Revenue Growth - Revenues before reimbursements increased by 3% to $312.0 million in Q1 2025 from $301.7 million in Q1 2024[2] - Total revenues for Q1 2025 were $323.339 million, a 3% increase from $313.073 million in Q1 2024[35] - International Revenues Before Reimbursements rose by 6.4% to $104,394 million in 2025 compared to $98,092 million in 2024[40] - North America Loss Adjusting revenues grew by 3.1% to $79.7 million, driven by growth in U.S. Global Technical Services[5] - Broadspire segment revenues increased by 2.2% to $96.4 million, supported by growth in medical case management and casualty claims revenues[9] Net Income and Earnings - Net income attributable to shareholders rose by 139% to $6.7 million, or $0.13 per diluted share, compared to $2.8 million, or $0.06 per diluted share, in the prior year quarter[3] - Net income attributable to shareholders of Crawford & Company for Q1 2025 was $6.684 million, up 136% from $2.837 million in Q1 2024[35] - The company reported a 141% increase in income before income taxes, reaching $9.220 million in Q1 2025 compared to $3.826 million in Q1 2024[35] - Class A and Class B common stock earnings per share (diluted) for Q1 2025 were both $0.13, a 117% increase from $0.06 in Q1 2024[35] Operating Earnings - Consolidated adjusted operating earnings increased by 47% to $17.8 million, with a significant margin improvement across three business segments[3] - Operating earnings for North America Loss Adjusting segment increased to $5.476 million in Q1 2025 from $4.479 million in Q1 2024[28] - The company reported a 162.5% increase in Operating Earnings for the Platform Solutions segment, reaching $2,927 million in 2025 from $1,115 million in 2024[40] Cash and Cash Equivalents - The company's consolidated cash and cash equivalents position increased to $57.4 million as of March 31, 2025, compared to $55.4 million at the end of 2024[18] - The company’s cash and cash equivalents increased to $57.367 million as of March 31, 2025, from $55.412 million at the end of 2024[36] - Cash, cash equivalents, and restricted cash at the end of the period increased to $58,021 million in 2025 from $46,659 million in 2024[42] Expenses - Selling, general, and administrative expenses decreased by $2.7 million, or 3.5%, primarily due to reduced professional fees and self-insurance reserves[14] - Total Operating Expenses increased by 1.9% to $74,264 million in 2025 from $72,886 million in 2024[40] - Direct Compensation, Fringe Benefits & Non-Employee Labor as a percentage of Revenues Before Reimbursements decreased to 70.3% in 2025 from 71.7% in 2024[40] - Expenses Other than Direct Compensation increased by 4.7% to $18,246 million in 2025 compared to $17,419 million in 2024[40] Cash Flow - Free cash flow for Q1 2025 was $(23.246) million, an improvement of $6.107 million compared to $(29.353) million in Q1 2024[28] - Cash Flows from Operating Activities showed a net cash used of $13,923 million in 2025, an improvement from $19,803 million in 2024[42] Other Financial Metrics - Non-GAAP adjusted EBITDA for Q1 2025 was $26.841 million, compared to $20.621 million in Q1 2024, reflecting a significant increase[29] - Corporate interest expense increased by 10% to $3.944 million in Q1 2025 from $3.596 million in Q1 2024[35] - Total assets as of March 31, 2025, were $792.259 million, a decrease from $803.755 million as of December 31, 2024[36] - The company estimates a potential negative impact of approximately $5.0 million on its financial condition due to new administrative guidance from a foreign tax authority[17]
Crawford(CRD_A) - 2025 Q1 - Quarterly Results