Crawford(CRD_B) - 2024 Q1 - Quarterly Results

Financial Performance - Revenues before reimbursements for Q1 2024 were $301.7 million, down 5% from$ 316.3 million in Q1 2023[4] - Net income attributable to shareholders decreased to $2.8 million in Q1 2024 from$ 10.7 million in the same period last year[4] - Diluted earnings per share for both CRD-A and CRD-B were $0.06, compared to$ 0.22 in Q1 2023[4] - Consolidated adjusted EBITDA was $20.6 million, or 6.8% of revenues, down from$ 32.8 million, or 10.4% of revenues, in Q1 2023[5] - Total revenues for the three months ended March 31, 2024, decreased by 5% to $313,073 million compared to$ 327,938 million in the same period of 2023[22] - Net income attributable to shareholders decreased by 73% to $2,837 million from$ 10,681 million year-over-year[22] - Operating earnings for North America decreased by 44.5% to $4,479 million compared to$ 8,065 million in the prior year[24] - Net income for Q1 2024 was $6.5 million, down 53.3% from$ 13.9 million in Q1 2023[28] - Diluted earnings per share (EPS) on a non-GAAP basis decreased to $0.13 in Q1 2024 from$ 0.28 in Q1 2023, representing a 53.6% decline[28] - Operating earnings for Q1 2024 were $12.1 million, or 4.0% of revenues, down from$ 24.9 million, or 7.9% of revenues, in Q1 2023[28] Revenue Breakdown - North America Loss Adjusting revenues were $77.4 million, a decrease of 0.3% from$ 77.6 million in Q1 2023[6] - International Operations revenues increased by 6.8% to $98.1 million, with operating earnings of$ 1.7 million[7] - Broadspire segment achieved a record revenue of $94.3 million, up 12.2% from$ 84.1 million in Q1 2023[8] - Platform Solutions revenues fell 49.2% to $31.9 million, down from$ 62.8 million in Q1 2023[9] - The absence of catastrophic weather events resulted in a $30 million decline in revenues from the Platform Solutions segment compared to the previous year[27] - The U.S. market accounted for 59.6% of total revenues in Q1 2024, down from 63.2% in Q1 2023[35] Expenses and Costs - Selling, General, and Administrative expenses increased by 16% to$ 77,320 million compared to $66,711 million in the prior year[22] - Total costs and expenses for the three months ended March 31, 2024, decreased by 1% to$ 306,724 million compared to $309,792 million in the same period of 2023[22] - Unallocated corporate costs rose to$ 8.0 million in Q1 2024, compared to $4.1 million in Q1 2023[10] Cash and Assets - Cash and cash equivalents as of March 31, 2024, totaled$ 45.2 million, down from $58.4 million at the end of 2023[13] - Total current assets decreased to$ 345,824 million from $369,346 million as of December 31, 2023[23] - Total liabilities decreased to$ 776,277 million from $799,199 million as of December 31, 2023[23] - Long-term debt and finance leases increased to$ 210,823 million from $194,335 million as of December 31, 2023[23] - Total assets decreased to$ 776,277 million from $799,199 million as of December 31, 2023[23] Shareholder Returns - Cash dividends per share for Class A and Class B common stock increased by 17% to$ 0.07 from $0.06 year-over-year[22] - The company repurchased 85,632 shares of CRD-B at an average cost of$ 8.56 per share, totaling $0.7 million in Q1 2024[32] Financing Activities - The company reported a net cash provided by financing activities of$ 16.1 million in Q1 2024, compared to $5.2 million in Q1 2023[32] Financial Position - The balance sheet remains strong with ample liquidity and conservatively managed debt, positioning the company for growth opportunities in 2024[29] - Crawford & Company reported a beginning restricted cash of$ 1,182,000 at December 31, 2023, and an ending restricted cash of $1,463,000 at March 31, 2024[50] - The company’s financial statements are unaudited and presented in thousands, except for per share amounts and percentages[46] - The financial results include a non-GAAP measurement representing net income attributable to the applicable reporting segment, excluding various expenses[49]