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, down from $12.174 million in Q3 2023[26] - Earnings per share (EPS) for Class A and Class B common stock in Q3 2024 were both $0.19, a decrease of 24% 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 $1,007.754 million 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] - Year-to-date net income for 2024 was $20,668, down from $31,249 in 2023[31] 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, up 7.4% 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] - Revenues before reimbursements for North America in Q3 2024 were $79,329, a decrease of 0.8% from $79,987 in Q3 2023[29] Operating Metrics - 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 in Q3 2024 from $10,468 in Q3 2023[29] - Operating earnings for the nine months ended September 30, 2024, were $14,807, down 34.0% from $22,433 in 2023[30] 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 net cash provided by operating activities for the nine months ended September 30, 2024, was $11,093, down from $68,077 in the previous year, 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, compared to $9,284 in 2023[31] Balance Sheet - The company's total debt increased to $238.4 million as of September 30, 2024, from $209.1 million at the end of 2023[9] - Total current assets as of September 30, 2024, were $362.368 million, a slight decrease from $369.346 million as of December 31, 2023[28] - Total assets increased to $800.794 million as of September 30, 2024, compared to $799.199 million at the end of 2023[28] - Total 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] Cost and Expenses - Unallocated corporate costs rose to $7.0 million in Q3 2024, compared to $4.8 million in the same period of 2023[7] - Direct compensation and fringe benefits in North America increased by 6.4% to $57,055 in Q3 2024 from $53,635 in Q3 2023[29] - Total operating expenses for North America rose by 6.3% to $73,886 in Q3 2024 compared to $69,519 in Q3 2023[29] Non-GAAP Metrics - 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] - Non-GAAP adjusted net income for the three months ended September 30, 2024, was $10,852, down from $12,319 in the prior year, indicating a decrease of about 11.9%[17] - The company’s net income attributable to shareholders for the nine months ended September 30, 2024, was $20,874, compared to $31,427 in the same period last year, a decline of approximately 33.6%[19] Company Overview - The company operates in over 70 countries, providing claims management and outsourcing solutions to insurance companies and self-insured entities[23]
Crawford(CRD_B) - 2024 Q3 - Quarterly Results