Part I. Financial Information [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) Financial statements for Q2 2025 show increased total revenues and six-month net income, with operating cash flow significantly improving Condensed Consolidated Statements of Operations Highlights (Unaudited) | Metric (In thousands, except per share) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | **Total Revenues** | $334,595 | $326,853 | $657,934 | $639,926 | | **Income Before Income Taxes** | $13,665 | $12,988 | $22,885 | $16,814 | | **Net Income Attributable to Shareholders** | $7,782 | $8,584 | $14,466 | $11,421 | | **Diluted EPS (Class A & B)** | $0.16 | $0.17 | $0.29 | $0.23 | Condensed Consolidated Balance Sheet Highlights (Unaudited) | Metric (In thousands) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Current Assets** | $376,173 | $374,227 | | **Total Assets** | $799,365 | $803,755 | | **Total Current Liabilities** | $281,110 | $299,727 | | **Total Liabilities** | $624,024 | $648,204 | | **Total Shareholders' Investment** | $175,341 | $155,551 | Condensed Consolidated Statements of Cash Flows Highlights (Unaudited) | Metric (In thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | **Net cash provided by (used in) operating activities** | $21,083 | $(8,253) | | **Net cash used in investing activities** | $(18,278) | $(18,449) | | **Net cash (used in) provided by financing activities** | $(1,078) | $15,655 | | **Increase (Decrease) in Cash** | $2,590 | $(11,202) | [Notes to Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail segment revenue recognition and operating earnings, highlighting growth in International Operations and Broadspire, and an increased effective tax rate - The company operates through four reportable segments: North America Loss Adjusting, International Operations, Broadspire, and Platform Solutions[31](index=31&type=chunk) Total Revenues Before Reimbursements by Segment (Six Months Ended June 30) | Segment (in thousands) | 2025 | 2024 | | :--- | :--- | :--- | | North America Loss Adjusting | $157,814 | $153,395 | | International Operations | $213,464 | $200,375 | | Broadspire | $197,001 | $191,385 | | Platform Solutions | $66,750 | $70,726 | | **Total** | **$635,029** | **$615,881** | - The effective tax rate for the six months ended June 30, 2025, increased to **36.4%** from **32.9%** in the prior year period, primarily due to a one-time expense of **$1.328 million** related to administrative guidance from a foreign tax authority[60](index=60&type=chunk) Segment Operating Earnings (Six Months Ended June 30) | Segment (in thousands) | 2025 | 2024 | | :--- | :--- | :--- | | North America Loss Adjusting | $10,071 | $9,364 | | International Operations | $11,092 | $7,392 | | Broadspire | $25,855 | $27,895 | | Platform Solutions | $6,059 | $2,584 | | **Total** | **$53,077** | **$47,235** | [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=31&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes Q2 2025 consolidated revenue growth to segment increases, notes higher SG&A expenses, and highlights a significant improvement in operating cash flow - Consolidated revenues before reimbursements increased by **2.8%** for Q2 2025 compared to Q2 2024, with a **3.0%** increase excluding a **$0.5 million** negative impact from foreign exchange rates[109](index=109&type=chunk)[110](index=110&type=chunk) - Selling, general, and administrative (SG&A) expenses increased by **$6.1 million (8.4%)** in Q2 2025, primarily due to a one-time indirect tax expense of **$3.1 million**, higher IT costs, and increased administrative compensation[113](index=113&type=chunk) - Cash provided by operating activities was **$21.1 million** for the first six months of 2025, a significant improvement from an **$8.3 million** use of cash in the same period of 2024, attributed to higher earnings and working capital improvements[191](index=191&type=chunk) - Total liquidity, defined as cash on hand plus borrowing capacity, was **$277.8 million** at June 30, 2025[195](index=195&type=chunk) [Segment Performance Analysis](index=35&type=section&id=Segment%20Performance%20Analysis) Q2 2025 segment performance varied, with International Operations and Platform Solutions showing strong operating earnings growth, offset by declines in other segments North America Loss Adjusting Q2 Performance | Metric (in thousands) | Q2 2025 | Q2 2024 | % Change | | :--- | :--- | :--- | :--- | | Revenues | $78,074 | $76,030 | 2.7% | | Operating Earnings | $4,595 | $4,885 | (5.9)% | | Operating Margin | 5.9% | 6.4% | -0.5 p.p. | International Operations Q2 Performance | Metric (in thousands) | Q2 2025 | Q2 2024 | % Change | | :--- | :--- | :--- | :--- | | Revenues | $109,070 | $102,283 | 6.6% | | Operating Earnings | $7,636 | $5,702 | 33.9% | | Operating Margin | 7.0% | 5.6% | +1.4 p.p. | Broadspire Q2 Performance | Metric (in thousands) | Q2 2025 | Q2 2024 | % Change | | :--- | :--- | :--- | :--- | | Revenues | $100,617 | $97,087 | 3.6% | | Operating Earnings | $13,652 | $15,091 | (9.5)% | | Operating Margin | 13.6% | 15.5% | -1.9 p.p. | Platform Solutions Q2 Performance | Metric (in thousands) | Q2 2025 | Q2 2024 | % Change | | :--- | :--- | :--- | :--- | | Revenues | $35,236 | $38,827 | (9.2)% | | Operating Earnings | $3,132 | $1,469 | 113.2% | | Operating Margin | 8.9% | 3.8% | +5.1 p.p. | [Quantitative and Qualitative Disclosures About Market Risk](index=56&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company reports no material changes to its market risk exposures since the disclosures in its December 31, 2024 Annual Report on Form 10-K - There have been no material changes in the Company's market risk exposures since December 31, 2024[206](index=206&type=chunk) [Controls and Procedures](index=56&type=section&id=Item%204.%20Controls%20and%20Procedures) As of June 30, 2025, the CEO and CFO concluded that disclosure controls and procedures were effective, with no material changes to internal control over financial reporting - Management, including the CEO and CFO, evaluated the effectiveness of disclosure controls and procedures and concluded they were effective as of June 30, 2025[209](index=209&type=chunk) - No changes occurred during the quarter ended June 30, 2025, that have materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[210](index=210&type=chunk) Part II. Other Information [Risk Factors](index=57&type=section&id=Item%201A.%20Risk%20Factors) The company refers to previously disclosed risk factors in its December 31, 2024 Form 10-K, indicating no material changes or additions for the current quarter - The company directs investors to the risk factors discussed in its Form 10-K for the year ended December 31, 2024, implying no material updates for the current quarter[212](index=212&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=57&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company did not repurchase any Class A or Class B common stock during Q2 2025, with over 1 million shares remaining authorized for repurchase through December 31, 2025 - No shares of CRD-A or CRD-B common stock were repurchased during the quarter from April 1, 2025, to June 30, 2025[214](index=214&type=chunk) - As of June 30, 2025, the company has authorization to repurchase an additional **1,089,809 shares** under its plan, which is effective through December 31, 2025[213](index=213&type=chunk) [Other Information](index=57&type=section&id=Item%205.%20Other%20Information) No directors or officers adopted or terminated any Rule 10b5-1 trading plans or similar arrangements during Q2 2025 for company securities - No directors or officers adopted or terminated any Rule 10b5-1 trading plans or similar arrangements during the three months ended June 30, 2025[215](index=215&type=chunk) [Exhibits](index=58&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including certifications from principal executive and financial officers and Inline XBRL data files

[Q2 2025 Earnings Release](index=1&type=section&id=CRAWFORD%20%26%20COMPANY%20REPORTS%202025%20SECOND%20QUARTER%20RESULTS) Crawford & Company's Q2 2025 earnings report details a 3% revenue increase to $323.0 million, alongside a 9% decrease in GAAP net income to $7.8 million, and a dividend increase to $0.075 per share [Financial Highlights](index=1&type=section&id=Financial%20Highlights) Crawford & Company reported a 3% increase in revenues before reimbursements to $323.0 million for the second quarter of 2025, though GAAP net income decreased by 9% to $7.8 million and diluted EPS fell by 6% to $0.16, while the company increased its quarterly dividend to $0.075 per share Q2 Financial Performance | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Revenues before reimbursements | $323.0M | $314.2M | 3% | | Net income attributable to shareholders | $7.8M | $8.6M | (9)% | | Diluted EPS (CRD-A & CRD-B) | $0.16 | $0.17 | (6)% | | Non-GAAP Net income | $11.2M | $12.4M | (10)% | | Non-GAAP Diluted EPS (CRD-A & CRD-B) | $0.22 | $0.25 | (12)% | - The company increased its quarterly dividend to **$0.075 per share**, reflecting confidence in its margin trajectory[1](index=1&type=chunk)[3](index=3&type=chunk) [Management Commentary](index=1&type=section&id=Management%20Commentary) CEO Rohit Verma expressed satisfaction with the company's progress, highlighting consolidated revenue growth across three of the four operating segments, despite lower claims frequency in U.S. property impacting certain businesses, while maintaining a strong balance sheet and preparing for potential severe weather activity - Consolidated revenue growth was driven by three of the four operating segments[3](index=3&type=chunk) - Lower claims frequency in U.S. property created revenue pressure on North America Loss Adjusting and Platform Solutions[3](index=3&type=chunk) - The company is prepared for the severe weather season in the U.S. and is focused on winning new business globally[4](index=4&type=chunk) [Segment Performance Analysis](index=3&type=section&id=Segment%20Results%20for%20the%20Second%20Quarter) In Q2 2025, International Operations and Broadspire led revenue growth at 6.6% and 3.6% respectively, with International Operations also showing significant margin expansion, while North America Loss Adjusting saw modest revenue growth but a decline in operating margin, and Platform Solutions experienced a 9.2% revenue decrease, though its operating margin improved substantially due to a shift away from low-value services [North America Loss Adjusting](index=3&type=section&id=North%20America%20Loss%20Adjusting) This segment's revenue grew 2.7% to $78.1 million in Q2 2025, driven by U.S. Global Technical Services, but the operating margin decreased from 6.4% to 5.9% due to lower revenue in U.S. Field Operations and higher administrative costs Q2 North America Loss Adjusting Performance | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Revenues | $78.1M | $76.0M | 2.7% | | Operating Earnings | $4.6M | $4.9M | (6.1)% | | Operating Margin | 5.9% | 6.4% | -50 bps | - For the first six months of 2025, revenues increased **2.9%** to **$157.8 million**, and the operating margin improved to **6.4%** from **6.1%** in the prior year period[6](index=6&type=chunk)[7](index=7&type=chunk) [International Operations](index=3&type=section&id=International%20Operations) International Operations delivered strong performance with a 6.6% revenue increase to $109.1 million in Q2 2025, driven by growth in the U.K., Europe, and Asia, with the operating margin expanding significantly to 7.0% from 5.6% in the prior-year quarter Q2 International Operations Performance | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Revenues | $109.1M | $102.3M | 6.6% | | Operating Earnings | $7.6M | $5.7M | 33.3% | | Operating Margin | 7.0% | 5.6% | +140 bps | - For the first six months of 2025, revenues grew **6.5%** to **$213.5 million**, with the operating margin increasing to **5.2%** from **3.7%** year-over-year[10](index=10&type=chunk)[11](index=11&type=chunk) [Broadspire](index=3&type=section&id=Broadspire) The Broadspire segment achieved a record quarterly revenue of $100.6 million, a 3.6% increase from Q2 2024, fueled by growth in medical case management and casualty claims, though the operating margin declined to 13.6% from 15.5% due to higher administrative costs Q2 Broadspire Performance | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Revenues | $100.6M | $97.1M | 3.6% | | Operating Earnings | $13.7M | $15.1M | (9.3)% | | Operating Margin | 13.6% | 15.5% | -190 bps | - For the first six months of 2025, revenues increased **2.9%** to **$197.0 million**, while the operating margin decreased to **13.1%** from **14.6%** in the prior year period[13](index=13&type=chunk)[14](index=14&type=chunk) [Platform Solutions](index=5&type=section&id=Platform%20Solutions) Platform Solutions reported a 9.2% decrease in revenue to $35.2 million for Q2 2025, but operating earnings more than doubled to $3.1 million, and the operating margin surged to 8.9% from 3.8%, benefiting from the reduction of low-value inspection services and lower administrative costs Q2 Platform Solutions Performance | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Revenues | $35.2M | $38.8M | (9.2)% | | Operating Earnings | $3.1M | $1.5M | 113.2% | | Operating Margin | 8.9% | 3.8% | +510 bps | - For the first six months of 2025, revenues were down **5.6%** to **$66.8 million**, but the operating margin improved significantly to **9.1%** from **3.7%** in the 2024 period[17](index=17&type=chunk)[18](index=18&type=chunk) [Corporate and Other Financial Items](index=5&type=section&id=Corporate%20and%20Other%20Financial%20Items) Unallocated corporate costs increased to $7.0 million in Q2 2025, primarily due to a one-time $3.1 million indirect tax expense, which also drove an 8.4% increase in SG&A, while the company's cash position improved slightly to $58.5 million, total debt rose to $225.4 million, and operating cash flow for the first half of 2025 showed a significant positive swing - Unallocated corporate costs rose to **$7.0 million** in Q2 2025 from **$5.1 million** in Q2 2024, mainly due to a one-time **$3.1 million** indirect tax expense[19](index=19&type=chunk) - Selling, general, and administrative (SG&A) expenses increased by **8.4%** in Q2 2025, also primarily driven by the one-time indirect tax expense[21](index=21&type=chunk) Balance Sheet Summary | Balance Sheet Item | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Cash and Cash Equivalents | $58.5M | $55.4M | | Total Debt Outstanding | $225.4M | $218.1M | - Cash provided by operations was **$21.1 million** in the first half of 2025, a significant improvement from an **$8.3 million** use of cash in the same period of 2024[25](index=25&type=chunk) - The company did not repurchase any shares in the first six months of 2025[27](index=27&type=chunk) [Non-GAAP Presentation and Reconciliations](index=6&type=section&id=Non-GAAP%20Presentation) The company provides several non-GAAP financial measures, including Operating Earnings, Adjusted EBITDA, and results on a constant dollar basis, to offer a clearer view of its operational performance, with detailed reconciliation tables bridging these non-GAAP figures back to their nearest GAAP equivalents - Operating earnings is the primary measure used by management to evaluate financial performance and excludes items like net corporate interest expense, stock option expense, amortization, and income taxes[30](index=30&type=chunk) - Adjusted EBITDA is defined as net income adjusted for depreciation and amortization, net corporate interest expense, contingent earnout adjustments, non-service pension costs, income taxes, and stock-based compensation[31](index=31&type=chunk) - The report provides detailed reconciliations for consolidated operating earnings to net income, net income to adjusted EBITDA, and GAAP EPS to non-GAAP adjusted EPS[35](index=35&type=chunk)[36](index=36&type=chunk)[37](index=37&type=chunk) [Financial Statements](index=13&type=section&id=Financial%20Statements) The unaudited condensed consolidated financial statements provide detailed financial data for the three and six months ended June 30, 2025, compared to the same periods in 2024, including the Statements of Operations, Balance Sheets, and Statements of Cash Flows - The Condensed Consolidated Statements of Operations show detailed revenue, costs, and net income for the three and six-month periods[44](index=44&type=chunk)[46](index=46&type=chunk) - The Condensed Consolidated Balance Sheets present the company's financial position as of June 30, 2025, compared to December 31, 2024[48](index=48&type=chunk) - The Condensed Consolidated Statements of Cash Flows detail the cash movements from operating, investing, and financing activities for the first six months of 2025 and 2024[55](index=55&type=chunk)

Revenue Growth - Consolidated revenues before reimbursements increased by $10.4 million, or 3.4%, for the three months ended March 31, 2025, compared to the same period in 2024 [94]. - Revenues from the North America Loss Adjusting segment increased by 3.1% to $79.74 million, while International Operations revenues rose by 6.4% to $104.39 million [95]. - Total revenues, including reimbursements, reached $323.34 million, reflecting a 3.3% increase compared to $313.07 million in the prior year [95]. - Excluding foreign currency impacts, consolidated revenues before reimbursements increased by $14.8 million, or 4.9% [94]. - Total revenues for the three months ended March 31, 2025, were $323.3 million, an increase from $313.1 million in the same period of 2024, representing a growth of 3.9% [113]. - North America Loss Adjusting segment revenues before reimbursements increased to $79.7 million in Q1 2025 from $77.4 million in Q1 2024, reflecting a growth of 3.1% [117]. - International Operations segment revenues before reimbursements increased to $104.4 million in Q1 2025, a 6.4% increase from $98.1 million in Q1 2024 [125]. - Broadspire revenues before reimbursements increased by 2.2% to $96.4 million for the three months ended March 31, 2025, compared to $94.3 million in 2024 [135]. Expense Management - Costs of services provided increased by $7.5 million, or 3.5%, for the three months ended March 31, 2025, consistent with revenue growth [97]. - Selling, general, and administrative expenses decreased by $2.7 million, or 3.5%, primarily due to reduced professional fees and self-insurance reserves [98]. - Direct Compensation, Fringe Benefits & Non-Employee Labor expenses for the North America Loss Adjusting segment were $56.0 million, representing 70.3% of related revenues before reimbursements [113]. - Total expenses for the North America Loss Adjusting segment, including reimbursements, were $96.3 million, which is 29.8% of total revenues [113]. - Direct compensation expenses in the International Operations segment totaled $70.6 million, representing 67.6% of revenues before reimbursements, up from 66.2% in the previous year [130]. - Indirect expenses in the International Operations segment were $15.5 million, representing 14.8% of revenues before reimbursements, compared to 14.6% in Q1 2024 [124]. - Expenses other than reimbursements for Broadspire increased to $25.8 million, representing 26.8% of revenues before reimbursements, up from 25.7% in 2024 [140]. Case Volume and Operations - Total cases received decreased by 5.6% to 385,519 for the three months ended March 31, 2025, with notable declines in International Operations [96]. - North America Loss Adjusting segment saw a significant increase in cases received, up 44.1% to 89,265, while Platform Solutions experienced a 44.6% decline [97]. - The volume of cases received in the North America Loss Adjusting segment increased by 44.1% year-over-year, with U.S. cases rising by 80.5% while Canadian cases decreased by 7.5% [120]. - Total International Operations cases received decreased by 13.5% to 117,305 in Q1 2025, with significant declines in the U.K. and Australia [129]. - Total case volumes for Broadspire increased by 1.3% to 137,463 cases, driven primarily by new disability clients in Claims Management [138]. - Platform Solutions segment revenues before reimbursements decreased by 1.2% to $31.5 million, with a significant drop in case volumes of 44.6% to 41,486 cases [144]. Profitability and Earnings - Operating earnings for the North America Loss Adjusting segment rose to $5.5 million, or 6.9% of revenues before reimbursements, compared to $4.5 million, or 5.8%, in the prior year, marking a 22.3% increase [114]. - Operating earnings in the International Operations segment rose to $3.5 million, or 3.3% of revenues before reimbursements, compared to $1.7 million, or 1.7% in the prior year [123]. - Gross profit for the North America Loss Adjusting segment increased to $15.8 million, or 19.8% of revenues before reimbursements, up from $14.5 million, or 18.8%, in the previous year [115]. - Gross profit in the International Operations segment increased from $16.0 million (16.3% margin) in Q1 2024 to $18.9 million (18.1% margin) in Q1 2025 [124]. - Operating earnings for the Platform Solutions segment surged by 162.5% to $2.9 million, with an operating margin increase from 3.5% to 9.3% [141]. Financial Position and Cash Flow - Cash used in operating activities improved to $13.9 million in Q1 2025 from $19.8 million in Q1 2024, driven by higher earnings and changes in working capital [162]. - Cash provided by financing activities increased to $25.0 million in Q1 2025 compared to $16.1 million in Q1 2024, with a net borrowing increase of $28.5 million from the revolving credit facility [164]. - Working capital increased by $12.1 million to approximately $86.6 million as of March 31, 2025, compared to December 31, 2024 [159]. - Cash and cash equivalents rose to $57.4 million as of March 31, 2025, up from $55.4 million at December 31, 2024 [160]. - Total liquidity was reported at $255.9 million as of March 31, 2025, reflecting cash on hand and borrowing capacity [166]. Corporate Governance and Taxation - The effective income tax rate for the company decreased to 26.9% for the three months ended March 31, 2025, compared to 27.4% in 2024 [151]. - Net corporate interest expense rose to $4.8 million for the three months ended March 31, 2025, compared to $4.5 million in 2024 [152]. - Amortization of acquisition-related intangible assets was $1.8 million for the three months ended March 31, 2025, down from $1.9 million in 2024 [154]. - Unallocated corporate and shared costs decreased to $6.2 million in Q1 2025 from $8.0 million in Q1 2024, primarily due to lower professional fees and bad debt expenses [156]. - The company expects to make payments totaling $1.5 million in the next twelve months for contingent earnouts related to previous acquisitions [167]. Dividends and Pension Plans - The company paid $3.5 million in dividends in Q1 2025, slightly up from $3.4 million in Q1 2024 [170]. - Defined benefit pension plans were underfunded by $19.0 million in the U.S. and overfunded by $9.2 million in the U.K. as of December 31, 2024 [168].

Revenue Growth - Revenues before reimbursements increased by 3% to $312.0 million in Q1 2025 from $301.7 million in Q1 2024[2] - Total revenues for Q1 2025 were $323.339 million, a 3% increase from $313.073 million in Q1 2024[35] - International Revenues Before Reimbursements rose by 6.4% to $104,394 million in 2025 compared to $98,092 million in 2024[40] - North America Loss Adjusting revenues grew by 3.1% to $79.7 million, driven by growth in U.S. Global Technical Services[5] - Broadspire segment revenues increased by 2.2% to $96.4 million, supported by growth in medical case management and casualty claims revenues[9] Net Income and Earnings - Net income attributable to shareholders rose by 139% to $6.7 million, or $0.13 per diluted share, compared to $2.8 million, or $0.06 per diluted share, in the prior year quarter[3] - Net income attributable to shareholders of Crawford & Company for Q1 2025 was $6.684 million, up 136% from $2.837 million in Q1 2024[35] - The company reported a 141% increase in income before income taxes, reaching $9.220 million in Q1 2025 compared to $3.826 million in Q1 2024[35] - Class A and Class B common stock earnings per share (diluted) for Q1 2025 were both $0.13, a 117% increase from $0.06 in Q1 2024[35] Operating Earnings - Consolidated adjusted operating earnings increased by 47% to $17.8 million, with a significant margin improvement across three business segments[3] - Operating earnings for North America Loss Adjusting segment increased to $5.476 million in Q1 2025 from $4.479 million in Q1 2024[28] - The company reported a 162.5% increase in Operating Earnings for the Platform Solutions segment, reaching $2,927 million in 2025 from $1,115 million in 2024[40] Cash and Cash Equivalents - The company's consolidated cash and cash equivalents position increased to $57.4 million as of March 31, 2025, compared to $55.4 million at the end of 2024[18] - The company’s cash and cash equivalents increased to $57.367 million as of March 31, 2025, from $55.412 million at the end of 2024[36] - Cash, cash equivalents, and restricted cash at the end of the period increased to $58,021 million in 2025 from $46,659 million in 2024[42] Expenses - Selling, general, and administrative expenses decreased by $2.7 million, or 3.5%, primarily due to reduced professional fees and self-insurance reserves[14] - Total Operating Expenses increased by 1.9% to $74,264 million in 2025 from $72,886 million in 2024[40] - Direct Compensation, Fringe Benefits & Non-Employee Labor as a percentage of Revenues Before Reimbursements decreased to 70.3% in 2025 from 71.7% in 2024[40] - Expenses Other than Direct Compensation increased by 4.7% to $18,246 million in 2025 compared to $17,419 million in 2024[40] Cash Flow - Free cash flow for Q1 2025 was $(23.246) million, an improvement of $6.107 million compared to $(29.353) million in Q1 2024[28] - Cash Flows from Operating Activities showed a net cash used of $13,923 million in 2025, an improvement from $19,803 million in 2024[42] Other Financial Metrics - Non-GAAP adjusted EBITDA for Q1 2025 was $26.841 million, compared to $20.621 million in Q1 2024, reflecting a significant increase[29] - Corporate interest expense increased by 10% to $3.944 million in Q1 2025 from $3.596 million in Q1 2024[35] - Total assets as of March 31, 2025, were $792.259 million, a decrease from $803.755 million as of December 31, 2024[36] - The company estimates a potential negative impact of approximately $5.0 million on its financial condition due to new administrative guidance from a foreign tax authority[17]

Part I [Item 1. Business](index=4&type=section&id=Item%201.%20Business) Crawford & Company is the world's largest publicly listed independent claims management provider, generating **$1.293 billion** in 2024 revenue across four main segments - Crawford & Company is the world's largest publicly listed independent provider of claims management and outsourcing solutions, serving clients in over 70 countries[15](index=15&type=chunk) - The company's services are delivered through four geographic reporting segments: North America Loss Adjusting, International Operations, Broadspire, and Platform Solutions[17](index=17&type=chunk)[18](index=18&type=chunk) - As of December 31, 2024, the company had approximately **10,040 employees**, with women comprising **57%** of the global workforce and **27%** of global senior management[34](index=34&type=chunk) - No single customer accounted for **10%** or more of consolidated revenues in 2024, 2023, or 2022, though Platform Solutions and International Operations segments have significant customer concentration[24](index=24&type=chunk) 2024 Revenue by Segment | Segment | 2024 Revenue (before reimbursements) | % of Total | | :--- | :--- | :--- | | North America Loss Adjusting | $312.8M (24.2%) | 24.2% | | International Operations | $419.9M (32.4%) | 32.4% | | Broadspire | $387.9M (30.0%) | 30.0% | | Platform Solutions | $173.7M (13.4%) | 13.4% | | **Total** | **$1.293 Billion** | **100.0%** | [Item 1A. Risk Factors](index=11&type=section&id=Item%201A.%20Risk%20Factors) The company faces material risks including unpredictable claim volumes, client concentration, data security threats, operational challenges, an underfunded pension plan, and intense market competition - A significant portion of revenues depends on claim volumes, which are difficult to forecast due to factors like weather, insurance outsourcing trends, and economic activity[47](index=47&type=chunk)[51](index=51&type=chunk) - The company manages a large amount of sensitive consumer data, and a security breach could result in material loss of business, legal liability, and reputational harm[52](index=52&type=chunk)[53](index=53&type=chunk) - The U.S. qualified defined benefit pension plan is underfunded by **$19.0 million**, with future funding requirements potentially restricting cash available for operations and investment[74](index=74&type=chunk) - The company's credit facility contains covenants requiring compliance with a maximum leverage ratio and a minimum interest coverage ratio, which if breached, could make all outstanding debt immediately due[76](index=76&type=chunk)[77](index=77&type=chunk) - The global claims management market is highly competitive, facing pressure from numerous firms of varying sizes, potential new entrants, and industry consolidation[81](index=81&type=chunk)[82](index=82&type=chunk) - A principal shareholder, Jesse C. Crawford, beneficially owns approximately **68%** of the voting Class B Common Stock, giving him control over substantially all matters submitted to shareholders[80](index=80&type=chunk) [Item 1B. Unresolved Staff Comments](index=19&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments from the SEC - None[90](index=90&type=chunk) [Item 1C. Cybersecurity](index=20&type=section&id=Item%201C.%20Cybersecurity) The company maintains a global cybersecurity and privacy program aligned with NIST, overseen by the Board, and has reported no material incidents in the last three fiscal years - The company has a global cybersecurity and privacy program to assess, identify, and manage cybersecurity risks, which are evaluated as part of the global Enterprise Risk Management (ERM) program[91](index=91&type=chunk)[92](index=92&type=chunk) - The Board of Directors provides oversight, with the Audit Committee overseeing the information security programs, and the Chief Technology and Information Security Officer (CISO) managing the program and providing quarterly updates[99](index=99&type=chunk) - In the last three fiscal years, the company has not experienced any material cybersecurity incidents, and related expenses have been immaterial[97](index=97&type=chunk) [Item 2. Properties](index=21&type=section&id=Item%202.%20Properties) As of December 31, 2024, the company leased 202 office locations, which management deems sufficient for current operations - The company leased **202 office locations** as of December 31, 2024, and believes its current office locations are sufficient for its operations[104](index=104&type=chunk) [Item 3. Legal Proceedings](index=22&type=section&id=Item%203.%20Legal%20Proceedings) The company is involved in routine legal proceedings, for which management believes adequate provisions have been made without expected material adverse effects - In the normal course of business, the company is named as a defendant in suits related to the settlement or administration of claims, with the majority of these claims covered by insurance[105](index=105&type=chunk) [Item 4. Mine Safety Disclosures](index=22&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[107](index=107&type=chunk) Part II [Item 5. Market for the Registrant's Common Equity, Related Shareholder Matters, and Issuer Purchases of Equity Securities](index=23&type=section&id=Item%205.%20Market%20for%20the%20Registrant%27s%20Common%20Equity%2C%20Related%20Shareholder%20Matters%2C%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company's Class A and B common stocks trade on the NYSE, with a share repurchase program active and performance tracked against relevant market indices - The company's two classes of common stock, CRD-A and CRD-B, are traded on the New York Stock Exchange (NYSE)[110](index=110&type=chunk) - As of December 31, 2024, the company had authorization to repurchase an additional **1,089,809 shares** of its common stock through December 31, 2025[112](index=112&type=chunk) Total Shareholder Return Comparison (2019-2024) | Company / Index | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Crawford & Company (Class A) | 100.00 | 66.09 | 68.73 | 52.72 | 128.83 | 116.02 | | Crawford & Company (Class B) | 100.00 | 72.62 | 77.57 | 56.97 | 145.08 | 132.58 | | Russell 2000 Index | 100.00 | 119.96 | 137.74 | 109.58 | 128.14 | 142.92 | | S&P Property-Casualty Insurance Index | 100.00 | 106.33 | 124.95 | 148.53 | 164.49 | 219.73 | [Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=25&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Consolidated revenues grew **2.0%** to **$1.293 billion** in 2024, while net income decreased, with the company maintaining debt covenant compliance and outlining key accounting estimates [Results of Operations](index=27&type=section&id=Results%20of%20Operations) Consolidated revenues grew **2.0%** to **$1.293 billion** in 2024, driven by most segments but offset by a **23.0%** decline in Platform Solutions, while net income decreased and SG&A expenses rose - Total cases received decreased by **2.7%** in 2024 compared to 2023, primarily driven by declines in North America Loss Adjusting and Platform Solutions[126](index=126&type=chunk)[127](index=127&type=chunk) - Selling, general, and administrative (SG&A) expenses increased by **$13.2 million (4.6%)** in 2024, mainly due to higher professional fees and IT costs[134](index=134&type=chunk) Consolidated Financial Highlights (2024 vs. 2023) | Metric | 2024 | 2023 | % Change | | :--- | :--- | :--- | :--- | | Revenues before reimbursements | $1.293 billion | $1.267 billion | 2.0% | | Net Income Attributable to Company | $26.6 million | $30.6 million | (13.1)% | Revenues by Segment (2024 vs. 2023, In thousands) | Segment | 2024 | 2023 | % Change | | :--- | :--- | :--- | :--- | | North America Loss Adjusting | $312,158 | $303,629 | 2.8% | | International Operations | $418,607 | $382,393 | 9.5% | | Broadspire | $388,074 | $355,650 | 9.1% | | Platform Solutions | $173,671 | $225,459 | (23.0)% | [Liquidity, Capital Resources, and Financial Condition](index=58&type=section&id=Liquidity%2C%20Capital%20Resources%2C%20and%20Financial%20Condition) The company maintains liquidity through operating cash flow and a **$450 million** credit facility, remaining compliant with debt covenants despite a decrease in operating cash activities in 2024 - The company's primary sources of liquidity are cash from operations and a **$450.0 million** revolving credit facility that matures on November 5, 2026[257](index=257&type=chunk)[259](index=259&type=chunk) - Cash provided by operating activities decreased from **$103.8 million** in 2023 to **$51.6 million** in 2024, a decline of **$52.2 million**[272](index=272&type=chunk) - Capital expenditures, including capitalized software, are forecasted to be between **$40.0 million** and **$45.0 million** in 2025[274](index=274&type=chunk) Credit Facility Status (as of Dec 31, 2024) | Metric | Value | | :--- | :--- | | Total Facility Size | $450.0 million | | Debt Outstanding | $218.1 million | | Letters of Credit | $8.9 million | | Available Borrowing Capacity | $219.4 million | Financial Covenant Compliance (as of Dec 31, 2024) | Covenant | Ratio | Requirement | | :--- | :--- | :--- | | Leverage Ratio | 1.85 | < 4.50 | | Interest Coverage Ratio | 5.50 | > 2.50 | [Critical Accounting Policies and Estimates](index=64&type=section&id=Critical%20Accounting%20Policies%20and%20Estimates) Critical accounting policies involve significant judgment in revenue recognition, goodwill valuation, pension plan assumptions, and income tax provisions, impacting financial reporting - Revenue recognition for fixed-fee and lifetime claim handling arrangements is sensitive to estimates of historical claim closing rates, where a **1.0%** change would impact annual revenue by approximately **$0.5 million**[299](index=299&type=chunk)[302](index=302&type=chunk) - The valuation of goodwill and indefinite-lived intangible assets is performed annually using a combination of income and market approaches, with discount rates ranging from **13.0%** to **17.0%** in the 2024 analysis[306](index=306&type=chunk)[309](index=309&type=chunk) - Accounting for defined benefit pension plans involves significant assumptions, where a **0.50%** change in the expected return on plan assets would impact 2024 pretax income by approximately **$2.1 million**[312](index=312&type=chunk)[322](index=322&type=chunk) - The company maintains a valuation allowance of **$35.3 million** on certain deferred tax assets, primarily related to net operating loss carryforwards in international and domestic operations[330](index=330&type=chunk) - The fair value of contingent earnout liabilities from acquisitions is reassessed quarterly, resulting in a benefit of **$1.1 million** in 2024 compared to an expense of **$4.0 million** in 2023[339](index=339&type=chunk)[251](index=251&type=chunk) [Item 7A. Quantitative and Qualitative Disclosures About Market Risk](index=74&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces market risks from foreign currency fluctuations, with international operations comprising **39.4%** of 2024 revenues, and interest rate changes on variable-rate debt - Revenues from international operations were **39.4%** of consolidated revenues in 2024, exposing the company to foreign currency exchange rate risk[342](index=342&type=chunk) - A hypothetical **10.0%** change in foreign currency exchange rates would have impacted 2024 consolidated pretax income by approximately **$1.9 million**[342](index=342&type=chunk) - The company has interest rate risk due to variable-rate borrowings under its Credit Facility, where a **1.0%** change in market interest rates would have changed 2024 pretax interest expense by **$2.2 million**[343](index=343&type=chunk) [Item 8. Financial Statements and Supplementary Data](index=76&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents the company's audited consolidated financial statements for 2022-2024, including statements of operations, balance sheets, cash flows, and comprehensive notes, along with the independent auditor's report Consolidated Statements of Operations Highlights (In thousands) | Line Item | 2024 | 2023 | 2022 | | :--- | :--- | :--- | :--- | | Total Revenues | $1,340,970 | $1,316,919 | $1,231,226 | | Total Costs and Expenses | $1,289,949 | $1,261,389 | $1,227,741 | | Income Before Income Taxes | $41,112 | $47,357 | $5,046 | | Net Income (Loss) Attributable to Shareholders | $26,596 | $30,609 | $(18,305) | Consolidated Balance Sheets Highlights (In thousands) | Line Item | Dec 31, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | Total Current Assets | $374,227 | $369,346 | | Total Assets | $803,755 | $799,199 | | Total Current Liabilities | $299,727 | $299,292 | | Total Liabilities | $648,204 | $659,368 | | Total Shareholders' Investment | $155,551 | $139,831 | Consolidated Statements of Cash Flows Highlights (In thousands) | Line Item | 2024 | 2023 | 2022 | | :--- | :--- | :--- | :--- | | Net cash provided by operating activities | $51,619 | $103,790 | $27,634 | | Net cash used in investing activities | $(41,647) | $(36,596) | $(57,876) | | Net cash (used in) provided by financing activities | $(12,862) | $(54,680) | $25,940 | [Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=135&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) This item is not applicable to the company - Not applicable[561](index=561&type=chunk) [Item 9A. Controls and Procedures](index=135&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that disclosure controls and internal control over financial reporting were effective as of December 31, 2024, with no material changes during the fourth quarter - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of December 31, 2024[564](index=564&type=chunk) - Management assessed internal control over financial reporting based on the COSO framework and determined it was effective as of December 31, 2024[567](index=567&type=chunk) - There were no changes in internal control over financial reporting during the quarter ended December 31, 2024, that have materially affected, or are reasonably likely to materially affect, the controls[569](index=569&type=chunk) [Item 9B. Other Information](index=136&type=section&id=Item%209B.%20Other%20Information) During the fourth quarter of 2024, no directors or officers adopted or terminated any Rule 10b5-1 trading plans or other non-Rule 10b5-1 trading arrangements - No directors or officers adopted or terminated any Rule 10b5-1 trading arrangements during the fourth quarter of 2024[570](index=570&type=chunk) [Item 9C. Disclosure Regarding Foreign Jurisdictions That Prevent Inspections](index=136&type=section&id=Item%209C.%20Disclosure%20Regarding%20Foreign%20Jurisdictions%20That%20Prevent%20Inspections) This item is not applicable to the company - Not applicable[571](index=571&type=chunk) Part III [Items 10, 11, 12, 13, and 14](index=138&type=section&id=Items%2010%2C%2011%2C%2012%2C%2013%2C%20and%2014) Information for Items 10-14, covering governance, compensation, and related matters, is incorporated by reference from the company's 2025 Proxy Statement - Information regarding Directors, Executive Officers, Corporate Governance, Executive Compensation, Security Ownership, Certain Relationships, and Principal Accountant Fees and Services is incorporated by reference from the Registrant's 2025 Proxy Statement[582](index=582&type=chunk)[584](index=584&type=chunk)[585](index=585&type=chunk) Part IV [Item 15. Exhibits, Financial Statement Schedules](index=139&type=section&id=Item%2015.%20Exhibits%2C%20Financial%20Statement%20Schedules) This section lists all financial statements, schedules, and exhibits filed with the Form 10-K, including consolidated financial statements and various certifications - This section lists all financial statements, schedules, and exhibits filed with the Form 10-K, including corporate governance documents, material contracts, and certifications by the CEO and CFO[590](index=590&type=chunk)[591](index=591&type=chunk) [Item 16. Form 10-K Summary](index=140&type=section&id=Item%2016.%20Form%2010-K%20Summary) The company did not provide a summary under this item - None[593](index=593&type=chunk)

Revenue Performance - Revenues before reimbursements increased 17% to $347.3 million in Q4 2024 from $296.1 million in Q4 2023[2] - Full year revenues before reimbursements reached a record $1.293 billion in 2024, up 2% from $1.267 billion in 2023[3] - Total revenues for Q4 2024 reached $347,254, up 17.3% from $296,121 in Q4 2023[32] - The U.S. market contributed $213,400 to total revenues in Q4 2024, accounting for 61.4% of total revenue, compared to 59.5% in Q4 2023[32] - Total revenues for the year ended December 31, 2024, were $1,292,510, compared to $1,267,131 in 2023, marking a growth of 2.0%[32] - Total revenues for the year ended December 31, 2024, were $1,340,970,000, a 2% increase from $1,316,919,000 in 2023[43] Net Income and Earnings - Fourth quarter net income was $5.7 million, a significant recovery from a loss of $(0.8) million in the prior year quarter[2] - Net income attributable to shareholders for Q4 2024 was $5,722, a recovery from a loss of $818 in Q4 2023[33] - Net income for the three months ended December 31, 2024, was $5,861,000, a significant increase of 693% from a net loss of $989,000 in the same period of 2023[41] - Net income attributable to shareholders for the year ended December 31, 2024, was $26,596,000, down 13% from $30,609,000 in 2023[43] Operating Earnings - Consolidated adjusted operating earnings for Q4 2024 were $18.7 million, a 140% increase from $7.8 million in Q4 2023[4] - Consolidated operating earnings for Q4 2024 were $18,726, a significant increase from $7,750 in Q4 2023, representing a growth of 142.5%[33] - North America Loss Adjusting segment reported operating earnings of $3,366 in Q4 2024, up from $752 in Q4 2023[33] - International Operations segment saw operating earnings increase to $8,473 in Q4 2024 from $2,207 in Q4 2023[33] - Operating earnings for North America reached $3,366 million, a significant increase of 347.6% from $752 million in 2023[48] - Operating earnings for international operations surged to $8,473 million, an increase of 283.9% from $2,207 million in 2023[48] Cash Flow and Debt - The company provided $51.6 million of cash from operations in 2024, down from $103.8 million in 2023, primarily due to a decrease in accounts receivable[23] - Free cash flow for the year ended December 31, 2024, was $9,972, down 85.1% from $67,194 in 2023[33] - The company reported a net corporate interest expense of $4,328 for Q4 2024, compared to $3,772 in Q4 2023, indicating an increase of 14.7%[33] - The company's total debt outstanding increased to $218.1 million as of December 31, 2024, compared to $209.1 million at the end of 2023[22] Assets and Liabilities - Total assets as of December 31, 2024, were $803,755,000, slightly up from $799,199,000 as of December 31, 2023[45] - Total liabilities as of December 31, 2024, were $644,204,000, compared to $659,368,000 as of December 31, 2023, indicating a decrease in liabilities[45] - Cash and cash equivalents as of December 31, 2024, were $55,412,000, down from $58,363,000 as of December 31, 2023[45] Segment Performance - North America Loss Adjusting revenues before reimbursements were $79.4 million in Q4 2024, increasing 14% from $69.7 million in Q4 2023[6] - International Operations revenues before reimbursements were $112.5 million in Q4 2024, up 15.8% from $97.2 million in Q4 2023[9] - Broadspire segment revenues before reimbursements reached a new annual record of $388.1 million in 2024, increasing 9.1% from $355.7 million in 2023[13] - Platform Solutions revenues before reimbursements were $57.6 million in Q4 2024, up 55.1% from $37.2 million in Q4 2023[14] Expense Analysis - Direct compensation, fringe benefits, and non-employee labor costs in North America rose to $58,951 million, reflecting a 12.9% increase from $52,224 million in 2023[48] - Total operating expenses for North America were $76,068 million, a 10.4% increase compared to $68,932 million in 2023[48] - Total operating expenses for international operations were $104,018 million, up 9.6% from $94,945 million in 2023[48]

Financial Performance - Total revenues for the nine months ended September 30, 2024, were $982,652,000, a decrease of 2.1% from $1,007,754,000 in the same period of 2023[6]. - Net income for the nine months ended September 30, 2024, was $20,874,000, down 33.5% from $31,427,000 in 2023[8]. - Earnings per share (diluted) for Class A and Class B common stock were both $0.42 for the nine months ended September 30, 2024, compared to $0.63 and $0.64, respectively, in 2023[8]. - Comprehensive income for the nine months ended September 30, 2024, was $27,833,000, down from $43,913,000 in 2023[12]. - The company reported a net income of $8,584 million for the quarter, compared to $8,502 million in the previous quarter, indicating stable profitability[18]. - The company reported a net income of $10,681,000 for the quarter ending March 31, 2023, which decreased to $8,427,000 by June 30, 2023, indicating a decline of approximately 21.1%[19]. - The company recognized a net income attributable to common shareholders of $7.33 million for the three months ended September 30, 2024, compared to $4.99 million in the same period of 2023[43]. Cash Flow and Liquidity - Net cash provided by operating activities for the nine months ended September 30, 2024, was $11,093,000, significantly lower than $68,077,000 in the same period of 2023[15]. - Cash and cash equivalents were $52,340,000 as of September 30, 2024, down from $58,363,000 at December 31, 2023[13]. - Cash, cash equivalents, and restricted cash at the end of the period stood at $54,683 million, up from $50,282 million, showing a positive liquidity position[16]. - The company experienced an increase in revolving credit facility borrowings by $61,612 million, compared to $20,958 million previously, indicating a strategic move to enhance liquidity[16]. - The company maintains a letter of credit with an aggregate committed amount of $8,870,000 as of September 30, 2024, under its credit facility[58]. Assets and Liabilities - Total current assets decreased to $362,368,000 as of September 30, 2024, from $369,346,000 at December 31, 2023[13]. - Total liabilities increased to $800,794,000 as of September 30, 2024, compared to $799,199,000 at December 31, 2023[14]. - The company’s total assets were $800,794,000 as of September 30, 2024, slightly up from $799,199,000 at December 31, 2023[14]. - The liabilities of the deferred compensation plan were $6,219,000 as of September 30, 2023, slightly down from $6,261,000 at December 31, 2022[21]. Shareholder Returns - Cash dividends paid increased to $(10,320) million from $(9,284) million, reflecting a rise in shareholder returns[16]. - Cash dividends paid for Class A and Class B shares were $3,430,000 for the three months ended September 30, 2023, consistent with the previous quarter's dividend payments[19]. - The company repurchased common stock amounting to $(3,604) million, significantly higher than $(582) million in the prior period, indicating a strong commitment to returning capital to shareholders[16]. - For the nine months ended September 30, 2024, the company repurchased 385,544 shares of CRD-B at an average cost of $9.34, compared to 63,103 shares at an average cost of $9.24 during the same period in 2023[47]. - As of September 30, 2024, the company had remaining authorization to repurchase 1,113,875 shares under the 2021 Repurchase Authorization[46]. Segment Performance - The company has four reportable segments: North America Loss Adjusting, International Operations, Broadspire, and Platform Solutions, which contribute to its diversified revenue streams[21]. - North America adjusted revenues before reimbursements for Q3 2024 were $79,329,000, a slight decrease from $79,987,000 in Q3 2023[25]. - International Operations revenues before reimbursements for Q3 2024 totaled $105,741,000, up from $98,066,000 in Q3 2023, representing a 7.1% increase[27]. - Claims Management revenues for Q3 2024 were $50,293,000, compared to $47,919,000 in Q3 2023, reflecting a 4.8% growth[28]. - Medical Management revenues increased to $48,716,000 in Q3 2024 from $44,310,000 in Q3 2023, marking a 9.1% rise[28]. - Total Broadspire revenues before reimbursements for Q3 2024 reached $99,009,000, up from $92,229,000 in Q3 2023, indicating a 7.9% increase[28]. - Contractor Connection revenues for Q3 2024 were $17,051,000, down from $19,013,000 in Q3 2023, a decrease of 10.3%[30]. - Networks service line revenues fell significantly to $20,787,000 in Q3 2024 from $34,160,000 in Q3 2023, a decline of 39.0%[30]. - Total Platform Solutions revenues before reimbursements for Q3 2024 were $45,296,000, down from $59,839,000 in Q3 2023, a decrease of 24.3%[30]. Revenue Recognition and Performance Obligations - Revenue recognition is based on the transfer of control of services, with accounts receivable expected to be collected in less than two months, indicating efficient cash flow management[24]. - Deferred revenues related to lifetime claim handling approximated $40,271,000 as of September 30, 2024, compared to $39,800,000 as of December 31, 2023[33]. - The Company expects to close approximately 99% of all cases referred under lifetime claim service agreements within five years from the date of referral[33]. - As of September 30, 2024, the Company had $105.7 million in remaining performance obligations, with an expectation to recognize approximately 67% as revenue within one year[35]. - The deferred revenue balance as of September 30, 2024, was $59.22 million, reflecting quarterly additions of $23.82 million and revenue recognized of $24.56 million from prior and current periods[34]. - The Company expects to recognize the remaining balance of performance obligations as revenue after one year, indicating a stable revenue stream from existing contracts[35]. Tax and Pension Costs - The provision for income taxes for the three months ended September 30, 2024, was $5.33 million, with an effective tax rate of 36.2%, up from 35.8% in the prior year[39]. - The net periodic cost related to defined benefit pension plans for the three months ended September 30, 2024, was $2.87 million, compared to $2.56 million in the same period of 2023[40]. - The Company made contributions of $1.90 million to the U.K. defined benefit pension plans for the nine months ended September 30, 2024, compared to $1.80 million in the same period of 2023[41]. Stock-Based Compensation - Stock-based compensation expenses were $1,218 million, reflecting ongoing investment in employee incentives[18]. - The company issued stock-based compensation totaling $1,574,000 for the three months ended September 30, 2023, reflecting ongoing investment in employee incentives[19]. - Basic earnings per share for CRD-A was $0.19 for the three months ended September 30, 2024, consistent with the prior year, while CRD-B also reported $0.19[43]. - The diluted earnings per share for CRD-A was $0.19 for the three months ended September 30, 2024, and $0.25 for CRD-B, reflecting stable performance[44]. Other Comprehensive Income - Other comprehensive income for the period was $3,823 million, contributing positively to overall financial performance[18]. - The company’s accumulated other comprehensive loss (AOCL) attributable to shareholders was $(211,370,000) as of September 30, 2024[49]. - The company reported a comprehensive loss of $(214,402,000) for the three months ended September 30, 2024, compared to $(218,615,000) for the nine months ended September 30, 2024[49]. Global Operations - The company operates in over 70 countries, providing claims management and outsourcing solutions to insurance companies and self-insured entities, highlighting its global reach[20]. - The company’s North America Loss Adjusting segment services the North American property and casualty market, including operations in the U.S. and Canada[53]. - The company’s International Operations segment services the global property and casualty market outside North America, including operations in the U.K., Europe, Australia, Asia, and Latin America[53].

Financial Performance - Revenues before reimbursements for Q3 2024 were $329.4 million, a slight decrease from $330.1 million in Q3 2023[2] - Net income attributable to shareholders for Q3 2024 was $9.5 million, down from $12.3 million in the same period last year[2] - Diluted earnings per share (EPS) for Q3 2024 were $0.19, compared to $0.25 in Q3 2023[2] - Total revenues for Q3 2024 were $342.726 million, a slight increase of 0% compared to $342.187 million in Q3 2023[26] - Net income for Q3 2024 decreased by 23% to $9.387 million from $12.174 million in Q3 2023[26] - Earnings per share (EPS) for Class A and Class B common stock decreased by 24% to $0.19 in Q3 2024, down from $0.25 in Q3 2023[26] - For the nine months ended September 30, 2024, total revenues were $982.652 million, a decrease of 2% from $1.007754 billion in the same period of 2023[27] - Net income for the nine months ended September 30, 2024, was $20.668 million, down 34% from $31.249 million in 2023[27] Segment Performance - International Operations revenues before reimbursements increased by 7.8% to $105.7 million in Q3 2024, driven by growth in the U.K. and Europe[4] - Broadspire segment achieved record revenues of $99.0 million in Q3 2024, a 7.4% increase from $92.2 million in Q3 2023[5] - North America Loss Adjusting revenues were $79.3 million in Q3 2024, relatively consistent with $80.0 million in Q3 2023[3] - Platform Solutions revenues decreased to $45.3 million in Q3 2024 from $59.8 million in Q3 2023 due to reduced weather-related claim volumes[6] - Revenues before reimbursements for North America in Q3 2024 were $79,329,000, a decrease of 0.8% from $79,987,000 in Q3 2023[29] Operating Expenses and Earnings - Consolidated adjusted EBITDA for Q3 2024 was $29.6 million, or 9.0% of revenues, down from $38.6 million, or 11.7% of revenues, in Q3 2023[2] - Consolidated operating earnings for the three months ended September 30, 2024, were $21,835, a decrease from $29,939 in the same period last year, representing a decline of approximately 27.1%[14] - Operating earnings for North America decreased by 48.0% to $5,443,000 in Q3 2024 from $10,468,000 in Q3 2023[29] - Total operating expenses for North America rose by 6.3% to $73,886,000 in Q3 2024 compared to $69,519,000 in Q3 2023[29] - Non-GAAP adjusted EBITDA for the nine months ended September 30, 2024, was $80,816, compared to $103,024 for the same period in 2023, indicating a decline of approximately 21.5%[15] Cash Flow and Dividends - Free cash flow for the nine months ended September 30, 2024, was $(18,352), a significant decrease from $40,394 in the same period last year, representing a change of $(58,746)[16] - The company reported net cash provided by operating activities of $11,093 for the nine months ended September 30, 2024, down from $68,077 in the same period of 2023, a decrease of approximately 83.7%[16] - Cash dividends per share for Class A and Class B common stock increased by 17% to $0.07 in Q3 2024, compared to $0.06 in Q3 2023[26] - Cash dividends paid in 2024 amounted to $10,320,000, compared to $9,284,000 in 2023[31] Balance Sheet and Debt - The company's total debt increased to $238.4 million as of September 30, 2024, compared to $209.1 million at the end of 2023[9] - Total assets as of September 30, 2024, were $800.794 million, slightly up from $799.199 million as of December 31, 2023[28] - Current liabilities decreased to $283.366 million as of September 30, 2024, from $299.292 million at the end of 2023[28] - Long-term debt and finance leases increased to $205.918 million as of September 30, 2024, compared to $194.335 million at the end of 2023[28] - Shareholders' investment attributable to shareholders of Crawford & Company increased to $160.927 million as of September 30, 2024, from $141.618 million at the end of 2023[28] Other Financial Metrics - Unallocated corporate costs rose to $7.0 million in Q3 2024 from $4.8 million in Q3 2023, primarily due to increased self-insured reserves and professional fees[7] - The company experienced a net loss in corporate interest expense of $4,682 for the three months ended September 30, 2024, compared to a loss of $4,556 in the same period last year[15] - Amortization of intangible assets for the three months ended September 30, 2024, was $1,932, slightly down from $1,986 in the same period of 2023[17] - Non-service pension costs for the three months ended September 30, 2024, were $2,441, compared to $2,170 in the same period last year, reflecting an increase of approximately 12.5%[15] - Weighted-average shares used to compute diluted earnings per share for Class A Common Stock increased to 30,472 for the three months ended September 30, 2024, from 30,063 in the prior year[21]

[Q2 2024 Financial Performance Overview](index=1&type=section&id=Q2%202024%20Financial%20Performance%20Overview) Crawford & Company's Q2 2024 results show slight revenue decline, stable GAAP net income, and modest non-GAAP improvements [CEO Commentary](index=1&type=section&id=CEO%20Commentary) The CEO noted strong Q2 2024 operating earnings growth and improved margins in three segments, particularly Broadspire, despite challenging comparisons and weather impacts on Platform Solutions - Three of four business segments achieved operating earnings growth and improved margins despite challenging prior-year weather comparisons[3](index=3&type=chunk) - The company secured **$23 million** in new and enhanced business, maintaining a robust sales pipeline[3](index=3&type=chunk) - Broadspire achieved a record quarter with strong revenue growth and significant margin improvement[4](index=4&type=chunk) - Platform Solutions was negatively impacted by the absence of severe weather, as carriers had sufficient capacity for current claim volumes[4](index=4&type=chunk) [Consolidated Financial Results](index=1&type=section&id=Consolidated%20Financial%20Results) Q2 2024 consolidated results show a slight revenue decrease, stable GAAP net income and EPS, and modest increases in non-GAAP net income and EPS GAAP Consolidated Results - Q2 2024 vs Q2 2023 | Metric | Q2 2024 | Q2 2023 | | :--- | :--- | :--- | | Revenues before reimbursements | $314.2M | $324.6M | | Net income attributable to shareholders | $8.6M | $8.4M | | Diluted EPS (CRD-A and CRD-B) | $0.17 | $0.17 | Non-GAAP Consolidated Results - Q2 2024 vs Q2 2023 | Metric | Q2 2024 | Q2 2023 | | :--- | :--- | :--- | | Non-GAAP Diluted EPS | $0.25 | $0.24 | | Non-GAAP Net income | $12.4M | $12.0M | | Consolidated adjusted operating earnings | $22.1M | $22.8M | | Consolidated adjusted EBITDA | $30.6M | $31.5M | - Foreign currency exchange rates negatively impacted revenues before reimbursements by **$1.9 million**, resulting in a **3% year-over-year decrease** on a constant dollar basis[4](index=4&type=chunk) [Segment Performance Analysis](index=2&type=section&id=Segment%20Performance%20Analysis) This section analyzes the individual financial performance of the company's four operating segments, highlighting revenue, operating earnings, and margin trends [North America Loss Adjusting](index=2&type=section&id=North%20America%20Loss%20Adjusting) North America Loss Adjusting reported nearly flat revenues but increased operating earnings to **$4.9 million**, improving its operating margin to **6.4%** North America Loss Adjusting Performance - Q2 2024 vs Q2 2023 | Metric | Q2 2024 | Q2 2023 | | :--- | :--- | :--- | | Revenues before reimbursements | $76.0M | $76.4M | | Operating Earnings | $4.9M | $3.9M | | Operating Margin | 6.4% | 5.1% | [International Operations](index=2&type=section&id=International%20Operations) International Operations achieved strong Q2 2024 growth, with revenues up **7.3%** to **$102.3 million** and operating earnings rising to **$5.7 million** International Operations Performance - Q2 2024 vs Q2 2023 | Metric | Q2 2024 | Q2 2023 | | :--- | :--- | :--- | | Revenues before reimbursements | $102.3M | $95.3M | | Operating Earnings | $5.7M | $3.7M | | Operating Margin | 5.6% | 3.9% | [Broadspire](index=2&type=section&id=Broadspire) Broadspire achieved a record quarter with revenues growing **11.3%** to **$97.1 million** and operating earnings surging to **$15.1 million** Broadspire Performance - Q2 2024 vs Q2 2023 | Metric | Q2 2024 | Q2 2023 | | :--- | :--- | :--- | | Revenues before reimbursements | $97.1M | $87.2M | | Operating Earnings | $15.1M | $8.1M | | Operating Margin | 15.5% | 9.3% | [Platform Solutions](index=2&type=section&id=Platform%20Solutions) Platform Solutions faced a challenging quarter with revenues declining **40.8%** to **$38.8 million** due to reduced weather-related claim volumes Platform Solutions Performance - Q2 2024 vs Q2 2023 | Metric | Q2 2024 | Q2 2023 | | :--- | :--- | :--- | | Revenues before reimbursements | $38.8M | $65.6M | | Operating Earnings | $1.5M | $8.1M | | Operating Margin | 3.8% | 12.3% | [Financial Condition and Other Matters](index=2&type=section&id=Financial%20Condition%20and%20Other%20Matters) This section reviews the company's corporate costs, balance sheet position, and cash flow activities, providing insight into its financial health and liquidity [Corporate Costs and Expenses](index=2&type=section&id=Corporate%20Costs%20and%20Expenses) Unallocated corporate costs significantly increased to **$5.1 million** in Q2 2024, primarily due to higher professional fees and reserves, alongside a **2.6%** rise in SG&A expenses - Unallocated corporate costs increased from **$1.1 million** in Q2 2023 to **$5.1 million** in Q2 2024, primarily due to higher professional fees and other reserves[9](index=9&type=chunk) - SG&A expenses increased by **$1.8 million (2.6%)** in Q2 2024, driven by professional fees, IT costs, and compensation expenses[10](index=10&type=chunk) [Balance Sheet and Cash Flow](index=3&type=section&id=Balance%20Sheet%20and%20Cash%20Flow) As of June 30, 2024, cash decreased to **$46.7 million** while total debt rose to **$233.8 million**, with operations using **$8.3 million** in cash during the first half Balance Sheet Key Items | Metric | June 30, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | Cash and Cash Equivalents | $46.7M | $58.4M | | Total Debt Outstanding | $233.8M | $209.1M | - Cash used by operations totaled **$8.3 million** in the first six months of 2024, a shift from **$27.2 million** provided in the prior-year period[12](index=12&type=chunk) - The company repurchased **230,861 shares** of CRD-B stock for **$2.1 million** during the first half of 2024[12](index=12&type=chunk) [Non-GAAP Measures and Reconciliations](index=3&type=section&id=Non-GAAP%20Measures%20and%20Reconciliations) This section defines the non-GAAP financial measures used by the company and provides detailed reconciliations to their most directly comparable GAAP equivalents [Explanation of Non-GAAP Measures](index=3&type=section&id=Explanation%20of%20Non-GAAP%20Measures) The company uses non-GAAP measures like 'Revenues before reimbursements,' 'Operating earnings,' and 'Adjusted EBITDA' to assess performance by excluding specific items for clearer operational insights - Operating earnings serve as the primary financial performance measure for senior management's evaluation, resource allocation, and compensation decisions[14](index=14&type=chunk) - Adjusted EBITDA is defined as net income attributable to shareholders, adjusted for depreciation, amortization, net corporate interest, contingent earnouts, non-service pension costs, income taxes, and stock-based compensation[15](index=15&type=chunk) [Reconciliation Tables](index=5&type=section&id=Reconciliation%20Tables) This section provides detailed reconciliation tables bridging GAAP to non-GAAP financial measures, including consolidated operating earnings, adjusted EBITDA, and adjusted EPS for Q2 2024 and 2023 Reconciliation of GAAP to Non-GAAP Adjusted EPS (Q2 2024) | Metric | Amount | | :--- | :--- | | GAAP Diluted EPS | $0.17 | | Amortization of intangible assets | $0.03 | | Non-service related pension costs | $0.04 | | Contingent earnout adjustments | $0.01 | | **Non-GAAP Adjusted Diluted EPS** | **$0.25** | Reconciliation of Net Income to Adjusted EBITDA (Q2 2024 vs Q2 2023, in thousands) | Metric | Q2 2024 | Q2 2023 | | :--- | :--- | :--- | | Net income attributable to shareholders | $8,584 | $8,427 | | Add: Depreciation and amortization | $8,845 | $9,191 | | Add: Stock-based compensation | $1,613 | $1,586 | | Add: Net corporate interest expense | $4,256 | $4,309 | | Add: Non-service pension costs | $2,399 | $2,095 | | Add: Contingent earnout adjustments | $430 | $725 | | Add: Income tax provision | $4,486 | $5,206 | | **Non-GAAP adjusted EBITDA** | **$30,613** | **$31,539** | [Condensed Consolidated Financial Statements (Unaudited)](index=10&type=section&id=Condensed%20Consolidated%20Financial%20Statements%20(Unaudited)) This section presents the unaudited condensed consolidated financial statements, including statements of operations, balance sheets, segment results, and cash flows [Condensed Consolidated Statements of Operations](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) This statement details the company's revenues, costs, and net income for the three and six months ended June 30, 2024, with comparative 2023 figures Statement of Operations Summary - Six Months Ended June 30 | Metric (in thousands) | 2024 | 2023 | | :--- | :--- | :--- | | Revenues Before Reimbursements | $615,881 | $640,890 | | Total Revenues | $639,926 | $665,567 | | Income Before Income Taxes | $16,814 | $29,552 | | Net Income Attributable to Shareholders | $11,421 | $19,108 | | Diluted EPS | $0.23 | $0.39 | [Condensed Consolidated Balance Sheets](index=13&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The balance sheet provides a snapshot of the company's financial position, detailing assets, liabilities, and shareholders' investment as of June 30, 2024, versus December 31, 2023 Balance Sheet Summary (in thousands) | Metric | June 30, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | Total Current Assets | $351,995 | $369,346 | | Total Assets | $785,812 | $799,199 | | Total Current Liabilities | $272,224 | $299,292 | | Total Liabilities | $636,105 | $659,368 | | Total Shareholders' Investment | $149,707 | $139,831 | [Summary Results by Operating Segment](index=14&type=section&id=Summary%20Results%20by%20Operating%20Segment) This section provides a detailed financial breakdown for each of the company's four operating segments, including revenues, expenses, and operating earnings for Q2 2024 Operating Earnings by Segment - Six Months Ended June 30 (in thousands) | Segment | 2024 | 2023 | | :--- | :--- | :--- | | North America Loss Adjusting | $9,364 | $11,965 | | International Operations | $7,392 | $6,777 | | Broadspire | $27,895 | $16,075 | | Platform Solutions | $2,584 | $18,072 | [Condensed Consolidated Statements of Cash Flows](index=15&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) This statement details the sources and uses of cash for the six months ended June 30, 2024, categorized by operating, investing, and financing activities Cash Flow Summary - Six Months Ended June 30 (in thousands) | Activity | 2024 | 2023 | | :--- | :--- | :--- | | Net cash (used in) provided by operating activities | $(8,253) | $27,169 | | Net cash used in investing activities | $(18,449) | $(17,945) | | Net cash provided by (used in) financing activities | $15,655 | $(8,478) | | (Decrease) Increase in cash | $(11,202) | $1,808 |

Part I. Financial Information This section provides the company's unaudited condensed consolidated financial statements, management's discussion and analysis, market risk disclosures, and internal controls assessment for the period [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements for Q1 2024, including statements of operations, balance sheets, and cash flows, prepared under U.S. GAAP Condensed Consolidated Statements of Operations (Unaudited) | (In thousands, except per share amounts) | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | **Total Revenues** | **$313,073** | **$327,938** | | Income Before Income Taxes | $3,826 | $16,001 | | **Net Income Attributable to Shareholders** | **$2,837** | **$10,681** | | Diluted EPS - Class A Common Stock | $0.06 | $0.22 | | Diluted EPS - Class B Common Stock | $0.06 | $0.22 | Condensed Consolidated Balance Sheets (Unaudited) | (In thousands) | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Cash and cash equivalents | $45,196 | $58,363 | | Total Current Assets | $345,824 | $369,346 | | **TOTAL ASSETS** | **$776,277** | **$799,199** | | Total Current Liabilities | $264,134 | $299,292 | | Long-term debt and finance leases | $210,823 | $194,335 | | **TOTAL LIABILITIES AND SHAREHOLDERS' INVESTMENT** | **$776,277** | **$799,199** | Condensed Consolidated Statements of Cash Flows (Unaudited) | (In thousands) | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | Net cash used in operating activities | $(19,803) | $(445) | | Net cash used in investing activities | $(9,550) | $(8,641) | | Net cash provided by financing activities | $16,073 | $5,187 | | **Decrease in Cash, Cash Equivalents, and Restricted Cash** | **$(12,886)** | **$(2,704)** | - The company operates through four reportable segments: North America Loss Adjusting, International Operations, Broadspire, and Platform Solutions[32](index=32&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=27&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section analyzes the company's financial performance and condition for Q1 2024, highlighting revenue declines, segment performance, and liquidity [Consolidated Results of Operations](index=28&type=section&id=Results%20of%20Operations) Consolidated revenues decreased by **4.6%** in Q1 2024, primarily due to declines in the Platform Solutions segment, impacting overall operating income Consolidated Revenues Before Reimbursements (Q1 2024 vs Q1 2023) | (in thousands) | Q1 2024 | Q1 2023 | % Variance | | :--- | :--- | :--- | :--- | | North America Loss Adjusting | $77,365 | $77,597 | (0.3)% | | International Operations | $98,092 | $91,863 | 6.8% | | Broadspire | $94,298 | $84,054 | 12.2% | | Platform Solutions | $31,899 | $62,820 | (49.2)% | | **Total** | **$301,654** | **$316,334** | **(4.6)%** | - Total cases received decreased by **4.0%** in Q1 2024, mainly due to a reduction of approximately **22,100** high-frequency, low-severity cases in the North America Loss Adjusting and Platform Solutions segments that were present in Q1 2023[102](index=102&type=chunk)[103](index=103&type=chunk) - Selling, general, and administrative (SG&A) expenses increased by **$10.6 million** (**15.9%**) in Q1 2024 compared to Q1 2023, primarily due to higher professional fees, IT costs, bad debt expense, and compensation[105](index=105&type=chunk) [Segment Analysis](index=31&type=section&id=Segment%20Analysis) Segment performance varied, with **Broadspire** showing strong operating earnings growth while **Platform Solutions** experienced a significant decline Segment Operating Earnings (Q1 2024 vs Q1 2023) | (in thousands) | Q1 2024 | Q1 2023 | % Variance | | :--- | :--- | :--- | :--- | | North America Loss Adjusting | $4,479 | $8,065 | (44.5)% | | International Operations | $1,690 | $3,035 | (44.3)% | | Broadspire | $12,804 | $7,927 | 61.5% | | Platform Solutions | $1,115 | $9,966 | (88.8)% | | **Total Segment Operating Earnings** | **$20,088** | **$28,993** | **(30.7)%** | [Liquidity, Capital Resources, and Financial Condition](index=35&type=section&id=Liquidity%2C%20Capital%20Resources%2C%20and%20Financial%20Condition) The company's liquidity remains strong at **$253.9 million**, despite increased cash used in operating activities due to lower earnings - Cash used in operating activities was **$19.8 million** for Q1 2024, a significant increase from **$0.4 million** used in Q1 2023, primarily driven by lower earnings and higher incentive compensation payments[170](index=170&type=chunk) - Total liquidity at March 31, 2024, was **$253.9 million**, comprising **$45.2 million** in cash and **$208.7 million** in additional borrowing capacity under the Credit Facility[174](index=174&type=chunk) - Long- and short-term borrowings increased to **$230.2 million** as of March 31, 2024, from **$209.1 million** at December 31, 2023[173](index=173&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=37&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company reports no material changes to its market risk exposures since the prior fiscal year-end - There have been no material changes in the company's market risk exposures since December 31, 2023[185](index=185&type=chunk) [Controls and Procedures](index=37&type=section&id=Item%204.%20Controls%20and%20Procedures) The company's disclosure controls and procedures were effective as of March 31, 2024, with no material changes to internal controls - The Registrant's Chief Executive Officer and Chief Financial Officer concluded that the disclosure controls and procedures were effective as of March 31, 2024[188](index=188&type=chunk) - No changes in internal control over financial reporting occurred during the quarter ended March 31, 2024, that have materially affected, or are reasonably likely to materially affect, internal controls[189](index=189&type=chunk) Part II. Other Information This section provides updates on risk factors, equity sales, other relevant information, and a list of exhibits filed with the report [Risk Factors](index=38&type=section&id=Item%201A.%20Risk%20Factors) The company reports no material changes to the risk factors previously disclosed in its Annual Report on Form 10-K - The company refers to the risk factors discussed in Part I, Item 1A of its Annual Report on Form 10-K for the year ended December 31, 2023, as factors that could materially affect its business[191](index=191&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=38&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased **85,632** shares of Class B Common Stock in Q1 2024, with **1.4 million** shares remaining under authorization Share Repurchases in Q1 2024 | Period | Class | Total Shares Purchased | Average Price Paid Per Share | | :--- | :--- | :--- | :--- | | Jan 2024 | CRD-A / CRD-B | 0 | $ - | | Feb 2024 | CRD-A / CRD-B | 0 | $ - | | Mar 2024 | CRD-B | 85,632 | $8.56 | | **Total Q1 2024** | **CRD-B** | **85,632** | **$8.56** | - As of March 31, 2024, the company was authorized to repurchase an additional **1,413,787** shares under its repurchase program, which is effective through December 31, 2024[192](index=192&type=chunk) [Other Information](index=38&type=section&id=Item%205.%20Other%20Information) No directors or officers adopted or terminated Rule 10b5-1 trading plans during the first quarter of 2024 - During Q1 2024, no directors or officers adopted or terminated any Rule 10b5-1 trading plans or non-Rule 10b5-1 trading arrangements[194](index=194&type=chunk) [Exhibits](index=39&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed, including CEO/CFO certifications and Inline XBRL interactive data files - The report includes several exhibits, notably: - Certifications by the CEO and CFO pursuant to Section 302 and Section 906 of the Sarbanes-Oxley Act - Inline XBRL Instance Document and related taxonomy files[196](index=196&type=chunk)