Company: CRD-A
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0000950170-25-030894
Chunk: 232

Company: CRAWFORD & CO
Filing Date: 2025-03-03
Form: 10-K
Item: Item 7
Chunk 232
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 to withholding tax, basis computations, and other related tax considerations, it is not practicable to estimate any taxes to be provided on outside basis differences at this time.

Cash Provided by Operating Activities

Cash provided by operating activities totaled $51.6 million in 2024 compared to $103.8 million in 2023. The $(52.2) million decrease in cash provided by operating activities was primarily due to a $48.0 million decrease in the change in billed and unbilled accounts receivables and lower earnings. Interest payments were $19.3 million in 2024, and income tax payments, net of refunds, were $20.0 million in 2024.

Cash provided by operating activities totaled $103.8 million in 2023 compared to $27.6 million in 2022. The $76.2 million increase in cash provided by operating activities was primarily due to a $58.4 million improvement in the change in billed and unbilled accounts receivables, $19.8 million related to incentive compensation, and higher earnings, partially offset by timing of other payments, including settlement of a contract for performance-based fees in our International Operations segment. Interest payments were $18.9 million in 2023, and income tax payments, net of refunds, were $16.1 million in 2023.

Cash Used in Investing Activities

Cash used in investing activities, primarily for capital expenditures and capitalized software, including the capitalization of costs for internally developed software, increased by $(5.1) million in 2024, from $36.6 million in 2023 to $41.6 million in 2024. We forecast that our property and equipment additions in 2025, including capitalized software, will approximate $40.0 to $45.0 million.

Cash used in investing activities, primarily for acquisitions, capital expenditures and capitalized software, decreased by $(21.3) million in 2023, from $57.9 million in 2022 to $36.6 million in 2023. Acquisition costs in 2022 primarily included $20.9 million for deferred payments from the acquisition of our subrogation business in 2021 and $4.3 million for Van Dijk, which is discussed further in Note 3, "Business Acquisitions and Dispositions" included in Item 8 of this Annual Report on Form 10-K. The 2022 cash used also included $3.0 million in proceeds related to the sale of our