Company: CRD-A
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0000950170-25-030894
Chunk: 194

Company: CRAWFORD & CO
Filing Date: 2025-03-03
Form: 10-K
Item: Item 7
Chunk 194
---
 weather-related activity in the prior year. 

Excluding indirect expenses, gross profit decreased from $62.2 million, or 20.5% of revenues before reimbursements in 2023, to $56.8 million, or 18.2% of revenues before reimbursements in 2024, due to a decrease in revenues in U.S. Field Operations, increases in expenses within U.S. Global Technical Services, and a decrease in revenues in Canada, as compared to the prior year. 

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, 2023

    Year Ended December 31,
     
    2024

    2023

    Variance

    2024

    Variance

    Revenues
     
    $
    312,158

    $
    303,629

    2.8
    %
     
    $
    313,506

    3.3
    %

    Direct expenses

    255,388

    241,475

    5.8
    %

    256,572

    6.3
    %

    Gross profit

    56,770

    62,154

    (8.7
    )%

    56,934

    (8.4
    )%

    Indirect expenses

    38,597

    38,969

    (1.0
    )%

    38,831

    (0.4
    )%

    Total North America Loss Adjusting Operating Earnings
     
    $
    18,173

    $
    23,185

    (21.6
    )%
     
    $
    18,103

    (21.9
    )%

    Gross profit margin

    18.2
    %

    20.5
    %

    (2.3
    )%

    18.2
    %

    (2.3
    )%

    Operating margin

    5.8
    %

    7.6
    %

    (1.8
    )%

    5.8
    %

    (1.8
    )%

Revenues before Reimbursements

North