Crawford & Company reports record Q4 revenue $322.2M; GAAP net loss $14.1M on impairment and tax reserves

CRAWFORD & CO

Q4 revenue before reimbursements $322.2M (+10% YoY); full year $1.189B (+8%), both records.
GAAP net loss attributable to shareholders $14.1M ($0.29 loss) vs income $1.7M ($0.03) in Q4 2021; includes $11.8M tax reserve and $12.4M tax normalization from goodwill impairment.
Non-GAAP adjusted net income $11.4M ($0.23) vs $3.6M ($0.07) in Q4 2021; full year $34.8M ($0.70) vs $38.9M ($0.72).
North America Loss Adjusting rev +16.1%, margin 11.5%; Platform Solutions rev +23.7%, margin 16.8%; International Operations operating loss $5.6M including $4.1M severance.
Operating cash flow $27.6M (down from $54.3M); free cash flow -$6.965M; debt $238.9M; share repurchases $26.7M in 2022.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

CRAWFORD & CO reported the fourth quarter ended December 31, 2022 results: revenue $322.2 million, net income $(14.1) million, EPS $(0.29).

Period: the fourth quarter ended December 31, 2022
Revenue: $322.2 million
Net income: $(14.1) million
EPS: $(0.29)
Result: reported results

Exact text from the filing

Revenues before reimbursements of $322.2 million, up 10% over $292.9 million for the 2021 fourth quarter • The Company recorded income tax reserves of $11.8 million on certain international tax assets during the 2022 fourth quarter • The Company recorded income tax expense of $12.4 million during the 2022 fourth quarter related to the normalization of the tax rate associated with our third quarter 2022 goodwill impairment • Net loss attributable to shareholders of $(14.1) million, compared with income of $1.7 million in the same period last year • Diluted loss per share of $(0.29) for both CRD-A and CRD-B, compared with diluted earnings per share of $0.03 for both CRD-A and CRD-B in the prior year fourth quarter

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

CRAWFORD & CO reported the fiscal year ended December 31, 2022 results: revenue $1.189 billion, net income $(18.3) million, EPS $(0.37).

Period: the fiscal year ended December 31, 2022
Revenue: $1.189 billion
Net income: $(18.3) million
EPS: $(0.37)
Result: reported results

Exact text from the filing

Revenues before reimbursements of $1.189 billion, up 8% over $1.102 billion for 2021 • The Company recorded a non-cash goodwill impairment of $36.8 million, or $33.3 million after tax, during 2022 • The Company recorded income tax reserves of $11.8 million on certain international tax assets during 2022 • Net loss attributable to shareholders of $(18.3) million, compared with income of $30.7 million in 2021 • Diluted loss per share of $(0.37) for both CRD-A and CRD-B, compared with diluted earnings per share of $0.57 for both CRD-A and CRD-B in 2021

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Source: SEC EDGAR

accession 0000950170-23-006256

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