Financial Performance - Revenues before reimbursements for Q3 2024 were $329.4 million, a slight decrease from $330.1 million in Q3 2023[2] - Net income attributable to shareholders for Q3 2024 was $9.5 million, down from $12.3 million in the same period last year[2] - Diluted earnings per share (EPS) for Q3 2024 were $0.19, compared to $0.25 in Q3 2023[2] - Total revenues for Q3 2024 were $342.726 million, a slight increase of 0% compared to $342.187 million in Q3 2023[26] - Net income for Q3 2024 decreased by 23% to $9.387 million from $12.174 million in Q3 2023[26] - Earnings per share (EPS) for Class A and Class B common stock decreased by 24% to $0.19 in Q3 2024, down from $0.25 in Q3 2023[26] - For the nine months ended September 30, 2024, total revenues were $982.652 million, a decrease of 2% from $1.007754 billion in the same period of 2023[27] - Net income for the nine months ended September 30, 2024, was $20.668 million, down 34% from $31.249 million in 2023[27] Segment Performance - International Operations revenues before reimbursements increased by 7.8% to $105.7 million in Q3 2024, driven by growth in the U.K. and Europe[4] - Broadspire segment achieved record revenues of $99.0 million in Q3 2024, a 7.4% increase from $92.2 million in Q3 2023[5] - North America Loss Adjusting revenues were $79.3 million in Q3 2024, relatively consistent with $80.0 million in Q3 2023[3] - Platform Solutions revenues decreased to $45.3 million in Q3 2024 from $59.8 million in Q3 2023 due to reduced weather-related claim volumes[6] - Revenues before reimbursements for North America in Q3 2024 were $79,329,000, a decrease of 0.8% from $79,987,000 in Q3 2023[29] Operating Expenses and Earnings - Consolidated adjusted EBITDA for Q3 2024 was $29.6 million, or 9.0% of revenues, down from $38.6 million, or 11.7% of revenues, in Q3 2023[2] - Consolidated operating earnings for the three months ended September 30, 2024, were $21,835, a decrease from $29,939 in the same period last year, representing a decline of approximately 27.1%[14] - Operating earnings for North America decreased by 48.0% to $5,443,000 in Q3 2024 from $10,468,000 in Q3 2023[29] - Total operating expenses for North America rose by 6.3% to $73,886,000 in Q3 2024 compared to $69,519,000 in Q3 2023[29] - Non-GAAP adjusted EBITDA for the nine months ended September 30, 2024, was $80,816, compared to $103,024 for the same period in 2023, indicating a decline of approximately 21.5%[15] Cash Flow and Dividends - Free cash flow for the nine months ended September 30, 2024, was $(18,352), a significant decrease from $40,394 in the same period last year, representing a change of $(58,746)[16] - The company reported net cash provided by operating activities of $11,093 for the nine months ended September 30, 2024, down from $68,077 in the same period of 2023, a decrease of approximately 83.7%[16] - Cash dividends per share for Class A and Class B common stock increased by 17% to $0.07 in Q3 2024, compared to $0.06 in Q3 2023[26] - Cash dividends paid in 2024 amounted to $10,320,000, compared to $9,284,000 in 2023[31] Balance Sheet and Debt - The company's total debt increased to $238.4 million as of September 30, 2024, compared to $209.1 million at the end of 2023[9] - Total assets as of September 30, 2024, were $800.794 million, slightly up from $799.199 million as of December 31, 2023[28] - Current liabilities decreased to $283.366 million as of September 30, 2024, from $299.292 million at the end of 2023[28] - Long-term debt and finance leases increased to $205.918 million as of September 30, 2024, compared to $194.335 million at the end of 2023[28] - Shareholders' investment attributable to shareholders of Crawford & Company increased to $160.927 million as of September 30, 2024, from $141.618 million at the end of 2023[28] Other Financial Metrics - Unallocated corporate costs rose to $7.0 million in Q3 2024 from $4.8 million in Q3 2023, primarily due to increased self-insured reserves and professional fees[7] - The company experienced a net loss in corporate interest expense of $4,682 for the three months ended September 30, 2024, compared to a loss of $4,556 in the same period last year[15] - Amortization of intangible assets for the three months ended September 30, 2024, was $1,932, slightly down from $1,986 in the same period of 2023[17] - Non-service pension costs for the three months ended September 30, 2024, were $2,441, compared to $2,170 in the same period last year, reflecting an increase of approximately 12.5%[15] - Weighted-average shares used to compute diluted earnings per share for Class A Common Stock increased to 30,472 for the three months ended September 30, 2024, from 30,063 in the prior year[21]
Crawford(CRD_A) - 2024 Q3 - Quarterly Results