Company: CRD-A
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0000950170-25-030894
Chunk: 206

Company: CRAWFORD & CO
Filing Date: 2025-03-03
Form: 10-K
Item: Item 7
Chunk 206
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 51,585

    (32.3
    )%

    Indirect expenses

    23,729

    23,044

    3.0
    %

    Total Platform Solutions Operating Earnings
     
    $
    11,173

    $
    28,541

    (60.9
    )%

    Gross profit margin

    20.1
    %

    22.9
    %

    (2.8
    )%

    Operating margin

    6.4
    %

    12.7
    %

    (6.3
    )%

Revenues before Reimbursements

Platform Solutions segment revenues are primarily derived from the property and casualty insurance company and consumer markets in the U.S. Revenues before reimbursements by service line were as follows:

    In thousands (except percentages)

    Year Ended December 31,
     
    2024

    2023

    Variance

    Contractor Connection
     
    $
    67,586

    $
    74,627

    (9.4
    )%

    Networks

    76,977

    123,859

    (37.9
    )%

    Subrogation

    29,108

    26,973

    7.9
    %

    Total Platform Solutions Revenues before Reimbursements
     
    $
    173,671

    $
    225,459

    (23.0
    )%

Revenues before reimbursements from our Platform Solutions segment totaled $173.7 million in 2024, compared with $225.5 million in 2023. This decrease was primarily due to a reduction in our Networks service line where we provide staff augmentation for our clients, along with a decrease in our Contractor Connection service line due to higher weather-related activity in the prior year period, partially offset by an increase in our Subrogation service line. There was a decrease in segment unit volume, measured principally by cases received, of (7.7)% for 2024, compared with the 2023 period. There was a reduction in low value inspection services cases within our Networks service line of 21,600 cases, or 6.4% in 2024, compared to 2023. There was a change in revenues from staff argumentation within our Networks service line, which have no corresponding cases, which resulted in