Crawford & Company today announced its financial results for the fourth quarter ended December 31, 2022.

The Company’s two classes of stock are substantially identical, except with respect to voting rights and the Company’s ability to pay greater cash dividends on the non-voting Class A Common Stock (CRD-A) than on the voting Class B Common Stock (CRD-B), subject to certain limitations. In addition, with respect to mergers or similar transactions, holders of CRD-A must receive the same type and amount of consideration as holders of CRD-B, unless different consideration is approved by the holders of 75% of CRD-A, voting as a class.

GAAP Consolidated Results

Fourth Quarter 2022

Revenues before reimbursements of $322.2 million, up 10% over $292.9 million for the 2021 fourth quarter

The Company recorded income tax reserves of $11.8 million on certain international tax assets during the 2022 fourth quarter

The Company recorded income tax expense of $12.4 million during the 2022 fourth quarter related to the normalization of the tax rate associated with our third quarter 2022 goodwill impairment

Net loss attributable to shareholders of $(14.1) million, compared with income of $1.7 million in the same period last year

Diluted loss per share of $(0.29) for both CRD-A and CRD-B, compared with diluted earnings per share of $0.03 for both CRD-A and CRD-B in the prior year fourth quarter

Non-GAAP Consolidated Results

Fourth Quarter 2022

Non-GAAP consolidated results for the fourth quarter of 2022 exclude the non-cash, after-tax 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, as explained further on page 4, and the contingent earnout adjustment benefit of $(0.2) million. Non-GAAP consolidated results for 2021 exclude an adjustment for amortization of intangible assets of $2.0 million.