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Segment Information (Tables)
6 Months Ended
Jun. 30, 2023
Segment Reporting [Abstract]  
Schedule of Reconciliation of Operating Profit from Segment operating earnings to income before income taxes

Financial information for the three and six months ended June 30, 2023 and 2022 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,
2023

 

 

June 30,
2022

 

 

June 30,
2023

 

 

June 30,
2022

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

North America Loss Adjusting

 

$

75,827

 

 

$

65,775

 

 

$

152,954

 

 

$

130,213

 

International Operations

 

 

95,312

 

 

 

93,710

 

 

 

187,175

 

 

 

182,982

 

Broadspire

 

 

83,888

 

 

 

80,114

 

 

 

165,070

 

 

 

156,568

 

Platform Solutions

 

 

65,638

 

 

 

53,746

 

 

 

128,458

 

 

 

102,607

 

Total segment revenues before reimbursements

 

 

320,665

 

 

 

293,345

 

 

 

633,657

 

 

 

572,370

 

Reimbursements

 

 

13,073

 

 

 

10,306

 

 

 

24,677

 

 

 

19,070

 

Total revenues

 

$

333,738

 

 

$

303,651

 

 

$

658,334

 

 

$

591,440

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment Operating Earnings (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

North America Loss Adjusting

 

$

3,900

 

 

$

2,649

 

 

$

11,965

 

 

$

6,783

 

International Operations

 

 

3,742

 

 

 

(661

)

 

 

6,777

 

 

 

(3,726

)

Broadspire

 

 

8,148

 

 

 

7,667

 

 

 

16,075

 

 

 

14,101

 

Platform Solutions

 

 

8,106

 

 

 

4,596

 

 

 

18,072

 

 

 

12,633

 

Total segment operating earnings

 

 

23,896

 

 

 

14,251

 

 

 

52,889

 

 

 

29,791

 

 

 

 

 

 

 

 

 

 

 

 

 

(Deduct) Add:

 

 

 

 

 

 

 

 

 

 

 

 

Unallocated corporate and shared costs, net

 

 

(1,098

)

 

 

(1,945

)

 

 

(5,217

)

 

 

(4,940

)

Net corporate interest expense

 

 

(4,309

)

 

 

(1,780

)

 

 

(8,708

)

 

 

(3,298

)

Stock option expense

 

 

(139

)

 

 

(130

)

 

 

(295

)

 

 

(336

)

Amortization of customer-relationship intangible assets

 

 

(1,979

)

 

 

(2,060

)

 

 

(3,878

)

 

 

(3,786

)

Contingent earnout adjustments

 

 

(725

)

 

 

(303

)

 

 

(973

)

 

 

(2,359

)

Non-service pension (costs) credits

 

 

(2,095

)

 

 

572

 

 

 

(4,266

)

 

 

1,115

 

Income before income taxes

 

$

13,551

 

 

$

8,605

 

 

$

29,552

 

 

$

16,187

 

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,
2023

 

 

June 30,
2022

 

 

June 30,
2023

 

 

June 30,
2022

 

International Operations

 

 

 

 

 

 

 

 

 

 

 

 

International Loss Adjusting

 

$

89,300

 

 

$

86,908

 

 

$

175,294

 

 

$

169,935

 

Crawford Legal Services

 

 

6,012

 

 

 

6,802

 

 

 

11,881

 

 

 

13,047

 

Total Revenues before Reimbursements--International Operations

 

$

95,312

 

 

$

93,710

 

 

$

187,175

 

 

$

182,982

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Broadspire

 

 

 

 

 

 

 

 

 

 

 

 

Claims Management

 

$

41,394

 

 

$

40,426

 

 

$

81,630

 

 

$

79,977

 

Medical Management

 

 

42,494

 

 

 

39,688

 

 

 

83,440

 

 

 

76,591

 

Total Revenues before Reimbursements--Broadspire

 

$

83,888

 

 

$

80,114

 

 

$

165,070

 

 

$

156,568

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Platform Solutions

 

 

 

 

 

 

 

 

 

 

 

 

Contractor Connection

 

$

19,797

 

 

$

17,396

 

 

$

39,098

 

 

$

32,659

 

Networks

 

 

38,464

 

 

 

32,505

 

 

 

75,867

 

 

 

60,031

 

Subrogation

 

 

7,377

 

 

 

3,845

 

 

 

13,493

 

 

 

9,917

 

Total Revenues before Reimbursements--Platform Solutions

 

$

65,638

 

 

$

53,746

 

 

$

128,458

 

 

$

102,607