Company: CRD-A
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0000950170-25-030894
Chunk: 53

Company: CRAWFORD & CO
Filing Date: 2025-03-03
Form: 10-K
Item: Item 1B
Chunk 53
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    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 in the U.S. Revenues before reimbursements by service line were as follows:

    In thousands (except percentages)

    Year Ended December 31,
     
    2024

    2023

    Variance

    Claims Management
     
    $
    198,797

    $
    182,840

    8.7
    %

    Medical Management

    189,277

    172,810

    9.5
    %

    Total Broadspire Revenues before Reimbursements
     
    $
    388,074

    $
    355,650

    9.1
    %

Revenues before reimbursements from Broadspire totaled $388.1 million in 2024, compared with $355.7 million in 2023. This increase was primarily due to an increase in new client growth across both service lines, increased medical management usage, and pricing improvements. Revenues were positively impacted by a slight increase in unit volumes, measured principally by cases received, of 0.4% for 2024 compared with 2023. Claims increased from growth within the Medical Management service line that was partially offset by an increase of takeover claims for disability clients in the prior year. This resulted in a reduction of 24,700 claims, or