Company: CRD-A
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0000950170-25-030894
Chunk: 213

Company: CRAWFORD & CO
Filing Date: 2025-03-03
Form: 10-K
Item: Item 7
Chunk 213
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., Europe, Asia and Latin America, and cost reductions in various international operations. The 2022 period included $4.1 million of severance expense for cost reduction actions in certain international operations. 

Excluding indirect expenses, gross profit increased from $41.1 million, or 11.5% of revenues before reimbursements in 2022, to $60.4 million, or 15.8% of revenues before reimbursements in 2023. This increase was due to increased revenues and cost reductions in various operations.

34

Operating results for our International Operations 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, 2022

    Year Ended December 31,
     
    2023
     
    2022
     
    Variance
     
    2022
     
    Variance

    Revenues
     
    $382,393
     
    $357,452
     
    7.0%
     
    $391,645
     
    9.6%

    Direct expenses
     
    322,025
     
    316,371
     
    1.8%
     
    329,190
     
    4.1%

    Gross profit
     
    60,368
     
    41,081
     
    46.9%
     
    62,455
     
    52.0%

    Indirect expenses
     
    49,187
     
    54,027
     
    (9.0)%
     
    50,374
     
    (6.8)%

    Total International Operations Operating Earnings (Loss)
     
    $11,181
     
    $(12,946)
     
    186.4%
     
    $12,081
     
    193.3%

    Gross profit margin
     
    15.8%
     
    11.5%
     
    4.3%
     
    15.9%
     
    4.4%

    Operating margin
     
    2.9%
     
    (3.6)%
     
    6.5%
     
    3.1%