,082

 

 

$

307,999

 

Broadspire

 

 

103,672

 

 

 

108,158

 

 

 

110,618

 

 

 

107,903

 

 

 

430,351

 

International Operations

 

 

126,170

 

 

 

132,339

 

 

 

135,326

 

 

 

133,536

 

 

 

527,371

 

Total Revenues before reimbursements

 

 

312,032

 

 

 

322,997

 

 

 

322,171

 

 

 

308,521

 

 

 

1,265,721

 

Reimbursements

 

 

11,307

 

 

 

11,598

 

 

 

10,636

 

 

 

11,565

 

 

 

45,106

 

Total Revenues

 

 

323,339

 

 

 

334,595

 

 

 

332,807

 

 

 

320,086

 

 

 

1,310,827

 

Direct Compensation, Fringe Benefits & Non-Employee Labor:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Property and Casualty

 

 

50,788

 

 

 

51,000

 

 

 

47,170

 

 

 

46,173

 

 

 

195,131

 

% of related revenues before reimbursements

 

 

61.8

%

 

 

61.8

%

 

 

61.9

%

 

 

68.8

%

 

 

63.4

%

Broadspire

 

 

58,343

 

 

 

60,694

 

 

 

62,828

 

 

 

62,629

 

 

 

244,494

 

% of related revenues before reimbursements

 

 

56.3

%

 

 

56.1

%

 

 

56.8

%

 

 

58.0

%

 

 

56.8

%

International Operations

 

 

86,467

 

 

 

88,165

 

 

 

91,119

 

 

 

88,022

 

 

 

353,773

 

% of related revenues before reimbursements

 

 

68.5

%

 

 

66.6

%

 

 

67.3

%

 

 

65.9

%

 

 

67.1

%

Total

 

 

195,598

 

 

 

199,859

 

 

 

201,117

 

 

 

196,824

 

 

 

793,398

 

% of Revenues before reimbursements

 

 

62.7

%

 

 

61.9

%

 

 

62.4

%

 

 

63.8

%

 

 

62.7

%

Expenses Other than Direct Compensation, Fringe Benefits & Non-Employee Labor:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Property and Casualty

 

 

21,622

 

 

 

24,049

 

 

 

19,257

 

 

 

18,829

 

 

 

83,757

 

% of related revenues before reimbursements

 

 

26.3

%

 

 

29.2

%

 

 

25.3

%

 

 

28.1

%

 

 

27.2

%

Broadspire

 

 

33,352

 

 

 

33,262

 

 

 

32,504

 

 

 

33,497

 

 

 

132,615

 

% of related revenues before reimbursements

 

 

32.2

%

 

 

30.8

%

 

 

29.4

%

 

 

31.0

%

 

 

30.8

%

International Operations

 

 

37,483

 

 

 

36,843

 

 

 

36,555

 

 

 

38,804

 

 

 

149,685

 

% of related revenues before reimbursements

 

 

29.7

%

 

 

27.8

%

 

 

27.0

%

 

 

29.1

%

 

 

28.4

%

Total before reimbursements

 

 

92,457

 

 

 

94,154

 

 

 

88,316

 

 

 

91,130

 

 

 

366,057

 

% of Revenues before reimbursements

 

 

29.6

%

 

 

29.2

%

 

 

27.4

%

 

 

29.5

%

 

 

28.9

%

Reimbursements

 

 

11,307

 

 

 

11,598

 

 

 

10,636

 

 

 

11,565

 

 

 

45,106

 

Total

 

 

103,764

 

 

 

105,752

 

 

 

98,952

 

 

 

102,695

 

 

 

411,163

 

% of Revenues

 

 

32.1

%

 

 

31.6

%

 

 

29.7

%

 

 

32.1

%

 

 

31.4

%

Segment Operating Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Property and Casualty

 

 

9,780

 

 

 

7,451

 

 

 

9,800

 

 

 

2,080

 

 

 

29,111

 

% of related revenues before reimbursements

 

 

11.9

%

 

 

9.0

%

 

 

12.9

%

 

 

3.1

%

 

 

9.5

%

Broadspire

 

 

11,977

 

 

 

14,202

 

 

 

15,286

 

 

 

11,777

 

 

 

53,242

 

% of related revenues before reimbursements

 

 

11.6

%

 

 

13.1

%

 

 

13.8

%

 

 

10.9

%

 

 

12.4

%

International Operations

 

 

2,220

 

 

 

7,331

 

 

 

7,652

 

 

 

6,710

 

 

 

23,913

 

% of related revenues before reimbursements

 

 

1.8

%

 

 

5.5

%

 

 

5.7

%

 

 

5.0

%

 

 

4.5

%

(Deduct) Add:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unallocated corporate and shared costs, net

 

 

(6,133

)

 

 

(6,988

)

 

 

(6,147

)

 

 

(4,725

)

 

 

(23,993

)

Net corporate interest expense

 

 

(3,944

)

 

 

(3,858

)

 

 

(3,788

)

 

 

(3,097

)

 

 

(14,687

)

Non-service pension costs

 

 

(2,333

)

 

 

(2,354

)

 

 

(2,363

)

 

 

(2,363

)

 

 

(9,413

)

Stock option expense

 

 

(184

)

 

 

(214

)

 

 

(52

)

 

 

(159

)

 

 

(609

)

Amortization of acquisition-related intangible assets

 

 

(1,800

)

 

 

(1,825

)

 

 

(2,126

)

 

 

(2,680

)

 

 

(8,431

)

Restructuring and other costs, net

 

 

 

 

 

 

 

 

 

 

 

(13,996

)

 

 

(13,996

)

Contingent earnout adjustments

 

 

(363

)

 

 

(80

)

 

 

(60

)

 

 

(34

)

 

 

(537

)

Income (loss) before income taxes

 

 

9,220

 

 

 

13,665

 

 

 

18,202

 

 

 

(6,487

)

 

 

34,600

 

Provision for income taxes

 

 

(2,480

)

 

 

(5,845

)

 

 

(5,813

)

 

 

(786

)

 

 

(14,924

)

Net income (loss)

 

 

6,740

 

 

 

7,820

 

 

 

12,389

 

 

 

(7,273

)

 

 

19,676

 

Net (income) loss attributable to noncontrolling interests

 

 

(56

)

 

 

(38

)

 

 

19

 

 

 

33

 

 

 

(42

)

Net income (loss) attributable to shareholders of Crawford & Company

 

$

6,684

 

 

$

7,782

 

 

$

12,408

 

 

$

(7,240

)

 

$

19,634

 

 

1


 

CRAWFORD & COMPANY

 

Results of Operations By Quarter (Unaudited)

 

Revised for Realignment of Reportable Segments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2024 Quarterly Period

 

First

 

 

Second

 

 

Third

 

 

Fourth

 

 

Full Year

 

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Property and Casualty

 

$

78,212

 

 

$

85,320

 

 

$

93,693

 

 

$

108,617

 

 

$

365,842

 

Broadspire

 

 

101,509

 

 

 

104,423

 

 

 

106,467

 

 

 

104,783

 

 

 

417,182

 

International Operations

 

 

121,933

 

 

 

124,484

 

 

 

129,215

 

 

 

133,854

 

 

 

509,486

 

Total Revenues before reimbursements

 

 

301,654

 

 

 

314,227

 

 

 

329,375

 

 

 

347,254

 

 

 

1,292,510

 

Reimbursements

 

 

11,419

 

 

 

12,626

 

 

 

13,351

 

 

 

11,064

 

 

 

48,460

 

Total Revenues

 

 

313,073

 

 

 

326,853

 

 

 

342,726

 

 

 

358,318

 

 

 

1,340,970

 

Direct Compensation, Fringe Benefits & Non-Employee Labor:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Property and Casualty

 

 

50,256

 

 

 

54,931

 

 

 

60,893

 

 

 

75,224

 

 

 

241,304

 

% of related revenues before reimbursements

 

 

64.3

%

 

 

64.4

%

 

 

65.0

%

 

 

69.3

%

 

 

66.0

%

Broadspire

 

 

57,384

 

 

 

58,343

 

 

 

59,983

 

 

 

60,371

 

 

 

236,081

 

% of related revenues before reimbursements

 

 

56.5

%

 

 

55.9

%

 

 

56.3

%

 

 

57.6

%

 

 

56.6

%

International Operations

 

 

82,513

 

 

 

82,075

 

 

 

86,596

 

 

 

88,500

 

 

 

339,684

 

% of related revenues before reimbursements

 

 

67.7

%

 

 

65.9

%

 

 

67.0

%

 

 

66.1

%

 

 

66.7

%

Total

 

 

190,153

 

 

 

195,349

 

 

 

207,472

 

 

 

224,095

 

 

 

817,069

 

% of Revenues before reimbursements

 

 

63.0

%

 

 

62.2

%

 

 

63.0

%

 

 

64.5

%

 

 

63.2

%

Expenses Other than Direct Compensation, Fringe Benefits & Non-Employee Labor:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Property and Casualty

 

 

22,284

 

 

 

24,997

 

 

 

22,649

 

 

 

22,180

 

 

 

92,110

 

% of related revenues before reimbursements

 

 

28.5

%

 

 

29.3

%

 

 

24.2

%

 

 

20.4

%

 

 

25.2

%

Broadspire

 

 

31,254

 

 

 

29,855

 

 

 

32,361

 

 

 

33,627

 

 

 

127,097

 

% of related revenues before reimbursements

 

 

30.8

%

 

 

28.6

%

 

 

30.4

%

 

 

32.1

%

 

 

30.5

%

International Operations

 

 

39,247

 

 

 

38,410

 

 

 

38,913

 

 

 

38,457

 

 

 

155,027

 

% of related revenues before reimbursements

 

 

32.2

%

 

 

30.9

%

 

 

30.1

%

 

 

28.7

%

 

 

30.4

%

Total before reimbursements

 

 

92,785

 

 

 

93,262

 

 

 

93,923

 

 

 

94,264

 

 

 

374,234

 

% of Revenues before reimbursements

 

 

30.8

%

 

 

29.7

%

 

 

28.5

%

 

 

27.1

%

 

 

29.0

%

Reimbursements

 

 

11,419

 

 

 

12,626

 

 

 

13,351

 

 

 

11,064

 

 

 

48,460

 

Total

 

 

104,204

 

 

 

105,888

 

 

 

107,274

 

 

 

105,328

 

 

 

422,694

 

% of Revenues

 

 

33.3

%

 

 

32.4

%

 

 

31.3

%

 

 

29.4

%

 

 

31.5

%

Segment Operating Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Property and Casualty

 

 

5,672

 

 

 

5,392

 

 

 

10,151

 

 

 

11,213

 

 

 

32,428

 

% of related revenues before reimbursements

 

 

7.3

%

 

 

6.3

%

 

 

10.8

%

 

 

10.3

%

 

 

8.9

%

Broadspire

 

 

12,871

 

 

 

16,225

 

 

 

14,123

 

 

 

10,785

 

 

 

54,004

 

% of related revenues before reimbursements

 

 

12.7

%

 

 

15.5

%

 

 

13.3

%

 

 

10.3

%

 

 

12.9

%

International Operations

 

 

173

 

 

 

3,999

 

 

 

3,706

 

 

 

6,897

 

 

 

14,775

 

% of related revenues before reimbursements

 

 

0.1

%

 

 

3.2

%

 

 

2.9

%

 

 

5.2

%

 

 

2.9

%

(Deduct) Add:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unallocated corporate and shared costs, net

 

 

(6,635

)

 

 

(3,548

)

 

 

(6,145

)

 

 

(10,169

)

 

 

(26,497

)

Net corporate interest expense

 

 

(3,596

)

 

 

(4,256

)

 

 

(4,682

)

 

 

(4,328

)

 

 

(16,862

)

Non-service pension costs

 

 

(2,473

)

 

 

(2,399

)

 

 

(2,441

)

 

 

(2,451

)

 

 

(9,764

)

Stock option expense

 

 

(167

)

 

 

(139

)

 

 

(188

)

 

 

(80

)

 

 

(574

)

Amortization of acquisition-related intangible assets

 

 

(1,868

)

 

 

(1,856

)

 

 

(1,932

)

 

 

(1,841

)

 

 

(7,497

)

Contingent earnout adjustments

 

 

(151

)

 

 

(430

)

 

 

2,128

 

 

 

(448

)

 

 

1,099

 

Income before income taxes

 

 

3,826

 

 

 

12,988

 

 

 

14,720

 

 

 

9,578

 

 

 

41,112

 

Provision for income taxes

 

 

(1,047

)

 

 

(4,486

)

 

 

(5,333

)

 

 

(3,717

)

 

 

(14,583

)

Net income

 

 

2,779

 

 

 

8,502

 

 

 

9,387

 

 

 

5,861

 

 

 

26,529

 

Net (income) loss attributable to noncontrolling interests

 

 

58

 

 

 

82

 

 

 

66

 

 

 

(139

)

 

 

67

 

Net income attributable to shareholders of Crawford & Company

 

$

2,837

 

 

$

8,584

 

 

$

9,453

 

 

$

5,722

 

 

$

26,596

 

 

2


 

 

CRAWFORD & COMPANY

 

Disaggregated Revenues Within Reportable Segments

 

By Quarter (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2025 Quarterly Period

 

First

 

 

Second

 

 

Third

 

 

Fourth

 

 

Full Year

 

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Property & Casualty

 

$

82,190

 

 

$

82,500

 

 

$

76,227

 

 

$

67,082

 

 

$

307,999

 

Broadspire

 

 

103,672

 

 

 

108,158

 

 

 

110,618

 

 

 

107,903

 

 

 

430,351

 

International Operations

 

 

126,170

 

 

 

132,339

 

 

 

135,326

 

 

 

133,536

 

 

 

527,371

 

Total Revenues before Reimbursements

$

312,032

 

 

$

322,997

 

 

$

322,171

 

 

$

308,521

 

 

$

1,265,721

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Property & Casualty

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Global Technical Services

 

$

26,776

 

 

$

26,481

 

 

$

26,632

 

 

$

22,924

 

 

$

102,813

 

Claims Solutions

 

 

31,188

 

 

 

28,324

 

 

 

27,890

 

 

 

25,519

 

 

 

112,921

 

Contractor Connection

 

 

16,901

 

 

 

18,480

 

 

 

16,516

 

 

 

14,816

 

 

 

66,713

 

Catastrophe Services

 

 

7,325

 

 

 

9,215

 

 

 

5,189

 

 

 

3,823

 

 

 

25,552

 

Total U.S. Property & Casualty

 

$

82,190

 

 

$

82,500

 

 

$

76,227

 

 

$

67,082

 

 

$

307,999

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Broadspire

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Claims Management

 

$

49,654

 

 

$

51,991

 

 

$

53,383

 

 

$

52,387

 

 

$

207,415

 

Medical Management

 

 

46,730

 

 

 

48,626

 

 

 

50,018

 

 

 

49,070

 

 

 

194,444

 

Subrogation

 

 

7,288

 

 

 

7,541

 

 

 

7,217

 

 

 

6,446

 

 

 

28,492

 

Total Broadspire

 

$

103,672

 

 

$

108,158

 

 

$

110,618

 

 

$

107,903

 

 

$

430,351

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

International Operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

UK

 

$

44,342

 

 

$

44,322

 

 

$

45,476

 

 

$

45,272

 

 

$

179,412

 

Europe

 

 

26,184

 

 

 

27,369

 

 

 

26,801

 

 

 

28,893

 

 

 

109,247

 

Australia

 

 

19,048

 

 

 

21,607

 

 

 

24,116

 

 

 

21,864

 

 

 

86,635

 

Canada

 

 

21,776

 

 

 

23,269

 

 

 

22,473

 

 

 

21,635

 

 

 

89,153

 

Asia

 

 

6,167

 

 

 

7,236

 

 

 

8,077

 

 

 

7,643

 

 

 

29,123

 

Latin America

 

 

8,653

 

 

 

8,536

 

 

 

8,383

 

 

 

8,229

 

 

 

33,801

 

Total International Operations

 

$

126,170

 

 

$

132,339

 

 

$

135,326

 

 

$

133,536

 

 

$

527,371

 

 

3


 

CRAWFORD & COMPANY

 

Disaggregated Revenues Within Reportable Segments

 

By Quarter (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2024 Quarterly Period

 

First

 

 

Second

 

 

Third

 

 

Fourth

 

 

Full Year

 

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Property & Casualty

 

$

78,212

 

 

$

85,320

 

 

$

93,693

 

 

$

108,617

 

 

$

365,842

 

Broadspire

 

 

101,509

 

 

 

104,423

 

 

 

106,467

 

 

 

104,783

 

 

 

417,182

 

International Operations

 

 

121,933

 

 

 

124,484

 

 

 

129,215

 

 

 

133,854

 

 

 

509,486

 

Total Revenues before Reimbursements

$

301,654

 

 

$

314,227

 

 

$

329,375

 

 

$

347,254

 

 

$

1,292,510

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Property & Casualty

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Global Technical Services

 

$

24,636

 

 

$

25,235

 

 

$

27,460

 

 

$

28,757

 

 

$

106,088

 

Claims Solutions

 

 

28,888

 

 

 

28,594

 

 

 

28,395

 

 

 

29,314

 

 

 

115,191

 

Contractor Connection

 

 

16,945

 

 

 

18,118

 

 

 

17,051

 

 

 

15,472

 

 

 

67,586

 

Catastrophe Services

 

 

7,743

 

 

 

13,373

 

 

 

20,787

 

 

 

35,074

 

 

 

76,977

 

Total U.S. Property & Casualty

 

$

78,212

 

 

$

85,320

 

 

$

93,693

 

 

$

108,617

 

 

$

365,842

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Broadspire

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Claims Management

 

$

48,398

 

 

$

49,858

 

 

$

50,293

 

 

$

50,248

 

 

$

198,797

 

Medical Management

 

 

45,900

 

 

 

47,229

 

 

 

48,716

 

 

 

47,432

 

 

 

189,277

 

Subrogation

 

 

7,211

 

 

 

7,336

 

 

 

7,458

 

 

 

7,103

 

 

 

29,108

 

Total Broadspire

 

$

101,509

 

 

$

104,423

 

 

$

106,467

 

 

$

104,783

 

 

$

417,182

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

International Operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

UK

 

$

40,255

 

 

$

41,420

 

 

$

42,265

 

 

$

44,417

 

 

$

168,357

 

Europe

 

 

23,621

 

 

 

24,453

 

 

 

25,116

 

 

 

27,512

 

 

 

100,702

 

Australia

 

 

19,661

 

 

 

22,316

 

 

 

23,530

 

 

 

23,481

 

 

 

88,988

 

Canada

 

 

23,841

 

 

 

22,201

 

 

 

23,474

 

 

 

21,363

 

 

 

90,879

 

Asia

 

 

5,369

 

 

 

5,604

 

 

 

5,847

 

 

 

7,646

 

 

 

24,466

 

Latin America

 

 

9,186

 

 

 

8,490

 

 

 

8,983

 

 

 

9,435

 

 

 

36,094

 

Total International Operations

 

$

121,933

 

 

$

124,484

 

 

$

129,215

 

 

$

133,854

 

 

$

509,486

 

 

4


 

CRAWFORD & COMPANY

 

Case Volume and Full Time Equivalent Data

 

By Quarter (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2025 Quarterly Period

 

First

 

 

Second

 

 

Third

 

 

Fourth

 

 

Full Year

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CASE VOLUME ANALYSIS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Property & Casualty

 

 

97,624

 

 

 

92,810

 

 

 

89,932

 

 

 

80,967

 

 

 

361,333

 

Broadspire

 

 

146,931

 

 

 

149,904

 

 

 

149,213

 

 

 

138,590

 

 

 

584,638

 

International Operations

 

 

140,964

 

 

 

135,673

 

 

 

126,230

 

 

 

139,339

 

 

 

542,206

 

Total Company

 

 

385,519

 

 

 

378,387

 

 

 

365,375

 

 

 

358,896

 

 

 

1,488,177

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Property & Casualty

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Global Technical Services

 

 

8,680

 

 

 

11,308

 

 

 

7,654

 

 

 

9,974

 

 

 

37,616

 

Claims Solutions

 

 

56,926

 

 

 

48,245

 

 

 

45,673

 

 

 

45,170

 

 

 

196,014

 

Contractor Connection

 

 

27,465

 

 

 

28,190

 

 

 

29,304

 

 

 

24,187

 

 

 

109,146

 

Catastrophe Services

 

 

4,553

 

 

 

5,067

 

 

 

7,301

 

 

 

1,636

 

 

 

18,557

 

Total U.S. Property & Casualty

 

97,624

 

 

 

92,810

 

 

 

89,932

 

 

 

80,967

 

 

 

361,333

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Broadspire

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Claims Management

 

 

99,251

 

 

 

99,171

 

 

 

102,302

 

 

 

93,537

 

 

 

394,261

 

Medical Management

 

 

38,212

 

 

 

41,449

 

 

 

40,307

 

 

 

38,013

 

 

 

157,981

 

Subrogation

 

 

9,468

 

 

 

9,284

 

 

 

6,604

 

 

 

7,040

 

 

 

32,396

 

Total Broadspire

 

 

146,931

 

 

 

149,904

 

 

 

149,213

 

 

 

138,590

 

 

 

584,638

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

International Operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

UK

 

 

31,081

 

 

 

27,691

 

 

 

27,616

 

 

 

30,632

 

 

 

117,020

 

Europe

 

 

47,163

 

 

 

45,597

 

 

 

40,827

 

 

 

54,528

 

 

 

188,115

 

Australia

 

 

8,496

 

 

 

13,979

 

 

 

10,154

 

 

 

8,206

 

 

 

40,835

 

Canada

 

 

23,659

 

 

 

25,094

 

 

 

23,974

 

 

 

22,465

 

 

 

95,192

 

Asia

 

 

7,097

 

 

 

8,083

 

 

 

8,194

 

 

 

8,499

 

 

 

31,873

 

Latin America

 

 

23,468

 

 

 

15,229

 

 

 

15,465

 

 

 

15,009

 

 

 

69,171

 

Total International Operations

 

 

140,964

 

 

 

135,673

 

 

 

126,230

 

 

 

139,339

 

 

 

542,206

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AVERAGE FULL TIME EQUIVALENT EMPLOYEE DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Property & Casualty

 

 

1,811

 

 

 

1,822

 

 

 

1,713

 

 

 

1,672

 

 

 

1,755

 

Broadspire

 

 

2,841

 

 

 

2,879

 

 

 

2,901

 

 

 

2,940

 

 

 

2,890

 

International Operations

 

 

4,430

 

 

 

4,406

 

 

 

4,300

 

 

 

4,249

 

 

 

4,346

 

Administration

 

 

893

 

 

 

885

 

 

 

874

 

 

 

871

 

 

 

881

 

Total Company

 

 

9,975

 

 

 

9,992

 

 

 

9,788

 

 

 

9,732

 

 

 

9,872

 

 

5


 

 

 

CRAWFORD & COMPANY

 

Case Volume and Full Time Equivalent Data

 

By Quarter (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2024 Quarterly Period

 

First

 

 

Second

 

 

Third

 

 

Fourth

 

 

Full Year

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CASE VOLUME ANALYSIS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Property & Casualty

 

 

101,363

 

 

 

99,849

 

 

 

110,058

 

 

 

106,033

 

 

 

417,303

 

Broadspire

 

 

145,587

 

 

 

148,643

 

 

 

150,640

 

 

 

138,725

 

 

 

583,595

 

International Operations

 

 

161,239

 

 

 

144,264

 

 

 

141,813

 

 

 

149,727

 

 

 

597,043

 

Total Company

 

 

408,189

 

 

 

392,756

 

 

 

402,511

 

 

 

394,485

 

 

 

1,597,941

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Property & Casualty

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Global Technical Services

 

 

7,986

 

 

 

8,514

 

 

 

9,491

 

 

 

9,528

 

 

 

35,519

 

Claims Solutions

 

 

28,364

 

 

 

28,046

 

 

 

27,216

 

 

 

26,371

 

 

 

109,997

 

Contractor Connection

 

 

33,069

 

 

 

29,138

 

 

 

31,360

 

 

 

28,137

 

 

 

121,704

 

Catastrophe Services

 

 

31,944

 

 

 

34,151

 

 

 

41,991

 

 

 

41,997

 

 

 

150,083

 

Total U.S. Property & Casualty

 

 

101,363

 

 

 

99,849

 

 

 

110,058

 

 

 

106,033

 

 

 

417,303

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Broadspire

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Claims Management

 

 

94,265

 

 

 

97,163

 

 

 

100,121

 

 

 

90,047

 

 

 

381,596

 

Medical Management

 

 

41,433

 

 

 

41,404

 

 

 

40,680

 

 

 

39,847

 

 

 

163,364

 

Subrogation

 

 

9,889

 

 

 

10,076

 

 

 

9,839

 

 

 

8,831

 

 

 

38,635

 

Total Broadspire

 

 

145,587

 

 

 

148,643

 

 

 

150,640

 

 

 

138,725

 

 

 

583,595

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

International Operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

UK

 

 

39,988

 

 

 

33,033

 

 

 

28,343

 

 

 

28,650

 

 

 

130,014

 

Europe

 

 

42,689

 

 

 

46,189

 

 

 

46,244

 

 

 

46,845

 

 

 

181,967

 

Australia

 

 

20,321

 

 

 

12,616

 

 

 

9,239

 

 

 

8,632

 

 

 

50,808

 

Canada

 

 

25,587

 

 

 

22,984

 

 

 

28,995

 

 

 

19,742

 

 

 

97,308

 

Asia

 

 

6,304

 

 

 

5,701

 

 

 

7,346

 

 

 

8,030

 

 

 

27,381

 

Latin America

 

 

26,350

 

 

 

23,741

 

 

 

21,646

 

 

 

37,828

 

 

 

109,565

 

Total International Operations

 

 

161,239

 

 

 

144,264

 

 

 

141,813

 

 

 

149,727

 

 

 

597,043

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AVERAGE FULL TIME EQUIVALENT EMPLOYEE DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Property & Casualty

 

 

1,939

 

 

 

1,962

 

 

 

2,106

 

 

 

2,253

 

 

 

2,065

 

Broadspire

 

 

2,750

 

 

 

2,760

 

 

 

2,808

 

 

 

2,843

 

 

 

2,790

 

International Operations

 

 

4,453

 

 

 

4,530

 

 

 

4,546

 

 

 

4,524

 

 

 

4,513

 

Administration

 

 

827

 

 

 

851

 

 

 

873

 

 

 

893

 

 

 

861

 

Total Company

 

 

9,969

 

 

 

10,103

 

 

 

10,333

 

 

 

10,513

 

 

 

10,229

 

 

 

6


 

CRAWFORD & COMPANY

 

Reportable Segment Information (Unaudited)

 

Revised for Realignment of Reportable Segments

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31, 2025

 

 

 

U.S. Property & Casualty

 

Broadspire

 

International
Operations

 

Total

 

 

 

(Dollars In thousands)

 

Revenues before reimbursements

 

$

82,190

 

$

103,672

 

$

126,170

 

$

312,032

 

Less:

 

 

 

 

 

 

 

 

 

Segment Expenses:

 

 

 

 

 

 

 

 

 

     Compensation

 

 

41,563

 

 

45,051

 

 

65,619

 

 

152,233

 

     Benefits and payroll taxes

 

 

7,673

 

 

10,383

 

 

12,319

 

 

30,375

 

     Non-employee labor

 

 

1,552

 

 

2,909

 

 

8,529

 

 

12,990

 

Total Compensation

 

 

50,788

 

 

58,343

 

 

86,467

 

 

195,598

 

     Office rent and occupancy

 

 

1,167

 

 

2,154

 

 

4,136

 

 

7,457

 

     Other office operating expense (1)

 

 

3,790

 

 

3,468

 

 

8,316

 

 

15,574

 

     Depreciation

 

 

1,803

 

 

1,447

 

 

1,008

 

 

4,258

 

     Professional fees

 

 

574

 

 

4,239

 

 

2,384

 

 

7,197

 

     Cost of risk

 

 

142

 

 

1,072

 

 

(335

)

 

879

 

     Other, net (2)

 

 

831

 

 

304

 

 

1,876

 

 

3,011

 

Total Other Operating Expense

 

 

8,307

 

 

12,684

 

 

17,385

 

 

38,376

 

Allocated corporate, shared services, and administrative costs (3)

 

 

13,315

 

 

20,668

 

 

20,098

 

 

54,081

 

Total Segment Expenses

 

 

72,410

 

 

91,695

 

 

123,950

 

 

288,055

 

Segment Operating Earnings

 

$

9,780

 

$

11,977

 

$

2,220

 

$

23,977

 

Reconciliation of segment operating earnings:

 

 

 

 

 

 

 

 

 

Unallocated corporate administrative costs (4)

 

 

 

 

 

 

 

 

(6,133

)

Net corporate interest expense

 

 

 

 

 

 

 

 

(3,944

)

Non-service pension costs

 

 

 

 

 

 

 

 

(2,333

)

Stock option expense

 

 

 

 

 

 

 

 

(184

)

Amortization of acquisition-related intangible assets

 

 

 

 

 

 

 

 

(1,800

)

Contingent earnout adjustments

 

 

 

 

 

 

 

 

(363

)

Income before income taxes

 

 

 

 

 

 

 

 

9,220

 

Income taxes

 

 

 

 

 

 

 

 

(2,480

)

Net Income

 

 

 

 

 

 

 

 

6,740

 

Net Income Attributable to Noncontrolling Interests

 

 

 

 

 

 

 

 

(56

)

Net Income Attributable to Shareholders of Crawford & Company

 

 

 

 

 

$

6,684

 

 

 

 

 

 

 

 

 

 

 

 

(1) Other office and operating expenses include travel and entertainment, automobile expenses, office operating expenses and data processing costs.

(2) Other, net primarily includes bank service charges and advertising expenses.

(3) Allocated corporate, shared services, and administrative costs, comprise of expenses for administrative functions, including direct compensation, payroll taxes, and benefits which are allocated to each segment based on usage.

(4) Unallocated corporate and shared costs and credits represent expenses for the Company's chief executive officer and Board of Directors, certain adjustments to self-insured liabilities, certain unallocated legal and professional fees, and certain adjustments and recoveries to the Company's allowances for estimated credit losses.

 

7


 

CRAWFORD & COMPANY

 

Reportable Segment Information (Unaudited)

 

Revised for Realignment of Reportable Segments

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30, 2025

 

 

 

U.S. Property & Casualty

 

Broadspire

 

International
Operations

 

Total

 

 

 

(Dollars In thousands)

 

Revenues before reimbursements

 

$

82,500

 

$

108,158

 

$

132,339

 

$

322,997

 

Less:

 

 

 

 

 

 

 

 

 

Segment Expenses:

 

 

 

 

 

 

 

 

 

     Compensation

 

 

41,545

 

 

47,026

 

 

68,387

 

 

156,958

 

     Benefits and payroll taxes

 

 

7,601

 

 

10,622

 

 

12,471

 

 

30,694

 

     Non-employee labor

 

 

1,854

 

 

3,046

 

 

7,307

 

 

12,207

 

Total Compensation

 

 

51,000

 

 

60,694

 

 

88,165

 

 

199,859

 

     Office rent and occupancy

 

 

1,145

 

 

2,163

 

 

4,140

 

 

7,448

 

     Other office operating expense (1)

 

 

3,787

 

 

3,317

 

 

8,574

 

 

15,678

 

     Depreciation

 

 

1,817

 

 

1,448

 

 

1,074

 

 

4,339

 

     Professional fees

 

 

533

 

 

4,995

 

 

821

 

 

6,349

 

     Cost of risk

 

 

787

 

 

1,039

 

 

730

 

 

2,556

 

     Other, net (2)

 

 

2,160

 

 

340

 

 

1,860

 

 

4,360

 

Total Other Operating Expense

 

 

10,229

 

 

13,302

 

 

17,199

 

 

40,730

 

Allocated corporate, shared services, and administrative costs (3)

 

 

13,820

 

 

19,960

 

 

19,644

 

 

53,424

 

Total Segment Expenses

 

 

75,049

 

 

93,956

 

 

125,008

 

 

294,013

 

Segment Operating Earnings

 

$

7,451

 

$

14,202

 

$

7,331

 

$

28,984

 

Reconciliation of segment operating earnings:

 

 

 

 

 

 

 

 

 

Unallocated corporate administrative costs (4)

 

 

 

 

 

 

 

 

(6,988

)

Net corporate interest expense

 

 

 

 

 

 

 

 

(3,858

)

Non-service pension costs

 

 

 

 

 

 

 

 

(2,354

)

Stock option expense

 

 

 

 

 

 

 

 

(214

)

Amortization of acquisition-related intangible assets

 

 

 

 

 

 

 

 

(1,825

)

Contingent earnout adjustments

 

 

 

 

 

 

 

 

(80

)

Income before income taxes

 

 

 

 

 

 

 

 

13,665

 

Income taxes

 

 

 

 

 

 

 

 

(5,845

)

Net Income

 

 

 

 

 

 

 

 

7,820

 

Net Income Attributable to Noncontrolling Interests

 

 

 

 

 

 

 

 

(38

)

Net Income Attributable to Shareholders of Crawford & Company

 

 

 

 

 

$

7,782

 

 

8


 

CRAWFORD & COMPANY

 

Reportable Segment Information (Unaudited)

 

Revised for Realignment of Reportable Segments

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30, 2025

 

 

 

U.S. Property & Casualty

 

Broadspire

 

International
Operations

 

Total

 

 

 

(Dollars In thousands)

 

Revenues before reimbursements

 

$

76,227

 

$

110,618

 

$

135,326

 

$

322,171

 

Less:

 

 

 

 

 

 

 

 

 

Segment Expenses:

 

 

 

 

 

 

 

 

 

     Compensation

 

 

38,096

 

 

49,028

 

 

69,975

 

 

157,099

 

     Benefits and payroll taxes

 

 

7,272

 

 

10,831

 

 

12,794

 

 

30,897

 

     Non-employee labor

 

 

1,802

 

 

2,969

 

 

8,350

 

 

13,121

 

Total Compensation

 

 

47,170

 

 

62,828

 

 

91,119

 

 

201,117

 

     Office rent and occupancy

 

 

1,119

 

 

2,154

 

 

4,228

 

 

7,501

 

     Other office operating expense (1)

 

 

3,499

 

 

3,444

 

 

8,448

 

 

15,391

 

     Depreciation

 

 

1,814

 

 

1,448

 

 

1,060

 

 

4,322

 

     Professional fees

 

 

550

 

 

5,086

 

 

2,010

 

 

7,646

 

     Cost of risk

 

 

558

 

 

793

 

 

1,257

 

 

2,608

 

     Other, net (2)

 

 

(1,077

)

 

(2

)

 

189

 

 

(890

)

Total Other Operating Expense

 

 

6,463

 

 

12,923

 

 

17,192

 

 

36,578

 

Allocated corporate, shared services, and administrative costs (3)

 

 

12,794

 

 

19,581

 

 

19,363

 

 

51,738

 

Total Segment Expenses

 

 

66,427

 

 

95,332

 

 

127,674

 

 

289,433

 

Segment Operating Earnings

 

$

9,800

 

$

15,286

 

$

7,652

 

$

32,738

 

Reconciliation of segment operating earnings:

 

 

 

 

 

 

 

 

 

Unallocated corporate administrative costs (4)

 

 

 

 

 

 

 

 

(6,147

)

Net corporate interest expense

 

 

 

 

 

 

 

 

(3,788

)

Non-service pension costs

 

 

 

 

 

 

 

 

(2,363

)

Stock option expense

 

 

 

 

 

 

 

 

(52

)

Amortization of acquisition-related intangible assets

 

 

 

 

 

 

 

 

(2,126

)

Contingent earnout adjustments

 

 

 

 

 

 

 

 

(60

)

Income before income taxes

 

 

 

 

 

 

 

 

18,202

 

Income taxes

 

 

 

 

 

 

 

 

(5,813

)

Net Income

 

 

 

 

 

 

 

 

12,389

 

Net Loss Attributable to Noncontrolling Interests

 

 

 

 

 

 

 

 

19

 

Net Income Attributable to Shareholders of Crawford & Company

 

 

 

 

 

$

12,408

 

 

9


 

CRAWFORD & COMPANY

 

Reportable Segment Information (Unaudited)

 

Revised for Realignment of Reportable Segments

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended December 31, 2025

 

 

 

U.S. Property & Casualty

 

Broadspire

 

International
Operations

 

Total

 

 

 

(Dollars In thousands)

 

Revenues before reimbursements

 

$

67,082

 

$

107,903

 

$

133,536

 

$

308,521

 

Less:

 

 

 

 

 

 

 

 

 

Segment Expenses:

 

 

 

 

 

 

 

 

 

     Compensation

 

 

37,965

 

 

48,807

 

 

67,293

 

 

154,065

 

     Benefits and payroll taxes

 

 

7,259

 

 

10,913

 

 

12,972

 

 

31,144

 

     Non-employee labor

 

 

949

 

 

2,909

 

 

7,757

 

 

11,615

 

Total Compensation

 

 

46,173

 

 

62,629

 

 

88,022

 

 

196,824

 

     Office rent and occupancy

 

 

929

 

 

2,039

 

 

4,146

 

 

7,114

 

     Other office operating expense (1)

 

 

3,460

 

 

3,458

 

 

8,752

 

 

15,670

 

     Depreciation

 

 

1,670

 

 

1,424

 

 

1,066

 

 

4,160

 

     Professional fees

 

 

558

 

 

4,572

 

 

2,102

 

 

7,232

 

     Cost of risk

 

 

980

 

 

572

 

 

1,216

 

 

2,768

 

     Other, net (2)

 

 

(752

)

 

347

 

 

2,492

 

 

2,087

 

Total Other Operating Expense

 

 

6,845

 

 

12,412

 

 

19,774

 

 

39,031

 

Allocated corporate, shared services, and administrative costs (3)

 

 

11,984

 

 

21,085

 

 

19,030

 

 

52,099

 

Total Segment Expenses

 

 

65,002

 

 

96,126

 

 

126,826

 

 

287,954

 

Segment Operating Earnings

 

$

2,080

 

$

11,777

 

$

6,710

 

$

20,567

 

Reconciliation of segment operating earnings:

 

 

 

 

 

 

 

 

 

Unallocated corporate administrative costs (4)

 

 

 

 

 

 

 

 

(4,725

)

Net corporate interest expense

 

 

 

 

 

 

 

 

(3,097

)

Non-service pension costs

 

 

 

 

 

 

 

 

(2,363

)

Stock option expense

 

 

 

 

 

 

 

 

(159

)

Amortization of acquisition-related intangible assets

 

 

 

 

 

 

 

 

(2,680

)

Restructuring and other costs, net

 

 

 

 

 

 

 

 

(13,996

)

Contingent earnout adjustments

 

 

 

 

 

 

 

 

(34

)

Loss before income taxes

 

 

 

 

 

 

 

 

(6,487

)

Income taxes

 

 

 

 

 

 

 

 

(786

)

Net Loss

 

 

 

 

 

 

 

 

(7,273

)

Net Loss Attributable to Noncontrolling Interests

 

 

 

 

 

 

 

 

33

 

Net Loss Attributable to Shareholders of Crawford & Company

 

 

 

 

 

$

(7,240

)

 

10


 

CRAWFORD & COMPANY

 

Reportable Segment Information (Unaudited)

 

Revised for Realignment of Reportable Segments

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2025

 

 

 

U.S. Property & Casualty

 

Broadspire

 

International
Operations

 

Total

 

 

 

(Dollars In thousands)

 

Revenues before reimbursements

 

$

307,999

 

$

430,351

 

$

527,371

 

$

1,265,721

 

Less:

 

 

 

 

 

 

 

 

 

Segment Expenses:

 

 

 

 

 

 

 

 

 

     Compensation

 

 

159,169

 

 

189,912

 

 

271,274

 

 

620,355

 

     Benefits and payroll taxes

 

 

29,805

 

 

42,749

 

 

50,556

 

 

123,110

 

     Non-employee labor

 

 

6,157

 

 

11,833

 

 

31,943

 

 

49,933

 

Total Compensation

 

 

195,131

 

 

244,494

 

 

353,773

 

 

793,398

 

     Office rent and occupancy

 

 

4,360

 

 

8,510

 

 

16,650

 

 

29,520

 

     Other office operating expense (1)

 

 

14,536

 

 

13,687

 

 

34,090

 

 

62,313

 

     Depreciation

 

 

7,104

 

 

5,767

 

 

4,208

 

 

17,079

 

     Professional fees

 

 

2,215

 

 

18,892

 

 

7,317

 

 

28,424

 

     Cost of risk

 

 

2,467

 

 

3,476

 

 

2,868

 

 

8,811

 

     Other, net (2)

 

 

1,162

 

 

989

 

 

6,417

 

 

8,568

 

Total Other Operating Expense

 

 

31,844

 

 

51,321

 

 

71,550

 

 

154,715

 

Allocated corporate, shared services, and administrative costs (3)

 

 

51,913

 

 

81,294

 

 

78,135

 

 

211,342

 

Total Segment Expenses

 

 

278,888

 

 

377,109

 

 

503,458

 

 

1,159,455

 

Segment Operating Earnings

 

$

29,111

 

$

53,242

 

$

23,913

 

$

106,266

 

Reconciliation of segment operating earnings:

 

 

 

 

 

 

 

 

 

Unallocated corporate administrative costs (4)

 

 

 

 

 

 

 

 

(23,993

)

Net corporate interest expense

 

 

 

 

 

 

 

 

(14,687

)

Non-service pension costs

 

 

 

 

 

 

 

 

(9,413

)

Stock option expense

 

 

 

 

 

 

 

 

(609

)

Amortization of acquisition-related intangible assets

 

 

 

 

 

 

 

 

(8,431

)

Restructuring and other costs, net

 

 

 

 

 

 

 

 

(13,996

)

Contingent earnout adjustments

 

 

 

 

 

 

 

 

(537

)

Income before income taxes

 

 

 

 

 

 

 

 

34,600

 

Income taxes

 

 

 

 

 

 

 

 

(14,924

)

Net Income

 

 

 

 

 

 

 

 

19,676

 

Net Income Attributable to Noncontrolling Interests

 

 

 

 

 

 

 

 

(42

)

Net Income Attributable to Shareholders of Crawford & Company

 

 

 

 

 

$

19,634

 

 

11


 

CRAWFORD & COMPANY

 

Reportable Segment Information (Unaudited)

 

Revised for Realignment of Reportable Segments

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31, 2024

 

 

 

U.S. Property & Casualty

 

Broadspire

 

International
Operations

 

Total

 

 

 

(Dollars In thousands)

 

Revenues before reimbursements

 

$

78,212

 

$

101,509

 

$

121,933

 

$

301,654

 

Less:

 

 

 

 

 

 

 

 

 

Segment Expenses:

 

 

 

 

 

 

 

 

 

     Compensation

 

 

40,335

 

 

44,110

 

 

64,548

 

 

148,993

 

     Benefits and payroll taxes

 

 

8,055

 

 

10,146

 

 

12,406

 

 

30,607

 

     Non-employee labor

 

 

1,866

 

 

3,128

 

 

5,559

 

 

10,553

 

Total Compensation

 

 

50,256

 

 

57,384

 

 

82,513

 

 

190,153

 

     Office rent and occupancy

 

 

1,183

 

 

2,338

 

 

4,646

 

 

8,167

 

     Other office operating expense (1)

 

 

3,065

 

 

3,058

 

 

8,442

 

 

14,565

 

     Depreciation

 

 

1,720

 

 

1,291

 

 

909

 

 

3,920

 

     Professional fees

 

 

416

 

 

4,206

 

 

2,783

 

 

7,405

 

     Cost of risk

 

 

577

 

 

708

 

 

945

 

 

2,230

 

     Other, net (2)

 

 

1,298

 

 

202

 

 

2,231

 

 

3,731

 

Total Other Operating Expense

 

 

8,259

 

 

11,803

 

 

19,956

 

 

40,018

 

Allocated corporate, shared services, and administrative costs (3)

 

 

14,025

 

 

19,451

 

 

19,291

 

 

52,767

 

Total Segment Expenses

 

 

72,540

 

 

88,638

 

 

121,760

 

 

282,938

 

Segment Operating Earnings

 

$

5,672

 

$

12,871

 

$

173

 

$

18,716

 

Reconciliation of segment operating earnings:

 

 

 

 

 

 

 

 

 

Unallocated corporate administrative costs (4)

 

 

 

 

 

 

 

 

(6,635

)

Net corporate interest expense

 

 

 

 

 

 

 

 

(3,596

)

Non-service pension costs

 

 

 

 

 

 

 

 

(2,473

)

Stock option expense

 

 

 

 

 

 

 

 

(167

)

Amortization of acquisition-related intangible assets

 

 

 

 

 

 

 

 

(1,868

)

Contingent earnout adjustments

 

 

 

 

 

 

 

 

(151

)

Income before income taxes

 

 

 

 

 

 

 

 

3,826

 

Income taxes

 

 

 

 

 

 

 

 

(1,047

)

Net Income

 

 

 

 

 

 

 

 

2,779

 

Net Loss Attributable to Noncontrolling Interests

 

 

 

 

 

 

 

 

58

 

Net Income Attributable to Shareholders of Crawford & Company

 

 

 

 

 

$

2,837

 

 

12


 

CRAWFORD & COMPANY

 

Reportable Segment Information (Unaudited)

 

Revised for Realignment of Reportable Segments

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30, 2024

 

 

 

U.S. Property & Casualty

 

Broadspire

 

International
Operations

 

Total

 

 

 

(Dollars In thousands)

 

Revenues before reimbursements

 

$

85,320

 

$

104,423

 

$

124,484

 

$

314,227

 

Less:

 

 

 

 

 

 

 

 

 

Segment Expenses:

 

 

 

 

 

 

 

 

 

     Compensation

 

 

44,657

 

 

45,042

 

 

64,062

 

 

153,761

 

     Benefits and payroll taxes

 

 

8,090

 

 

10,204

 

 

12,222

 

 

30,516

 

     Non-employee labor

 

 

2,184

 

 

3,097

 

 

5,791

 

 

11,072

 

Total Compensation

 

 

54,931

 

 

58,343

 

 

82,075

 

 

195,349

 

     Office rent and occupancy

 

 

1,040

 

 

2,353

 

 

4,043

 

 

7,436

 

     Other office operating expense (1)

 

 

3,789

 

 

2,975

 

 

8,525

 

 

15,289

 

     Depreciation

 

 

1,674

 

 

1,196

 

 

861

 

 

3,731

 

     Professional fees

 

 

529

 

 

4,368

 

 

3,020

 

 

7,917

 

     Cost of risk

 

 

216

 

 

625

 

 

1,287

 

 

2,128

 

     Other, net (2)

 

 

2,458

 

 

348

 

 

2,096

 

 

4,902

 

Total Other Operating Expense

 

 

9,706

 

 

11,865

 

 

19,832

 

 

41,403

 

Allocated corporate, shared services, and administrative costs (3)

 

 

15,291

 

 

17,990

 

 

18,578

 

 

51,859

 

Total Segment Expenses

 

 

79,928

 

 

88,198

 

 

120,485

 

 

288,611

 

Segment Operating Earnings

 

$

5,392

 

$

16,225

 

$

3,999

 

$

25,616

 

Reconciliation of segment operating earnings:

 

 

 

 

 

 

 

 

 

Unallocated corporate administrative costs (4)

 

 

 

 

 

 

 

 

(3,548

)

Net corporate interest expense

 

 

 

 

 

 

 

 

(4,256

)

Non-service pension costs

 

 

 

 

 

 

 

 

(2,399

)

Stock option expense

 

 

 

 

 

 

 

 

(139

)

Amortization of acquisition-related intangible assets

 

 

 

 

 

 

 

 

(1,856

)

Contingent earnout adjustments

 

 

 

 

 

 

 

 

(430

)

Income before income taxes

 

 

 

 

 

 

 

 

12,988

 

Income taxes

 

 

 

 

 

 

 

 

(4,486

)

Net Income

 

 

 

 

 

 

 

 

8,502

 

Net Loss Attributable to Noncontrolling Interests

 

 

 

 

 

 

 

 

82

 

Net Income Attributable to Shareholders of Crawford & Company

 

 

 

 

 

$

8,584

 

 

13


 

CRAWFORD & COMPANY

 

Reportable Segment Information (Unaudited)

 

Revised for Realignment of Reportable Segments

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30, 2024

 

 

 

U.S. Property & Casualty

 

Broadspire

 

International
Operations

 

Total

 

 

 

(Dollars In thousands)

 

Revenues before reimbursements

 

$

93,693

 

$

106,467

 

$

129,215

 

$

329,375

 

Less:

 

 

 

 

 

 

 

 

 

Segment Expenses:

 

 

 

 

 

 

 

 

 

     Compensation

 

 

49,567

 

 

46,432

 

 

67,201

 

 

163,200

 

     Benefits and payroll taxes

 

 

8,352

 

 

10,399

 

 

11,734

 

 

30,485

 

     Non-employee labor

 

 

2,974

 

 

3,152

 

 

7,661

 

 

13,787

 

Total Compensation

 

 

60,893

 

 

59,983

 

 

86,596

 

 

207,472

 

     Office rent and occupancy

 

 

1,134

 

 

2,319

 

 

4,575

 

 

8,028

 

     Other office operating expense (1)

 

 

3,854

 

 

3,233

 

 

8,728

 

 

15,815

 

     Depreciation

 

 

1,614

 

 

1,159

 

 

893

 

 

3,666

 

     Professional fees

 

 

487

 

 

4,789

 

 

2,934

 

 

8,210

 

     Cost of risk

 

 

619

 

 

1,379

 

 

1,042

 

 

3,040

 

     Other, net (2)

 

 

1,249

 

 

152

 

 

2,441

 

 

3,842

 

Total Other Operating Expense

 

 

8,957

 

 

13,031

 

 

20,613

 

 

42,601

 

Allocated corporate, shared services, and administrative costs (3)

 

 

13,692

 

 

19,330

 

 

18,300

 

 

51,322

 

Total Segment Expenses

 

 

83,542

 

 

92,344

 

 

125,509

 

 

301,395

 

Segment Operating Earnings

 

$

10,151

 

$

14,123

 

$

3,706

 

$

27,980

 

Reconciliation of segment operating earnings:

 

 

 

 

 

 

 

 

 

Unallocated corporate administrative costs (4)

 

 

 

 

 

 

 

 

(6,145

)

Net corporate interest expense

 

 

 

 

 

 

 

 

(4,682

)

Non-service pension costs

 

 

 

 

 

 

 

 

(2,441

)

Stock option expense

 

 

 

 

 

 

 

 

(188

)

Amortization of acquisition-related intangible assets

 

 

 

 

 

 

 

 

(1,932

)

Contingent earnout adjustments

 

 

 

 

 

 

 

 

2,128

 

Income before income taxes

 

 

 

 

 

 

 

 

14,720

 

Income taxes

 

 

 

 

 

 

 

 

(5,333

)

Net Income

 

 

 

 

 

 

 

 

9,387

 

Net Loss Attributable to Noncontrolling Interests

 

 

 

 

 

 

 

 

66

 

Net Income Attributable to Shareholders of Crawford & Company

 

 

 

 

 

$

9,453

 

 

14


 

CRAWFORD & COMPANY

 

Reportable Segment Information (Unaudited)

 

Revised for Realignment of Reportable Segments

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended December 31, 2024

 

 

 

U.S. Property & Casualty

 

Broadspire

 

International
Operations

 

Total

 

 

 

(Dollars In thousands)

 

Revenues before reimbursements

 

$

108,617

 

$

104,783

 

$

133,854

 

$

347,254

 

Less:

 

 

 

 

 

 

 

 

 

Segment Expenses:

 

 

 

 

 

 

 

 

 

     Compensation

 

 

62,931

 

 

47,041

 

 

68,558

 

 

178,530

 

     Benefits and payroll taxes

 

 

9,470

 

 

10,557

 

 

11,944

 

 

31,971

 

     Non-employee labor

 

 

2,823

 

 

2,773

 

 

7,998

 

 

13,594

 

Total Compensation

 

 

75,224

 

 

60,371

 

 

88,500

 

 

224,095

 

     Office rent and occupancy

 

 

1,057

 

 

2,428

 

 

4,359

 

 

7,844

 

     Other office operating expense (1)

 

 

3,931

 

 

3,320

 

 

8,972

 

 

16,223

 

     Depreciation

 

 

2,081

 

 

1,154

 

 

857

 

 

4,092

 

     Professional fees

 

 

716

 

 

4,795

 

 

3,357

 

 

8,868

 

     Cost of risk

 

 

415

 

 

3,827

 

 

1,586

 

 

5,828

 

     Other, net (2)

 

 

676

 

 

61

 

 

(638

)

 

99

 

Total Other Operating Expense

 

 

8,876

 

 

15,585

 

 

18,493

 

 

42,954

 

Allocated corporate, shared services, and administrative costs (3)

 

 

13,304

 

 

18,042

 

 

19,964

 

 

51,310

 

Total Segment Expenses

 

 

97,404

 

 

93,998

 

 

126,957

 

 

318,359

 

Segment Operating Earnings

 

$

11,213

 

$

10,785

 

$

6,897

 

$

28,895

 

Reconciliation of segment operating earnings:

 

 

 

 

 

 

 

 

 

Unallocated corporate administrative costs (4)

 

 

 

 

 

 

 

 

(10,169

)

Net corporate interest expense

 

 

 

 

 

 

 

 

(4,328

)

Non-service pension costs

 

 

 

 

 

 

 

 

(2,451

)

Stock option expense

 

 

 

 

 

 

 

 

(80

)

Amortization of acquisition-related intangible assets

 

 

 

 

 

 

 

 

(1,841

)

Contingent earnout adjustments

 

 

 

 

 

 

 

 

(448

)

Income before income taxes

 

 

 

 

 

 

 

 

9,578

 

Income taxes

 

 

 

 

 

 

 

 

(3,717

)

Net Income

 

 

 

 

 

 

 

 

5,861

 

Net Income Attributable to Noncontrolling Interests

 

 

 

 

 

 

 

 

(139

)

Net Income Attributable to Shareholders of Crawford & Company

 

 

 

 

 

$

5,722

 

 

15


 

CRAWFORD & COMPANY

 

Reportable Segment Information (Unaudited)

 

Revised for Realignment of Reportable Segments

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2024

 

 

 

U.S. Property & Casualty

 

Broadspire

 

International
Operations

 

Total

 

 

 

(Dollars In thousands)

 

Revenues before reimbursements

 

$

365,842

 

$

417,182

 

$

509,486

 

$

1,292,510

 

Less:

 

 

 

 

 

 

 

 

 

Segment Expenses:

 

 

 

 

 

 

 

 

 

     Compensation

 

 

197,490

 

 

182,625

 

 

264,369

 

 

644,484

 

     Benefits and payroll taxes

 

 

33,967

 

 

41,306

 

 

48,306

 

 

123,579

 

     Non-employee labor

 

 

9,847

 

 

12,150

 

 

27,009

 

 

49,006

 

Total Compensation

 

 

241,304

 

 

236,081

 

 

339,684

 

 

817,069

 

     Office rent and occupancy

 

 

4,414

 

 

9,438

 

 

17,623

 

 

31,475

 

     Other office operating expense (1)

 

 

14,639

 

 

12,586

 

 

34,667

 

 

61,892

 

     Depreciation

 

 

7,089

 

 

4,800

 

 

3,520

 

 

15,409

 

     Professional fees

 

 

2,148

 

 

18,158

 

 

12,094

 

 

32,400

 

     Cost of risk

 

 

1,827

 

 

6,539

 

 

4,860

 

 

13,226

 

     Other, net (2)

 

 

5,681

 

 

763

 

 

6,130

 

 

12,574

 

Total Other Operating Expense

 

 

35,798

 

 

52,284

 

 

78,894

 

 

166,976

 

Allocated corporate, shared services, and administrative costs (3)

 

 

56,312

 

 

74,813

 

 

76,133

 

 

207,258

 

Total Segment Expenses

 

 

333,414

 

 

363,178

 

 

494,711

 

 

1,191,303

 

Segment Operating Earnings

 

$

32,428

 

$

54,004

 

$

14,775

 

$

101,207

 

Reconciliation of segment operating earnings:

 

 

 

 

 

 

 

 

 

Unallocated corporate administrative costs (4)

 

 

 

 

 

 

 

 

(26,497

)

Net corporate interest expense

 

 

 

 

 

 

 

 

(16,862

)

Non-service pension costs

 

 

 

 

 

 

 

 

(9,764

)

Stock option expense

 

 

 

 

 

 

 

 

(574

)

Amortization of acquisition-related intangible assets

 

 

 

 

 

 

 

 

(7,497

)

Contingent earnout adjustments

 

 

 

 

 

 

 

 

1,099

 

Income before income taxes

 

 

 

 

 

 

 

 

41,112

 

Income taxes

 

 

 

 

 

 

 

 

(14,583

)

Net Income

 

 

 

 

 

 

 

 

26,529

 

Net Loss Attributable to Noncontrolling Interests

 

 

 

 

 

 

 

 

67

 

Net Income Attributable to Shareholders of Crawford & Company

 

 

 

 

 

$

26,596

 

 

16