Crawford Co 10K Annual Reports & 10Q SEC Filings

ATLANTA, (March 4, 2024) -- Crawford & Company® (NYSE: CRD-A and CRD-B) today announced its financial results for the fourth quarter ended December 31, 2023.

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

GAAP Consolidated Results

Fourth Quarter 2023

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Revenues before reimbursements of $296.1 million, down (8)% from $322.2 million for the 2022 fourth quarter

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Net loss attributable to shareholders of $(0.8) million, compared with a loss of ($14.1) million in the 2022 fourth quarter

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Diluted loss per share of $(0.02) for both CRD-A and CRD-B, compared with diluted loss per share of ($0.29) for both CRD-A and CRD-B in the 2022 fourth quarter

Non-GAAP Consolidated Results

Fourth Quarter 2023

Non-GAAP consolidated results for the fourth quarter of 2023 exclude the non-cash, after-tax amortization of intangible assets of $1.6 million, non-service related pension costs of $1.6 million, and a contingent earnout adjustment of $0.8 million. Non-GAAP consolidated results for 2022 exclude a similar adjustment for amortization of intangible assets of $1.5 million, income tax reserves of $11.8 million on certain international tax assets, the income tax impact of the third quarter 2022 goodwill impairment of $12.4 million, and the contingent earnout adjustment benefit of $(0.2) million.

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Foreign currency exchange rates increased revenues before reimbursements by $3.4 million or 1%. Presented on a constant dollar basis to the prior year, revenues before reimbursements totaled $292.7 million, decreasing (9)% from the 2022 fourth quarter

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Net income attributable to shareholders, on a non-GAAP basis, totaled $3.3 million in the 2023 fourth quarter, compared with $11.4 million in the same period last year

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Diluted earnings per share, on a non-GAAP basis, totaled $0.06 for CRD-A and $0.07 CRD-B in the 2023 fourth quarter, compared with $0.23 for both CRD-A and CRD-B in the prior year fourth quarter

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Consolidated adjusted operating earnings, on a non-GAAP basis, were $7.8 million, or 2.6% of revenues before reimbursements in the 2023 fourth quarter, compared with $23.4 million, or 7.3% of revenues, in the 2022 fourth quarter

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Consolidated adjusted EBITDA, a non-GAAP financial measure, was $15.7 million, or 5.3% of revenues before reimbursements in the 2023 fourth quarter, compared with $30.8 million, or 9.6% of revenues, in the 2022 fourth quarter

The following information was filed by Crawford Co on Monday, March 4, 2024 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

Crawford Co provided additional information to their SEC Filing as exhibits

Exhibit 10.16: Material Contract

Exhibit 10.17: Material Contract

Exhibit 19.1: Report Composed To Security Holders

Exhibit 21.1: Subsidaries Of The Registrant

Exhibit 23.1: Consents Of Experts And Counsel

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Exhibit 97.1: Ex-97.1

CIK: 25475
Form Type: 10-K Annual Report
Accession Number: 0000950170-24-024987
Submitted to the SEC: Mon Mar 04 2024 5:31:13 PM EST
Accepted by the SEC: Mon Mar 04 2024
Period: Sunday, December 31, 2023
Industry: Insurance Agents Brokers And Service