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] - Net income for the three months ended September 30, 2023, was $12,319,000, an increase from $10,681,000 in the previous quarter[19] - The Company recognized a net income attributable to common shareholders of $7.329 million for the three months ended September 30, 2024, compared to $4.990 million in the same period of 2023[43] 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] - Cash and cash equivalents were $52,340,000 as of September 30, 2024, down from $58,363,000 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 goodwill as of September 30, 2024, was $76,631,000, slightly down from $76,724,000 at December 31, 2023[13] - Total shareholders' investment increased to $139,831 million, up from $2,779 million, demonstrating growth in equity[18] - The balance at September 30, 2024, showed total assets of $160,927 million, reflecting the company's robust financial position[18] Cash Flow - 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] - Net cash used in investing activities totaled $(29,445) million, compared to $(27,683) million in the previous period, indicating an increase in investment outflows[16] - Cash dividends paid increased to $(10,320) million from $(9,284) million, reflecting a rise in shareholder returns[16] - 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] - Net cash provided by financing activities was $13,309 million, a turnaround from $(38,070) million in the previous period, highlighting improved cash flow management[16] - 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] Segment Performance - North America adjusted revenues before reimbursements for Q3 2024 were $79,329,000, a slight decrease of 0.8% from $79,987,000 in Q3 2023[25] - International Operations revenues before reimbursements for Q3 2024 totaled $105,741,000, up 7.3% from $98,066,000 in Q3 2023[27] - Broadspire segment revenues before reimbursements for Q3 2024 reached $99,009,000, an increase of 7.7% compared to $92,229,000 in Q3 2023[28] - Contractor Connection service line revenues for Q3 2024 were $17,051,000, down 10.3% from $19,013,000 in Q3 2023[30] - Networks service line revenues for Q3 2024 decreased significantly to $20,787,000 from $34,160,000 in Q3 2023, a decline of 39.0%[30] - Total revenues for the Platform Solutions segment before reimbursements in Q3 2024 were $45,296,000, down 24.3% from $59,839,000 in Q3 2023[30] - Claims Management service line revenues for Q3 2024 were $50,293,000, an increase of 4.8% from $47,919,000 in Q3 2023[28] - Medical Management service line revenues for Q3 2024 increased to $48,716,000 from $44,310,000 in Q3 2023, reflecting a growth of 10.8%[28] Shareholder Returns - Cash dividends paid for Class A and Class B shares were $3,430,000 for the three months ended September 30, 2023, maintaining a dividend of $0.06 per share[19] - The company reported a retained earnings balance of $234,718,000 as of September 30, 2023, reflecting an increase from $220,850,000 at the end of June 2023[19] - The company has remaining authorization to repurchase 1,113,875 shares under the 2021 Repurchase Authorization[46] - The company did not repurchase any shares of CRD-A during the nine months ended September 30, 2024[47] Tax and Pension - The provision for income taxes for the three months ended September 30, 2024, totaled $5.333 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 $2.873 million, compared to $2.556 million in the same period of 2023[40] - The Company made contributions of $1.904 million to the U.K. defined benefit pension plans for the nine months ended September 30, 2024, compared to $1.795 million in the same period of 2023[41] Company Operations - The company has four reportable segments: North America Loss Adjusting, International Operations, Broadspire, and Platform Solutions[21] - The company operates in over 70 countries, providing claims management and outsourcing solutions to insurance companies and self-insured entities[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] Future Outlook - The Company expects continued growth in its international operations, with a focus on enhancing service lines and expanding market reach[27] - The company plans to adopt new segment reporting standards effective for fiscal years beginning after December 15, 2023[22] - The company is evaluating the impact of new income tax disclosure standards effective for fiscal years beginning after December 15, 2024[23] - 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 $14.666 million from prior periods[34]
Crawford(CRD_B) - 2024 Q3 - Quarterly Report