Crawford & Company^® (NYSE: CRD-A and CRD-B) is pleased to announce its financial results for the first quarter ended March 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

First Quarter 2023

• Revenues before reimbursements of $313.0 million, up 12% over $279.0 million for the 2022 first quarter

• Net income attributable to shareholders of $10.7 million, more than doubling the $5.1 million in the same period last year

• Diluted earnings per share of $0.22 for both CRD-A and CRD-B, compared with diluted earnings per share of $0.10 for both CRD-A and CRD-B in the prior year first quarter

Non-GAAP Consolidated Results

First Quarter 2023

Non-GAAP consolidated results for 2023 exclude the non-cash, after-tax adjustments for amortization of intangible assets of $1.4 million, non-service related pension costs of $1.6 million, and contingent earnout adjustment of $0.2 million. Non-GAAP consolidated results for 2022 exclude a similar adjustment for amortization of intangible assets of $1.3 million, non-service related pension credits of $(0.4) million, and contingent earnout adjustment of $1.5 million.

• Foreign currency exchange rates decreased revenues before reimbursements by $9.4 million or (3)%. Presented on a constant dollar basis to the prior year, revenues before reimbursements totaled $322.4 million, increasing 16% over the 2022 first quarter

• Net income attributable to shareholders, on a non-GAAP basis, totaled $13.9 million in the 2023 first quarter, compared with $7.5 million in the same period last year

• Diluted earnings per share, on a non-GAAP basis, totaled $0.28 for both CRD-A and CRD-B in the 2023 first quarter, compared with $0.14 for both CRD-A and CRD-B in the prior year first quarter

• Consolidated adjusted operating earnings, on a non-GAAP basis, were $24.9 million, or 7.9% of revenues before reimbursements in the 2023 first quarter, compared with $12.5 million, or 4.5% of revenues, in the 2022 first quarter

• Consolidated adjusted EBITDA, a non-GAAP financial measure, was $32.8 million, or 10.5% of revenues before reimbursements in the 2023 first quarter, compared with $21.3 million, or 7.6% of revenues, in the 2022 first quarter