Financial Performance - Revenues before reimbursements for Q2 2024 were $314.2 million, a decrease of (3)% from $324.6 million in Q2 2023[3] - Net income attributable to shareholders for Q2 2024 was $8.6 million, slightly increasing from $8.4 million in the same period last year[3] - Total revenues for Q2 2024 decreased by 3% to $326,853,000 compared to $337,629,000 in Q2 2023[25] - Net income for Q2 2024 increased by 2% to $8,502,000, up from $8,345,000 in Q2 2023[25] - Total revenues for the first half of 2024 decreased by 4% to $639,926,000 compared to $665,567,000 in the same period of 2023[26] - Net income for the first half of 2024 decreased by 41% to $11,281,000, down from $19,075,000 in the first half of 2023[26] - Year-to-date net income for 2024 was $11,281, down from $19,075 in 2023[31] Earnings and Shares - Diluted earnings per share (EPS) remained unchanged at $0.17 for both CRD-A and CRD-B in Q2 2024, consistent with Q2 2023[3] - Non-GAAP diluted EPS for Q2 2024 was $0.25, up from $0.24 in Q2 2023[4] - Earnings per share (EPS) for Class A and Class B common stock remained stable at $0.17 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 $97.1 million in Q2 2024, an increase of 11.3% from $87.2 million in Q2 2023[7] - International Operations revenues before reimbursements were $102.3 million, up 7.3% from $95.3 million in Q2 2023[6] - North America Loss Adjusting revenues were $76.0 million, a slight decrease of (0.4)% from $76.4 million in Q2 2023[5] - Platform Solutions revenues fell by (40.8)% to $38.8 million in Q2 2024, down from $65.6 million in Q2 2023 due to reduced weather-related claim volumes[8] - North America revenues before reimbursements decreased by 0.4% to $76,030, while international operations increased by 7.3% to $95,312[29] Cash Flow and Liquidity - The company's consolidated cash and cash equivalents as of June 30, 2024, totaled $46.7 million, down from $58.4 million at the end of 2023[11] - Free cash flow for the six months ended June 30, 2024, was $(26,702), a decrease of $35,926 compared to $9,224 in the same period of 2023[19] - The company reported a net cash used in operating activities of $(8,253) for the six months ended June 30, 2024, compared to $27,169 in the same period of 2023, a change of $(35,422)[19] - The company reported a decrease in cash and cash equivalents to $48,343 at the end of the period from $48,453 in the previous year[31] Debt and Assets - Total debt outstanding increased to $233.8 million as of June 30, 2024, compared to $209.1 million at the end of 2023[11] - Total assets decreased to $785,812,000 as of June 30, 2024, compared to $799,199,000 at the end of 2023[27] - Total current liabilities decreased to $272,224,000 as of June 30, 2024, down from $299,292,000 at the end of 2023[27] Operating Expenses - Selling, general, and administrative expenses increased by 9% to $149,590,000 in the first half of 2024 compared to $137,184,000 in the same period of 2023[26] - Total operating expenses in North America decreased by 1.8% to $71,145, while international operations increased by 5.5% to $96,581[29] Other Financial Metrics - Non-GAAP adjusted EBITDA for Q2 2024 was $30,613, down 3.0% from $31,539 in Q2 2023[18] - GAAP pretax earnings for the six months ended June 30, 2024, were $16,814, down from $29,552 in the same period of 2023[21] - Non-GAAP adjusted net income for the six months ended June 30, 2024, was $18,939, compared to $25,907 in the same period of 2023[21] Dividends - Cash dividends per share for Class A and Class B common stock increased by 17% to $0.07 in Q2 2024, up from $0.06 in Q2 2023[25] - Cash dividends paid increased to $(6,880) in 2024 from $(5,854) in 2023[31]
Crawford(CRD_B) - 2024 Q2 - Quarterly Results