Financial Performance - Revenues before reimbursements for 2023 reached $1.267 billion, a 7% increase from $1.189 billion in 2022[18] - Net income attributable to shareholders was $30.6 million, compared to a loss of $(18.3) million in 2022[18] - Diluted earnings per share were $0.61 for CRD-A and $0.62 for CRD-B, compared to a diluted loss per share of $(0.37) for both classes in 2022[18] - Total revenues for 2023 reached $1.27 billion, a 7% increase from $1.19 billion in 2022[41] - Net income attributable to shareholders for 2023 was $47.0 million, compared to $33.4 million in 2022, representing a 40% increase[41] - Diluted earnings per share on a non-GAAP basis increased to $0.95 in 2023 from $0.67 in 2022, a 42% rise[41] - Consolidated operating earnings for the year ended December 2023 were $85,361 thousand, compared to $61,879 thousand for the year ended December 2022, representing an increase of 37.9%[31] - Adjusted EBITDA for the year ended December 2023 was $118,713 thousand, up from $94,743 thousand in the previous year, indicating a growth of 25.3%[32] Revenue Breakdown - North America Loss Adjusting revenues before reimbursements were $69.7 million in Q4 2023, down 10.3% from $77.7 million in Q4 2022[20] - North America Loss Adjusting revenues before reimbursements increased by 10.5% to $303.6 million in 2023[43] - International Operations revenues before reimbursements grew by 7.0% to $382.4 million in 2023, including $1.5 million from the Van Dijk acquisition[44] - Broadspire segment revenues before reimbursements increased by 13.4% to $355.7 million in 2023[45] - Platform Solutions revenues before reimbursements decreased by 7.5% to $225.5 million in 2023[46] - The U.S. market contributed $176,087 thousand in revenues for the three months ended December 2023, accounting for 59.5% of total revenues[31] - The U.K. market saw revenues of $37,214 thousand, representing 12.6% of total revenues for the same period, an increase from 9.0% in the previous year[31] Cash Flow and Assets - The company's operations generated $103.8 million in cash during 2023, compared to $27.6 million in 2022[28] - The improvement in cash provided by operating activities was primarily due to a $58.4 million enhancement in billed and unbilled accounts receivables[28] - The consolidated cash and cash equivalents position as of December 31, 2023, was $58.4 million, an increase from $46.0 million at the end of 2022[51] - Free cash flow for the twelve months ended December 31, 2023, was $67.2 million, a significant improvement from a negative free cash flow of $(6.9) million in 2022[55] - Cash dividends per share for Class A and Class B common stock increased by 17% to $0.07 from $0.06[71] - Cash, cash equivalents, and restricted cash at the end of the period increased to $59,545 million from $46,645 million at the beginning of the year[74] Expenses and Liabilities - Total current liabilities increased to $299.3 million in 2023 from $279.5 million in 2022[8] - Selling, general, and administrative expenses increased by 20% to $74,877 million from $62,528 million in the previous year[71] - Total costs and expenses decreased by 2% to $308,674 million compared to $315,999 million in the prior year[71] - Non-service pension costs and credits for the three months ended December 2023 were $2,165 thousand, compared to no costs reported in the same period last year[32] - Non-service pension costs increased to $8.6 million in 2023 compared to a credit of $(1.6) million in 2022, indicating a significant rise in pension-related expenses[50] Shareholder Returns and Equity - The company repurchased 293,952 shares of CRD-B at an average cost of $9.30 per share, totaling $2.7 million in 2023[28] - The company did not recognize any goodwill impairment in 2023, contrasting with a $36.8 million charge in 2022[48] - Goodwill impairment for the year ended December 2023 was reported as $0 thousand, compared to $36,808 thousand in the previous year, indicating a significant reduction[34] - The company experienced a significant reduction in unallocated corporate costs, which rose to $19.4 million in 2023 from $7.1 million in 2022[47] Market Presence - The company operates in over 70 countries, providing claims management and outsourcing solutions to insurance companies and self-insured entities[35]
Crawford(CRD_A) - 2023 Q4 - Annual Results