Company: CRD-A
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0000950170-25-030894
Chunk: 209

Company: CRAWFORD & CO
Filing Date: 2025-03-03
Form: 10-K
Item: Item 7
Chunk 209
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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
     
    38,969
     
    32,709
     
    19.1%
     
    39,524
     
    20.8%

    Total North America Loss Adjusting Operating Earnings
     
    $23,185
     
    $19,108
     
    21.3%
     
    $23,186
     
    21.3%

    Gross profit margin
     
    20.5%
     
    18.9%
     
    1.6%
     
    20.4%
     
    1.5%

    Operating margin
     
    7.6%
     
    7.0%
     
    0.6%
     
    7.5%
     
    0.5%

Revenues before Reimbursements

North America Loss Adjusting revenues are primarily derived from the property and casualty insurance company markets in the U.S. and Canada. Revenues before reimbursements by major region, based on actual exchange rates and using a constant exchange rate were as follows: