Company: CRD-A
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0000950170-25-030894
Chunk: 218

Company: CRAWFORD & CO
Filing Date: 2025-03-03
Form: 10-K
Item: Item 7
Chunk 218
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.0 million, or 8.6% of revenues before reimbursements in 2022. This increase was due to an increase in revenues resulting from new client programs, increased medical management referrals, and pricing improvements.

Excluding indirect expenses, gross profit increased from $69.9 million, or 22.3% of revenues before reimbursements in 2022, to $88.6 million, or 24.9% of revenues before reimbursements in 2023, due to the increased revenues and a favorable revenue mix shift with growth in higher margin Medical Management services.

Operating results for our Broadspire segment, including gross profit, are as shown in the following table:

    In thousands (except percentages)

    Year Ended December 31,
     
    2023

    2022

    Variance

    Revenues
     
    $
    355,650

    $
    313,564

    13.4
    %

    Direct expenses

    267,017

    243,640

    9.6
    %

    Gross profit

    88,633

    69,924

    26.8
    %

    Indirect expenses

    46,760

    42,903

    9.0
    %

    Total Broadspire Operating Earnings
     
    $
    41,873

    $
    27,021

    55.0
    %

    Gross profit margin

    24.9
    %

    22.3
    %

    2.6
    %

    Operating margin

    11.8
    %

    8.6
    %

    3.2
    %

Revenues before Reimbursements

Broadspire revenues are derived from the casualty and disability insurance and self-insured markets in the U.S. Revenues before reimbursements by service line were as follows:

    In thousands (except percentages)

    Year Ended December 31,
     
    2023

    2022

    Variance

    Claims Management
     
    $
    182,840

    $
    160,039

    14.2
    %

    Medical Management

    172,810

    153,525

    12.6
    %

    Total Broadspire Revenues before Reimbursements
     
    $
    355,650