Company: CRD-A
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0000950170-25-030894
Chunk: 59

Company: CRAWFORD & CO
Filing Date: 2025-03-03
Form: 10-K
Item: Item 1B
Chunk 59
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 a percent of segment revenues before reimbursements from $49.1 million, or 21.8% of revenues before reimbursements in 2023, to $50.7 million, or 29.2% of revenues before reimbursements in 2024. The increase in expense and as a percent of revenues before reimbursements is due to the increased technology investments and lower revenues.

YEAR ENDED DECEMBER 31, 2023 COMPARED WITH YEAR ENDED DECEMBER 31, 2022

NORTH AMERICA LOSS ADJUSTING SEGMENT

Operating Earnings

Operating earnings in our North America Loss Adjusting segment totaled $23.2 million or 7.6% of revenues before reimbursements, in 2023, compared with 2022 operating earnings of $19.1 million, or 7.0% of revenues before reimbursements. The increase in operating earnings in 2023 was primarily due to an increase in revenues in the U.S. and improved staff utilization. 

Excluding centralized indirect expenses, gross profit increased from $51.8 million, or 18.9% of revenues before reimbursements in 2022, to $62.2 million, or 20.5% of revenues before reimbursements in 2023, due primarily to an increase in revenues in the U.S. and improved staff utilization.

32

Operating results for our North America Loss Adjusting segment, including gross profit, are as shown in the following table:

    In thousands (except percentages)

    Based on actual exchange rates
     
    Based on exchange ratesfor December 31, 2022

    Year Ended December 31,
     
    2023
     
    2022
     
    Variance
     
    2023
     
    Variance

    Revenues
     
    $303,629
     
    $274,755
     
    10.5%
     
    $307,205
     
    11.8%

    Direct expenses
     
    241,475
     
    222,938
     
    8.3%
     
    244,495
     
    9.7%

    Gross profit
     
    62,154
     
    51,817
     
    19.9%
     
    62,710
     
    21.0%

    Indirect expenses