Financial Performance - Revenues before reimbursements for Q2 2024 were 314.2million,adecreaseof(3)324.6 million in Q2 2023[3] - Net income attributable to shareholders for Q2 2024 was 8.6million,slightlyincreasingfrom8.4 million in the same period last year[3] - Total revenues for Q2 2024 decreased by 3% to 326,853,000comparedto337,629,000 in Q2 2023[25] - Net income for Q2 2024 increased by 2% to 8,502,000,upfrom8,345,000 in Q2 2023[25] - Total revenues for the first half of 2024 decreased by 4% to 639,926,000comparedto665,567,000 in the same period of 2023[26] - Net income for the first half of 2024 decreased by 41% to 11,281,000,downfrom19,075,000 in the first half of 2023[26] - Year-to-date net income for 2024 was 11,281,downfrom19,075 in 2023[31] Earnings and Shares - Diluted earnings per share (EPS) remained unchanged at 0.17forbothCRD−AandCRD−BinQ22024,consistentwithQ22023[3]−Non−GAAPdilutedEPSforQ22024was0.25, up from 0.24inQ22023[4]−Earningspershare(EPS)forClassAandClassBcommonstockremainedstableat0.17 in Q2 2024, unchanged from Q2 2023[25] - Weighted-average shares used to compute diluted earnings per share for Q2 2024 were 30,171, an increase from 29,770 in Q2 2023[22] Revenue Segmentation - Broadspire segment achieved record revenues of 97.1millioninQ22024,anincreaseof11.387.2 million in Q2 2023[7] - International Operations revenues before reimbursements were 102.3million,up7.395.3 million in Q2 2023[6] - North America Loss Adjusting revenues were 76.0million,aslightdecreaseof(0.4)76.4 million in Q2 2023[5] - Platform Solutions revenues fell by (40.8)% to 38.8millioninQ22024,downfrom65.6 million in Q2 2023 due to reduced weather-related claim volumes[8] - North America revenues before reimbursements decreased by 0.4% to 76,030,whileinternationaloperationsincreasedby7.395,312[29] Cash Flow and Liquidity - The company's consolidated cash and cash equivalents as of June 30, 2024, totaled 46.7million,downfrom58.4 million at the end of 2023[11] - Free cash flow for the six months ended June 30, 2024, was (26,702),adecreaseof35,926 compared to 9,224inthesameperiodof2023[19]−Thecompanyreportedanetcashusedinoperatingactivitiesof(8,253) for the six months ended June 30, 2024, compared to 27,169inthesameperiodof2023,achangeof(35,422)[19] - The company reported a decrease in cash and cash equivalents to 48,343attheendoftheperiodfrom48,453 in the previous year[31] Debt and Assets - Total debt outstanding increased to 233.8millionasofJune30,2024,comparedto209.1 million at the end of 2023[11] - Total assets decreased to 785,812,000asofJune30,2024,comparedto799,199,000 at the end of 2023[27] - Total current liabilities decreased to 272,224,000asofJune30,2024,downfrom299,292,000 at the end of 2023[27] Operating Expenses - Selling, general, and administrative expenses increased by 9% to 149,590,000inthefirsthalfof2024comparedto137,184,000 in the same period of 2023[26] - Total operating expenses in North America decreased by 1.8% to 71,145,whileinternationaloperationsincreasedby5.596,581[29] Other Financial Metrics - Non-GAAP adjusted EBITDA for Q2 2024 was 30,613,down3.031,539 in Q2 2023[18] - GAAP pretax earnings for the six months ended June 30, 2024, were 16,814,downfrom29,552 in the same period of 2023[21] - Non-GAAP adjusted net income for the six months ended June 30, 2024, was 18,939,comparedto25,907 in the same period of 2023[21] Dividends - Cash dividends per share for Class A and Class B common stock increased by 17% to 0.07inQ22024,upfrom0.06 in Q2 2023[25] - Cash dividends paid increased to (6,880)in2024from(5,854) in 2023[31]
