$CRD-A

CRAWFORD & CO

CIK:0000025475|SEC Filings

Condensed Consolidated Statements of Operations Unaudited - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues:
Revenues	$ 330,024	$ 334,595	$ 650,150	$ 657,934
Costs and Expenses:
Cost of services	235,031	236,322	467,044	469,522
Selling, general, and administrative expenses	69,662	78,337	145,806	152,924
Corporate interest expense, net of interest income	2,852	3,858	5,497	7,802
Loss on disposition of businesses, net	1,285	0	1,285	0
Total Costs and Expenses	308,830	318,517	619,632	630,248
Other Loss, net	(1,538)	(2,413)	(3,575)	(4,801)
Income Before Income Taxes	19,656	13,665	26,943	22,885
Provision for Income Taxes	6,235	5,845	8,610	8,325
Net Income	13,421	7,820	18,333	14,560
Net Loss (Income) Attributable to Noncontrolling Interests	27	(38)	20	(94)
Net Income Attributable to Shareholders of Crawford & Company	$ 13,448	$ 7,782	$ 18,353	$ 14,466
Class A Non-Voting
Earnings Per Share - Basic:
Earnings per share - basic	$ 0.28	$ 0.16	$ 0.38	$ 0.29
Earnings Per Share - Diluted:
Earnings per share - diluted	$ 0.27	$ 0.16	$ 0.37	$ 0.29
Weighted-Average Shares Used to Compute Basic Earnings Per Share:
Weighted-average common shares outstanding, basic	29,712	30,304	29,735	30,240
Weighted-Average Shares Used to Compute Diluted Earnings Per Share:
Weighted-average common shares outstanding, diluted	30,047	30,782	30,229	30,744
Class B Voting
Earnings Per Share - Basic:
Earnings per share - basic	$ 0.28	$ 0.16	$ 0.38	$ 0.29
Earnings Per Share - Diluted:
Earnings per share - diluted	$ 0.28	$ 0.16	$ 0.37	$ 0.29
Weighted-Average Shares Used to Compute Basic Earnings Per Share:
Weighted-average common shares outstanding, basic	18,935	19,145	18,963	19,145
Weighted-Average Shares Used to Compute Diluted Earnings Per Share:
Weighted-average common shares outstanding, diluted	18,935	19,145	18,963	19,145
Service
Revenues:
Revenues	$ 321,439	$ 322,997	$ 630,964	$ 635,029
Costs and Expenses:
Cost of services	226,446	224,724	447,858	446,617
Reimbursements
Revenues:
Revenues	8,585	11,598	19,186	22,905
Costs and Expenses:
Cost of services	$ 8,585	$ 11,598	$ 19,186	$ 22,905

Condensed Consolidated Statements of Cash Flows Unaudited - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash Flows from Operating Activities:
Net income	$ 18,333	$ 14,560
Reconciliation of net income to net cash provided by (used in) operating activities:
Depreciation and amortization	19,085	19,461
Software impairment	2,294	0
Stock-based compensation	1,527	3,085
Loss on disposal of property and equipment	28	1,030
Loss on disposition of businesses, net	1,285	0
Contingent earnout adjustments	(180)	443
Changes in operating assets and liabilities:
Accounts receivable, net	(3,504)	8,111
Unbilled revenues, net	(16,379)	(12,127)
Accrued or prepaid income taxes	600	(2,922)
Accounts payable and accrued liabilities	(16,908)	(16,136)
Deferred revenues	2,283	1,295
Accrued retirement costs	(725)	25
Prepaid expenses and other operating activities	15,405	4,258
Net cash provided by operating activities	23,144	21,083
Cash Flows from Investing Activities:
Acquisitions of property and equipment	(3,206)	(2,401)
Capitalization of computer software costs	(12,036)	(16,087)
Proceeds from settlement of life insurance policies	0	210
Proceeds from business dispositions, net of cash	5,560	0
Net cash used in investing activities	(9,682)	(18,278)
Cash Flows from Financing Activities:
Cash dividends paid	(7,311)	(6,917)
Payments related to shares received for withholding taxes under employee stock-based compensation plans	(1,708)	0
Repurchases of common stock	(9,038)	0
Increases in revolving credit facility borrowings	23,500	49,193
Payments on revolving credit facility borrowings	(14,500)	(42,582)
Payments of contingent consideration on acquisitions	(95)	(1,326)
Increases in fiduciary liabilities	3,791	0
Other financing activities	752	554
Net cash used in financing activities	(4,609)	(1,078)
Effects of exchange rate changes on cash and cash equivalents	413	863
Increase in Cash, Cash Equivalents, and Restricted Cash	9,266	2,590
Cash, Cash Equivalents, and Restricted Cash at Beginning of Year	64,546	56,329
Cash, Cash Equivalents, and Restricted Cash at End of Period	73,812	58,919
Supplemental cash flow information:
Income taxes paid	8,043	11,340
Interest paid	$ 6,524	$ 9,089

Condensed Consolidated Balance Sheets Unaudited - USD ($)	Jun. 30, 2026	Dec. 31, 2025
Current Assets:
Cash and cash equivalents	$ 69,419,000	$ 64,079,000
Accounts receivable, less allowance for expected credit losses of $7,494 and $7,244, respectively	119,063,000	115,661,000
Unbilled revenues, at estimated billable amounts	140,732,000	126,960,000
Income taxes receivable	3,735,000	4,350,000
Prepaid expenses and other current assets	29,839,000	41,362,000
Total Current Assets	362,788,000	352,412,000
Net Property and Equipment	15,811,000	16,649,000
Other Assets:
Operating lease right-of-use assets, net	59,706,000	66,322,000
Goodwill	76,426,000	76,569,000
Intangible assets arising from business acquisitions, net	62,981,000	66,352,000
Capitalized software costs, net	110,673,000	112,812,000
Deferred income tax assets	23,549,000	24,684,000
Other noncurrent assets	46,318,000	48,500,000
Total Other Assets	379,653,000	395,239,000
TOTAL ASSETS	758,252,000	764,300,000
Current Liabilities:
Short-term borrowings	47,500,000	38,500,000
Accounts payable	44,379,000	39,769,000
Accrued compensation and related costs	87,550,000	108,878,000
Self-insured risks	19,618,000	19,095,000
Income taxes payable	3,431,000	3,874,000
Operating lease liability	27,690,000	27,650,000
Other accrued liabilities	40,090,000	37,970,000
Deferred revenues	35,101,000	33,834,000
Total Current Liabilities	305,359,000	309,570,000
Noncurrent Liabilities:
Long-term debt and finance leases, less current installments	150,580,000	150,593,000
Operating lease liability	44,903,000	53,531,000
Deferred revenues	24,542,000	23,259,000
Accrued pension liabilities	16,285,000	17,910,000
Other noncurrent liabilities	32,065,000	38,005,000
Total Noncurrent Liabilities	268,375,000	283,298,000
Shareholders' Investment:
Additional paid-in capital	92,480,000	92,251,000
Retained earnings	236,573,000	233,708,000
Accumulated other comprehensive loss	(191,179,000)	(201,740,000)
Shareholders' Investment Attributable to Shareholders of Crawford & Company	186,404,000	173,093,000
Noncontrolling interests	(1,886,000)	(1,661,000)
Total Shareholders' Investment	184,518,000	171,432,000
TOTAL LIABILITIES AND SHAREHOLDERS' INVESTMENT	758,252,000	764,300,000
Class A Non-Voting
Shareholders' Investment:
Common stock outstanding, value	29,614,000	29,860,000
Class B Voting
Shareholders' Investment:
Common stock outstanding, value	$ 18,916,000	$ 19,014,000