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 357,909 thousand in 2021, representing a decrease of approximately 0.13%[219] - The International Loss Adjusting segment generated 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 1.102 billion in 2021[140] - Net loss attributable to Crawford & Company was 30.7 million in 2021[140] - U.S. revenues increased by 23.5% 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 357.9 million in 2021, with a 7.7% boost from foreign exchange rates[89] Expenses and Liabilities - Corporate interest expense totaled 7.0 million in 2021, with a weighted average interest rate of 3.3%[100] - The estimated liabilities for self-insured risks totaled 26.2 million in 2021, with a sensitivity of approximately 24,270,000 as of December 31, 2022, down from 54.3 million in 2021, a decrease of 93.2 million in 2020[112] - Cash used in investing activities increased by 70.8 million, primarily for acquisitions and capital expenditures[113] - The company acquired HBA Group for 19.0 million, and an initial payment for the Praxis acquisition for 27,634 million in 2022 from 57,876 million in 2022, down from 36.8 million due to indicators in its International Operations and Crawford Legal Services reporting units, with specific impairments of 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]
Crawford(CRD_B) - 2022 Q4 - Annual Report