FOR IMMEDIATE RELEASE Crawford & Company® 5335 Triangle Parkway Peachtree Corners, GA 30092 CRAWFORD & COMPANY REPORTS 2023 FOURTH QUARTER AND FULL YEAR RESULTS ACHIEVED RECORD REVENUES FOR YEAR ATLANTA, (March 4, 2024) -- 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 ...

55 59 The accompanying notes are an integral part of these consolidated financial statements. The accompanying notes are an integral part of these consolidated financial statements. CRAWFORD & COMPANY CONSOLIDATED STATEMENTS OF SHAREHOLDERS' INVESTMENT (In thousands) The accompanying notes are an integral part of these consolidated financial statements. 1. Significant Accounting and Reporting Policies Shares of the Company's two classes of common stock are traded on the New York Stock Exchange ("NYSE") unde ...

United States SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the transition period from ____ to ____ Commission file number 1-10356 CRAWFORD & COMPANY (Address of principal executive offices) (Zip Code) (404) 300-1000 (Registrant's telephone number, inc ...

Revenue Growth - Consolidated revenues before reimbursements increased by $27.3 million, or 9.3%, for the three months ended June 30, 2023, and $61.3 million, or 10.7% for the six months ended June 30, 2023 compared to the same periods in 2022[53]. - Excluding foreign currency impacts, consolidated revenues before reimbursements increased by $34.8 million, or 11.9%, for the three months ended June 30, 2023, and $78.2 million, or 13.7% for the six months ended June 30, 2023 compared to the same periods in 2022[54]. - Total revenues for the three months ended June 30, 2023, increased by 11.3% to $658,334,000 compared to $591,440,000 for the same period in 2022[84]. - Total revenues before reimbursements for the six months ended June 30, 2023, were $633,657,000, up from $572,370,000 in the same period of 2022[86]. - Total revenues for the six months ended June 30, 2023, were $658,334,000, an increase from $591,440,000 in the same period of 2022[91]. Segment Performance - North America Loss Adjusting segment revenues increased by 17.5% for the six months ended June 30, 2023 compared to the same period in 2022[63]. - Gross profit for the North America Loss Adjusting segment increased by 35.6% for the six months ended June 30, 2023 compared to the same period in 2022[63]. - Revenues from the Broadspire segment increased for the quarter and year-to-date due to an increase in Medical Management revenues[54]. - The International Operations segment experienced a revenue decrease of 22.6% for the three months ended June 30, 2023 compared to the same period in 2022[55]. - North America Loss Adjusting segment revenues rose by 17.5% to $152,954,000, while International Operations saw a modest increase of 2.3% to $187,175,000[84]. Profitability Metrics - The company reported a gross profit margin of 17.5% for the six months ended June 30, 2023, compared to 12.6% in the same period of 2022, reflecting a 4.9% increase[70]. - Operating earnings for International Operations improved to $6.8 million for the six months ended June 30, 2023, compared to a loss of $3.7 million in the same period of 2022[70]. - North America Loss Adjusting segment operating earnings were $3,900,000, or 5.1% of revenues before reimbursements, compared to $2,649,000, or 4.0% in 2022[92]. - International Operations reported operating earnings of $3,742,000 for the three months ended June 30, 2023, a significant improvement from a loss of $661,000 in 2022, representing a 666.1% increase[97]. - The gross profit margin for International Operations improved to 17.9% in the three months ended June 30, 2023, compared to 14.3% in 2022[97]. Expense Management - Costs of services provided increased by $15.9 million, or 7.3%, for the three months ended June 30, 2023, and $37.4 million, or 8.8% for the six months ended June 30, 2023 compared to the 2022 periods[56]. - Selling, general, and administrative expenses increased by $1.2 million, or 1.8%, in the three months ended June 30, 2023, but decreased by $0.3 million, or (0.2)%, in the six months ended June 30, 2023 compared to the 2022 period[56]. - Direct compensation, fringe benefits, and non-employee labor expenses in North America Loss Adjusting segment were 72.0% of revenues before reimbursements for Q2 2023, down from 73.5% in Q2 2022, with total expenses increasing to $54.6 million from $48.3 million[68]. - Direct expenses for International Operations decreased by 2.5% to $78,281,000 in the three months ended June 30, 2023, from $80,297,000 in 2022[97]. - Direct compensation, fringe benefits, and non-employee labor as a percentage of revenues before reimbursements decreased to 65.4% for the three months ended June 30, 2023, compared to 69.7% in the same period of 2022[117]. Case Volume Trends - Total Crawford cases received decreased by 6.9% for both the three and six months ended June 30, 2023 compared to the same periods in 2022[54]. - The company experienced a decrease in cases received of 22.6% for Q2 2023 compared to Q2 2022, primarily due to reduced high-frequency, low-severity weather-related activity[74]. - Total international operations cases received decreased by 22.6% to 114,073 for the three months ended June 30, 2023, compared to 147,297 in the same period of 2022[101]. - Broadspire cases received increased by 3.1% to 143,448 for the three months ended June 30, 2023, compared to 139,123 in the same period of 2022[106]. - The total number of cases received in the Platform Solutions segment decreased by 1.5% in Q2 2023 compared to Q2 2022, with a total of 116,131 cases[129]. Financial Position - As of June 30, 2023, the company's working capital balance was approximately $85.8 million, an increase of $14.0 million from December 31, 2022[141]. - Cash and cash equivalents were $47.5 million at June 30, 2023, compared to $46.0 million at December 31, 2022[141]. - The cash and cash equivalents included $22.0 million held in the U.S. and $25.5 million held in foreign subsidiaries[141]. - The company maintains a permanent reinvestment assertion on a portion of prior year undistributed earnings for certain foreign operations[141]. - Future foreign earnings are expected to remain permanently reinvested to fund working capital, pension obligations, non-U.S. debt repayment, capital improvements, and future acquisitions[141]. Tax and Interest Expenses - The effective income tax rate increased to 38.4% for Q2 2023, up from 32.2% in Q2 2022, primarily due to losses in certain international operations[131]. - Corporate interest expense totaled $5.0 million for Q2 2023, compared to $2.1 million in Q2 2022, reflecting higher interest costs due to changes in interest rates[139]. Employee Metrics - The average number of full-time equivalent employees in North America Loss Adjusting segment increased to 2,073 for the six months ended June 30, 2023, from 1,963 in the same period of 2022[68]. - Average full-time equivalent employees in the Broadspire segment increased to 2,602 in the first half of 2023, compared to 2,442 in the same period of 2022[122].

| --- | --- | --- | --- | --- | |---------------------------------------------------------------------------------------------------|-------|-------------------------------------|-------------|------------------------------| | (In thousands, except per share amounts) \nRevenues: \nRevenues before reimbursements | $ | Three Months \n2023 \n312,992 | Ended \n$ | March 31, \n2022 \n279,025 | | Reimbursements | | 11,604 | | 8,764 | | Total Revenues | | 324,596 | | 287,789 | | | | | | | | Costs and Expenses: | | ...

Revenue Segments - North America Loss Adjusting segment accounted for 23.1% of the Company's revenues before reimbursements in 2022[24] - International Operations segment accounted for 30.0% of the Company's revenues before reimbursements in 2022[27] - Broadspire segment accounted for 26.4% of the Company's revenues before reimbursements in 2022[29] - Platform Solutions segment accounted for 20.5% of the Company's revenues before reimbursements in 2022[31] - Revenues from international operations accounted for 38.3%, 40.2%, and 41.9% of consolidated revenues before reimbursements for 2022, 2021, and 2020, respectively[164] - Total International Operations Revenues before Reimbursements amounted to $357,452 thousand in 2022, slightly down from $357,909 thousand in 2021, representing a decrease of approximately 0.13%[219] - The International Loss Adjusting segment generated $335,575 thousand in revenue for 2022, compared to $331,110 thousand in 2021, indicating a growth of about 1.4%[219] Employee and Workforce - The Company operates in 70 countries with approximately 10,400 employees, of which 92% are full-time[39] - Women comprise 56% of the global workforce, with 29% in country-president roles and 28% in senior management[39] - The Company emphasizes employee wellness with comprehensive benefit programs, including fitness challenges and telemedicine services[42] - The Company received high scores in employee engagement, with 88% believing they do not face bias due to personal identity[46] Financial Performance - Consolidated revenues before reimbursements were $1.189 billion in 2022, an increase of 7.9% compared to $1.102 billion in 2021[140] - Net loss attributable to Crawford & Company was $(18.3) million in 2022, compared to net income of $30.7 million in 2021[140] - U.S. revenues increased by 23.5% to $158.5 million in 2021, driven by weather-related cases and new client growth[83] - Canadian revenues decreased by 4.4% to $85.3 million in 2021, primarily due to the pandemic's negative economic impact[84] - Total North America Loss Adjusting revenues rose by 12.0% to $243.8 million in 2021[83] - International Operations segment revenues increased by 11.0% to $357.9 million in 2021, with a 7.7% boost from foreign exchange rates[89] Expenses and Liabilities - Corporate interest expense totaled $11.0 million in 2022, up from $7.0 million in 2021, with a weighted average interest rate of 3.3%[100] - The estimated liabilities for self-insured risks totaled $24.3 million as of December 31, 2022, down from $26.2 million in 2021, with a sensitivity of approximately $0.4 million for a 1.0% change in the discount rate[162] - The accrued liabilities for self-insured risks totaled $24,270,000 as of December 31, 2022, down from $26,226,000 in 2021[214] Cash Flow and Investments - Cash provided by operating activities totaled $54.3 million in 2021, a decrease of $38.9 million from $93.2 million in 2020[112] - Cash used in investing activities increased by $43.8 million in 2021, totaling $70.8 million, primarily for acquisitions and capital expenditures[113] - The company acquired HBA Group for $3.8 million, edjuster for $19.0 million, and an initial payment for the Praxis acquisition for $21.5 million in 2021[113] - Net cash provided by operating activities decreased to $27,634 million in 2022 from $54,321 million in 2021, reflecting a decline of approximately 49%[201] - Cash used in investing activities was $57,876 million in 2022, down from $70,826 million in 2021, indicating a reduction of about 18%[201] Goodwill and Impairment - In Q3 2022, the company recognized a pretax goodwill impairment of $36.8 million due to indicators in its International Operations and Crawford Legal Services reporting units, with specific impairments of $19.6 million and $3.2 million respectively[182] - The company identified goodwill impairment indicators in its North America Loss Adjusting and Platform Solutions segments, leading to a quantitative analysis and subsequent impairment recognition[182] - The company incurred goodwill impairment of $36,808 million in 2022, while there was no such impairment recorded in 2021[201] Revenue Recognition - The Company recognizes revenue over time for claims management services as performance obligations are satisfied, ensuring accurate revenue depiction[218] - Revenue for claims billed on a time and expense incurred basis is recognized at the amount the Company has the right to invoice for services performed, reflecting variable consideration[218] - The Contractor Connection service line generates revenue by charging a fee for each project sold by its network of contractors, with revenue recognized at the point of consumer acceptance of the contractor's proposal[220] Market Risks and Taxation - The company’s operations are exposed to market risks from foreign currency exchange rates and interest rates, with strategies in place to manage these risks[193] - Future changes in tax laws could significantly impact the company, although specific effects cannot be predicted at this time[189] - The effective income tax rate for 2021 was 30.4%, with an anticipated range of 33% to 35% for 2023[99]

United States SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the quarterly period ended September 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the transition period from ____ to ____ Commission file number 1-10356 CRAWFORD & COMPANY (Exact name of Registrant as specified in its charter) Georgia 58-0506554 (State or other jurisdiction ...

Revenue Growth - Consolidated revenues before reimbursements increased by $25.9 million, or 9.7%, for the three months ended June 30, 2022, and $51.7 million, or 9.9%, for the six months ended June 30, 2022, compared to the same periods in 2021 [112]. - Total revenues, including reimbursements, reached $303.7 million for the three months ended June 30, 2022, reflecting a 9.8% increase compared to $276.5 million in the same period of 2021 [113]. - Revenues before reimbursements for the three months ended June 30, 2022, were $293,345,000, up from $267,457,000 in 2021, representing a growth of 9.7% [115]. - Total revenues for the three months ended June 30, 2022, were $303.7 million, an increase of 9.8% from $276.5 million in the same period of 2021 [131]. - Revenues before reimbursements for the six months ended June 30, 2022, totaled $130.2 million, a 15.7% increase from $112.5 million in the same period of 2021 [137]. - For the six months ended June 30, 2022, revenues before reimbursements totaled $183.0 million, a 3.0% increase from $177.7 million in the same period of 2021 [149]. Segment Performance - Revenues from the North America Loss Adjusting segment increased by 17.0% to $65.8 million for the three months ended June 30, 2022, and by 15.7% to $130.2 million for the six months ended June 30, 2022 [113]. - International Operations segment revenues increased by 2.7% to $93.7 million for the three months ended June 30, 2022, and by 3.0% to $183.0 million for the six months ended June 30, 2022 [113]. - Broadspire segment revenues rose by 5.5% to $80.1 million for the three months ended June 30, 2022, and by 4.3% to $156.6 million for the six months ended June 30, 2022 [113]. - Platform Solutions segment revenues increased by 21.9% to $53.7 million for the three months ended June 30, 2022, and by 27.9% to $102.6 million for the six months ended June 30, 2022 [113]. - The International Operations segment reported an operating loss of $0.7 million, or (0.8%) of revenues before reimbursements, for Q2 2022, compared to operating earnings of $2.1 million, or 2.3% in Q2 2021 [144]. Case Volume and Activity - The company experienced a 15.5% increase in cases received for the three months ended June 30, 2022, and a 16.4% increase for the six months ended June 30, 2022, compared to the prior year [112]. - Total Crawford cases received increased by 15.5% to 480,706 for the three months ended June 30, 2022, compared to 416,207 in the same period of 2021 [115]. - The North America Loss Adjusting segment experienced a 19.7% increase in case volumes for Q2 2022, with a total of 76,419 cases received compared to 63,818 in Q2 2021 [139]. - The International Operations segment experienced an 18.6% increase in unit volume, measured by cases received, for Q2 2022 compared to Q2 2021 [151]. - Cases received increased by 18.6% and 24.2% for the three and six months ended June 30, 2022, compared to the same periods in 2021 [154]. Expenses and Profitability - Costs of services provided increased by $25.0 million, or 12.9%, for the three months ended June 30, 2022, compared to the same period in 2021 [115]. - SG&A expenses rose by $6.7 million, or 11.5%, for the three months ended June 30, 2022, compared to the prior year [115]. - Direct expenses for Q2 2022 were $54.6 million, up 21.5% from $44.9 million in Q2 2021, leading to a gross profit of $11.2 million, a slight decrease of 0.7% [134]. - The gross profit margin for Q2 2022 was 17.0%, down from 20.0% in Q2 2021, while the operating margin decreased to 4.1% from 5.5% [134]. - The company reported a net income of $5.8 million for the three months ended June 30, 2022, compared to $11.8 million in the same period of 2021 [131]. Foreign Exchange Impact - Changes in foreign exchange rates negatively impacted consolidated revenues by $6.2 million, or 2.3%, for the three months ended June 30, 2022, and $9.1 million, or 1.8%, for the six months ended June 30, 2022 [112]. - The change in exchange rates negatively impacted revenues by approximately 5.8%, or $5.3 million, for Q2 2022 compared to Q2 2021 [149]. Corporate and Financial Metrics - The effective income tax rate for the three months ended June 30, 2022, increased to 32.2% compared to 23.3% for the same period in 2021, primarily due to losses in certain international operations [178]. - Corporate interest expense for the three months ended June 30, 2022, totaled $2.1 million, up from $1.5 million in the same period of 2021 [179]. - Cash used in operating activities was $12.8 million for the six months ended June 30, 2022, compared to $10.5 million provided by operating activities in the same period of 2021 [187]. - Cash used in investing activities was $38.6 million for the six months ended June 30, 2022, compared to $11.8 million in the same period of 2021 [188]. - At June 30, 2022, the working capital balance was approximately $64.9 million, an increase of $22.8 million from December 31, 2021 [185].

United States SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the quarterly period ended March 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the transition period from ____ to ____ Commission file number 1-10356 CRAWFORD & COMPANY (Exact name of Registrant as specified in its charter) Georgia 58-0506554 (State or other jurisdiction of ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 Form 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Georgia (State or other jurisdiction of incorporation or organization) 58-0506554 (I.R.S. Employer Identification Number) 5335 Triangle Parkway, Peachtree Corners, Georgia ( ...