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

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

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

• 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.

• 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

• 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

• 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

• 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

• 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

GAAP Consolidated Results

Full Year 2023

• Revenues before reimbursements of $1.267 billion, up 7% over $1.189 billion for 2022

• Net income attributable to shareholders of $30.6 million, compared with a loss of $(18.3) million in 2022

• Diluted earnings per share of $0.61 for CRD-A and $0.62 for CRD-B, compared with diluted loss per share of $(0.37) for both CRD-A and CRD-B in 2022

Non-GAAP Consolidated Results

Full Year 2023

Non-GAAP consolidated results for 2023 exclude the non-cash, after-tax amortization of intangible assets of $6.7 million, non-service related pension costs of $6.4 million, and a contingent earnout adjustment of $3.4 million. Non-GAAP consolidated results for 2022 exclude a similar adjustment for amortization of intangible assets of $5.9 million, income tax reserves of $11.8 million on certain international tax assets, goodwill impairment of $33.3 million, non-service related pension credits of $(1.4) million, and a contingent earnout adjustment of $2.2 million.

• Foreign currency exchange rates decreased revenues before reimbursements by $(12.8) million or (1)%. Presented on a constant dollar basis to the prior year, revenues before reimbursements totaled $1.280 billion, increasing 8% over 2022

• Net income attributable to shareholders, on a non-GAAP basis, totaled $47.0 million in 2023, compared with $33.4 million in 2022

• Diluted earnings per share, on a non-GAAP basis, totaled $0.95 for both CRD-A and CRD-B in 2023, compared with $0.67 for both CRD-A and CRD-B in 2022

• Consolidated adjusted operating earnings, on a non-GAAP basis, were $85.4 million, or 6.7% of revenues before reimbursements in 2023, compared with $61.9 million, or 5.2% of revenues, in 2022

• Consolidated adjusted EBITDA, a non-GAAP financial measure, was $118.7 million, or 9.4% of revenues before reimbursements in 2023, compared with $94.7 million, or 8.0% of revenues, in 2022