Revenue Performance - Revenues before reimbursements decreased 11% to $308.5 million in Q4 2025 from $347.3 million in Q4 2024, with a net loss of $(7.2) million compared to a net income of $5.7 million in the prior year quarter [2]. - Full year revenues before reimbursements decreased 2% to $1.266 billion in 2025 from $1.293 billion in 2024, with a net income of $19.6 million compared to $26.6 million in 2024 [3]. - North America Loss Adjusting revenues before reimbursements were $70.1 million in Q4 2025, down 11.8% from $79.4 million in Q4 2024, primarily due to lower weather-related activity [6]. - International Operations achieved record revenues before reimbursements of $438.2 million in 2025, up 4.7% from $418.6 million in 2024 [11]. - Broadspire segment revenues before reimbursements reached a new record of $401.9 million in 2025, increasing 3.6% from $388.1 million in 2024 [13]. - Platform Solutions revenues before reimbursements were $25.1 million in Q4 2025, down 56.5% from $57.6 million in Q4 2024 due to lower weather-related activity [15]. - Total revenues before reimbursements for the year ended December 31, 2025, were $1.265 billion, a decrease of 2.1% from $1.292 billion in 2024 [35]. - The U.S. segment generated $738.350 million in revenue for the year, accounting for 58.3% of total revenues, down from 60.6% in 2024 [35]. - For the year ended December 31, 2025, total revenues were $1,310,827,000, a decrease of 2% from $1,340,970,000 in 2024 [47]. Earnings and Profitability - Consolidated adjusted operating earnings for the full year 2025 were $82.3 million, an increase of 10.1% from $74.7 million in 2024 [4]. - For the year ended December 31, 2025, consolidated operating earnings were $82.273 million, an increase from $74.710 million in 2024, representing an increase of 10.5% [35]. - Adjusted EBITDA for the year ended December 31, 2025, was $118.427 million, compared to $108.669 million in 2024, reflecting a growth of 8.1% [36]. - The North America Loss Adjusting segment reported operating earnings of $20.974 million for the year, up from $18.173 million in 2024, marking a growth of 9.9% [35]. - International Operations generated operating earnings of $25.123 million for the year, an increase from $21.001 million in 2024, representing a growth of 19.9% [35]. - Broadspire's operating earnings increased to $54.608 million in 2025 from $52.429 million in 2024, reflecting a growth of 4.2% [35]. - The company reported a net loss attributable to shareholders of $7.240 million for the three months ended December 31, 2025, compared to a net income of $5.722 million in the same period of 2024 [36]. - Net income attributable to shareholders for the year ended December 31, 2025, was $19,634,000, a decrease of 26% from $26,596,000 in 2024 [47]. - Diluted earnings per share for Class A Common Stock for the year ended December 31, 2025, was $0.39, down 26% from $0.53 in 2024 [47]. Cash Flow and Financial Position - The company's consolidated cash and cash equivalents position as of December 31, 2025, totaled $64.1 million, compared to $55.4 million at December 31, 2024 [25]. - Free cash flow for the twelve months ended December 31, 2025, was $63.298 million, significantly up from $9.972 million in 2024, indicating an increase of 532.5% [36]. - Net cash provided by operating activities rose significantly from $51,619 million in 2024 to $101,847 million in 2025, an increase of 96.9% [57]. - Cash and cash equivalents increased from $55,412 million in 2024 to $64,079 million in 2025, a growth of 15.1% [49]. - Total assets decreased from $803,755 million in 2024 to $764,300 million in 2025, a decline of 4.9% [49]. - Total current liabilities increased from $299,727 million in 2024 to $309,570 million in 2025, an increase of 3.0% [49]. - Long-term debt decreased from $200,315 million in 2024 to $150,593 million in 2025, a reduction of 25.0% [49]. Shareholder Actions and Corporate Structure - The company repurchased 836,859 shares of CRD-A at an average cost of $10.90 per share during 2025, with a total cost of share repurchases amounting to $10.5 million [27]. - The company announced a new global operating structure to enhance collaboration and execution across its U.S. and International Operations divisions [5]. - Cash dividends per share for Class A Common Stock increased by 7% to $0.075 for the three months ended December 31, 2025, compared to $0.070 in 2024 [45]. Expenses and Costs - Selling, general, and administrative expenses for the three months ended December 31, 2025, were $71,849,000, a decrease of 9% from $78,548,000 in 2024 [45]. - Corporate interest expense, net, for the three months ended December 31, 2025, decreased by 28% to $3,097,000 from $4,328,000 in 2024 [45]. - The company incurred restructuring and other costs of $13.996 million in the three months ended December 31, 2025, which were not present in the same period of 2024 [36]. - The company reported restructuring and other costs of $13,996,000 for the year ended December 31, 2025, compared to no such costs in 2024 [47]. - Direct compensation and fringe benefits in North America decreased by 10.9% from $58,951 million in 2024 to $52,498 million in 2025 [52]. - Total operating expenses in North America decreased by 13.1% from $76,068 million in 2024 to $66,116 million in 2025 [52].
Crawford(CRD_A) - 2025 Q4 - Annual Results