| | | | | | | | | | | | | | | | | | | |
CRAWFORD & COMPANY | |
RESULTS OF OPERATIONS BY QUARTER (UNAUDITED) | |
Revised for Realignment of Reportable Segments | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | |
2021 Quarterly Period | First | | | Second | | | Third | | | Fourth | | | Full Year | |
| (Dollars in thousands) | |
Revenues Before Reimbursements: | | | | | | | | | | | | | | |
North America Loss Adjusting | $ | 56,298 | | | $ | 56,212 | | | $ | 64,334 | | | $ | 66,945 | | | $ | 243,789 | |
International Operations | | 86,467 | | | | 91,269 | | | | 91,888 | | | | 88,285 | | | | 357,909 | |
Broadspire | | 74,276 | | | | 75,902 | | | | 75,804 | | | | 75,053 | | | | 301,035 | |
Platform Solutions | | 36,140 | | | | 44,074 | | | | 56,474 | | | | 62,611 | | | | 199,299 | |
Total, before reimbursements | | 253,181 | | | | 267,457 | | | | 288,500 | | | | 292,894 | | | | 1,102,032 | |
Reimbursements | | 8,974 | | | | 9,088 | | | | 9,062 | | | | 10,075 | | | | 37,199 | |
Total Revenues | | 262,155 | | | | 276,545 | | | | 297,562 | | | | 302,969 | | | | 1,139,231 | |
Direct Compensation, Fringe Benefits & Non-Employee Labor: | | | | | | | | | | | | | | |
North America Loss Adjusting | | 40,286 | | | | 40,592 | | | | 45,706 | | | | 49,954 | | | | 176,538 | |
% of related revenues before reimbursements | | 71.6 | % | | | 72.2 | % | | | 71.0 | % | | | 74.6 | % | | | 72.4 | % |
International Operations | | 60,353 | | | | 62,786 | | | | 62,505 | | | | 63,416 | | | | 249,060 | |
% of related revenues before reimbursements | | 69.8 | % | | | 68.8 | % | | | 68.0 | % | | | 71.8 | % | | | 69.6 | % |
Broadspire | | 45,670 | | | | 46,168 | | | | 47,187 | | | | 48,433 | | | | 187,458 | |
% of related revenues before reimbursements | | 61.5 | % | | | 60.8 | % | | | 62.2 | % | | | 64.5 | % | | | 62.3 | % |
Platform Solutions | | 23,270 | | | | 26,298 | | | | 37,904 | | | | 44,264 | | | | 131,736 | |
% of related revenues before reimbursements | | 64.4 | % | | | 59.7 | % | | | 67.1 | % | | | 70.7 | % | | | 66.1 | % |
Total | | 169,579 | | | | 175,844 | | | | 193,302 | | | | 206,067 | | | | 744,792 | |
% of Revenues before reimbursements | | 67.0 | % | | | 65.7 | % | | | 67.0 | % | | | 70.4 | % | | | 67.6 | % |
Expenses Other than Direct Compensation Fringe Benefits & Non-Employee Labor: | | | | | | | | | | | | | | |
North America Loss Adjusting | | 11,651 | | | | 12,539 | | | | 14,266 | | | | 13,780 | | | | 52,236 | |
% of related revenues before reimbursements | | 20.7 | % | | | 22.3 | % | | | 22.2 | % | | | 20.6 | % | | | 21.4 | % |
International Operations | | 26,787 | | | | 26,358 | | | | 27,437 | | | | 23,351 | | | | 103,931 | |
% of related revenues before reimbursements | | 31.0 | % | | | 28.9 | % | | | 29.9 | % | | | 26.4 | % | | | 29.0 | % |
Broadspire | | 21,872 | | | | 23,164 | | | | 21,678 | | | | 22,080 | | | | 88,794 | |
% of related revenues before reimbursements | | 29.4 | % | | | 30.5 | % | | | 28.6 | % | | | 29.4 | % | | | 29.5 | % |
Platform Solutions | | 8,852 | | | | 8,685 | | | | 8,846 | | | | 9,132 | | | | 35,515 | |
% of related revenues before reimbursements | | 24.5 | % | | | 19.7 | % | | | 15.7 | % | | | 14.6 | % | | | 17.8 | % |
Total, before reimbursements | | 69,162 | | | | 70,746 | | | | 72,227 | | | | 68,343 | | | | 280,476 | |
% of Revenues before reimbursements | | 27.3 | % | | | 26.5 | % | | | 25.0 | % | | | 23.3 | % | | | 25.5 | % |
Reimbursements | | 8,974 | | | | 9,088 | | | | 9,062 | | | | 10,075 | | | | 37,199 | |
Total | | 78,136 | | | | 79,834 | | | | 81,289 | | | | 78,418 | | | | 317,675 | |
% of Revenues | | 29.8 | % | | | 28.9 | % | | | 27.3 | % | | | 25.9 | % | | | 27.9 | % |
Segment Operating Earnings (Loss) (1): | | | | | | | | | | | | | | |
North America Loss Adjusting | | 4,361 | | | | 3,081 | | | | 4,362 | | | | 3,211 | | | | 15,015 | |
% of related revenues before reimbursements | | 7.7 | % | | | 5.5 | % | | | 6.8 | % | | | 4.8 | % | | | 6.2 | % |
International Operations | | (673 | ) | | | 2,126 | | | | 1,947 | | | | 1,519 | | | | 4,918 | |
% of related revenues before reimbursements | | -0.8 | % | | | 2.3 | % | | | 2.1 | % | | | 1.7 | % | | | 1.4 | % |
Broadspire | | 6,734 | | | | 6,570 | | | | 6,939 | | | | 4,540 | | | | 24,783 | |
% of related revenues before reimbursements | | 9.1 | % | | | 8.7 | % | | | 9.2 | % | | | 6.0 | % | | | 8.2 | % |
Platform Solutions | | 4,018 | | | | 9,091 | | | | 9,724 | | | | 9,215 | | | | 32,048 | |
% of related revenues before reimbursements | | 11.1 | % | | | 20.6 | % | | | 17.2 | % | | | 14.7 | % | | | 16.1 | % |
Deduct: | | | | | | | | | | | | | | |
Unallocated corporate and shared costs | | (1,415 | ) | | | (1,248 | ) | | | (2,173 | ) | | | (9,425 | ) | | | (14,259 | ) |
Net corporate interest expense | | (1,582 | ) | | | (1,213 | ) | | | (1,648 | ) | | | (2,116 | ) | | | (6,559 | ) |
Stock option expense | | (140 | ) | | | (264 | ) | | | (296 | ) | | | (353 | ) | | | (1,053 | ) |
Amortization of customer-relationship intangible assets | | (2,799 | ) | | | (2,750 | ) | | | (2,877 | ) | | | (2,603 | ) | | | (11,029 | ) |
Pretax Income | | 8,505 | | | | 15,393 | | | | 15,978 | | | | 3,988 | | | | 43,864 | |
Provision for income taxes | | (2,471 | ) | | | (3,590 | ) | | | (4,866 | ) | | | (2,389 | ) | | | (13,316 | ) |
Net Income | | 6,034 | | | | 11,803 | | | | 11,112 | | | | 1,599 | | | | 30,548 | |
Net loss (income) attributable to noncontrolling interests | | 30 | | | | (23 | ) | | | 83 | | | | 54 | | | | 144 | |
| | | | | | | | | | | | | | |
Net Income Attributable to Shareholders of Crawford & Company | $ | 6,064 | | | $ | 11,780 | | | $ | 11,195 | | | $ | 1,653 | | | $ | 30,692 | |
| | | | | | | | | | | | | | |
(1) A non-GAAP financial measurement which represents net income attributable to the applicable reporting segment excluding income taxes, net corporate interest expense, stock option expense, amortization of customer-relationship intangible assets, goodwill impairment, restructuring and other costs, gain/loss on dispositions, certain unallocated corporate and shared costs. | |
| | | | | | | | | | | | | | | | | | | |
CRAWFORD & COMPANY | |
RESULTS OF OPERATIONS BY QUARTER (UNAUDITED) | |
Revised for Realignment of Reportable Segments | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | |
2020 Quarterly Period | First | | | Second | | | Third | | | Fourth | | | Full Year | |
| (Dollars in thousands) | |
Revenues Before Reimbursements: | | | | | | | | | | | | | | |
North America Loss Adjusting | $ | 55,693 | | | $ | 51,837 | | | $ | 56,800 | | | $ | 53,249 | | | $ | 217,579 | |
International Operations | | 77,870 | | | | 81,747 | | | | 78,043 | | | | 84,775 | | | | 322,435 | |
Broadspire | | 78,093 | | | | 69,173 | | | | 70,726 | | | | 75,456 | | | | 293,448 | |
Platform Solutions | | 25,875 | | | | 31,659 | | | | 47,555 | | | | 43,941 | | | | 149,030 | |
Total, before reimbursements | | 237,531 | | | | 234,416 | | | | 253,124 | | | | 257,421 | | | | 982,492 | |
Reimbursements | | 8,515 | | | | 8,459 | | | | 8,545 | | | | 8,184 | | | | 33,703 | |
Total Revenues | | 246,046 | | | | 242,875 | | | | 261,669 | | | | 265,605 | | | | 1,016,195 | |
Direct Compensation, Fringe Benefits & Non-Employee Labor: | | | | | | | | | | | | | | |
North America Loss Adjusting | | 41,945 | | | | 34,757 | | | | 36,823 | | | | 37,379 | | | | 150,904 | |
% of related revenues before reimbursements | | 75.3 | % | | | 67.1 | % | | | 64.8 | % | | | 70.2 | % | | | 69.4 | % |
International Operations | | 51,705 | | | | 50,608 | | | | 48,946 | | | | 52,404 | | | | 203,663 | |
% of related revenues before reimbursements | | 66.4 | % | | | 61.9 | % | | | 62.7 | % | | | 61.8 | % | | | 63.2 | % |
Broadspire | | 48,161 | | | | 45,074 | | | | 45,171 | | | | 46,325 | | | | 184,731 | |
% of related revenues before reimbursements | | 61.7 | % | | | 65.2 | % | | | 63.9 | % | | | 61.4 | % | | | 63.0 | % |
Platform Solutions | | 15,687 | | | | 17,463 | | | | 29,870 | | | | 29,493 | | | | 92,513 | |
% of related revenues before reimbursements | | 60.6 | % | | | 55.2 | % | | | 62.8 | % | | | 67.1 | % | | | 62.1 | % |
Total | | 157,498 | | | | 147,902 | | | | 160,810 | | | | 165,601 | | | | 631,811 | |
% of Revenues before reimbursements | | 66.3 | % | | | 63.1 | % | | | 63.5 | % | | | 64.3 | % | | | 64.3 | % |
Expenses Other than Direct Compensation Fringe Benefits & Non-Employee Labor: | | | | | | | | | | | | | | |
North America Loss Adjusting | | 14,552 | | | | 12,743 | | | | 11,551 | | | | 14,426 | | | | 53,272 | |
% of related revenues before reimbursements | | 26.1 | % | | | 24.6 | % | | | 20.3 | % | | | 27.1 | % | | | 24.5 | % |
International Operations | | 24,959 | | | | 21,931 | | | | 21,350 | | | | 20,152 | | | | 88,392 | |
% of related revenues before reimbursements | | 32.1 | % | | | 26.8 | % | | | 27.4 | % | | | 23.8 | % | | | 27.4 | % |
Broadspire | | 23,062 | | | | 21,807 | | | | 20,992 | | | | 23,891 | | | | 89,752 | |
% of related revenues before reimbursements | | 29.5 | % | | | 31.5 | % | | | 29.7 | % | | | 31.7 | % | | | 30.6 | % |
Platform Solutions | | 7,007 | | | | 6,614 | | | | 7,805 | | | | 8,759 | | | | 30,185 | |
% of related revenues before reimbursements | | 27.1 | % | | | 20.9 | % | | | 16.4 | % | | | 19.9 | % | | | 20.3 | % |
Total, before reimbursements | | 69,580 | | | | 63,095 | | | | 61,698 | | | | 67,228 | | | | 261,601 | |
% of Revenues before reimbursements | | 29.3 | % | | | 26.9 | % | | | 24.4 | % | | | 26.1 | % | | | 26.6 | % |
Reimbursements | | 8,515 | | | | 8,459 | | | | 8,545 | | | | 8,184 | | | | 33,703 | |
Total | | 78,095 | | | | 71,554 | | | | 70,243 | | | | 75,412 | | | | 295,304 | |
% of Revenues | | 31.7 | % | | | 29.5 | % | | | 26.8 | % | | | 28.4 | % | | | 29.1 | % |
Segment Operating Earnings (Loss) (1): | | | | | | | | | | | | | | |
North America Loss Adjusting | | (804 | ) | | | 4,337 | | | | 8,426 | | | | 1,444 | | | | 13,403 | |
% of related revenues before reimbursements | | -1.4 | % | | | 8.4 | % | | | 14.8 | % | | | 2.7 | % | | | 6.2 | % |
International Operations | | 1,206 | | | | 9,208 | | | | 7,747 | | | | 12,219 | | | | 30,380 | |
% of related revenues before reimbursements | | 1.5 | % | | | 11.3 | % | | | 9.9 | % | | | 14.4 | % | | | 9.4 | % |
Broadspire | | 6,870 | | | | 2,292 | | | | 4,563 | | | | 5,240 | | | | 18,965 | |
% of related revenues before reimbursements | | 8.8 | % | | | 3.3 | % | | | 6.5 | % | | | 6.9 | % | | | 6.5 | % |
Platform Solutions | | 3,181 | | | | 7,582 | | | | 9,880 | | | | 5,689 | | | | 26,332 | |
% of related revenues before reimbursements | | 12.3 | % | | | 23.9 | % | | | 20.8 | % | | | 12.9 | % | | | 17.7 | % |
(Deduct)/Add: | | | | | | | | | | | | | | |
Unallocated corporate and shared costs | | (3,440 | ) | | | (5,175 | ) | | | (2,561 | ) | | | (6,074 | ) | | | (17,250 | ) |
Goodwill impairment | | (17,674 | ) | | - | | | - | | | - | | | | (17,674 | ) |
Net corporate interest expense | | (2,224 | ) | | | (2,452 | ) | | | (1,599 | ) | | | (1,648 | ) | | | (7,923 | ) |
Stock option expense | | (290 | ) | | | (286 | ) | | | (457 | ) | | | (89 | ) | | | (1,122 | ) |
Amortization of customer-relationship intangible assets | | (2,756 | ) | | | (2,732 | ) | | | (3,665 | ) | | | (2,500 | ) | | | (11,653 | ) |
Restructuring and other costs, net | | (5,714 | ) | | - | | | - | | | | (2,419 | ) | | | (8,133 | ) |
(Loss) gain on disposal of businesses, net | - | | | | (341 | ) | | | 14,104 | | | - | | | | 13,763 | |
Pretax (Loss) Income | | (21,645 | ) | | | 12,433 | | | | 36,438 | | | | 11,862 | | | | 39,088 | |
Provision for income taxes | | 8,486 | | | | (6,311 | ) | | | (11,729 | ) | | | (2,459 | ) | | | (12,013 | ) |
Net (Loss) Income | | (13,159 | ) | | | 6,122 | | | | 24,709 | | | | 9,403 | | | | 27,075 | |
Net loss (income) attributable to noncontrolling interests | | 1,760 | | | | (224 | ) | | | (312 | ) | | | (3 | ) | | | 1,221 | |
| | | | | | | | | | | | | | |
Net Income (Loss) Attributable to Shareholders of Crawford & Company | $ | (11,399 | ) | | $ | 5,898 | | | $ | 24,397 | | | $ | 9,400 | | | $ | 28,296 | |
| | | | | | | | | | | | | | |
(1) A non-GAAP financial measurement which represents net income attributable to the applicable reporting segment excluding income taxes, net corporate interest expense, stock option expense, amortization of customer-relationship intangible assets, goodwill impairment, restructuring and other costs, gain/loss on dispositions, certain unallocated corporate and shared costs. | |
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| | | | | | | | | | | | | | | | | | | |
CRAWFORD & COMPANY | |
RESULTS OF OPERATIONS BY QUARTER (UNAUDITED) | |
Revised for Realignment of Reportable Segments | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | |
2019 Quarterly Period | First | | | Second | | | Third | | | Fourth | | | Full Year | |
| (Dollars in thousands) | |
Revenues Before Reimbursements: | | | | | | | | | | | | | | |
North America Loss Adjusting | $ | 62,086 | | | $ | 62,232 | | | $ | 62,214 | | | $ | 58,581 | | | $ | 245,113 | |
International Operations | | 77,579 | | | | 81,562 | | | | 80,159 | | | | 82,898 | | | | 322,198 | |
Broadspire | | 77,196 | | | | 79,819 | | | | 80,376 | | | | 77,850 | | | | 315,241 | |
Platform Solutions | | 30,197 | | | | 33,268 | | | | 31,928 | | | | 27,857 | | | | 123,250 | |
Total, before reimbursements | | 247,058 | | | | 256,881 | | | | 254,677 | | | | 247,186 | | | | 1,005,802 | |
Reimbursements | | 9,319 | | | | 10,965 | | | | 11,165 | | | | 10,376 | | | | 41,825 | |
Total Revenues | | 256,377 | | | | 267,846 | | | | 265,842 | | | | 257,562 | | | | 1,047,627 | |
Direct Compensation, Fringe Benefits & Non-Employee Labor: | | | | | | | | | | | | | | |
North America Loss Adjusting | | 43,804 | | | | 44,230 | | | | 43,869 | | | | 42,528 | | | | 174,431 | |
% of related revenues before reimbursements | | 70.6 | % | | | 71.1 | % | | | 70.5 | % | | | 72.6 | % | | | 71.2 | % |
International Operations | | 50,292 | | | | 49,936 | | | | 51,381 | | | | 50,813 | | | | 202,422 | |
% of related revenues before reimbursements | | 64.8 | % | | | 61.2 | % | | | 64.1 | % | | | 61.3 | % | | | 62.8 | % |
Broadspire | | 47,799 | | | | 50,003 | | | | 48,059 | | | | 48,763 | | | | 194,624 | |
% of related revenues before reimbursements | | 61.9 | % | | | 62.6 | % | | | 59.8 | % | | | 62.6 | % | | | 61.7 | % |
Platform Solutions | | 16,860 | | | | 17,279 | | | | 18,203 | | | | 16,622 | | | | 68,964 | |
% of related revenues before reimbursements | | 55.8 | % | | | 51.9 | % | | | 57.0 | % | | | 59.7 | % | | | 56.0 | % |
Total | | 158,755 | | | | 161,448 | | | | 161,512 | | | | 158,726 | | | | 640,441 | |
% of Revenues before reimbursements | | 64.3 | % | | | 62.8 | % | | | 63.4 | % | | | 64.2 | % | | | 63.7 | % |
Expenses Other than Direct Compensation Fringe Benefits & Non-Employee Labor: | | | | | | | | | | | | | | |
North America Loss Adjusting | | 15,500 | | | | 15,147 | | | | 13,908 | | | | 12,990 | | | | 57,545 | |
% of related revenues before reimbursements | | 25.0 | % | | | 24.3 | % | | | 22.4 | % | | | 22.2 | % | | | 23.5 | % |
International Operations | | 23,546 | | | | 27,281 | | | | 28,140 | | | | 25,589 | | | | 104,556 | |
% of related revenues before reimbursements | | 30.4 | % | | | 33.4 | % | | | 35.1 | % | | | 30.9 | % | | | 32.5 | % |
Broadspire | | 23,602 | | | | 23,771 | | | | 22,459 | | | | 22,844 | | | | 92,676 | |
% of related revenues before reimbursements | | 30.6 | % | | | 29.8 | % | | | 27.9 | % | | | 29.3 | % | | | 29.4 | % |
Platform Solutions | | 6,376 | | | | 8,394 | | | | 5,502 | | | | 5,161 | | | | 25,433 | |
% of related revenues before reimbursements | | 21.1 | % | | | 25.2 | % | | | 17.2 | % | | | 18.5 | % | | | 20.6 | % |
Total, before reimbursements | | 69,024 | | | | 74,593 | | | | 70,009 | | | | 66,584 | | | | 280,210 | |
% of Revenues before reimbursements | | 27.9 | % | | | 29.0 | % | | | 27.5 | % | | | 26.9 | % | | | 27.9 | % |
Reimbursements | | 9,319 | | | | 10,965 | | | | 11,165 | | | | 10,376 | | | | 41,825 | |
Total | | 78,343 | | | | 85,558 | | | | 81,174 | | | | 76,960 | | | | 322,035 | |
% of Revenues | | 30.6 | % | | | 31.9 | % | | | 30.5 | % | | | 29.9 | % | | | 30.7 | % |
Segment Operating Earnings (1): | | | | | | | | | | | | | | |
North America Loss Adjusting | | 2,782 | | | | 2,855 | | | | 4,437 | | | | 3,063 | | | | 13,137 | |
% of related revenues before reimbursements | | 4.5 | % | | | 4.6 | % | | | 7.1 | % | | | 5.2 | % | | | 5.4 | % |
International Operations | | 3,741 | | | | 4,345 | | | | 638 | | | | 6,496 | | | | 15,220 | |
% of related revenues before reimbursements | | 4.8 | % | | | 5.3 | % | | | 0.8 | % | | | 7.8 | % | | | 4.7 | % |
Broadspire | | 5,795 | | | | 6,045 | | | | 9,858 | | | | 6,243 | | | | 27,941 | |
% of related revenues before reimbursements | | 7.5 | % | | | 7.6 | % | | | 12.3 | % | | | 8.0 | % | | | 8.9 | % |
Platform Solutions | | 6,961 | | | | 7,595 | | | | 8,223 | | | | 6,074 | | | | 28,853 | |
% of related revenues before reimbursements | | 23.1 | % | | | 22.8 | % | | | 25.8 | % | | | 21.8 | % | | | 23.4 | % |
(Deduct)/Add: | | | | | | | | | | | | | | |
Unallocated corporate and shared costs | | (4,578 | ) | | | 1,678 | | | | 505 | | | | (5,147 | ) | | | (7,542 | ) |
Goodwill impairment | | - | | | | - | | | | - | | | | (17,484 | ) | | | (17,484 | ) |
Net corporate interest expense | | (2,716 | ) | | | (2,468 | ) | | | (3,162 | ) | | | (2,428 | ) | | | (10,774 | ) |
Stock option expense | | (485 | ) | | | (413 | ) | | | (450 | ) | | | (537 | ) | | | (1,885 | ) |
Amortization of customer-relationship intangible assets | | (2,798 | ) | | | (2,802 | ) | | | (2,829 | ) | | | (2,848 | ) | | | (11,277 | ) |
Arbitration and claim settlements | - | | | | (11,352 | ) | | | (1,200 | ) | | - | | | | (12,552 | ) |
Pretax (Loss) Income | | 8,702 | | | | 5,483 | | | | 16,020 | | | | (6,568 | ) | | | 23,637 | |
Provision for income taxes | | (2,933 | ) | | | (2,859 | ) | | | (5,328 | ) | | | (2,991 | ) | | | (14,111 | ) |
Net (Loss) Income | | 5,769 | | | | 2,624 | | | | 10,692 | | | | (9,559 | ) | | | 9,526 | |
Net loss (income) attributable to noncontrolling interests | | 340 | | | | 18 | | | | 355 | | | | 2,246 | | | | 2,959 | |
| | | | | | | | | | | | | | |
Net Income (Loss) Attributable to Shareholders of Crawford & Company | $ | 6,109 | | | $ | 2,642 | | | $ | 11,047 | | | $ | (7,313 | ) | | $ | 12,485 | |
| | | | | | | | | | | | | | |
(1) A non-GAAP financial measurement which represents net income attributable to the applicable reporting segment excluding income taxes, net corporate interest expense, stock option expense, amortization of customer-relationship intangible assets, goodwill impairment, restructuring and other costs, gain/loss on dispositions, certain unallocated corporate and shared costs. | |