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Segment Information (Tables)
6 Months Ended
Jun. 30, 2022
Segment Reporting [Abstract]  
Reconciliation of Operating Profit from Segments to Consolidated

Financial information for the three and six months ended June 30, 2022 and 2021 related to the Company's reportable segments, including a reconciliation from segment operating earnings to income before income taxes, the most directly comparable GAAP financial measure, is presented below:

 

 

 

Three Months Ended

 

 

Six Months Ended

 

(in thousands)

 

June 30,
2022

 

 

June 30,
2021

 

 

June 30,
2022

 

 

June 30,
2021

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

North America Loss Adjusting

 

$

65,775

 

 

$

56,212

 

 

$

130,213

 

 

$

112,510

 

International Operations

 

 

93,710

 

 

 

91,269

 

 

 

182,982

 

 

 

177,736

 

Broadspire

 

 

80,114

 

 

 

75,902

 

 

 

156,568

 

 

 

150,178

 

Platform Solutions

 

 

53,746

 

 

 

44,074

 

 

 

102,607

 

 

 

80,214

 

Total segment revenues before reimbursements

 

 

293,345

 

 

 

267,457

 

 

 

572,370

 

 

 

520,638

 

Reimbursements

 

 

10,306

 

 

 

9,088

 

 

 

19,070

 

 

 

18,062

 

Total revenues

 

$

303,651

 

 

$

276,545

 

 

$

591,440

 

 

$

538,700

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment Operating Earnings (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

North America Loss Adjusting

 

$

2,695

 

 

$

3,081

 

 

$

6,831

 

 

$

7,442

 

International Operations

 

 

(707

)

 

 

2,126

 

 

 

(3,774

)

 

 

1,453

 

Broadspire

 

 

7,667

 

 

 

6,570

 

 

 

14,101

 

 

 

13,304

 

Platform Solutions

 

 

4,596

 

 

 

9,091

 

 

 

12,633

 

 

 

13,109

 

Total segment operating earnings

 

 

14,251

 

 

 

20,868

 

 

 

29,791

 

 

 

35,308

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deduct:

 

 

 

 

 

 

 

 

 

 

 

 

Unallocated corporate and shared costs, net

 

 

(1,373

)

 

 

(1,248

)

 

 

(3,825

)

 

 

(2,662

)

Net corporate interest expense

 

 

(1,780

)

 

 

(1,213

)

 

 

(3,298

)

 

 

(2,795

)

Stock option expense

 

 

(130

)

 

 

(264

)

 

 

(336

)

 

 

(404

)

Amortization of customer-relationship intangible assets

 

 

(2,060

)

 

 

(2,750

)

 

 

(3,786

)

 

 

(5,549

)

Contingent earnout adjustments

 

 

(303

)

 

 

 

 

 

(2,359

)

 

 

 

Income before income taxes

 

$

8,605

 

 

$

15,393

 

 

$

16,187

 

 

$

23,898

 

Schedule of Revenues By Major Service Line

Revenues before reimbursements by major service line in the International Operations, Broadspire and Platform Solutions segments are shown in the following table. The Company considers all North America Loss Adjusting revenues to be primarily derived from one service line.

 

 

 

Three Months Ended

 

 

Six Months Ended

 

(in thousands)

 

June 30,
2022

 

 

June 30,
2021

 

 

June 30,
2022

 

 

June 30,
2021

 

International Operations

 

 

 

 

 

 

 

 

 

 

 

 

International Loss Adjusting

 

$

86,908

 

 

$

84,657

 

 

$

169,935

 

 

$

165,302

 

Crawford Legal Services

 

 

6,802

 

 

 

6,612

 

 

 

13,047

 

 

 

12,434

 

Total Revenues before Reimbursements--International Operations

 

$

93,710

 

 

$

91,269

 

 

$

182,982

 

 

$

177,736

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Broadspire

 

 

 

 

 

 

 

 

 

 

 

 

Claims Management

 

$

40,426

 

 

$

37,551

 

 

$

79,977

 

 

$

75,702

 

Medical Management

 

 

39,688

 

 

 

38,351

 

 

 

76,591

 

 

 

74,476

 

Total Revenues before Reimbursements--Broadspire

 

$

80,114

 

 

$

75,902

 

 

$

156,568

 

 

$

150,178

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Platform Solutions

 

 

 

 

 

 

 

 

 

 

 

 

Contractor Connection

 

$

17,396

 

 

$

19,534

 

 

$

32,659

 

 

$

36,051

 

Networks

 

 

32,505

 

 

 

24,540

 

 

 

60,031

 

 

 

44,163

 

Subrogation

 

 

3,845

 

 

 

 

 

 

9,917

 

 

 

 

Total Revenues before Reimbursements--Platform Solutions

 

$

53,746

 

 

$

44,074

 

 

$

102,607

 

 

$

80,214