Revenue Performance - Revenues before reimbursements increased 17% to $347.3 million in Q4 2024 from $296.1 million in Q4 2023[2] - Full year revenues before reimbursements reached a record $1.293 billion in 2024, up 2% from $1.267 billion in 2023[3] - Total revenues for Q4 2024 reached $347,254, up 17.3% from $296,121 in Q4 2023[32] - Total revenues for the three months ended December 31, 2024, increased by 16% to $358,318,000 compared to $309,165,000 in the same period of 2023[41] - Total revenues for the year ended December 31, 2024, were $1,340,970,000, a 2% increase from $1,316,919,000 in 2023[43] Net Income and Earnings - Fourth quarter net income was $5.7 million, a significant recovery from a loss of $(0.8) million in the prior year quarter[2] - Net income attributable to shareholders for Q4 2024 was $5,722, a recovery from a loss of $818 in Q4 2023[33] - Net income for the three months ended December 31, 2024, was $5,861,000, a significant increase of 693% from a net loss of $989,000 in the same period of 2023[41] - Net income attributable to shareholders for the year ended December 31, 2024, was $26,596,000, down 13% from $30,609,000 in 2023[43] Earnings Per Share - The diluted earnings per share for Q4 2024 was $0.11, compared to a diluted loss per share of $0.02 in Q4 2023[34] - Basic earnings per share for Class A and Class B Common Stock were both $0.12 for the three months ended December 31, 2024, compared to a loss of $0.02 in the same period of 2023, representing a 700% increase[41] - Basic earnings per share for Class A and Class B Common Stock decreased by 14% to $0.54 for the year ended December 31, 2024, compared to $0.63 in 2023[43] Operating Performance - Consolidated operating earnings for Q4 2024 were $18,726, a significant increase from $7,750 in Q4 2023, representing a growth of 142.5%[33] - International operations generated $8,473 in operating earnings for Q4 2024, up from $2,207 in Q4 2023, reflecting a growth of 284.5%[33] - Operating earnings for North America reached $3,366 million, a significant increase of 347.6% from $752 million in 2023[48] - Operating earnings for international operations surged to $8,473 million, an increase of 283.9% from $2,207 million in 2023[48] Cash Flow and Debt - Cash provided by operations decreased to $51.6 million in 2024 from $103.8 million in 2023, primarily due to a decrease in accounts receivable[23] - Free cash flow for the year ended December 31, 2024, was $9,972, down 85.1% from $67,194 in 2023[33] - The company's total debt outstanding increased to $218.1 million as of December 31, 2024, compared to $209.1 million at the end of 2023[22] Assets and Liabilities - Cash and cash equivalents as of December 31, 2024, were $55,412,000, a decrease from $58,363,000 as of December 31, 2023[45] - Total assets increased to $803,755,000 as of December 31, 2024, compared to $799,199,000 as of December 31, 2023[45] - Total liabilities remained relatively stable at $648,204,000 as of December 31, 2024, compared to $659,368,000 as of December 31, 2023[45] Segment Performance - North America Loss Adjusting revenues before reimbursements were $79.4 million in Q4 2024, increasing 14% from $69.7 million in Q4 2023[6] - International Operations revenues before reimbursements were $112.5 million in Q4 2024, up 15.8% from $97.2 million in Q4 2023[9] - Broadspire segment revenues before reimbursements reached a new annual record of $388.1 million in 2024, increasing 9.1% from $355.7 million in 2023[13] - Platform Solutions revenues before reimbursements were $57.6 million in Q4 2024, up 55.1% from $37.2 million in Q4 2023[14] Expense Management - Direct compensation, fringe benefits, and non-employee labor costs in North America rose to $58,951 million, reflecting a 12.9% increase from $52,224 million in 2023[48] - Total operating expenses for North America were $76,068 million, a 10.4% increase compared to $68,932 million in 2023[48] - Total operating expenses for international operations increased to $104,018 million, up 9.6% from $94,945 million in 2023[48]
Crawford(CRD_B) - 2024 Q4 - Annual Results