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United States

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

for the quarterly period ended September 30, 2022

OR

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

for the transition period from ____ to ____

Commission file number 1-10356

CRAWFORD & COMPANY

(Exact name of Registrant as specified in its charter)

 

Georgia

 

58-0506554

(State or other jurisdiction of incorporation or organization)

 

(I.R.S. Employer Identification No.)

 

 

 

5335 Triangle Parkway

 

 

Peachtree Corners, Georgia

 

30092

(Address of principal executive offices)

 

(Zip Code)

 

(404) 300-1000

(Registrant's telephone number, including area code)

 

 

Securities Registered Pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Class A Common Stock — $1.00 Par Value

CRD-A

New York Stock Exchange

Class B Common Stock — $1.00 Par Value

CRD-B

New York Stock Exchange

 

Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes No

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes No

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

Accelerated filer

Non-accelerated filer

 

Smaller reporting company

 

 

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes No

The number of shares outstanding of each class of the Registrant's common stock, as of November 1, 2022, was as follows:

Class A Common Stock, $1.00 par value: 28,556,699

Class B Common Stock, $1.00 par value: 19,848,490

 

 


 

CRAWFORD & COMPANY

Quarterly Report on Form 10-Q

Quarter Ended September 30, 2022

 

Table of Contents

 

 

 

 

 

 

Page

Part I. Financial Information

 

 

 

 

 

 

 

 

Item 1.

 

Financial Statements:

 

3

 

 

 

 

 

 

 

 

 

Condensed Consolidated Statements of Operations (unaudited) for the three months ended September 30, 2022 and 2021

 

3

 

 

 

 

 

 

 

 

 

Condensed Consolidated Statements of Operations (unaudited) for the nine months ended September 30, 2022 and 2021

 

4

 

 

 

 

 

 

 

 

 

Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited) for the three and nine months ended September 30, 2022 and 2021

 

5

 

 

 

 

 

 

 

 

 

Condensed Consolidated Balance Sheets (unaudited) as of September 30, 2022 and December 31, 2021

 

6

 

 

 

 

 

 

 

 

 

Condensed Consolidated Statements of Cash Flows (unaudited) for the nine months ended September 30, 2022 and 2021

 

8

 

 

 

 

 

 

 

 

 

Condensed Consolidated Statements of Shareholders' Investment (unaudited) as of and for the three months ended March 31, June 30 and September 30, 2022 and 2021

 

9

 

 

 

 

 

 

 

 

 

Notes to Condensed Consolidated Financial Statements (unaudited)

 

11

 

 

 

 

 

 

 

 

 

Report of Independent Registered Public Accounting Firm

 

28

 

 

 

 

 

 

Item 2.

 

Management's Discussion and Analysis of Financial Condition and Results of Operations

 

29

 

 

 

 

 

 

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

50

 

 

 

 

 

 

Item 4.

 

Controls and Procedures

 

51

 

 

 

 

 

 

Part II. Other Information

 

 

 

 

 

 

 

 

Item 1A.

 

Risk Factors

 

52

 

 

 

 

 

 

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

52

 

 

 

 

 

 

Item 6.

 

Exhibits

 

53

 

 

 

 

 

 

Signatures

 

54

 

 

 

2


 

Part I — Financial Information

Item 1. Financial Statements

CRAWFORD & COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Unaudited

 

 

 

Three Months Ended September 30,

 

(In thousands, except per share amounts)

 

2022

 

 

2021

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues before reimbursements

 

$

294,924

 

 

$

288,500

 

Reimbursements

 

 

11,493

 

 

 

9,062

 

Total Revenues

 

 

306,417

 

 

 

297,562

 

 

 

 

 

 

 

 

Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs of services provided, before reimbursements

 

 

221,233

 

 

 

211,017

 

Reimbursements

 

 

11,493

 

 

 

9,062

 

Total costs of services

 

 

232,726

 

 

 

220,079

 

 

 

 

 

 

 

 

Selling, general, and administrative expenses

 

 

62,983

 

 

 

60,759

 

 

 

 

 

 

 

 

Corporate interest expense, net of interest income of $191 and $0, respectively

 

 

2,903

 

 

 

1,648

 

 

 

 

 

 

 

 

Goodwill impairment

 

 

36,808

 

 

 

 

 

 

 

 

 

 

 

Total Costs and Expenses

 

 

335,420

 

 

 

282,486

 

 

 

 

 

 

 

 

Other Income, net

 

 

465

 

 

 

902

 

 

 

 

 

 

 

 

(Loss) Income Before Income Taxes

 

 

(28,538

)

 

 

15,978

 

 

 

 

 

 

 

 

(Benefit) Provision for Income Taxes

 

 

(13,286

)

 

 

4,866

 

 

 

 

 

 

 

 

Net (Loss) Income

 

 

(15,252

)

 

 

11,112

 

 

 

 

 

 

 

 

Net Loss Attributable to Noncontrolling Interests

 

 

108

 

 

 

83

 

 

 

 

 

 

 

 

Net (Loss) Income Attributable to Shareholders of Crawford & Company

 

$

(15,144

)

 

$

11,195

 

 

 

 

 

 

 

 

(Loss) Earnings Per Share - Basic:

 

 

 

 

 

 

Class A Common Stock

 

$

(0.31

)

 

$

0.21

 

Class B Common Stock

 

$

(0.31

)

 

$

0.21

 

 

 

 

 

 

 

 

(Loss) Earnings Per Share - Diluted:

 

 

 

 

 

 

Class A Common Stock

 

$

(0.31

)

 

$

0.20

 

Class B Common Stock

 

$

(0.31

)

 

$

0.21

 

 

 

 

 

 

 

 

Weighted-Average Shares Used to Compute Basic Earnings Per Share:

 

 

 

 

 

 

Class A Common Stock

 

 

28,553

 

 

 

30,711

 

Class B Common Stock

 

 

19,848

 

 

 

22,407

 

 

 

 

 

 

 

 

Weighted-Average Shares Used to Compute Diluted Earnings Per Share:

 

 

 

 

 

 

Class A Common Stock

 

 

28,553

 

 

 

31,954

 

Class B Common Stock

 

 

19,848

 

 

 

22,407

 

 

(See accompanying notes to condensed consolidated financial statements)

 

 

3


 

 

CRAWFORD & COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Unaudited

 

 

 

Nine Months Ended September 30,

 

(In thousands, except per share amounts)

 

2022

 

 

2021

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues before reimbursements

 

$

867,294

 

 

$

809,138

 

Reimbursements

 

 

30,564

 

 

 

27,124

 

Total Revenues

 

 

897,858

 

 

 

836,262

 

 

 

 

 

 

 

 

Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs of services provided, before reimbursements

 

 

644,948

 

 

 

589,375

 

Reimbursements

 

 

30,564

 

 

 

27,124

 

Total costs of services

 

 

675,512

 

 

 

616,499

 

 

 

 

 

 

 

 

Selling, general, and administrative expenses

 

 

193,222

 

 

 

178,120

 

 

 

 

 

 

 

 

Corporate interest expense, net of interest income of $549 and $319, respectively

 

 

6,201

 

 

 

4,443

 

 

 

 

 

 

 

 

Goodwill impairment

 

 

36,808

 

 

 

 

 

 

 

 

 

 

 

Total Costs and Expenses

 

 

911,743

 

 

 

799,062

 

 

 

 

 

 

 

 

Other Income, net

 

 

1,534

 

 

 

2,676

 

 

 

 

 

 

 

 

(Loss) Income Before Income Taxes

 

 

(12,351

)

 

 

39,876

 

 

 

 

 

 

 

 

(Benefit) Provision for Income Taxes

 

 

(8,092

)

 

 

10,927

 

 

 

 

 

 

 

 

Net (Loss) Income

 

 

(4,259

)

 

 

28,949

 

 

 

 

 

 

 

 

Net Loss Attributable to Noncontrolling Interests

 

 

41

 

 

 

90

 

 

 

 

 

 

 

 

Net (Loss) Income Attributable to Shareholders of Crawford & Company

 

$

(4,218

)

 

$

29,039

 

 

 

 

 

 

 

 

(Loss) Earnings Per Share - Basic:

 

 

 

 

 

 

Class A Common Stock

 

$

(0.08

)

 

$

0.55

 

Class B Common Stock

 

$

(0.09

)

 

$

0.55

 

 

 

 

 

 

 

 

(Loss) Earnings Per Share - Diluted:

 

 

 

 

 

 

Class A Common Stock

 

$

(0.08

)

 

$

0.53

 

Class B Common Stock

 

$

(0.09

)

 

$

0.54

 

 

 

 

 

 

 

 

Weighted-Average Shares Used to Compute Basic Earnings Per Share:

 

 

 

 

 

 

Class A Common Stock

 

 

29,397

 

 

 

30,786

 

Class B Common Stock

 

 

20,202

 

 

 

22,438

 

 

 

 

 

 

 

 

Weighted-Average Shares Used to Compute Diluted Earnings Per Share:

 

 

 

 

 

 

Class A Common Stock

 

 

29,397

 

 

 

31,916

 

Class B Common Stock

 

 

20,202

 

 

 

22,438

 

 

(See accompanying notes to condensed consolidated financial statements)

 

 

4


 

CRAWFORD & COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

Unaudited

 

 

 

Three Months Ended September 30,

 

(In thousands)

 

2022

 

 

2021

 

Net (Loss) Income

 

$

(15,252

)

 

$

11,112

 

 

 

 

 

 

 

 

Other Comprehensive (Loss) Income:

 

 

 

 

 

 

Net foreign currency translation loss, net of tax of $0 and $0, respectively

 

 

(7,421

)

 

 

(5,529

)

 

 

 

 

 

 

 

Amortization of actuarial losses for retirement plans included in net periodic pension cost, net of tax of $623 and $657, respectively

 

 

1,838

 

 

 

1,908

 

 

 

 

 

 

 

 

Other Comprehensive Loss

 

 

(5,583

)

 

 

(3,621

)

 

 

 

 

 

 

 

Comprehensive (Loss) Income

 

 

(20,835

)

 

 

7,491

 

 

 

 

 

 

 

 

Comprehensive loss attributable to noncontrolling interests

 

 

292

 

 

 

282

 

 

 

 

 

 

 

 

Comprehensive (Loss) Income Attributable to Shareholders of Crawford & Company

 

$

(20,543

)

 

$

7,773

 

 

 

 

Nine Months Ended September 30,

 

(In thousands)

 

2022

 

 

2021

 

 

 

 

 

 

 

 

Net (Loss) Income

 

$

(4,259

)

 

$

28,949

 

 

 

 

 

 

 

 

Other Comprehensive (Loss) Income:

 

 

 

 

 

 

Net foreign currency translation (loss) gain, net of tax of $0 and $0, respectively

 

 

(19,365

)

 

 

7,279

 

 

 

 

 

 

 

 

Amortization of actuarial losses for retirement plans included in net periodic pension cost, net of tax of $1,895 and $1,987, respectively

 

 

5,531

 

 

 

5,737

 

 

 

 

 

 

 

 

Other Comprehensive (Loss) Income

 

 

(13,834

)

 

 

13,016

 

 

 

 

 

 

 

 

Comprehensive (Loss) Income

 

 

(18,093

)

 

 

41,965

 

 

 

 

 

 

 

 

Comprehensive loss attributable to noncontrolling interests

 

 

345

 

 

 

273

 

 

 

 

 

 

 

 

Comprehensive (Loss) Income Attributable to Shareholders of Crawford & Company

 

$

(17,748

)

 

$

42,238

 

 

(See accompanying notes to condensed consolidated financial statements)

 

 

5


 

CRAWFORD & COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

Unaudited

 

 

 

 

 

 

*

 

(In thousands)

 

September 30,
2022

 

 

December 31,
2021

 

ASSETS

 

 

 

 

 

 

Current Assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

33,099

 

 

$

53,228

 

Accounts receivable, less allowance for expected credit losses of $9,630 and $8,768, respectively

 

 

137,360

 

 

 

134,458

 

Unbilled revenues, at estimated billable amounts

 

 

134,646

 

 

 

118,722

 

Income taxes receivable

 

 

23,099

 

 

 

4,936

 

Prepaid expenses and other current assets

 

 

35,532

 

 

 

34,576

 

Total Current Assets

 

 

363,736

 

 

 

345,920

 

Net Property and Equipment

 

 

28,407

 

 

 

33,721

 

Other Assets:

 

 

 

 

 

 

Operating lease right-of-use assets, net

 

 

96,364

 

 

 

99,369

 

Goodwill

 

 

76,783

 

 

 

116,526

 

Intangible assets arising from business acquisitions, net

 

 

91,285

 

 

 

97,571

 

Capitalized software costs, net

 

 

79,605

 

 

 

75,802

 

Deferred income tax assets

 

 

22,285

 

 

 

21,266

 

Other noncurrent assets

 

 

62,103

 

 

 

62,464

 

Total Other Assets

 

 

428,425

 

 

 

472,998

 

TOTAL ASSETS

 

$

820,568

 

 

$

852,639

 

 

* Derived from the audited Consolidated Balance Sheet

(See accompanying notes to condensed consolidated financial statements)

 

 

6


 

CRAWFORD & COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS — CONTINUED

Unaudited

 

 

 

 

 

 

*

 

(In thousands, except par value amounts)

 

September 30,
2022

 

 

December 31,
2021

 

LIABILITIES AND SHAREHOLDERS' INVESTMENT

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

 

Short-term borrowings

 

$

37,696

 

 

$

10,704

 

Accounts payable

 

 

42,182

 

 

 

48,470

 

Accrued compensation and related costs

 

 

72,889

 

 

 

96,018

 

Self-insured risks

 

 

14,578

 

 

 

13,222

 

Income taxes payable

 

 

 

 

 

1,200

 

Operating lease liability

 

 

23,354