Company: CRD-A
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0000950170-25-030894
Chunk: 68

Company: CRAWFORD & CO
Filing Date: 2025-03-03
Form: 10-K
Item: Item 1B
Chunk 68
---
spire Operating Earnings
     
    $
    41,873

    $
    27,021

    55.0
    %

    Gross profit margin

    24.9
    %

    22.3
    %

    2.6
    %

    Operating margin

    11.8
    %

    8.6
    %

    3.2
    %

Revenues before Reimbursements

Broadspire revenues are derived from the casualty and disability insurance and self-insured 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

    Claims Management
     
    $
    182,840

    $
    160,039

    14.2
    %

    Medical Management

    172,810

    153,525

    12.6
    %

    Total Broadspire Revenues before Reimbursements
     
    $
    355,650

    $
    313,564

    13.4
    %

Revenues before reimbursements from Broadspire totaled $355.7 million in 2023, compared with $313.6 million in 2022. This increase was primarily due to an increase in new client growth, pricing increases, and an increase in average fees across both service lines. Revenues were positively impacted by a slight increase in unit volumes, measured principally by cases received, of 0.4% for 2023 compared with 2022. There was a $9.3 million increase in revenues within our Medical Management service line for which no cases are received, or 3.0% of the increase in revenues. There was also a $14.6 million increase in revenues within our Claims Management service line related to income earned which offsets the costs of managing the funds maintained to administer claims for our customers, for which no cases are received, or 4.6% of the increase in revenues. This incremental income does not have a similar increase in operating cost associated with it. Changes in product mix and in the rates charged for those services accounted for a 5.4% revenue increase for 2023 as compared with 2022, due to an increase in volume and revenue for all other Medical Management service lines.

37

Revenue variance components for