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Segment Information (Tables)
6 Months Ended
Jun. 30, 2024
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, 2024 and 2023 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,
2024

 

 

June 30,
2023

 

 

June 30,
2024

 

 

June 30,
2023

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

North America Loss Adjusting

 

$

76,030

 

 

$

76,362

 

 

$

153,395

 

 

$

153,959

 

International Operations

 

 

102,283

 

 

 

95,312

 

 

 

200,375

 

 

 

187,175

 

Broadspire

 

 

97,087

 

 

 

87,244

 

 

 

191,385

 

 

 

171,298

 

Platform Solutions

 

 

38,827

 

 

 

65,638

 

 

 

70,726

 

 

 

128,458

 

Total segment revenues before reimbursements

 

 

314,227

 

 

 

324,556

 

 

 

615,881

 

 

 

640,890

 

Reimbursements

 

 

12,626

 

 

 

13,073

 

 

 

24,045

 

 

 

24,677

 

Total revenues

 

$

326,853

 

 

$

337,629

 

 

$

639,926

 

 

$

665,567

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment Operating Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

North America Loss Adjusting

 

$

4,885

 

 

$

3,900

 

 

$

9,364

 

 

$

11,965

 

International Operations

 

 

5,702

 

 

 

3,742

 

 

 

7,392

 

 

 

6,777

 

Broadspire

 

 

15,091

 

 

 

8,148

 

 

 

27,895

 

 

 

16,075

 

Platform Solutions

 

 

1,469

 

 

 

8,106

 

 

 

2,584

 

 

 

18,072

 

Total segment operating earnings

 

 

27,147

 

 

 

23,896

 

 

 

47,235

 

 

 

52,889

 

 

 

 

 

 

 

 

 

 

 

 

 

Deduct:

 

 

 

 

 

 

 

 

 

 

 

 

Unallocated corporate and shared costs, net

 

 

(5,079

)

 

 

(1,098

)

 

 

(13,086

)

 

 

(5,217

)

Net corporate interest expense

 

 

(4,256

)

 

 

(4,309

)

 

 

(7,852

)

 

 

(8,708

)

Stock option expense

 

 

(139

)

 

 

(139

)

 

 

(306

)

 

 

(295

)

Amortization of acquisition-related intangible assets

 

 

(1,856

)

 

 

(1,979

)

 

 

(3,724

)

 

 

(3,878

)

Contingent earnout adjustments

 

 

(430

)

 

 

(725

)

 

 

(581

)

 

 

(973

)

Non-service pension costs

 

 

(2,399

)

 

 

(2,095

)

 

 

(4,872

)

 

 

(4,266

)

Income before income taxes

 

$

12,988

 

 

$

13,551

 

 

$

16,814

 

 

$

29,552

 

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,
2024

 

 

June 30,
2023

 

 

June 30,
2024

 

 

June 30,
2023

 

International Operations

 

 

 

 

 

 

 

 

 

 

 

 

International Loss Adjusting

 

$

95,441

 

 

$

89,300

 

 

$

187,806

 

 

$

175,294

 

Crawford Legal Services

 

 

6,842

 

 

 

6,012

 

 

 

12,569

 

 

 

11,881

 

Total Revenues before Reimbursements--International Operations

 

$

102,283

 

 

$

95,312

 

 

$

200,375

 

 

$

187,175

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Broadspire

 

 

 

 

 

 

 

 

 

 

 

 

Claims Management

 

$

49,858

 

 

$

44,750

 

 

$

98,256

 

 

$

87,858

 

Medical Management

 

 

47,229

 

 

 

42,494

 

 

 

93,129

 

 

 

83,440

 

Total Revenues before Reimbursements--Broadspire

 

$

97,087

 

 

$

87,244

 

 

$

191,385

 

 

$

171,298

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Platform Solutions

 

 

 

 

 

 

 

 

 

 

 

 

Contractor Connection

 

$

18,118

 

 

$

19,797

 

 

$

35,063

 

 

$

39,098

 

Networks

 

 

13,373

 

 

 

38,464

 

 

 

21,116

 

 

 

75,867

 

Subrogation

 

 

7,336

 

 

 

7,377

 

 

 

14,547

 

 

 

13,493

 

Total Revenues before Reimbursements--Platform Solutions

 

$

38,827

 

 

$

65,638

 

 

$

70,726

 

 

$

128,458