Company: CRD-A
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0000950170-25-030894
Chunk: 202

Company: CRAWFORD & CO
Filing Date: 2025-03-03
Form: 10-K
Item: Item 7
Chunk 202
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 million in 2023 to $123.9 million in 2024, but decreased as a percent of revenues before reimbursements from 30.0% in 2023 to 29.6% in 2024. The increase in the expense for 2024 was due to an increase in revenues, while the percentage of revenues before reimbursements decreased due to improved operating leverage. 

28

BROADSPIRE SEGMENT

Operating Earnings

Our Broadspire segment reported operating earnings of $52.4 million, or 13.5% of revenues before reimbursements in 2024, as compared to $41.9 million, or 11.8% of revenues before reimbursements in 2023. This increase was due to an increase in revenues resulting from new client programs, increased medical management usage, and pricing improvements. 

Excluding centralized indirect expenses, gross profit increased from $88.6 million, or 24.9% of revenues before reimbursements in 2023, to $97.5 million, or 25.1% of revenues before reimbursements in 2024, due to the increased revenues and improved staff utilization.

Operating results for our Broadspire segment, including gross profit, are as shown in the following table:

    In thousands (except percentages)

    Year Ended December 31,
     
    2024

    2023

    Variance

    Revenues
     
    $
    388,074

    $
    355,650

    9.1
    %

    Direct expenses

    290,531

    267,017

    8.8
    %

    Gross profit

    97,543

    88,633

    10.1
    %

    Indirect expenses

    45,114

    46,760

    (3.5
    )%

    Total Broadspire Operating Earnings
     
    $
    52,429

    $
    41,873

    25.2
    %

    Gross profit margin

    25.1
    %

    24.9
    %

    0.2
    %

    Operating margin

    13.5
    %

    11.8
    %

    1.7
    %

Revenues before Reimbursements

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