Revenue Performance - Revenues before reimbursements decreased 2% to $322.2 million in Q3 2025 from $329.4 million in Q3 2024[2] - Total revenues for Q3 2025 were $332.8 million, a decrease of 3% from $342.7 million in Q3 2024[43] - For the nine months ended September 30, 2025, total revenues were $990.7 million, a 1% increase from $982.7 million in the same period of 2024[45] - Revenues before reimbursements for the nine months ended September 30, 2025, were $234.8 million, a 0.9% increase from $232.7 million in 2024[52] Net Income and Earnings - Net income attributable to shareholders increased 31% to $12.4 million, or $0.25 per diluted share, compared to $9.5 million, or $0.19 per diluted share in the prior year quarter[3] - Net income for Q3 2025 increased by 32% to $12.4 million, compared to $9.4 million in Q3 2024[43] - Net income for the nine months ended September 30, 2025, was $26.9 million, reflecting a 30% increase from $20.7 million in 2024[45] - The company reported a 30% increase in income before income taxes for the nine months ended September 30, 2025, totaling $41.1 million compared to $31.5 million in 2024[45] Operating Earnings - Consolidated adjusted operating earnings rose 22% to $26.6 million in Q3 2025, with an adjusted EBITDA increase of 23% to $36.3 million[3] - Operating earnings for North America Loss Adjusting increased to $6.9 million in Q3 2025, with an operating margin of 9.0% compared to 6.9% in Q3 2024[6] - For the three months ended September 30, 2025, consolidated operating earnings were $26,591, an increase from $21,835 in the same period of 2024, representing a growth of 21.0%[36] - Operating earnings increased to $17.01 million, representing a 14.9% increase from $14.80 million in 2024[52] Cash and Liquidity - Consolidated cash and cash equivalents totaled $68.8 million as of September 30, 2025, compared to $55.4 million at December 31, 2024[26] - Cash, cash equivalents, and restricted cash at the end of the period were $69.115 million, compared to $54.683 million at the end of September 2024[54] - Net cash provided by operating activities was $51.715 million, significantly higher than $11.093 million in 2024[54] - The company reported a net corporate interest expense of $3,788 for the three months ended September 30, 2025, down from $4,682 in 2024, a reduction of 19.1%[36] Segment Performance - International Operations achieved record revenues of $112.9 million in Q3 2025, up 6.7% from $105.7 million in Q3 2024[9] - Broadspire segment revenues reached a new quarterly record of $103.4 million, increasing 4.4% from $99.0 million in Q3 2024[13] - Platform Solutions revenues decreased 36.1% to $28.9 million in Q3 2025 due to lower staff augmentation business from insurance carriers[16] Shareholder Actions - The Company repurchased 263,098 shares of CRD-A at an average cost of $10.71 per share during Q3 2025[28] - The company paid cash dividends of $10.639 million, slightly higher than $10.320 million in 2024[54] Costs and Expenses - Unallocated corporate costs decreased to $5.9 million in Q3 2025 from $7.0 million in Q3 2024, primarily due to lower professional fees[20] - Total operating expenses for the same period were $217.7 million, a slight decrease of 0.1% compared to $217.9 million in 2024[52] - Amortization of intangible assets for the three months ended September 30, 2025, was $2,126, compared to $1,932 in 2024, reflecting an increase of 10.0%[37] Assets and Liabilities - Total assets decreased slightly to $799.8 million as of September 30, 2025, from $803.8 million at the end of 2024[47] - Total current liabilities decreased to $274.3 million as of September 30, 2025, down from $299.7 million at the end of 2024[47] - The company experienced a decrease in accounts receivable, net, of $13.153 million compared to an increase of $751 thousand in 2024[54] Capital Expenditures - Capital expenditures for property and equipment acquisitions were $3.765 million, up from $2.992 million in 2024[54]
Crawford(CRD_B) - 2025 Q3 - Quarterly Results