Crawford & Company® (NYSE: CRD-A and CRD-B) today announced its financial results for the fourth quarter ended December 31, 2023.
Based in Atlanta, Crawford & Company (NYSE: CRD‐A and CRD‐B) is a leading global provider of claims management and outsourcing solutions to insurance companies and self‐insured entities with an expansive network serving clients in more than 70 countries. The Company’s two classes of stock are substantially identical, except with respect to voting rights for the Class B Common Stock (CRD-B) and protections for the non-voting Class A Common Stock (CRD-A). More information is available on the Company’s website.
GAAP Consolidated Results
Fourth Quarter 2023
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Revenues before reimbursements of $296.1 million, down (8)% from $322.2 million for the 2022 fourth quarter
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Net loss attributable to shareholders of $(0.8) million, compared with a loss of ($14.1) million in the 2022 fourth quarter
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Diluted loss per share of $(0.02) for both CRD-A and CRD-B, compared with diluted loss per share of ($0.29) for both CRD-A and CRD-B in the 2022 fourth quarter
Non-GAAP Consolidated Results
Fourth Quarter 2023
Non-GAAP consolidated results for the fourth quarter of 2023 exclude the non-cash, after-tax amortization of intangible assets of $1.6 million, non-service related pension costs of $1.6 million, and a contingent earnout adjustment of $0.8 million. Non-GAAP consolidated results for 2022 exclude a similar adjustment for amortization of intangible assets of $1.5 million, income tax reserves of $11.8 million on certain international tax assets, the income tax impact of the third quarter 2022 goodwill impairment of $12.4 million, and the contingent earnout adjustment benefit of $(0.2) million.
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Foreign currency exchange rates increased revenues before reimbursements by $3.4 million or 1%. Presented on a constant dollar basis to the prior year, revenues before reimbursements totaled $292.7 million, decreasing (9)% from…
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