Company: CRD-A
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0000950170-25-030894
Chunk: 71

Company: CRAWFORD & CO
Filing Date: 2025-03-03
Form: 10-K
Item: Item 1B
Chunk 71
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    Direct expenses
     
    173,874
     
    187,420
     
    (7.2)%

    Gross profit
     
    51,585
     
    56,291
     
    (8.4)%

    Indirect expenses
     
    23,044
     
    20,545
     
    12.2%

    Total Platform Solutions Operating Earnings
     
    $28,541
     
    $35,746
     
    (20.2)%

    Gross profit margin
     
    22.9%
     
    23.1%
     
    (0.2)%

    Operating margin
     
    12.7%
     
    14.7%
     
    (2.0)%

Revenues before Reimbursements

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

    In thousands (except percentages)

    Year Ended December 31,
     
    2023

    2022

    Variance

    Contractor Connection
     
    $
    74,627

    $
    66,236

    12.7
    %

    Networks

    123,859

    156,159

    (20.7
    )%

    Subrogation

    26,973

    21,316

    26.5
    %

    Total Platform Solutions Revenues before Reimbursements
     
    $
    225,459

    $
    243,711

    (7.5
    )%

Revenues before reimbursements from our Platform Solutions segment totaled $225.5 million in 2023, compared with $243.7 million in 2022. This decrease was primarily due to a decrease in our Networks service line due to a reduction in utilization with existing clients, partially offset by increases in pricing and the average fee per case from Contractor Connection and Subrogation. There was a decrease in segment unit volume, measured principally by cases received, of (23.8)% for 2023, compared with the 2022 period. There was a reduction in low value inspection services cases within our Networks service line of 98,200 cases, or 22.2% in 2023, compared to