XML 41 R30.htm IDEA: XBRL DOCUMENT v3.22.2.2
Segment Information (Tables)
9 Months Ended
Sep. 30, 2022
Segment Reporting [Abstract]  
Reconciliation of Operating Profit from Segments to Consolidated

Financial information for the three and nine months ended September 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

 

 

Nine Months Ended

 

(in thousands)

 

September 30,
2022

 

 

September 30,
2021

 

 

September 30,
2022

 

 

September 30,
2021

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

North America Loss Adjusting

 

$

66,822

 

 

$

64,334

 

 

$

197,035

 

 

$

176,844

 

International Operations

 

 

86,066

 

 

 

91,888

 

 

 

269,048

 

 

 

269,624

 

Broadspire

 

 

78,381

 

 

 

75,804

 

 

 

234,949

 

 

 

225,982

 

Platform Solutions

 

 

63,655

 

 

 

56,474

 

 

 

166,262

 

 

 

136,688

 

Total segment revenues before reimbursements

 

 

294,924

 

 

 

288,500

 

 

 

867,294

 

 

 

809,138

 

Reimbursements

 

 

11,493

 

 

 

9,062

 

 

 

30,564

 

 

 

27,124

 

Total revenues

 

$

306,417

 

 

$

297,562

 

 

$

897,858

 

 

$

836,262

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment Operating Earnings (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

North America Loss Adjusting

 

$

3,678

 

 

$

4,362

 

 

$

10,508

 

 

$

11,804

 

International Operations

 

 

(3,849

)

 

 

1,947

 

 

 

(7,623

)

 

 

3,400

 

Broadspire

 

 

6,198

 

 

 

6,939

 

 

 

20,299

 

 

 

20,243

 

Platform Solutions

 

 

10,080

 

 

 

9,724

 

 

 

22,714

 

 

 

22,833

 

Total segment operating earnings

 

 

16,107

 

 

 

22,972

 

 

 

45,898

 

 

 

58,280

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deduct:

 

 

 

 

 

 

 

 

 

 

 

 

Unallocated corporate and shared costs, net

 

 

(1,907

)

 

 

(2,173

)

 

 

(5,732

)

 

 

(4,835

)

Net corporate interest expense

 

 

(2,903

)

 

 

(1,648

)

 

 

(6,201

)

 

 

(4,443

)

Stock option expense

 

 

(142

)

 

 

(296

)

 

 

(478

)

 

 

(700

)

Amortization of customer-relationship intangible assets

 

 

(1,998

)

 

 

(2,877

)

 

 

(5,784

)

 

 

(8,426

)

Contingent earnout adjustments

 

 

(887

)

 

 

 

 

 

(3,246

)

 

 

 

Goodwill impairment

 

 

(36,808

)

 

 

 

 

 

(36,808

)

 

 

 

(Loss) income before income taxes

 

$

(28,538

)

 

$

15,978

 

 

$

(12,351

)

 

$

39,876

 

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

 

 

Nine Months Ended

 

(in thousands)

 

September 30,
2022

 

 

September 30,
2021

 

 

September 30,
2022

 

 

September 30,
2021

 

International Operations

 

 

 

 

 

 

 

 

 

 

 

 

International Loss Adjusting

 

$

82,157

 

 

$

84,653

 

 

$

252,092

 

 

$

249,955

 

Crawford Legal Services

 

 

3,909

 

 

 

7,235

 

 

 

16,956

 

 

 

19,669

 

Total Revenues before Reimbursements--International Operations

 

$

86,066

 

 

$

91,888

 

 

$

269,048

 

 

$

269,624

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Broadspire

 

 

 

 

 

 

 

 

 

 

 

 

Claims Management

 

$

40,275

 

 

$

38,326

 

 

$

120,252

 

 

$

114,028

 

Medical Management

 

 

38,106

 

 

 

37,478

 

 

 

114,697

 

 

 

111,954

 

Total Revenues before Reimbursements--Broadspire

 

$

78,381

 

 

$

75,804

 

 

$

234,949

 

 

$

225,982

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Platform Solutions

 

 

 

 

 

 

 

 

 

 

 

 

Contractor Connection

 

$

17,453

 

 

$

18,592

 

 

$

50,112

 

 

$

54,643

 

Networks

 

 

40,809

 

 

 

37,882

 

 

 

100,840

 

 

 

82,045

 

Subrogation

 

 

5,393

 

 

 

 

 

 

15,310

 

 

 

 

Total Revenues before Reimbursements--Platform Solutions

 

$

63,655

 

 

$

56,474

 

 

$

166,262

 

 

$

136,688