CRAWFORD & CO, 10-Q filed on 8/4/2025
Quarterly Report
v3.25.2
Document and Entity Information - shares
 6 Months Ended
Jun. 30, 2025
Jul. 28, 2025
Document Information [Line Items]    
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Jun. 30, 2025  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q2  
Entity Registrant Name CRAWFORD & CO  
Entity Central Index Key 0000025475  
Current Fiscal Year End Date --12-31  
Entity Filer Category Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Shell Company false  
Entity File Number 1-10356  
Entity Incorporation, State or Country Code GA  
Entity Address, Address Line One 5335 Triangle Parkway  
Entity Address, City or Town Peachtree Corners  
Entity Address, State or Province GA  
Entity Address, Postal Zip Code 30092  
Entity Tax Identification Number 58-0506554  
City Area Code 404  
Local Phone Number 300-1000  
Document Quarterly Report true  
Document Transition Report false  
Class A Non-Voting    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   30,495,206
Title of 12(b) Security Class A Common Stock — $1.00 Par Value  
Trading Symbol CRD-A  
Security Exchange Name NYSE  
Class B Voting    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   19,144,928
Title of 12(b) Security Class B Common Stock — $1.00 Par Value  
Trading Symbol CRD-B  
Security Exchange Name NYSE  
v3.25.2
Condensed Consolidated Statements of Operations Unaudited - USD ($)
shares in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Revenues:        
Revenues $ 334,595,000 $ 326,853,000 $ 657,934,000 $ 639,926,000
Costs and Expenses:        
Cost of services 236,322,000 234,891,000 469,522,000 460,699,000
Selling, general, and administrative expenses 78,337,000 72,270,000 152,924,000 149,590,000
Corporate interest expense, net of interest income 3,858,000 4,256,000 7,802,000 7,852,000
Total Costs and Expenses 318,517,000 311,417,000 630,248,000 618,141,000
Other Loss, net (2,413,000) (2,448,000) (4,801,000) (4,971,000)
Income Before Income Taxes 13,665,000 12,988,000 22,885,000 16,814,000
Provision for Income Taxes 5,845,000 4,486,000 8,325,000 5,533,000
Net Income 7,820,000 8,502,000 14,560,000 11,281,000
Net (Income) Loss Attributable to Noncontrolling Interests (38,000) 82,000 (94,000) 140,000
Net Income Attributable to Shareholders of Crawford & Company $ 7,782,000 $ 8,584,000 $ 14,466,000 $ 11,421,000
Class A Non-Voting        
Earnings Per Share - Basic:        
Earnings per share - basic $ 0.16 $ 0.17 $ 0.29 $ 0.23
Earnings Per Share - Diluted:        
Earnings per share - diluted $ 0.16 $ 0.17 $ 0.29 $ 0.23
Weighted-Average Shares Used to Compute Basic Earnings Per Share:        
Weighted-average common shares outstanding, basic 30,304 29,728 30,240 29,657
Weighted-Average Shares Used to Compute Diluted Earnings Per Share:        
Weighted-average common shares outstanding, diluted 30,782 30,171 30,744 30,225
Class B Voting        
Earnings Per Share - Basic:        
Earnings per share - basic $ 0.16 $ 0.17 $ 0.29 $ 0.23
Earnings Per Share - Diluted:        
Earnings per share - diluted $ 0.16 $ 0.17 $ 0.29 $ 0.23
Weighted-Average Shares Used to Compute Basic Earnings Per Share:        
Weighted-average common shares outstanding, basic 19,145 19,374 19,145 19,458
Weighted-Average Shares Used to Compute Diluted Earnings Per Share:        
Weighted-average common shares outstanding, diluted 19,145 19,374 19,145 19,458
Service        
Revenues:        
Revenues $ 322,997,000 $ 314,227,000 $ 635,029,000 $ 615,881,000
Costs and Expenses:        
Cost of services 224,724,000 222,265,000 446,617,000 436,654,000
Reimbursements        
Revenues:        
Revenues 11,598,000 12,626,000 22,905,000 24,045,000
Costs and Expenses:        
Cost of services $ 11,598,000 $ 12,626,000 $ 22,905,000 $ 24,045,000
v3.25.2
Condensed Consolidated Statements of Operations Unaudited (Parenthetical) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Income Statement [Abstract]        
Interest income $ 796 $ 817 $ 1,623 $ 1,718
v3.25.2
Condensed Consolidated Statements of Comprehensive Income Unaudited - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Statement of Comprehensive Income [Abstract]        
Net income $ 7,820 $ 8,502 $ 14,560 $ 11,281
Other Comprehensive (Loss) Income:        
Net foreign currency translation gain (loss), net of tax of $0 and $0, respectively 7,122 (2,115) 3,410 (916)
Amortization of actuarial losses for retirement plans included in net periodic pension cost, net of tax 2,534 2,506 5,021 5,065
Other Comprehensive Income 9,656 391 8,431 4,149
Comprehensive Income 17,476 8,893 22,991 15,430
Comprehensive (income) loss attributable to noncontrolling interests (78) 81 (172) 204
Comprehensive Income Attributable to Shareholders of Crawford & Company $ 17,398 $ 8,974 $ 22,819 $ 15,634
v3.25.2
Condensed Consolidated Statements of Comprehensive Income Unaudited (Parenthetical) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Statement of Comprehensive Income [Abstract]        
OCI, Tax on foreign currency translation gain (loss) $ 0 $ 0 $ 0 $ 0
OCI, Tax on amortization of actuarial losses on retirement plans included in net periodic pension cost $ 622 $ 628 $ 1,247 $ 1,271
v3.25.2
Condensed Consolidated Balance Sheets Unaudited - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Current Assets:    
Cash and cash equivalents $ 58,529 $ 55,412
Accounts receivable, less allowance for expected credit losses of $8,299 and $8,145, respectively 136,063 142,064
Unbilled revenues, at estimated billable amounts 145,345 131,080
Income taxes receivable 4,803 5,337
Prepaid expenses and other current assets 31,433 40,334
Total Current Assets 376,173 374,227
Net Property and Equipment 17,999 20,554
Other Assets:    
Operating lease right-of-use assets, net 71,706 78,808
Goodwill 76,587 76,368
Intangible assets arising from business acquisitions, net 71,630 74,545
Capitalized software costs, net 116,478 111,854
Deferred income tax assets 24,239 25,305
Other noncurrent assets 44,553 42,094
Total Other Assets 405,193 408,974
TOTAL ASSETS 799,365 803,755
Current Liabilities:    
Short-term borrowings 22,791 17,822
Accounts payable 45,968 50,605
Accrued compensation and related costs 86,180 101,371
Self-insured risks 20,239 27,813
Income taxes payable 853 3,343
Operating lease liability 23,660 24,541
Other accrued liabilities 44,120 38,103
Deferred revenues 37,299 36,129
Total Current Liabilities 281,110 299,727
Noncurrent Liabilities:    
Long-term debt and finance leases, less current installments 202,658 200,315
Operating lease liability 60,382 66,811
Deferred revenues 24,024 23,556
Accrued pension liabilities 20,506 21,084
Other noncurrent liabilities 35,344 36,711
Total Noncurrent Liabilities 342,914 348,477
Shareholders' Investment:    
Additional paid-in capital 90,704 87,118
Retained earnings 245,497 237,948
Accumulated other comprehensive loss (208,772) (217,125)
Shareholders' Investment Attributable to Shareholders of Crawford & Company 176,889 157,210
Noncontrolling interests (1,548) (1,659)
Total Shareholders' Investment 175,341 155,551
TOTAL LIABILITIES AND SHAREHOLDERS' INVESTMENT 799,365 803,755
Class A Non-Voting    
Shareholders' Investment:    
Common stock outstanding, value 30,315 30,124
Class B Voting    
Shareholders' Investment:    
Common stock outstanding, value $ 19,145 $ 19,145
v3.25.2
Condensed Consolidated Balance Sheets Unaudited (Parenthetical) - USD ($)
shares in Thousands, $ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Current Assets:    
Allowance for doubtful accounts $ 8,299 $ 8,145
Class A Non-Voting    
Shareholders' Investment:    
Par or stated value per share (USD per share) $ 1.00 $ 1.00
Shares authorized (shares) 50,000 50,000
Shares issued (shares) 30,315 30,124
Shares outstanding (shares) 30,315 30,124
Class B Voting    
Shareholders' Investment:    
Par or stated value per share (USD per share) $ 1.00 $ 1.00
Shares authorized (shares) 50,000 50,000
Shares issued (shares) 19,145 19,145
Shares outstanding (shares) 19,145 19,145
v3.25.2
Condensed Consolidated Statements of Cash Flows Unaudited - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash Flows from Operating Activities:    
Net income $ 14,560 $ 11,281
Reconciliation of net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 19,461 18,145
Stock-based compensation 3,085 2,831
Loss (gain) on disposal of property and equipment 1,030 (80)
Contingent earnout adjustments 443 581
Changes in operating assets and liabilities:    
Accounts receivable, net 8,111 (2,537)
Unbilled revenues, net (12,127) (14,234)
Accrued or prepaid income taxes (2,922) (6,652)
Accounts payable and accrued liabilities (16,136) (22,336)
Deferred revenues 1,295 (798)
Accrued retirement costs 25 1,581
Prepaid expenses and other operating activities 4,258 3,965
Net cash provided by (used in) operating activities 21,083 (8,253)
Cash Flows from Investing Activities:    
Acquisitions of property and equipment (2,401) (1,418)
Capitalization of computer software costs (16,087) (17,031)
Proceeds from settlement of life insurance policies 210 0
Net cash used in investing activities (18,278) (18,449)
Cash Flows from Financing Activities:    
Cash dividends paid (6,917) (6,880)
Repurchases of common stock 0 (2,073)
Increases in revolving credit facility borrowings 49,193 48,592
Payments on revolving credit facility borrowings (42,582) (23,769)
Payments of contingent consideration on acquisitions (1,326) (579)
Other financing activities 554 364
Net cash (used in) provided by financing activities (1,078) 15,655
Effects of exchange rate changes on cash and cash equivalents 863 (155)
Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash 2,590 (11,202)
Cash, Cash Equivalents, and Restricted Cash at Beginning of Year 56,329 59,545
Cash, Cash Equivalents, and Restricted Cash at End of Period 58,919 48,343
Supplemental cash flow information:    
Income taxes paid 11,340 11,944
Interest paid $ 9,089 $ 8,890
v3.25.2
Condensed Consolidated Statements of Shareholders' Investment Unaudited - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2025
Jun. 30, 2024
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Beginning balance $ 159,023 $ 155,551 $ 143,238 $ 139,831 $ 155,551 $ 139,831
Net income 7,820 6,740 8,502 2,779    
Other comprehensive (loss) income 9,656 (1,225) 391 3,758 8,431 4,149
Cash dividends paid (3,523) (3,455) (3,437) (3,443)    
Stock-based compensation 1,695 1,390 1,613 1,218    
Repurchases of common stock     (1,340) (733)    
Noncontrolling Interest Decrease From Business Combination     (79)      
Shares issued in connection with stock-based compensation plans, net 670 22 819 (50)    
Dividends paid to noncontrolling interests       (122)    
Ending balance 175,341 159,023 149,707 143,238 175,341 149,707
Common Stock | Class A Non-Voting            
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Beginning balance 30,217 30,124 29,628 29,525 30,124 29,525
Shares issued in connection with stock-based compensation plans, net 98 93 115 103    
Ending balance 30,315 30,217 29,743 29,628 30,315 29,743
Common Stock | Class B Voting            
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Beginning balance 19,145 19,145 19,469 19,555 19,145 19,555
Repurchases of common stock     (145) (86)    
Ending balance 19,145 19,145 19,324 19,469 19,145 19,324
Additional Paid-In Capital            
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Beginning balance 88,437 87,118 83,104 82,589 87,118 82,589
Stock-based compensation 1,695 1,390 1,613 1,218    
Noncontrolling Interest Decrease From Business Combination     40 (550)    
Shares issued in connection with stock-based compensation plans, net 572 (71) 704 (153)    
Ending balance 90,704 88,437 85,461 83,104 90,704 85,461
Retained Earnings            
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Beginning balance 241,177 237,948 227,311 228,564 237,948 228,564
Net income 7,782 6,684 8,584 2,837    
Cash dividends paid (3,462) (3,455) (3,437) (3,443)    
Repurchases of common stock     (1,195) (647)    
Ending balance 245,497 241,177 231,263 227,311 245,497 231,263
AOCL attributable to shareholders of Crawford & Company            
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Beginning balance (218,388) (217,125) (214,792) (218,615) (217,125) (218,615)
Other comprehensive (loss) income 9,616 (1,263) 390 3,823    
Ending balance (208,772) (218,388) (214,402) (214,792) (208,772) (214,402)
Shareholders' Investment Attributable to Shareholders of Crawford & Company            
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Beginning balance 160,588 157,210 144,720 141,618 157,210 141,618
Net income 7,782 6,684 8,584 2,837    
Other comprehensive (loss) income 9,616 (1,263) 390 3,823    
Cash dividends paid (3,462) (3,455) (3,437) (3,443)    
Stock-based compensation 1,695 1,390 1,613 1,218    
Repurchases of common stock     (1,340) (733)    
Noncontrolling Interest Decrease From Business Combination     40 (550)    
Shares issued in connection with stock-based compensation plans, net 670 22 819 (50)    
Ending balance 176,889 160,588 151,389 144,720 176,889 151,389
Noncontrolling Interests            
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Beginning balance (1,565) (1,659) (1,482) (1,787) (1,659) (1,787)
Net income 38 56 (82) (58)    
Other comprehensive (loss) income 40 38 1 (65)    
Cash dividends paid (61)          
Noncontrolling Interest Decrease From Business Combination     (119) 550    
Dividends paid to noncontrolling interests       (122)    
Ending balance $ (1,548) $ (1,565) $ (1,682) $ (1,482) $ (1,548) $ (1,682)
v3.25.2
Condensed Consolidated Statements of Shareholders' Investment Unaudited (Parenthetical) - $ / shares
 3 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Mar. 31, 2024
Class A Non-Voting        
Class of Stock [Line Items]        
Cash dividends paid (in dollars per share) $ 0.07 $ 0.07 $ 0.07 $ 0.07
Class B Voting        
Class of Stock [Line Items]        
Cash dividends paid (in dollars per share) $ 0.07 $ 0.07 $ 0.07 $ 0.07
v3.25.2
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Pay vs Performance Disclosure        
Net Income (Loss) $ 7,782 $ 8,584 $ 14,466 $ 11,421
v3.25.2
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.2
Basis of Presentation
 6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation

1. Basis of Presentation

The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the United States Securities and Exchange Commission (the "SEC"). These unaudited condensed consolidated financial statements omit certain notes and other financial information and therefore, should be read in conjunction with the 2024 Form 10-K. The Condensed Consolidated Balance Sheet information presented herein as of December 31, 2024 has been derived from the audited consolidated financial statements as of that date. For further information, refer to the consolidated financial statements and notes thereto included in the Company's Form 10-K for the year ended December 31, 2024.

Due to the impact of weather activity and other macroeconomic uncertainties, the Company's operating results for the three and six months ended June 30, 2025 and financial position as of June 30, 2025 are not necessarily indicative of the results or financial position that may be expected for the year ending December 31, 2025 or for other future periods. The financial results from the Company's operations outside of the U.S., Canada, the Caribbean, and certain subsidiaries in the Philippines, are reported and consolidated on a two-month delayed basis (fiscal year-end of October 31) as permitted by GAAP in order to provide sufficient time for accumulation of their results.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. In the opinion of management, all adjustments (consisting only of normal recurring accruals and adjustments) considered necessary for a fair presentation have been included. There have been no material changes to our significant accounting policies and estimates from those disclosed in the Company's financial statements included in Form 10-K for the year ended December 31, 2024 other than as disclosed herein.

The Company has four reportable segments consisting of North America Loss Adjusting, International Operations, Broadspire, and Platform Solutions. Significant intercompany transactions have been eliminated in consolidation.

The Company consolidates the liabilities of its deferred compensation plan and the related assets, which are held in a rabbi trust and also considered a variable interest entity ("VIE") of the Company. The rabbi trust was created to fund the liabilities of the Company's deferred compensation plan. The Company is considered the primary beneficiary of the rabbi trust because the Company directs the activities of the trust and can use the assets of the trust to satisfy the liabilities of the Company's deferred compensation plan. At June 30, 2025 and December 31, 2024, the liabilities of the deferred compensation plan were $6,523,000 and $6,248,000, respectively, which represented obligations of the Company rather than of the rabbi trust, and the values of the assets held in the related rabbi trust were $10,453,000 and $10,389,000, respectively. These liabilities and assets are included in "Other noncurrent liabilities" and "Other noncurrent assets," respectively, on the Company's unaudited Condensed Consolidated Balance Sheets.

Noncontrolling interests represent the minority shareholders' share of the net income or loss and shareholders' investment in consolidated subsidiaries. Noncontrolling interests are presented as a component of shareholders' investment in the unaudited Condensed Consolidated Balance Sheets and reflect the initial fair value of these investments by noncontrolling shareholders, along with their proportionate share of the income or loss of the subsidiaries, less any dividends or distributions.
v3.25.2
Recently Issued Accounting Standards
 6 Months Ended
Jun. 30, 2025
Accounting Changes and Error Corrections [Abstract]  
Recently Issued Accounting Standards

2. Recently Issued Accounting Standards

Improvements to Reportable Segment Disclosures (ASU 2023-07)

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires more detailed information about a reportable segment’s expenses. The new standard is effective for fiscal years beginning after December 15, 2023 and interim periods beginning after December 15, 2024, with retrospective application required. The Company adopted this guidance as of December 31, 2024. Refer to Note 10, "Segment Information" for updated segment disclosures.

Improvements to Income Tax Disclosures (ASU 2023-09)

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, a new accounting standard to enhance the transparency and decision usefulness of income tax disclosures. The new standard is effective for fiscal years beginning after December 15, 2024, with retrospective application permitted. The Company is currently evaluating the impact of this guidance on its consolidated financial statements and plans to adopt at December 31, 2025.

Disaggregation of Income Statement Expenses (ASU 2024-03)

In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (Topic 220): Reporting Comprehensive Income - Expense Disaggregation Disclosures, which requires disclosures of disaggregated information about certain income statement expense line items, such as inventory purchases, employee compensation, and depreciation. The new standard is effective for fiscal years beginning after December 15, 2026 and interim periods beginning after December 15, 2027, with retrospective application permitted. The Company is currently evaluating the impact of this guidance on its consolidated financial statements.
v3.25.2
Revenue Recognition
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
Revenue Recognition

3. Revenue Recognition

Revenue from Contracts with Customers

Revenues are recognized when control of the promised services is transferred to the Company's customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services. Revenues are recognized net of any sales, use or value added taxes collected from customers, which are subsequently remitted to governmental authorities. As the Company completes its performance obligations which are identified below, it has an unconditional right to consideration as outlined in the Company's contracts. Generally, the Company's accounts receivables are expected to be collected in less than two months.

The Company's North America Loss Adjusting and International Operations segments generate revenue for adjusting services provided to insurance companies and self-insured entities related to property and casualty losses caused by physical damage to commercial and residential real property and certain types of personal property. These segments also generate revenues for claims management services provided to insurance companies and self-insured entities related to large, complex losses with technical adjusting and industry experts servicing a broad range of industries. The Company charges on a fee-per-claim basis for each optional purchase of the claims management services exercised by its customer. The Company also performs Legal Services within its International Operations segment. Revenue is recognized over time as the performance obligations are satisfied through the effort expended to research, investigate, evaluate, document and report the claim and control of these services is transferred to the customer. Revenue is recognized based on the claim type for fixed fee claims applied utilizing a portfolio approach based on time elapsed for these claims. For claims billed on a time and expense incurred basis, which are considered variable consideration, the Company recognizes revenue at the amount in which it has the right to invoice for services performed. These methods of revenue recognition are the most accurate depiction of the transfer of the claims management services to the customer. Task assignment services are single optional purchase performance obligations which are generally satisfied at a point in time when the control of the service is transferred to the customer. Therefore, revenue is recognized when the customer receives the service requested.

The following table presents North America Loss Adjusting revenues before reimbursements disaggregated by geography for the three and six months ended June 30, 2025 and 2024:

 

 

 

Three Months Ended

 

 

Six Months Ended

 

(in thousands)

 

June 30,
2025

 

 

June 30,
2024

 

 

June 30,
2025

 

 

June 30,
2024

 

U.S.

 

$

54,805

 

 

$

53,829

 

 

$

112,769

 

 

$

107,353

 

Canada

 

 

23,269

 

 

 

22,201

 

 

 

45,045

 

 

 

46,042

 

Total North America Loss Adjusting Revenues before Reimbursements

 

$

78,074

 

 

$

76,030

 

 

$

157,814

 

 

$

153,395

 

 

The following table presents International Operations revenues before reimbursements disaggregated by geography and service line for the three and six months ended June 30, 2025 and 2024:

 

 

 

Three Months Ended

 

 

Six Months Ended

 

(in thousands)

 

June 30,
2025

 

 

June 30,
2024

 

 

June 30,
2025

 

 

June 30,
2024

 

U.K.

 

$

41,955

 

 

$

38,490

 

 

$

83,764

 

 

$

76,389

 

Europe

 

 

27,369

 

 

 

24,453

 

 

 

53,553

 

 

 

48,074

 

Australia

 

 

19,792

 

 

 

19,303

 

 

 

36,370

 

 

 

36,583

 

Asia

 

 

7,236

 

 

 

5,604

 

 

 

13,403

 

 

 

10,973

 

Latin America

 

 

7,694

 

 

 

7,591

 

 

 

15,706

 

 

 

15,787

 

International Loss Adjusting

 

$

104,046

 

 

$

95,441

 

 

$

202,796

 

 

$

187,806

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.K.

 

$

2,367

 

 

$

2,930

 

 

$

4,900

 

 

$

5,286

 

Australia

 

 

1,815

 

 

 

3,013

 

 

 

4,285

 

 

 

5,394

 

Latin America

 

 

842

 

 

 

899

 

 

 

1,483

 

 

 

1,889

 

Crawford Legal Services

 

$

5,024

 

 

$

6,842

 

 

$

10,668

 

 

$

12,569

 

Total International Operations Revenues before Reimbursements

 

$

109,070

 

 

$

102,283

 

 

$

213,464

 

 

$

200,375

 

 

The Company’s Broadspire segment is a third party administrator that generates revenue through its Claims Management and Medical Management service lines.

The Claims Management service line includes Workers' Compensation, Liability, Property and Disability Claims Management. This service line also performs additional services such as Accident & Health claims programs, including Affinity type claims, and disability and leave management services. Each claim referred by the customer is considered an additional optional purchase of claims management services under the agreement with the customer. The transaction price is specified in the contract and is fixed for each service. Revenue is recognized over time as services are provided as the performance obligations are satisfied through the effort expended to research, investigate, evaluate, document, and report the claim and control of these services is transferred to the customer. Revenue is recognized based on historical claim closure rates and claim type applied utilizing a portfolio approach based on time elapsed for these claims as the Company believes this is the most accurate depiction of the transfer of claims management services to its customer. Broadspire also provides claims management services on a monthly basis for which revenue is recognized over time based on claims received and staff required to complete its claim handling obligations. Broadspire also provides Risk Management Information Services and Account Administration Services and generates revenues from income earned for managing funds maintained to administer claims for its customers. For non-claim services provided in the Claims Management service line, revenue is recognized over time as services are provided and control of these services is transferred to the customer. Revenue is recognized as time elapses as this is the most accurate depiction of the transfer of the service to the customer.

The Company's obligation to manage claims under the Claims Management service line can range from less than one year, on a one- or two-year basis or for the lifetime of the claim. Under certain claims management agreements, the Company receives consideration from a customer at contract inception prior to transferring services to the customer, however, it would begin performing services immediately. The period between a customer’s payment of consideration and the completion of the promised services could be greater than one year. There is no difference between the amount of promised consideration and the cash selling price of the promised services. The fee is billed upfront by the Company in order to provide customers with simplified and predictable ways of purchasing its services and it is customary to invoice service fees when the claim is assigned. The Company considered whether a significant financing component exists and determined that there is not a significant financing component at the contract level.

The Medical Management service line offers case managers who provide administration services by proactively managing medical treatment plans for claimants while facilitating an understanding of and participation in their rehabilitation process. Revenue for Medical Management services is recognized over time as the performance obligations are satisfied through the effort expended to manage the medical treatment for claimants and control of these services is transferred to the customer. Medical Management services are generally billed based on time incurred, are considered variable consideration, and revenue is recognized at the amount for which the Company has the right to invoice for services performed. This method of revenue recognition is the most accurate depiction of the transfer of the Medical Management services to the customer. The Company also performs medical bill review services. Medical bill review services provide an analysis of medical charges for clients’ claims to identify opportunities for savings. Medical bill review services revenues are recognized over time as control of the service is transferred to the customer. Revenue is recognized based upon the transfer of the results of the medical bill review service to the customer as this is the most accurate depiction of the transfer of the service to the customer.

The following table presents Broadspire revenues before reimbursements disaggregated by service line for the three and six months ended June 30, 2025 and 2024:

 

 

 

Three Months Ended

 

 

Six Months Ended

 

(in thousands)

 

June 30,
2025

 

 

June 30,
2024

 

 

June 30,
2025

 

 

June 30,
2024

 

Claims Management

 

$

51,991

 

 

$

49,858

 

 

$

101,645

 

 

$

98,256

 

Medical Management

 

 

48,626

 

 

 

47,229

 

 

 

95,356

 

 

 

93,129

 

Total Broadspire Revenues before Reimbursements

 

$

100,617

 

 

$

97,087

 

 

$

197,001

 

 

$

191,385

 

 

The Company's Platform Solutions segment principally generates revenues through its Contractor Connection, Networks and Subrogation service lines.

The Contractor Connection service line generates revenue through its independently managed contractor network. Contractor Connection primarily generates revenue by receiving a fee for each project that is sold by its network of contractors. Revenue is recognized at a point in time once the consumer accepts the contractor's proposal as Contractor Connection’s performance obligation of referring projects to its contractors has been completed and the Company is entitled to consideration at that time. The contractor takes control of the service upon the consumer’s acceptance of the contractor’s proposal.

The Networks service line generates revenues for claims management services provided to insurance companies and self-insured entities related to property, casualty and catastrophic losses. Revenue is recognized over time as the performance obligations are satisfied through the effort expended to research, investigate, evaluate, document and report the claim and control of these services is transferred to the customer. Revenue is recognized based on the claim type for fixed fee claims, applied based on time elapsed for these claims. For claims billed on a time and expense incurred basis, which are considered variable consideration, the Company recognizes revenue at the amount for which it has the right to invoice for services performed. These methods of revenue recognition are the most accurate depiction of the transfer of the claims management services to the customer.

The Subrogation service line provides subrogation recovery and consultative services for the property and casualty insurance industry. Revenue is recognized at a point in time when the subrogation is successful and cash consideration is received.

The following table presents Platform Solutions revenues before reimbursements disaggregated by service line for the three and six months ended June 30, 2025 and 2024:

 

 

 

Three Months Ended

 

 

Six Months Ended

 

(in thousands)

 

June 30,
2025

 

 

June 30,
2024

 

 

June 30,
2025

 

 

June 30,
2024

 

Contractor Connection

 

$

18,480

 

 

$

18,118

 

 

$

35,381

 

 

$

35,063

 

Networks

 

 

9,215

 

 

 

13,373

 

 

 

16,540

 

 

 

21,116

 

Subrogation

 

 

7,541

 

 

 

7,336

 

 

 

14,829

 

 

 

14,547

 

Total Platform Solutions Revenues before Reimbursements

 

$

35,236

 

 

$

38,827

 

 

$

66,750

 

 

$

70,726

 

 

In the normal course of business, the Company's segments incur certain out-of-pocket expenses that are thereafter reimbursed by its customers. The Company controls the promised good or service before it is transferred to its customer, therefore it is a principal in the transaction. These out-of-pocket expenses and associated reimbursements are reported on a gross basis within expenses and revenues, respectively, in the Company's unaudited Condensed Consolidated Statements of Operations.

Claims Management Performance Obligations

For claims management services, the Company typically has one performance obligation; however, it also provides the customer with an option to acquire additional services. The Company sells multiple lines of claims processing and different levels of processing depending on the complexity of the claims. The Company typically provides a menu of offerings from which the customer chooses to purchase at its option. The price of each service is separate and distinct and provides a separate and distinct value to the customer. Pricing is consistent for each service irrespective of the other services or quantities requested by the customer. For example, if the Company provides claims processing for both auto and general liability, those services are priced and delivered independently. These additional services represent optional purchases of additional claims management services and do not represent arrangements with multiple performance obligations.

Contract Balances

The timing of revenue recognition, billings and cash collections result in billed accounts receivables, unbilled accounts receivable reported as "Unbilled revenues, at estimated billable amounts," and "Deferred revenues" on the Company’s unaudited Condensed Consolidated Balance Sheets. Unbilled revenues is recorded for revenue that has been recognized in advance of billing the customer, resulting from professional services delivered that the Company expects and is entitled to receive as consideration under certain contracts. Billing requirements vary by contract but substantially all unbilled revenues are billed within one year.

When the Company receives consideration from a customer prior to transferring services to the customer under the terms of certain claims management agreements, it records deferred revenues on its unaudited Condensed Consolidated Balance Sheets, which represents a contract liability. These fixed-fee service agreements typically result from the Broadspire segment and require the Company to handle claims on either a one- or two-year basis, or for the lifetime of the claim. In cases where it handles a claim on a non-lifetime basis, the Company typically receives an additional fee on each anniversary date that the claim remains open. For service agreements where it provides services for the life of the claim, the Company is paid one upfront fee regardless of the duration of the claim. The Company recognizes deferred revenues as revenues as it performs services and transfers control of the services to the customer and satisfies the performance obligation which it determines utilizing a portfolio approach.

The Company's deferred revenues for claims handled for one or two years are not as sensitive to changes in claim closing rates since the performance obligations are satisfied within a fixed length of time. Deferred revenues for lifetime claim handling are more sensitive to changes in claim closing rates since the Company is obligated to handle these claims to conclusion with no additional fees received for long-lived claims. Deferred revenues related to lifetime claim handling arrangements approximated $40,799,000 and $39,600,000 as of June 30, 2025 and December 31, 2024, respectively. For all fixed fee service agreements, revenues are recognized over the expected service periods, by type of claim. Based upon its historical averages, the Company closes approximately 99% of all cases referred to it under lifetime claim service agreements within five years from the date of referral. Also, within that five-year period, the percentage of cases remaining open in any one particular year has remained relatively consistent from period to period. Each quarter the Company evaluates its historical case closing rates by type of claim utilizing a portfolio approach and adjusts deferred revenues as necessary. As a portfolio approach is utilized to recognize deferred revenues, any changes in estimates will impact the timing of revenue recognition and any changes in estimates are recognized in the period in which they are determined.

The table below presents the deferred revenues balance as of January 1, 2025 and the significant activity affecting deferred revenues during the three and six months ended June 30, 2025:

 

(In Thousands)

 

 

 

Customer Contract Liabilities

 

Deferred
Revenue

 

Balance at January 1, 2025

 

$

59,685

 

Quarterly additions

 

 

25,100

 

Revenue recognized from the prior periods

 

 

(15,874

)

Revenue recognized from current quarter additions

 

 

(9,406

)

Balance as of March 31, 2025

 

$

59,505

 

Quarterly additions

 

 

26,523

 

Revenue recognized from the prior periods

 

 

(15,165

)

Revenue recognized from current quarter additions

 

 

(9,540

)

Balance as of June 30, 2025

 

$

61,323

 

 

Remaining Performance Obligations

As of June 30, 2025, the Company had $113,400,000 of remaining performance obligations related to claims and non-claims services for which the price is fixed. Remaining performance obligations consist of deferred revenues as well as certain claims where the processing has not yet occurred. The Company expects to recognize approximately 73% of its remaining performance obligations as revenues within one year and the remaining balance thereafter.

Costs to Obtain a Contract

The Company has a sales incentive compensation program where payment is based on the revenues recognized in the period. The payment does not represent an incremental cost to the Company that provides a future benefit expected to be longer than one year. Therefore it does not meet the criteria to be capitalized and presented as a contract asset on the Company's unaudited Condensed Consolidated Balance Sheets.

Practical Expedients Elected

As a practical expedient, the Company does not adjust the consideration in a contract for the effects of a significant financing component it expects, at contract inception, when the period between a customer’s payment of consideration and the transfer of promised services to the customer will be one year or less. For claims management services that are billed on a time and expense incurred or per unit basis, the Company recognizes revenue at the amount to which it has the right to invoice for services performed.

The Company does not disclose the value of remaining performance obligations for (i) contracts for which it recognizes revenue at the amount to which it has the right to invoice for services performed, or (ii) contracts with variable consideration allocated entirely to a single performance obligation.
v3.25.2
Credit Losses
 6 Months Ended
Jun. 30, 2025
Credit Loss [Abstract]  
Credit Losses

4. Credit Losses

The Company maintains an allowance for expected credit losses resulting primarily from the inability of clients to make required payments. Such losses are accounted for as bad debt expense. These allowances are established using historical write-off or adjustment information to project future experience and by considering the current creditworthiness of clients, any known specific collection problems, and an assessment of current industry and economic conditions. The Company evaluates the risks related to its trade receivables and contract assets by considering customer type, geography, and aging. Actual experience may differ significantly from historical or expected loss results. The Company writes off account receivables and unbilled revenues when they become uncollectible, and any payments subsequently received are accounted for as recoveries.
v3.25.2
Income Taxes
 6 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
Income Taxes

5. Income Taxes

The Company's consolidated effective income tax rate may change periodically due to changes in enacted statutory tax rates, changes in tax law or policy, changes in the composition of taxable income from the countries in which it operates, the Company's ability to utilize net operating loss and tax credit carryforwards, and changes in unrecognized tax benefits.

The provision for income taxes on consolidated income before income taxes totaled $5,845,000 and $4,486,000 for the three months ended June 30, 2025 and 2024, respectively. The overall effective tax rate increased to 42.8% for the three months ended June 30, 2025 compared with 34.5% for the 2024 period primarily due to the one-time expense of $1,328,000 relating to administrative guidance issued by a foreign tax authority, net of changes in valuation allowances in certain jurisdictions.

The provision for income taxes on consolidated income before income taxes totaled $8,325,000 and $5,533,000 for the six months ended June 30, 2025 and 2024, respectively. The overall effective tax rate increased to 36.4% for the six months ended June 30, 2025 compared with 32.9% for the 2024 period primarily due to the one-time expense of $1,328,000 relating to administrative guidance issued by a foreign tax authority, net of changes in valuation allowances in certain jurisdictions.

The foreign tax administrative guidance issuance noted above also resulted in a one-time indirect tax expense of $3,122,000 for the three and six months ended June 30, 2025, which is included in “Selling, general, and administrative expenses” on the unaudited Condensed Consolidated Statements of Operations.

v3.25.2
Defined Benefit Pension Plans
 6 Months Ended
Jun. 30, 2025
Retirement Benefits [Abstract]  
Defined Benefit Pension Plans

6. Defined Benefit Pension Plans

Net periodic cost related to all of the Company's defined benefit pension plans recognized in the Company's unaudited Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2025 and 2024 included the following components:

 

 

 

Three Months Ended

 

 

Six Months Ended

 

(in thousands)

 

June 30,
2025

 

 

June 30,
2024

 

 

June 30,
2025

 

 

June 30,
2024

 

Service cost

 

$

441

 

 

$

378

 

 

$

871

 

 

$

762

 

Interest cost

 

 

5,424

 

 

 

5,734

 

 

 

10,784

 

 

 

11,480

 

Expected return on assets

 

 

(6,138

)

 

 

(6,414

)

 

 

(12,227

)

 

 

(12,823

)

Amortization of actuarial loss

 

 

3,127

 

 

 

3,128

 

 

 

6,244

 

 

 

6,314

 

Net periodic cost

 

$

2,854

 

 

$

2,826

 

 

$

5,672

 

 

$

5,733

 

 

For the three months ended June 30, 2025 and 2024, the non-service components of net periodic pension expense totaled $2,413,000 and $2,448,000, respectively. For the six months ended June 30, 2025 and 2024, the non-service components of net periodic pension expense totaled $4,801,000 and $4,971,000, respectively. These amounts are included in "Other Loss, net" on the unaudited Condensed Consolidated Statements of Operations.

 

For the six months ended June 30, 2025, the Company made no contributions to the U.S. defined benefit pension plan and contributed $1,555,000 to the U.K. defined benefit pension plans, as compared with no contributions to the U.S. defined benefit pension plan and contributed $1,205,000 to the U.K. defined benefit pension plans during the six months ended June 30, 2024.
v3.25.2
Net Income Attributable to Shareholders of Crawford & Company per Common Share
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Net Income Attributable to Shareholders of Crawford & Company per Common Share

7. Net Income Attributable to Shareholders of Crawford & Company per Common Share

The Company computes earnings per share of its non-voting Class A Common Stock ("CRD-A") and voting Class B Common Stock ("CRD-B") using the two-class method, which allocates the undistributed earnings in each period to each class on a proportionate basis. The Company's Board of Directors has the right, but not the obligation, to declare higher dividends on the CRD-A shares than on the CRD-B shares, subject to certain limitations. In periods when the dividend is the same for CRD-A and CRD-B or when no dividends are declared or paid to either class, the two-class method generally will yield the same earnings per share for CRD-A and CRD-B. During 2025 and 2024, the Board of Directors has declared the same dividend on CRD-A and CRD-B.

The computations of basic net income attributable to shareholders of Crawford & Company per common share were as follows:

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,
2025

 

 

June 30,
2024

 

 

June 30,
2025

 

 

June 30,
2024

 

(in thousands, except per share amounts)

 

CRD-A

 

 

CRD-B

 

 

CRD-A

 

 

CRD-B

 

 

CRD-A

 

 

CRD-B

 

 

CRD-A

 

 

CRD-B

 

Earnings per share - basic:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allocation of undistributed earnings

 

$

2,647

 

 

$

1,673

 

 

$

3,116

 

 

$

2,031

 

 

$

4,623

 

 

$

2,926

 

 

$

2,742

 

 

$

1,799

 

Dividends paid

 

 

2,122

 

 

 

1,340

 

 

 

2,081

 

 

 

1,356

 

 

 

4,237

 

 

 

2,680

 

 

 

4,155

 

 

 

2,725

 

Net income attributable to common shareholders, basic

 

$

4,769

 

 

$

3,013

 

 

$

5,197

 

 

$

3,387

 

 

$

8,860

 

 

$

5,606

 

 

$

6,897

 

 

$

4,524

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average common shares outstanding, basic

 

 

30,304

 

 

 

19,145

 

 

 

29,728

 

 

 

19,374

 

 

 

30,240

 

 

 

19,145

 

 

 

29,657

 

 

 

19,458

 

Earnings per share - basic

 

$

0.16

 

 

$

0.16

 

 

$

0.17

 

 

$

0.17

 

 

$

0.29

 

 

$

0.29

 

 

$

0.23

 

 

$

0.23

 

 

The computations of diluted net income attributable to shareholders of Crawford & Company per common share were as follows:

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,
2025

 

 

June 30,
2024

 

 

June 30,
2025

 

 

June 30,
2024

 

(in thousands, except per share amounts)

 

CRD-A

 

 

CRD-B

 

 

CRD-A

 

 

CRD-B

 

 

CRD-A

 

 

CRD-B

 

 

CRD-A

 

 

CRD-B

 

Earnings per share - diluted:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allocation of undistributed earnings

 

$

2,663

 

 

$

1,657

 

 

$

3,134

 

 

$

2,013

 

 

$

4,652

 

 

$

2,897

 

 

$

2,763

 

 

$

1,778

 

Dividends paid

 

 

2,122

 

 

 

1,340

 

 

 

2,081

 

 

 

1,356

 

 

 

4,237

 

 

 

2,680

 

 

 

4,155

 

 

 

2,725

 

Net income attributable to common shareholders, diluted

 

$

4,785

 

 

$

2,997

 

 

$

5,215

 

 

$

3,369

 

 

$

8,889

 

 

$

5,577

 

 

$

6,918

 

 

$

4,503

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average common shares outstanding, basic

 

 

30,304

 

 

 

19,145

 

 

 

29,728

 

 

 

19,374

 

 

 

30,240

 

 

 

19,145

 

 

 

29,657

 

 

 

19,458

 

Weighted-average effect of dilutive securities

 

 

478

 

 

 

—

 

 

 

443

 

 

 

—

 

 

 

504

 

 

 

—

 

 

 

568

 

 

 

—

 

Weighted-average common shares outstanding, diluted

 

 

30,782

 

 

 

19,145

 

 

 

30,171

 

 

 

19,374

 

 

 

30,744

 

 

 

19,145

 

 

 

30,225

 

 

 

19,458

 

Earnings per share - diluted

 

$

0.16

 

 

$

0.16

 

 

$

0.17

 

 

$

0.17

 

 

$

0.29

 

 

$

0.29

 

 

$

0.23

 

 

$

0.23

 

 

Listed below are the shares excluded from the denominator in the preceding computation of diluted earnings per share for CRD-A:

 

 

 

Three Months Ended

 

Six Months Ended

(in thousands)

 

June 30,
2025

 

June 30,
2024

 

June 30,
2025

 

June 30,
2024

Shares underlying stock options excluded

 

—

 

255

 

—

 

128

Performance stock grants excluded because performance conditions have not been met (1)

 

799

 

1,180

 

803

 

1,140

 

(1) Compensation cost is recognized for these performance stock grants based on expected achievement rates; however, no consideration is given to these performance stock grants when calculating diluted earnings per share until the performance measurements have been achieved.

The following table details shares issued during the three and six months ended June 30, 2025 and 2024, including restricted shares that were returned prior to vesting. These shares are included from their dates of issuance in the weighted-average common shares used to compute basic and diluted earnings per share for CRD-A in the table above. There were no shares of CRD-B issued during any of these periods.

 

 

 

Three Months Ended

 

 

Six Months Ended

 

(in thousands)

 

June 30,
2025

 

 

June 30,
2024

 

 

June 30,
2025

 

 

June 30,
2024

 

CRD-A issued under the Non-Employee Director Stock Plan

 

 

(4

)

 

 

(9

)

 

 

86

 

 

 

62

 

CRD-A issued under the U.K. ShareSave Scheme

 

 

102

 

 

 

124

 

 

 

106

 

 

 

124

 

CRD-A issued under the Employee Stock Purchase Plan

 

 

—

 

 

 

—

 

 

 

—

 

 

 

32

 

 

Effective November 4, 2021, the Company’s Board of Directors authorized the repurchase of up to 2,000,000 shares of CRD-A or CRD-B (or a combination of the two) through December 31, 2023 (the “2021 Repurchase Authorization”). On February 10, 2022, the Company's Board of Directors authorized the addition of 5,000,000 shares of CRD-A or CRD-B (or a combination of the two) to its 2021 Repurchase Authorization. The Company's Board of Directors subsequently amended this authorization to allow for repurchases through December 31, 2025. Repurchases may be made in the open market or privately negotiated transactions at such times and for such prices as management deems appropriate, subject to applicable regulatory guidelines. The authorization does not obligate Crawford to acquire any stock, and purchases may be commenced or suspended at any time based on market conditions and other factors that the Company deems appropriate. At June 30, 2025, the Company had remaining authorization to repurchase 1,089,809 shares under the 2021 Repurchase Authorization.

During the six months ended June 30, 2025, the Company did not repurchase any shares of CRD-A or CRD-B. During the six months ended June 30, 2024, the Company did not repurchase any shares of CRD-A and repurchased 230,861 shares of CRD-B at an average cost of $8.98.

v3.25.2
Accumulated Other Comprehensive Loss
 6 Months Ended
Jun. 30, 2025
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Accumulated Other Comprehensive Loss

8. Accumulated Other Comprehensive Loss

Comprehensive (loss) income for the Company consists of the total of net income, foreign currency translation adjustments, and accrued pension adjustments. Foreign currency translation adjustments include the net realized gains from intra-entity loans that are long-term in nature of $514,000 and $343,000 for the three and six months ended June 30, 2025, respectively. The changes in components of "Accumulated other comprehensive loss" ("AOCL"), net of taxes and noncontrolling interests, included in the Company's unaudited condensed consolidated financial statements were as follows:

 

 

 

Three Months Ended June 30, 2025

 

 

Six Months Ended June 30, 2025

 

(in thousands)

 

Foreign
currency
translation
adjustments

 

 

Retirement
liabilities (1)

 

 

AOCL
attributable
to shareholders
of Crawford &
Company

 

 

Foreign
currency
translation
adjustments

 

 

Retirement
liabilities (1)

 

 

AOCL
attributable
to shareholders
of Crawford &
Company

 

Beginning balance

 

$

(53,829

)

 

$

(164,559

)

 

$

(218,388

)

 

$

(50,079

)

 

$

(167,046

)

 

$

(217,125

)

Other comprehensive income before reclassifications

 

 

7,082

 

 

 

—

 

 

 

7,082

 

 

 

3,332

 

 

 

—

 

 

 

3,332

 

Amounts reclassified from accumulated other comprehensive income to net income

 

 

—

 

 

 

2,534

 

 

 

2,534

 

 

 

—

 

 

 

5,021

 

 

 

5,021

 

Net current period other comprehensive income

 

 

7,082

 

 

 

2,534

 

 

 

9,616

 

 

 

3,332

 

 

 

5,021

 

 

 

8,353

 

Ending balance

 

$

(46,747

)

 

$

(162,025

)

 

$

(208,772

)

 

$

(46,747

)

 

$

(162,025

)

 

$

(208,772

)

 

 

 

Three Months Ended June 30, 2024

 

 

Six Months Ended June 30, 2024

 

(in thousands)

 

Foreign
currency
translation
adjustments

 

 

Retirement
liabilities (1)

 

 

AOCL
attributable
to shareholders
of Crawford &
Company

 

 

Foreign
currency
translation
adjustments

 

 

Retirement
liabilities (1)

 

 

AOCL
attributable
to shareholders
of Crawford &
Company

 

Beginning balance

 

$

(48,222

)

 

$

(166,570

)

 

$

(214,792

)

 

$

(49,486

)

 

$

(169,129

)

 

$

(218,615

)

Other comprehensive income before reclassifications

 

 

(2,116

)

 

 

—

 

 

 

(2,116

)

 

 

(852

)

 

 

 

 

 

(852

)

Amounts reclassified from accumulated other comprehensive income to net income

 

 

—

 

 

 

2,506

 

 

 

2,506

 

 

 

 

 

 

5,065

 

 

 

5,065

 

Net current period other comprehensive income

 

 

(2,116

)

 

 

2,506

 

 

 

390

 

 

 

(852

)

 

 

5,065

 

 

 

4,213

 

Ending balance

 

$

(50,338

)

 

$

(164,064

)

 

$

(214,402

)

 

$

(50,338

)

 

$

(164,064

)

 

$

(214,402

)

 

(1) Retirement liabilities reclassified to net income are related to the amortization of actuarial losses and are included in "Other Loss, net" in the Company's unaudited Condensed Consolidated Statements of Operations. See Note 6, "Defined Benefit Pension Plans" for additional details.

The other comprehensive (loss) income amounts attributable to noncontrolling interests presented in the Company's unaudited Condensed Consolidated Statements of Shareholders' Investment are foreign currency translation adjustments.
v3.25.2
Fair Value Measurements
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements

9. Fair Value Measurements

The following table presents the Company's assets and liabilities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy:

 

 

 

 

 

 

Fair Value Measurements at June 30, 2025

 

 

 

 

 

 

 

 

 

Significant Other

 

 

Significant

 

 

 

 

 

 

Quoted Prices in

 

 

Observable

 

 

Unobservable

 

 

 

 

 

 

Active Markets

 

 

Inputs

 

 

Inputs

 

(in thousands)

 

Total

 

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds (1)

 

$

11,492

 

 

$

11,492

 

 

$

—

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Contingent earnout liability (2)

 

$

1,551

 

 

$

—

 

 

$

—

 

 

$

1,551

 

(1) The fair values of the money market funds were based on recently quoted market prices and reported transactions in an active marketplace. Money market funds are included in the Company's unaudited Condensed Consolidated Balance Sheets as "Cash and cash equivalents."

(2) The Level 3 fair value of the contingent earnout liability was estimated using internally-prepared EBITDA projections and discount rates determined using a combination of observable and unobservable market data updated quarterly based on changes to projections of acquired entities over the earnout periods, which spanned multiple years. The Company recognized a pretax contingent earnout expense totaling $80,000 and $443,000 in the three and six months ended June 30, 2025, respectively, related to the fair value adjustments of earnout liability. The fair value of the contingent earnout liability is included in "Other accrued liabilities" on the Company's unaudited Condensed Consolidated Balance Sheets, based upon the term of the contingent earnout agreements.

Fair Value Disclosures

There were no transfers of assets between fair value levels during the three and six months ended June 30, 2025. The categorization of assets and liabilities within the fair value hierarchy and the measurement techniques are reviewed quarterly. Any transfers between levels are deemed to have occurred at the end of the quarter.

The fair values of accounts receivable, unbilled revenues, accounts payable and short-term borrowings approximate their respective carrying values due to the short-term maturities of the instruments. The interest rate on the Company's variable rate long-term debt resets at least every 90 days; therefore, the recorded value approximates fair value.

Nonrecurring Fair Value Disclosures

Goodwill is an asset that represents the excess of the purchase price over the fair value of the separately identifiable net assets (tangible and intangible) acquired in certain business combinations. Indefinite-lived intangible assets consist of trade names associated with acquired businesses. Goodwill and indefinite-lived intangible assets are not amortized but are subject to impairment testing at least annually. Other long-lived assets consist primarily of property and equipment, capitalized software, and amortizable intangible assets related to customer relationships, technology, and trade names with finite lives. Other long-lived assets are evaluated for impairment when impairment indicators are identified.

Goodwill is tested for impairment on October 1st of each year, or between annual impairment tests, if events or circumstances have occurred which indicate potential impairment of goodwill. When testing for impairment, the carrying value of each reporting unit, including goodwill, is compared with the estimated fair value of the respective reporting unit as determined utilizing a combination of the income and market approaches and is classified in Level 3 of the fair value hierarchy.

There were no goodwill impairments in 2024. The Company did not identify any impairment indicators during the three months ended March 31, 2025 or June 30, 2025.
v3.25.2
Segment Information
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Information

10. Segment Information

The Company has four reportable segments consisting of North America Loss Adjusting, International Operations, Broadspire, and Platform Solutions. The Company's reportable segments are comprised of the following:

•
North America Loss Adjusting, which services the North American property and casualty market. This is comprised of Loss Adjusting operations in the U.S. and Canada, including Global Technical Services. The Canadian operations include all operations within that country including third party administration and Contractor Connection.
•
International Operations, which services the global property and casualty market outside North America. This is comprised of Loss Adjusting operations in the U.K., Europe, Australia, Asia and Latin America, and includes Crawford Legal Services. International Operations includes all operations within the respective countries, including Loss Adjusting, Global Technical Services, Legal Services, third party administration, and where applicable, Contractor Connection services.
•
Broadspire, which provides third party administration for workers' compensation, auto and liability, disability absence management, medical management, and accident and health to corporations, brokers and insurers in the U.S.
•
Platform Solutions, which consists of the Contractor Connection, Networks, and Subrogation service lines in the U.S. The Networks service line includes Catastrophe operations.

The Platform Solutions reportable segment represents the aggregation of certain service line operating segments. Intersegment sales are recorded at cost and are not material.

Effective January 1, 2024, the Company combined the operating segments within North America Loss Adjusting and International Operations, and accordingly, there are no operating segments within these reportable segments to aggregate.

The Company's four reportable segments represent components of the business for which separate financial information is available, and which is evaluated regularly by the chief operating decision maker ("CODM"). The Company’s President and CEO, Mr. Rohit Verma, is considered the CODM as he is responsible for strategic decisions including the allocation of resources to each reporting segment and the assessment of their performance. Specifically, he assesses the financial health of each segment, reviews budgeting and resource allocation, directs all strategic planning, reviews investments for new products and technology allocations, evaluates pricing strategies and cash flow management, and oversees risk management for each segment. Mr. Verma regularly meets with the segment managers to discuss financial performance, operational issues and revenue forecasts. Additionally, the segment managers create segment-level budgets and forecasts and receive incentive compensation derived from the operating results of the segments. These financial packages are discussed in the meetings with Mr. Verma.

Operating earnings is the primary financial performance measure used by the Company's senior management and the CODM to evaluate the financial performance of the Company's operating segments and make resource allocation decisions. The Company believes this measure is useful to investors in that it allows them to evaluate segment operating performance using the same criteria used by the Company's senior management and CODM. The CODM considers revenues before reimbursements and operating earnings when making decisions about the allocation of operating and capital resources. Operating earnings will differ from net income computed in accordance with GAAP since operating earnings represent segment earnings before certain unallocated corporate and shared costs and credits, net corporate interest expense, stock option expense, amortization of acquisition-related intangible assets, contingent earnout adjustments, non-service pension costs, income taxes, and net income or loss attributable to noncontrolling interests.

Segment operating earnings includes allocations of certain corporate and shared costs. If the Company changes its allocation methods or changes the types of costs that are allocated to its four reportable segments, prior period amounts presented in the current period financial statements are adjusted to conform to the current allocation process.

In the normal course of its business, the Company sometimes pays for certain out-of-pocket expenses that are thereafter reimbursed by its clients. Under GAAP, these out-of-pocket expenses and associated reimbursements are required to be included when reporting expenses and revenues, respectively, in the Company's consolidated results of operations. However, in evaluating segment results, Company management excludes these reimbursements and related expenses from segment results, as they offset each other.

Financial information as of and for the three and six months ended June 30, 2025 and 2024 related to the Company's reportable segments is presented below:

 

 

 

Three Months Ended June 30, 2025

 

 

 

North America
Loss Adjusting

 

International
Operations

 

Broadspire

 

Platform
Solutions

 

Total

 

 

 

(In thousands)

 

Revenues before reimbursements

 

$

78,074

 

$

109,070

 

$

100,617

 

$

35,236

 

$

322,997

 

Less:

 

 

 

 

 

 

 

 

 

 

 

Segment Expenses:

 

 

 

 

 

 

 

 

 

 

 

     Compensation

 

 

44,943

 

 

54,746

 

 

46,466

 

 

15,546

 

 

161,701

 

     Benefits and payroll taxes

 

 

8,382

 

 

10,345

 

 

9,539

 

 

2,686

 

 

30,952

 

     Non-employee labor

 

 

1,510

 

 

7,220

 

 

4,355

 

 

882

 

 

13,967

 

Total Compensation

 

 

54,835

 

 

72,311

 

 

60,360

 

 

19,114

 

 

206,620

 

     Office rent and occupancy

 

 

1,169

 

 

3,353

 

 

2,133

 

 

878

 

 

7,533

 

     Other office operating expense (1)

 

 

4,329

 

 

6,738

 

 

4,196

 

 

2,276

 

 

17,539

 

     Depreciation

 

 

1,038

 

 

1,036

 

 

1,442

 

 

1,717

 

 

5,233

 

     Professional fees

 

 

427

 

 

737

 

 

4,666

 

 

649

 

 

6,479

 

     Cost of risk

 

 

499

 

 

400

 

 

1,030

 

 

627

 

 

2,556

 

     Other, net (2)

 

 

1,530

 

 

1,332

 

 

566

 

 

1,903

 

 

5,331

 

Total Other Operating Expense

 

 

8,992

 

 

13,596

 

 

14,033

 

 

8,050

 

 

44,671

 

Allocated corporate, shared services, and administrative costs (3)

 

 

9,652

 

 

15,527

 

 

12,572

 

 

4,940

 

 

42,691

 

Total Segment Expenses

 

 

73,479

 

 

101,434

 

 

86,965

 

 

32,104

 

 

293,982

 

Segment Operating Earnings

 

$

4,595

 

$

7,636

 

$

13,652

 

$

3,132

 

$

29,015

 

Reconciliation of segment operating earnings:

 

 

 

 

 

 

 

 

 

 

 

Unallocated corporate administrative costs (4)

 

 

 

 

 

 

 

 

 

 

(7,019

)

Net corporate interest expense

 

 

 

 

 

 

 

 

 

 

(3,858

)

Stock option expense

 

 

 

 

 

 

 

 

 

 

(214

)

Amortization of acquisition-related intangible assets

 

 

 

 

 

 

 

 

 

 

(1,825

)

Non-service pension costs

 

 

 

 

 

 

 

 

 

 

(2,354

)

Contingent earnout adjustments

 

 

 

 

 

 

 

 

 

 

(80

)

Income before income taxes

 

 

 

 

 

 

 

 

 

 

13,665

 

Income taxes

 

 

 

 

 

 

 

 

 

 

(5,845

)

Net Income

 

 

 

 

 

 

 

 

 

 

7,820

 

Net Income Attributable to Noncontrolling Interests

 

 

 

 

 

 

 

 

 

 

(38

)

Net Income Attributable to Shareholders of Crawford & Company

 

 

 

 

 

 

 

 

 

$

7,782

 

 

 

 

 

Six Months Ended June 30, 2025

 

 

North America
Loss Adjusting

International
Operations

Broadspire

Platform
Solutions

Total

 

 

(In thousands)

Revenues before reimbursements

 

$157,814

$213,464

$197,001

$66,750

$635,029

Less:

 

 

 

 

 

 

Segment Expenses:

 

 

 

 

 

 

     Compensation

 

90,205

107,162

91,449

30,320

319,136

     Benefits and payroll taxes

 

17,692

20,064

18,640

5,264

61,660

     Non-employee labor

 

2,956

15,662

8,622

1,575

28,815

Total Compensation

 

110,853

142,888

118,711

37,159

409,611

     Office rent and occupancy

 

2,205

6,788

4,242

1,834

15,069

     Other office operating expense (1)

 

8,872

13,677

8,612

4,090

35,251

     Depreciation

 

2,053

2,001

2,886

3,391

10,331

     Professional fees

 

837

3,082

8,649

1,275

13,843

     Cost of risk

 

651

(30)

2,332

738

3,691

     Other, net (2)

 

2,269

2,974

846

2,373

8,462

Total Other Operating Expense

 

16,887

28,492

27,567

13,701

86,647

Allocated corporate, shared services, and administrative costs (3)

 

20,003

30,992

24,868

9,831

85,694

Total Segment Expenses

 

147,743

202,372

171,146

60,691

581,952

Segment Operating Earnings

 

$10,071

$11,092

$25,855

$6,059

$53,077

Reconciliation of segment operating earnings:

 

 

 

 

 

 

Unallocated corporate administrative costs (4)

 

 

 

 

 

(13,237)

Net corporate interest expense

 

 

 

 

 

(7,802)

Stock option expense

 

 

 

 

 

(398)

Amortization of acquisition-related intangible assets

 

 

 

 

 

(3,625)

Non-service pension costs

 

 

 

 

 

(4,687)

Contingent earnout adjustments

 

 

 

 

 

(443)

Income before income taxes

 

 

 

 

 

22,885

Income taxes

 

 

 

 

 

(8,325)

Net Income

 

 

 

 

 

14,560

Net Income Attributable to Noncontrolling Interests

 

 

 

 

 

(94)

Net Income Attributable to Shareholders of Crawford & Company

 

 

 

 

 

$14,466

 

 

 

 

Three Months Ended June 30, 2024

 

 

North America
Loss Adjusting

International
Operations

Broadspire

Platform
Solutions

Total

 

 

(In thousands)

Revenues before reimbursements

 

$76,030

$102,283

$97,087

$38,827

$314,227

Less:

 

 

 

 

 

 

Segment Expenses:

 

 

 

 

 

 

     Compensation

 

44,796

50,521

44,769

18,893

158,979

     Benefits and payroll taxes

 

8,782

9,820

9,051

3,154

30,807

     Non-employee labor

 

1,130

5,706

4,342

1,357

12,535

Total Compensation

 

54,708

66,047

58,162

23,404

202,321

     Office rent and occupancy

 

1,066

3,267

2,307

864

7,504

     Other office operating expense (1)

 

3,921

6,895

3,770

2,564

17,150

     Depreciation

 

794

792

1,192

1,602

4,380

     Professional fees

 

423

2,922

4,144

584

8,073

     Cost of risk

 

183

1,177

606

162

2,128

     Other, net (2)

 

378

1,996

563

2,331

5,268

Total Other Operating Expense

 

6,765

17,049

12,582

8,107

44,503

Allocated corporate, shared services, and administrative costs (3)

 

9,672

13,485

11,252

5,847

40,256

Total Segment Expenses

 

71,145

96,581

81,996

37,358

287,080

Segment Operating Earnings

 

$4,885

$5,702

$15,091

$1,469

$27,147

Reconciliation of segment operating earnings:

 

 

 

 

 

 

Unallocated corporate administrative costs (4)

 

 

 

 

 

(5,079)

Net corporate interest expense

 

 

 

 

 

(4,256)

Stock option expense

 

 

 

 

 

(139)

Amortization of acquisition-related intangible assets

 

 

 

 

 

(1,856)

Non-service pension costs

 

 

 

 

 

(2,399)

Contingent earnout adjustments

 

 

 

 

 

(430)

Income before income taxes

 

 

 

 

 

12,988

Income taxes

 

 

 

 

 

(4,486)

Net Income

 

 

 

 

 

8,502

Net Loss Attributable to Noncontrolling Interests

 

 

 

 

 

82

Net Income Attributable to Shareholders of Crawford & Company

 

 

 

 

 

$8,584

 

 

 

 

Six Months Ended June 30, 2024

 

 

North America
Loss Adjusting

International
Operations

Broadspire

Platform
Solutions

Total

 

 

(In thousands)

Revenues before reimbursements

 

$153,395

$200,375

$191,385

$70,726

$615,881

Less:

 

 

 

 

 

 

Segment Expenses:

 

 

 

 

 

 

     Compensation

 

89,738

100,605

88,726

34,216

313,285

     Benefits and payroll taxes

 

17,982

19,285

17,993

5,859

61,119

     Non-employee labor

 

2,455

11,136

8,700

2,259

24,550

Total Compensation

 

110,175

131,026

115,419

42,334

398,954

     Office rent and occupancy

 

2,312

7,002

4,596

1,840

15,750

     Other office operating expense (1)

 

7,475

13,933

7,844

4,263

33,515

     Depreciation

 

1,607

1,588

2,466

3,245

8,906

     Professional fees

 

755

5,633

8,253

1,083

15,724

     Cost of risk

 

669

1,987

1,315

388

4,359

     Other, net (2)

 

1,333

4,038

844

3,026

9,241

Total Other Operating Expense

 

14,151

34,181

25,318

13,845

87,495

Allocated corporate, shared services, and administrative costs (3)

 

19,705

27,776

22,753

11,963

82,197

Total Segment Expenses

 

144,031

192,983

163,490

68,142

568,646

Segment Operating Earnings

 

$9,364

$7,392

$27,895

$2,584

$47,235

Reconciliation of segment operating earnings:

 

 

 

 

 

 

Unallocated corporate administrative costs (4)

 

 

 

 

 

(13,086)

Net corporate interest expense

 

 

 

 

 

(7,852)

Stock option expense

 

 

 

 

 

(306)

Amortization of acquisition-related intangible assets

 

 

 

 

 

(3,724)

Non-service pension costs

 

 

 

 

 

(4,872)

Contingent earnout adjustments

 

 

 

 

 

(581)

Income before income taxes

 

 

 

 

 

16,814

Income taxes

 

 

 

 

 

(5,533)

Net Income

 

 

 

 

 

11,281

Net Loss Attributable to Noncontrolling Interests

 

 

 

 

 

140

Net Income Attributable to Shareholders of Crawford & Company

 

 

 

 

 

$11,421

 

(1)
Other office and operating expenses include travel and entertainment, automobile expenses, office operating expenses and data processing costs.
(2)
Other, net primarily includes bank service charges and advertising expenses.
(3)
Allocated corporate, shared services, and administrative costs, comprise of expenses for administrative functions, including direct compensation, payroll taxes, and benefits which are allocated to each segment based on usage.
(4)
Unallocated corporate and shared costs and credits represent expenses for the Company's Chief Executive Officer and Board of Directors, certain adjustments to self-insured liabilities, certain unallocated legal and professional fees, and certain adjustments and recoveries to the Company's allowances for estimated credit losses.

 

Segment assets consist of accounts receivable, less allowance for expected credit losses, unbilled revenues at estimated billable amounts, goodwill and intangible assets arising from business acquisitions, net. Assets at June 30, 2025 and December 31, 2024 were as follows:

 

 

 

North America Loss Adjusting

 

International Operations

 

Broadspire

 

Platform
Solutions

 

Total

 

 

(In thousands)

June 30, 2025

 

 

 

 

 

 

 

 

 

 

Assets

 

$114,939

 

$163,208

 

$74,272

 

$77,206

 

$429,625

December 31, 2024

 

 

 

 

 

 

 

 

 

 

Assets

 

106,657

 

149,441

 

73,114

 

94,845

 

$424,057

 

Revenues by geographic region and major service line for the North America Loss Adjusting, International Operations, Broadspire and Platform Solutions segments are shown in Note 2, "Revenue Recognition."

Capital expenditures for the three and six months ended June 30, 2025 and 2024 are shown in the following table:

 

 

 

Three Months Ended

 

Six Months Ended

(in thousands)

 

June 30,
2025

 

June 30,
2024

 

June 30,
2025

 

June 30,
2024

North America Loss Adjusting

 

$1,075

 

$1,010

 

$3,217

 

$2,207

International Operations

 

71

 

112

 

227

 

168

Broadspire

 

3,893

 

2,424

 

7,345

 

5,917

Platform Solutions

 

1,036

 

1,296

 

1,962

 

2,416

Corporate

 

3,090

 

4,058

 

5,737

 

7,741

Total capital expenditures

 

$9,165

 

$8,900

 

$18,488

 

$18,449

 

The total of the Company's reportable segments' revenues before reimbursements reconciled to total consolidated revenues for the three and six months ended June 30, 2025 and 2024 was as follows:

 

 

 

Three Months Ended

 

Six Months Ended

(in thousands)

 

June 30,
2025

 

June 30,
2024

 

June 30,
2025

 

June 30,
2024

Segments' revenues before reimbursements

 

$322,997

 

$314,227

 

$635,029

 

$615,881

Reimbursements

 

11,598

 

12,626

 

22,905

 

24,045

Total consolidated revenues

 

$334,595

 

$326,853

 

$657,934

 

$639,926

 

The Company's reportable segments' total operating earnings reconciled to consolidated income before income taxes for the three and six months ended June 30, 2025 and 2024 were as follows:

 

 

 

Three Months Ended

 

Six Months Ended

(in thousands)

 

June 30,
2025

 

June 30,
2024

 

June 30,
2025

 

June 30,
2024

Operating earnings of all reportable segments

 

$29,015

 

$27,147

 

$53,077

 

$47,235

Unallocated corporate and shared costs and credits

 

(7,019)

 

(5,079)

 

(13,237)

 

(13,086)

Net corporate interest expense

 

(3,858)

 

(4,256)

 

(7,802)

 

(7,852)

Stock option expense

 

(214)

 

(139)

 

(398)

 

(306)

Amortization of acquisition-related intangible assets

 

(1,825)

 

(1,856)

 

(3,625)

 

(3,724)

Non-service pension costs

 

(2,354)

 

(2,399)

 

(4,687)

 

(4,872)

Contingent earnout adjustments

 

(80)

 

(430)

 

(443)

 

(581)

Income before income taxes

 

$13,665

 

$12,988

 

$22,885

 

$16,814

 

The Company's reportable segments' total assets reconciled to consolidated total assets of the Company at June 30, 2025 and December 31, 2024 are presented in the following table:

 

 

 

June 30,
2025

 

December 31,
2024

 

 

(In thousands)

Assets of reportable segments

 

$429,625

 

$424,057

Corporate assets:

 

 

 

 

Cash and cash equivalents

 

58,529

 

55,412

Income taxes receivable

 

4,803

 

5,337

Prepaid expenses and other current assets

 

31,433

 

40,334

Net property and equipment

 

17,999

 

20,554

Operating lease right-of-use asset, net

 

71,706

 

78,808

Capitalized software costs, net

 

116,478

 

111,854

Deferred income tax assets

 

24,239

 

25,305

Other noncurrent assets

 

44,553

 

42,094

Total corporate assets

 

369,740

 

379,698

Total assets

 

$799,365

 

$803,755
v3.25.2
Commitments and Contingencies
 6 Months Ended
Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

11. Commitments and Contingencies

As part of the Company's credit facility, the Company maintains a letter of credit to satisfy certain of its own contractual requirements. On June 30, 2025, the aggregate committed amount of letters of credit outstanding under the credit facility was $8,457,000.

From time to time, the Company enters into certain agreements for the purchase or sale of assets or businesses that contain provisions that may require the Company to make additional payments in the future depending upon the achievement of specified operating results of the acquired company, or provide the Company with an option or similar right to purchase additional assets.

In the normal course of its business, the Company is sometimes named as a defendant or responsible party in suits or other actions by insureds or claimants contesting decisions made by the Company or its clients with respect to the settlement of claims. Additionally, certain clients of the Company have in the past brought, and may, in the future bring, claims for indemnification on the basis of alleged actions by the Company, its agents, or its employees in rendering services to clients. The majority of these claims are of the type covered by insurance maintained by the Company. However, the Company is responsible for the deductibles and self-insured retentions under various insurance coverages. In the opinion of Company management, adequate provisions have been made for such known and probable risks. No assurances can be provided, however, that the result of any such action, claim or proceeding, now known or occurring in the future, will not result in a material adverse effect on our business, financial condition or results of operations.

The Company is subject to numerous federal, state, and foreign labor, employment, worker health and safety, antitrust and competition, environmental and consumer protection, import/export, anti-corruption, and other laws. From time to time the Company faces claims and investigations by employees, former employees, and governmental entities under such laws or employment contracts with such employees or former employees. Such claims, investigations, negotiations, and any litigation involving the Company could divert management's time and attention from the Company's business operations and could potentially result in substantial costs of defense, settlement or other disposition, which could have a material adverse effect on the Company's results of operations, financial position, and cash flows. In the opinion of Company management, adequate provisions have been made for any items that are probable and reasonably estimable.
v3.25.2
Cash and Cash Equivalents
 6 Months Ended
Jun. 30, 2025
Cash and Cash Equivalents [Abstract]  
Cash and Cash Equivalents

12. Cash and Cash Equivalents

Cash and cash equivalents consist of cash on hand and marketable securities with original maturities of three months or less. The fair value of cash and cash equivalents approximates carrying value due to their short-term nature. Cash balances that are legally restricted as to usage or withdrawal are separately included in "Prepaid expenses and other current assets" within the Company's unaudited Condensed Consolidated Balance Sheets. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Company's unaudited Condensed Consolidated Balance Sheets that sum to the total of the same such amounts shown within the Company's unaudited Condensed Consolidated Statements of Cash Flows:

 

(In thousands)

 

June 30, 2025

 

 

December 31, 2024

 

 

June 30, 2024

 

 

December 31, 2023

 

Cash and cash equivalents

 

$

58,529

 

 

$

55,412

 

 

$

46,742

 

 

$

58,363

 

Restricted cash within prepaid expenses and other current assets

 

 

390

 

 

 

917

 

 

 

1,601

 

 

 

1,182

 

Total cash, cash equivalents and restricted cash

 

$

58,919

 

 

$

56,329

 

 

$

48,343

 

 

$

59,545

 
v3.25.2
Client Funds
 6 Months Ended
Jun. 30, 2025
Client Funds [Abstract]  
Client Funds

13. Client Funds

The Company maintains funds in custodial accounts at financial institutions to administer claims for certain clients. These funds are not available for the Company's general operating activities and, as such, have not been recorded in the accompanying unaudited Condensed Consolidated Balance Sheets. The amount of these funds totaled $558,740,000 and $566,280,000 at June 30, 2025 and December 31, 2024, respectively.
v3.25.2
Basis of Presentation (Policies)
 6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Accounting

The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the United States Securities and Exchange Commission (the "SEC"). These unaudited condensed consolidated financial statements omit certain notes and other financial information and therefore, should be read in conjunction with the 2024 Form 10-K. The Condensed Consolidated Balance Sheet information presented herein as of December 31, 2024 has been derived from the audited consolidated financial statements as of that date. For further information, refer to the consolidated financial statements and notes thereto included in the Company's Form 10-K for the year ended December 31, 2024.

Due to the impact of weather activity and other macroeconomic uncertainties, the Company's operating results for the three and six months ended June 30, 2025 and financial position as of June 30, 2025 are not necessarily indicative of the results or financial position that may be expected for the year ending December 31, 2025 or for other future periods. The financial results from the Company's operations outside of the U.S., Canada, the Caribbean, and certain subsidiaries in the Philippines, are reported and consolidated on a two-month delayed basis (fiscal year-end of October 31) as permitted by GAAP in order to provide sufficient time for accumulation of their results.
Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. In the opinion of management, all adjustments (consisting only of normal recurring accruals and adjustments) considered necessary for a fair presentation have been included. There have been no material changes to our significant accounting policies and estimates from those disclosed in the Company's financial statements included in Form 10-K for the year ended December 31, 2024 other than as disclosed herein.
Consolidation, Variable Interest Entity, Policy The Company consolidates the liabilities of its deferred compensation plan and the related assets, which are held in a rabbi trust and also considered a variable interest entity ("VIE") of the Company. The rabbi trust was created to fund the liabilities of the Company's deferred compensation plan. The Company is considered the primary beneficiary of the rabbi trust because the Company directs the activities of the trust and can use the assets of the trust to satisfy the liabilities of the Company's deferred compensation plan.
Consolidation Noncontrolling Interests Noncontrolling interests represent the minority shareholders' share of the net income or loss and shareholders' investment in consolidated subsidiaries. Noncontrolling interests are presented as a component of shareholders' investment in the unaudited Condensed Consolidated Balance Sheets and reflect the initial fair value of these investments by noncontrolling shareholders, along with their proportionate share of the income or loss of the subsidiaries, less any dividends or distributions.
Earnings per Share

The Company computes earnings per share of its non-voting Class A Common Stock ("CRD-A") and voting Class B Common Stock ("CRD-B") using the two-class method, which allocates the undistributed earnings in each period to each class on a proportionate basis. The Company's Board of Directors has the right, but not the obligation, to declare higher dividends on the CRD-A shares than on the CRD-B shares, subject to certain limitations. In periods when the dividend is the same for CRD-A and CRD-B or when no dividends are declared or paid to either class, the two-class method generally will yield the same earnings per share for CRD-A and CRD-B. During 2025 and 2024, the Board of Directors has declared the same dividend on CRD-A and CRD-B.

v3.25.2
Revenue Recognition (Tables)
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue

The following table presents North America Loss Adjusting revenues before reimbursements disaggregated by geography for the three and six months ended June 30, 2025 and 2024:

 

 

 

Three Months Ended

 

 

Six Months Ended

 

(in thousands)

 

June 30,
2025

 

 

June 30,
2024

 

 

June 30,
2025

 

 

June 30,
2024

 

U.S.

 

$

54,805

 

 

$

53,829

 

 

$

112,769

 

 

$

107,353

 

Canada

 

 

23,269

 

 

 

22,201

 

 

 

45,045

 

 

 

46,042

 

Total North America Loss Adjusting Revenues before Reimbursements

 

$

78,074

 

 

$

76,030

 

 

$

157,814

 

 

$

153,395

 

 

The following table presents International Operations revenues before reimbursements disaggregated by geography and service line for the three and six months ended June 30, 2025 and 2024:

 

 

 

Three Months Ended

 

 

Six Months Ended

 

(in thousands)

 

June 30,
2025

 

 

June 30,
2024

 

 

June 30,
2025

 

 

June 30,
2024

 

U.K.

 

$

41,955

 

 

$

38,490

 

 

$

83,764

 

 

$

76,389

 

Europe

 

 

27,369

 

 

 

24,453

 

 

 

53,553

 

 

 

48,074

 

Australia

 

 

19,792

 

 

 

19,303

 

 

 

36,370

 

 

 

36,583

 

Asia

 

 

7,236

 

 

 

5,604

 

 

 

13,403

 

 

 

10,973

 

Latin America

 

 

7,694

 

 

 

7,591

 

 

 

15,706

 

 

 

15,787

 

International Loss Adjusting

 

$

104,046

 

 

$

95,441

 

 

$

202,796

 

 

$

187,806

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.K.

 

$

2,367

 

 

$

2,930

 

 

$

4,900

 

 

$

5,286

 

Australia

 

 

1,815

 

 

 

3,013

 

 

 

4,285

 

 

 

5,394

 

Latin America

 

 

842

 

 

 

899

 

 

 

1,483

 

 

 

1,889

 

Crawford Legal Services

 

$

5,024

 

 

$

6,842

 

 

$

10,668

 

 

$

12,569

 

Total International Operations Revenues before Reimbursements

 

$

109,070

 

 

$

102,283

 

 

$

213,464

 

 

$

200,375

 

The following table presents Broadspire revenues before reimbursements disaggregated by service line for the three and six months ended June 30, 2025 and 2024:

 

 

 

Three Months Ended

 

 

Six Months Ended

 

(in thousands)

 

June 30,
2025

 

 

June 30,
2024

 

 

June 30,
2025

 

 

June 30,
2024

 

Claims Management

 

$

51,991

 

 

$

49,858

 

 

$

101,645

 

 

$

98,256

 

Medical Management

 

 

48,626

 

 

 

47,229

 

 

 

95,356

 

 

 

93,129

 

Total Broadspire Revenues before Reimbursements

 

$

100,617

 

 

$

97,087

 

 

$

197,001

 

 

$

191,385

 

The following table presents Platform Solutions revenues before reimbursements disaggregated by service line for the three and six months ended June 30, 2025 and 2024:

 

 

 

Three Months Ended

 

 

Six Months Ended

 

(in thousands)

 

June 30,
2025

 

 

June 30,
2024

 

 

June 30,
2025

 

 

June 30,
2024

 

Contractor Connection

 

$

18,480

 

 

$

18,118

 

 

$

35,381

 

 

$

35,063

 

Networks

 

 

9,215

 

 

 

13,373

 

 

 

16,540

 

 

 

21,116

 

Subrogation

 

 

7,541

 

 

 

7,336

 

 

 

14,829

 

 

 

14,547

 

Total Platform Solutions Revenues before Reimbursements

 

$

35,236

 

 

$

38,827

 

 

$

66,750

 

 

$

70,726

 
Schedule of Customer Contract Liabilities

The table below presents the deferred revenues balance as of January 1, 2025 and the significant activity affecting deferred revenues during the three and six months ended June 30, 2025:

 

(In Thousands)

 

 

 

Customer Contract Liabilities

 

Deferred
Revenue

 

Balance at January 1, 2025

 

$

59,685

 

Quarterly additions

 

 

25,100

 

Revenue recognized from the prior periods

 

 

(15,874

)

Revenue recognized from current quarter additions

 

 

(9,406

)

Balance as of March 31, 2025

 

$

59,505

 

Quarterly additions

 

 

26,523

 

Revenue recognized from the prior periods

 

 

(15,165

)

Revenue recognized from current quarter additions

 

 

(9,540

)

Balance as of June 30, 2025

 

$

61,323

 
v3.25.2
Defined Benefit Pension Plans (Tables)
 6 Months Ended
Jun. 30, 2025
Retirement Benefits [Abstract]  
Schedule of Defined Benefit Plans Disclosures

Net periodic cost related to all of the Company's defined benefit pension plans recognized in the Company's unaudited Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2025 and 2024 included the following components:

 

 

 

Three Months Ended

 

 

Six Months Ended

 

(in thousands)

 

June 30,
2025

 

 

June 30,
2024

 

 

June 30,
2025

 

 

June 30,
2024

 

Service cost

 

$

441

 

 

$

378

 

 

$

871

 

 

$

762

 

Interest cost

 

 

5,424

 

 

 

5,734

 

 

 

10,784

 

 

 

11,480

 

Expected return on assets

 

 

(6,138

)

 

 

(6,414

)

 

 

(12,227

)

 

 

(12,823

)

Amortization of actuarial loss

 

 

3,127

 

 

 

3,128

 

 

 

6,244

 

 

 

6,314

 

Net periodic cost

 

$

2,854

 

 

$

2,826

 

 

$

5,672

 

 

$

5,733

 
v3.25.2
Net Income Attributable to Shareholders of Crawford & Company per Common Share (Tables)
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Schedule of Computations of Basic Net Income Attributable to Shareholders of Crawford & Company per Common Share

The computations of basic net income attributable to shareholders of Crawford & Company per common share were as follows:

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,
2025

 

 

June 30,
2024

 

 

June 30,
2025

 

 

June 30,
2024

 

(in thousands, except per share amounts)

 

CRD-A

 

 

CRD-B

 

 

CRD-A

 

 

CRD-B

 

 

CRD-A

 

 

CRD-B

 

 

CRD-A

 

 

CRD-B

 

Earnings per share - basic:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allocation of undistributed earnings

 

$

2,647

 

 

$

1,673

 

 

$

3,116

 

 

$

2,031

 

 

$

4,623

 

 

$

2,926

 

 

$

2,742

 

 

$

1,799

 

Dividends paid

 

 

2,122

 

 

 

1,340

 

 

 

2,081

 

 

 

1,356

 

 

 

4,237

 

 

 

2,680

 

 

 

4,155

 

 

 

2,725

 

Net income attributable to common shareholders, basic

 

$

4,769

 

 

$

3,013

 

 

$

5,197

 

 

$

3,387

 

 

$

8,860

 

 

$

5,606

 

 

$

6,897

 

 

$

4,524

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average common shares outstanding, basic

 

 

30,304

 

 

 

19,145

 

 

 

29,728

 

 

 

19,374

 

 

 

30,240

 

 

 

19,145

 

 

 

29,657

 

 

 

19,458

 

Earnings per share - basic

 

$

0.16

 

 

$

0.16

 

 

$

0.17

 

 

$

0.17

 

 

$

0.29

 

 

$

0.29

 

 

$

0.23

 

 

$

0.23

 
Schedule of Computations of Diluted Net Income Attributable to Shareholders of Crawford & Company per Common Share

The computations of diluted net income attributable to shareholders of Crawford & Company per common share were as follows:

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,
2025

 

 

June 30,
2024

 

 

June 30,
2025

 

 

June 30,
2024

 

(in thousands, except per share amounts)

 

CRD-A

 

 

CRD-B

 

 

CRD-A

 

 

CRD-B

 

 

CRD-A

 

 

CRD-B

 

 

CRD-A

 

 

CRD-B

 

Earnings per share - diluted:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allocation of undistributed earnings

 

$

2,663

 

 

$

1,657

 

 

$

3,134

 

 

$

2,013

 

 

$

4,652

 

 

$

2,897

 

 

$

2,763

 

 

$

1,778

 

Dividends paid

 

 

2,122

 

 

 

1,340

 

 

 

2,081

 

 

 

1,356

 

 

 

4,237

 

 

 

2,680

 

 

 

4,155

 

 

 

2,725

 

Net income attributable to common shareholders, diluted

 

$

4,785

 

 

$

2,997

 

 

$

5,215

 

 

$

3,369

 

 

$

8,889

 

 

$

5,577

 

 

$

6,918

 

 

$

4,503

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average common shares outstanding, basic

 

 

30,304

 

 

 

19,145

 

 

 

29,728

 

 

 

19,374

 

 

 

30,240

 

 

 

19,145

 

 

 

29,657

 

 

 

19,458

 

Weighted-average effect of dilutive securities

 

 

478

 

 

 

—

 

 

 

443

 

 

 

—

 

 

 

504

 

 

 

—

 

 

 

568

 

 

 

—

 

Weighted-average common shares outstanding, diluted

 

 

30,782

 

 

 

19,145

 

 

 

30,171

 

 

 

19,374

 

 

 

30,744

 

 

 

19,145

 

 

 

30,225

 

 

 

19,458

 

Earnings per share - diluted

 

$

0.16

 

 

$

0.16

 

 

$

0.17

 

 

$

0.17

 

 

$

0.29

 

 

$

0.29

 

 

$

0.23

 

 

$

0.23

 
Schedule of Antidilutive Shares Excluded from Computation of Diluted Earnings per Share

Listed below are the shares excluded from the denominator in the preceding computation of diluted earnings per share for CRD-A:

 

 

 

Three Months Ended

 

Six Months Ended

(in thousands)

 

June 30,
2025

 

June 30,
2024

 

June 30,
2025

 

June 30,
2024

Shares underlying stock options excluded

 

—

 

255

 

—

 

128

Performance stock grants excluded because performance conditions have not been met (1)

 

799

 

1,180

 

803

 

1,140

 

(1) Compensation cost is recognized for these performance stock grants based on expected achievement rates; however, no consideration is given to these performance stock grants when calculating diluted earnings per share until the performance measurements have been achieved.
Schedule of Shares Issued and Included in Weighted-average Common Shares used to Compute Basic and Diluted Earnings per Share

The following table details shares issued during the three and six months ended June 30, 2025 and 2024, including restricted shares that were returned prior to vesting. These shares are included from their dates of issuance in the weighted-average common shares used to compute basic and diluted earnings per share for CRD-A in the table above. There were no shares of CRD-B issued during any of these periods.

 

 

 

Three Months Ended

 

 

Six Months Ended

 

(in thousands)

 

June 30,
2025

 

 

June 30,
2024

 

 

June 30,
2025

 

 

June 30,
2024

 

CRD-A issued under the Non-Employee Director Stock Plan

 

 

(4

)

 

 

(9

)

 

 

86

 

 

 

62

 

CRD-A issued under the U.K. ShareSave Scheme

 

 

102

 

 

 

124

 

 

 

106

 

 

 

124

 

CRD-A issued under the Employee Stock Purchase Plan

 

 

—

 

 

 

—

 

 

 

—

 

 

 

32

 

 
v3.25.2
Accumulated Other Comprehensive Loss (Tables)
 6 Months Ended
Jun. 30, 2025
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Schedule of Accumulated Other Comprehensive Income (Loss) The changes in components of "Accumulated other comprehensive loss" ("AOCL"), net of taxes and noncontrolling interests, included in the Company's unaudited condensed consolidated financial statements were as follows:

 

 

 

Three Months Ended June 30, 2025

 

 

Six Months Ended June 30, 2025

 

(in thousands)

 

Foreign
currency
translation
adjustments

 

 

Retirement
liabilities (1)

 

 

AOCL
attributable
to shareholders
of Crawford &
Company

 

 

Foreign
currency
translation
adjustments

 

 

Retirement
liabilities (1)

 

 

AOCL
attributable
to shareholders
of Crawford &
Company

 

Beginning balance

 

$

(53,829

)

 

$

(164,559

)

 

$

(218,388

)

 

$

(50,079

)

 

$

(167,046

)

 

$

(217,125

)

Other comprehensive income before reclassifications

 

 

7,082

 

 

 

—

 

 

 

7,082

 

 

 

3,332

 

 

 

—

 

 

 

3,332

 

Amounts reclassified from accumulated other comprehensive income to net income

 

 

—

 

 

 

2,534

 

 

 

2,534

 

 

 

—

 

 

 

5,021

 

 

 

5,021

 

Net current period other comprehensive income

 

 

7,082

 

 

 

2,534

 

 

 

9,616

 

 

 

3,332

 

 

 

5,021

 

 

 

8,353

 

Ending balance

 

$

(46,747

)

 

$

(162,025

)

 

$

(208,772

)

 

$

(46,747

)

 

$

(162,025

)

 

$

(208,772

)

 

 

 

Three Months Ended June 30, 2024

 

 

Six Months Ended June 30, 2024

 

(in thousands)

 

Foreign
currency
translation
adjustments

 

 

Retirement
liabilities (1)

 

 

AOCL
attributable
to shareholders
of Crawford &
Company

 

 

Foreign
currency
translation
adjustments

 

 

Retirement
liabilities (1)

 

 

AOCL
attributable
to shareholders
of Crawford &
Company

 

Beginning balance

 

$

(48,222

)

 

$

(166,570

)

 

$

(214,792

)

 

$

(49,486

)

 

$

(169,129

)

 

$

(218,615

)

Other comprehensive income before reclassifications

 

 

(2,116

)

 

 

—

 

 

 

(2,116

)

 

 

(852

)

 

 

 

 

 

(852

)

Amounts reclassified from accumulated other comprehensive income to net income

 

 

—

 

 

 

2,506

 

 

 

2,506

 

 

 

 

 

 

5,065

 

 

 

5,065

 

Net current period other comprehensive income

 

 

(2,116

)

 

 

2,506

 

 

 

390

 

 

 

(852

)

 

 

5,065

 

 

 

4,213

 

Ending balance

 

$

(50,338

)

 

$

(164,064

)

 

$

(214,402

)

 

$

(50,338

)

 

$

(164,064

)

 

$

(214,402

)

 

(1) Retirement liabilities reclassified to net income are related to the amortization of actuarial losses and are included in "Other Loss, net" in the Company's unaudited Condensed Consolidated Statements of Operations. See Note 6, "Defined Benefit Pension Plans" for additional details.
v3.25.2
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table presents the Company's assets and liabilities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy:

 

 

 

 

 

 

Fair Value Measurements at June 30, 2025

 

 

 

 

 

 

 

 

 

Significant Other

 

 

Significant

 

 

 

 

 

 

Quoted Prices in

 

 

Observable

 

 

Unobservable

 

 

 

 

 

 

Active Markets

 

 

Inputs

 

 

Inputs

 

(in thousands)

 

Total

 

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds (1)

 

$

11,492

 

 

$

11,492

 

 

$

—

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Contingent earnout liability (2)

 

$

1,551

 

 

$

—

 

 

$

—

 

 

$

1,551

 

(1) The fair values of the money market funds were based on recently quoted market prices and reported transactions in an active marketplace. Money market funds are included in the Company's unaudited Condensed Consolidated Balance Sheets as "Cash and cash equivalents."

(2) The Level 3 fair value of the contingent earnout liability was estimated using internally-prepared EBITDA projections and discount rates determined using a combination of observable and unobservable market data updated quarterly based on changes to projections of acquired entities over the earnout periods, which spanned multiple years. The Company recognized a pretax contingent earnout expense totaling $80,000 and $443,000 in the three and six months ended June 30, 2025, respectively, related to the fair value adjustments of earnout liability. The fair value of the contingent earnout liability is included in "Other accrued liabilities" on the Company's unaudited Condensed Consolidated Balance Sheets, based upon the term of the contingent earnout agreements.
v3.25.2
Segment Information (Tables)
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information

Financial information as of and for the three and six months ended June 30, 2025 and 2024 related to the Company's reportable segments is presented below:

 

 

 

Three Months Ended June 30, 2025

 

 

 

North America
Loss Adjusting

 

International
Operations

 

Broadspire

 

Platform
Solutions

 

Total

 

 

 

(In thousands)

 

Revenues before reimbursements

 

$

78,074

 

$

109,070

 

$

100,617

 

$

35,236

 

$

322,997

 

Less:

 

 

 

 

 

 

 

 

 

 

 

Segment Expenses:

 

 

 

 

 

 

 

 

 

 

 

     Compensation

 

 

44,943

 

 

54,746

 

 

46,466

 

 

15,546

 

 

161,701

 

     Benefits and payroll taxes

 

 

8,382

 

 

10,345

 

 

9,539

 

 

2,686

 

 

30,952

 

     Non-employee labor

 

 

1,510

 

 

7,220

 

 

4,355

 

 

882

 

 

13,967

 

Total Compensation

 

 

54,835

 

 

72,311

 

 

60,360

 

 

19,114

 

 

206,620

 

     Office rent and occupancy

 

 

1,169

 

 

3,353

 

 

2,133

 

 

878

 

 

7,533

 

     Other office operating expense (1)

 

 

4,329

 

 

6,738

 

 

4,196

 

 

2,276

 

 

17,539

 

     Depreciation

 

 

1,038

 

 

1,036

 

 

1,442

 

 

1,717

 

 

5,233

 

     Professional fees

 

 

427

 

 

737

 

 

4,666

 

 

649

 

 

6,479

 

     Cost of risk

 

 

499

 

 

400

 

 

1,030

 

 

627

 

 

2,556

 

     Other, net (2)

 

 

1,530

 

 

1,332

 

 

566

 

 

1,903

 

 

5,331

 

Total Other Operating Expense

 

 

8,992

 

 

13,596

 

 

14,033

 

 

8,050

 

 

44,671

 

Allocated corporate, shared services, and administrative costs (3)

 

 

9,652

 

 

15,527

 

 

12,572

 

 

4,940

 

 

42,691

 

Total Segment Expenses

 

 

73,479

 

 

101,434

 

 

86,965

 

 

32,104

 

 

293,982

 

Segment Operating Earnings

 

$

4,595

 

$

7,636

 

$

13,652

 

$

3,132

 

$

29,015

 

Reconciliation of segment operating earnings:

 

 

 

 

 

 

 

 

 

 

 

Unallocated corporate administrative costs (4)

 

 

 

 

 

 

 

 

 

 

(7,019

)

Net corporate interest expense

 

 

 

 

 

 

 

 

 

 

(3,858

)

Stock option expense

 

 

 

 

 

 

 

 

 

 

(214

)

Amortization of acquisition-related intangible assets

 

 

 

 

 

 

 

 

 

 

(1,825

)

Non-service pension costs

 

 

 

 

 

 

 

 

 

 

(2,354

)

Contingent earnout adjustments

 

 

 

 

 

 

 

 

 

 

(80

)

Income before income taxes

 

 

 

 

 

 

 

 

 

 

13,665

 

Income taxes

 

 

 

 

 

 

 

 

 

 

(5,845

)

Net Income

 

 

 

 

 

 

 

 

 

 

7,820

 

Net Income Attributable to Noncontrolling Interests

 

 

 

 

 

 

 

 

 

 

(38

)

Net Income Attributable to Shareholders of Crawford & Company

 

 

 

 

 

 

 

 

 

$

7,782

 

 

 

 

 

Six Months Ended June 30, 2025

 

 

North America
Loss Adjusting

International
Operations

Broadspire

Platform
Solutions

Total

 

 

(In thousands)

Revenues before reimbursements

 

$157,814

$213,464

$197,001

$66,750

$635,029

Less:

 

 

 

 

 

 

Segment Expenses:

 

 

 

 

 

 

     Compensation

 

90,205

107,162

91,449

30,320

319,136

     Benefits and payroll taxes

 

17,692

20,064

18,640

5,264

61,660

     Non-employee labor

 

2,956

15,662

8,622

1,575

28,815

Total Compensation

 

110,853

142,888

118,711

37,159

409,611

     Office rent and occupancy

 

2,205

6,788

4,242

1,834

15,069

     Other office operating expense (1)

 

8,872

13,677

8,612

4,090

35,251

     Depreciation

 

2,053

2,001

2,886

3,391

10,331

     Professional fees

 

837

3,082

8,649

1,275

13,843

     Cost of risk

 

651

(30)

2,332

738

3,691

     Other, net (2)

 

2,269

2,974

846

2,373

8,462

Total Other Operating Expense

 

16,887

28,492

27,567

13,701

86,647

Allocated corporate, shared services, and administrative costs (3)

 

20,003

30,992

24,868

9,831

85,694

Total Segment Expenses

 

147,743

202,372

171,146

60,691

581,952

Segment Operating Earnings

 

$10,071

$11,092

$25,855

$6,059

$53,077

Reconciliation of segment operating earnings:

 

 

 

 

 

 

Unallocated corporate administrative costs (4)

 

 

 

 

 

(13,237)

Net corporate interest expense

 

 

 

 

 

(7,802)

Stock option expense

 

 

 

 

 

(398)

Amortization of acquisition-related intangible assets

 

 

 

 

 

(3,625)

Non-service pension costs

 

 

 

 

 

(4,687)

Contingent earnout adjustments

 

 

 

 

 

(443)

Income before income taxes

 

 

 

 

 

22,885

Income taxes

 

 

 

 

 

(8,325)

Net Income

 

 

 

 

 

14,560

Net Income Attributable to Noncontrolling Interests

 

 

 

 

 

(94)

Net Income Attributable to Shareholders of Crawford & Company

 

 

 

 

 

$14,466

 

 

 

 

Three Months Ended June 30, 2024

 

 

North America
Loss Adjusting

International
Operations

Broadspire

Platform
Solutions

Total

 

 

(In thousands)

Revenues before reimbursements

 

$76,030

$102,283

$97,087

$38,827

$314,227

Less:

 

 

 

 

 

 

Segment Expenses:

 

 

 

 

 

 

     Compensation

 

44,796

50,521

44,769

18,893

158,979

     Benefits and payroll taxes

 

8,782

9,820

9,051

3,154

30,807

     Non-employee labor

 

1,130

5,706

4,342

1,357

12,535

Total Compensation

 

54,708

66,047

58,162

23,404

202,321

     Office rent and occupancy

 

1,066

3,267

2,307

864

7,504

     Other office operating expense (1)

 

3,921

6,895

3,770

2,564

17,150

     Depreciation

 

794

792

1,192

1,602

4,380

     Professional fees

 

423

2,922

4,144

584

8,073

     Cost of risk

 

183

1,177

606

162

2,128

     Other, net (2)

 

378

1,996

563

2,331

5,268

Total Other Operating Expense

 

6,765

17,049

12,582

8,107

44,503

Allocated corporate, shared services, and administrative costs (3)

 

9,672

13,485

11,252

5,847

40,256

Total Segment Expenses

 

71,145

96,581

81,996

37,358

287,080

Segment Operating Earnings

 

$4,885

$5,702

$15,091

$1,469

$27,147

Reconciliation of segment operating earnings:

 

 

 

 

 

 

Unallocated corporate administrative costs (4)

 

 

 

 

 

(5,079)

Net corporate interest expense

 

 

 

 

 

(4,256)

Stock option expense

 

 

 

 

 

(139)

Amortization of acquisition-related intangible assets

 

 

 

 

 

(1,856)

Non-service pension costs

 

 

 

 

 

(2,399)

Contingent earnout adjustments

 

 

 

 

 

(430)

Income before income taxes

 

 

 

 

 

12,988

Income taxes

 

 

 

 

 

(4,486)

Net Income

 

 

 

 

 

8,502

Net Loss Attributable to Noncontrolling Interests

 

 

 

 

 

82

Net Income Attributable to Shareholders of Crawford & Company

 

 

 

 

 

$8,584

 

 

 

 

Six Months Ended June 30, 2024

 

 

North America
Loss Adjusting

International
Operations

Broadspire

Platform
Solutions

Total

 

 

(In thousands)

Revenues before reimbursements

 

$153,395

$200,375

$191,385

$70,726

$615,881

Less:

 

 

 

 

 

 

Segment Expenses:

 

 

 

 

 

 

     Compensation

 

89,738

100,605

88,726

34,216

313,285

     Benefits and payroll taxes

 

17,982

19,285

17,993

5,859

61,119

     Non-employee labor

 

2,455

11,136

8,700

2,259

24,550

Total Compensation

 

110,175

131,026

115,419

42,334

398,954

     Office rent and occupancy

 

2,312

7,002

4,596

1,840

15,750

     Other office operating expense (1)

 

7,475

13,933

7,844

4,263

33,515

     Depreciation

 

1,607

1,588

2,466

3,245

8,906

     Professional fees

 

755

5,633

8,253

1,083

15,724

     Cost of risk

 

669

1,987

1,315

388

4,359

     Other, net (2)

 

1,333

4,038

844

3,026

9,241

Total Other Operating Expense

 

14,151

34,181

25,318

13,845

87,495

Allocated corporate, shared services, and administrative costs (3)

 

19,705

27,776

22,753

11,963

82,197

Total Segment Expenses

 

144,031

192,983

163,490

68,142

568,646

Segment Operating Earnings

 

$9,364

$7,392

$27,895

$2,584

$47,235

Reconciliation of segment operating earnings:

 

 

 

 

 

 

Unallocated corporate administrative costs (4)

 

 

 

 

 

(13,086)

Net corporate interest expense

 

 

 

 

 

(7,852)

Stock option expense

 

 

 

 

 

(306)

Amortization of acquisition-related intangible assets

 

 

 

 

 

(3,724)

Non-service pension costs

 

 

 

 

 

(4,872)

Contingent earnout adjustments

 

 

 

 

 

(581)

Income before income taxes

 

 

 

 

 

16,814

Income taxes

 

 

 

 

 

(5,533)

Net Income

 

 

 

 

 

11,281

Net Loss Attributable to Noncontrolling Interests

 

 

 

 

 

140

Net Income Attributable to Shareholders of Crawford & Company

 

 

 

 

 

$11,421

 

(1)
Other office and operating expenses include travel and entertainment, automobile expenses, office operating expenses and data processing costs.
(2)
Other, net primarily includes bank service charges and advertising expenses.
(3)
Allocated corporate, shared services, and administrative costs, comprise of expenses for administrative functions, including direct compensation, payroll taxes, and benefits which are allocated to each segment based on usage.
(4)
Unallocated corporate and shared costs and credits represent expenses for the Company's Chief Executive Officer and Board of Directors, certain adjustments to self-insured liabilities, certain unallocated legal and professional fees, and certain adjustments and recoveries to the Company's allowances for estimated credit losses.

 

Segment assets consist of accounts receivable, less allowance for expected credit losses, unbilled revenues at estimated billable amounts, goodwill and intangible assets arising from business acquisitions, net. Assets at June 30, 2025 and December 31, 2024 were as follows:

 

 

 

North America Loss Adjusting

 

International Operations

 

Broadspire

 

Platform
Solutions

 

Total

 

 

(In thousands)

June 30, 2025

 

 

 

 

 

 

 

 

 

 

Assets

 

$114,939

 

$163,208

 

$74,272

 

$77,206

 

$429,625

December 31, 2024

 

 

 

 

 

 

 

 

 

 

Assets

 

106,657

 

149,441

 

73,114

 

94,845

 

$424,057
Reconciliation Of Capital Expenditures From Segments To Consolidated

Capital expenditures for the three and six months ended June 30, 2025 and 2024 are shown in the following table:

 

 

 

Three Months Ended

 

Six Months Ended

(in thousands)

 

June 30,
2025

 

June 30,
2024

 

June 30,
2025

 

June 30,
2024

North America Loss Adjusting

 

$1,075

 

$1,010

 

$3,217

 

$2,207

International Operations

 

71

 

112

 

227

 

168

Broadspire

 

3,893

 

2,424

 

7,345

 

5,917

Platform Solutions

 

1,036

 

1,296

 

1,962

 

2,416

Corporate

 

3,090

 

4,058

 

5,737

 

7,741

Total capital expenditures

 

$9,165

 

$8,900

 

$18,488

 

$18,449

 
Reconciliation of Revenues from Segments to Consolidated

The total of the Company's reportable segments' revenues before reimbursements reconciled to total consolidated revenues for the three and six months ended June 30, 2025 and 2024 was as follows:

 

 

 

Three Months Ended

 

Six Months Ended

(in thousands)

 

June 30,
2025

 

June 30,
2024

 

June 30,
2025

 

June 30,
2024

Segments' revenues before reimbursements

 

$322,997

 

$314,227

 

$635,029

 

$615,881

Reimbursements

 

11,598

 

12,626

 

22,905

 

24,045

Total consolidated revenues

 

$334,595

 

$326,853

 

$657,934

 

$639,926
Reconciliation of Segment Operating Earnings from Segments to Consolidated

The Company's reportable segments' total operating earnings reconciled to consolidated income before income taxes for the three and six months ended June 30, 2025 and 2024 were as follows:

 

 

 

Three Months Ended

 

Six Months Ended

(in thousands)

 

June 30,
2025

 

June 30,
2024

 

June 30,
2025

 

June 30,
2024

Operating earnings of all reportable segments

 

$29,015

 

$27,147

 

$53,077

 

$47,235

Unallocated corporate and shared costs and credits

 

(7,019)

 

(5,079)

 

(13,237)

 

(13,086)

Net corporate interest expense

 

(3,858)

 

(4,256)

 

(7,802)

 

(7,852)

Stock option expense

 

(214)

 

(139)

 

(398)

 

(306)

Amortization of acquisition-related intangible assets

 

(1,825)

 

(1,856)

 

(3,625)

 

(3,724)

Non-service pension costs

 

(2,354)

 

(2,399)

 

(4,687)

 

(4,872)

Contingent earnout adjustments

 

(80)

 

(430)

 

(443)

 

(581)

Income before income taxes

 

$13,665

 

$12,988

 

$22,885

 

$16,814
Reconciliation of Assets from Segment to Consolidated

The Company's reportable segments' total assets reconciled to consolidated total assets of the Company at June 30, 2025 and December 31, 2024 are presented in the following table:

 

 

 

June 30,
2025

 

December 31,
2024

 

 

(In thousands)

Assets of reportable segments

 

$429,625

 

$424,057

Corporate assets:

 

 

 

 

Cash and cash equivalents

 

58,529

 

55,412

Income taxes receivable

 

4,803

 

5,337

Prepaid expenses and other current assets

 

31,433

 

40,334

Net property and equipment

 

17,999

 

20,554

Operating lease right-of-use asset, net

 

71,706

 

78,808

Capitalized software costs, net

 

116,478

 

111,854

Deferred income tax assets

 

24,239

 

25,305

Other noncurrent assets

 

44,553

 

42,094

Total corporate assets

 

369,740

 

379,698

Total assets

 

$799,365

 

$803,755
v3.25.2
Cash and Cash Equivalents (Tables)
 6 Months Ended
Jun. 30, 2025
Cash and Cash Equivalents [Abstract]  
Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Company's unaudited Condensed Consolidated Balance Sheets that sum to the total of the same such amounts shown within the Company's unaudited Condensed Consolidated Statements of Cash Flows:

 

(In thousands)

 

June 30, 2025

 

 

December 31, 2024

 

 

June 30, 2024

 

 

December 31, 2023

 

Cash and cash equivalents

 

$

58,529

 

 

$

55,412

 

 

$

46,742

 

 

$

58,363

 

Restricted cash within prepaid expenses and other current assets

 

 

390

 

 

 

917

 

 

 

1,601

 

 

 

1,182

 

Total cash, cash equivalents and restricted cash

 

$

58,919

 

 

$

56,329

 

 

$

48,343

 

 

$

59,545

 
v3.25.2
Basis of Presentation - VIE - Additional Information (Details) - Primary Beneficiary - USD ($)
Jun. 30, 2025
Dec. 31, 2024
Variable Interest Entity    
Liabilities of the deferred compensation plan $ 6,523,000 $ 6,248,000
Assets held in the related rabbi trust $ 10,453,000 $ 10,389,000
v3.25.2
Revenue Recognition - Additional Information (Details) - USD ($)
 6 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Disaggregation of Revenue [Line Items]    
Accounts receivable, days sales outstanding 2 months  
Billing after contract completion, years 1 year  
Revenue, remaining performance obligation $ 113,400,000  
Amount of performance obligation percentage intend to recognize within next year 73.00%  
Revenue from contracts with customers, practical expedient, consideration adjustment period 1 year  
Accounts payable days payable outstanding 1 year  
Lifetime Claim    
Disaggregation of Revenue [Line Items]    
Deferred Revenue $ 40,799,000 $ 39,600,000
Maximum | Broadspire    
Disaggregation of Revenue [Line Items]    
Revenue from contracts with customers, performance obligation term 2 years  
Claims Management Services    
Disaggregation of Revenue [Line Items]    
Revenue remaining performance obligation expected timing of satisfaction explanation The Company's deferred revenues for claims handled for one or two years are not as sensitive to changes in claim closing rates since the performance obligations are satisfied within a fixed length of time  
Percentage of closed cases 99.00%  
Revenue from contracts with customers, duration, average time to close case from time of referral 5 years  
Claims Management Services | Minimum    
Disaggregation of Revenue [Line Items]    
Revenue from contracts with customers, performance obligation term 1 year  
Claims Management Services | Maximum    
Disaggregation of Revenue [Line Items]    
Revenue from contracts with customers, performance obligation term 2 years  
v3.25.2
Revenue Recognition - Disaggregation of Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Disaggregation of Revenue [Line Items]        
Revenues $ 334,595 $ 326,853 $ 657,934 $ 639,926
North America Loss Adjusting        
Disaggregation of Revenue [Line Items]        
Revenues 78,074 76,030 157,814 153,395
North America Loss Adjusting | U.S.        
Disaggregation of Revenue [Line Items]        
Revenues 54,805 53,829 112,769 107,353
North America Loss Adjusting | Canada        
Disaggregation of Revenue [Line Items]        
Revenues 23,269 22,201 45,045 46,042
International Loss Adjusting        
Disaggregation of Revenue [Line Items]        
Revenues 104,046 95,441 202,796 187,806
International Loss Adjusting | U.K.        
Disaggregation of Revenue [Line Items]        
Revenues 41,955 38,490 83,764 76,389
International Loss Adjusting | Europe        
Disaggregation of Revenue [Line Items]        
Revenues 27,369 24,453 53,553 48,074
International Loss Adjusting | Australia        
Disaggregation of Revenue [Line Items]        
Revenues 19,792 19,303 36,370 36,583
International Loss Adjusting | Asia        
Disaggregation of Revenue [Line Items]        
Revenues 7,236 5,604 13,403 10,973
International Loss Adjusting | Latin America        
Disaggregation of Revenue [Line Items]        
Revenues 7,694 7,591 15,706 15,787
Crawford Legal Services        
Disaggregation of Revenue [Line Items]        
Revenues 5,024 6,842 10,668 12,569
Crawford Legal Services | U.K.        
Disaggregation of Revenue [Line Items]        
Revenues 2,367 2,930 4,900 5,286
Crawford Legal Services | Australia        
Disaggregation of Revenue [Line Items]        
Revenues 1,815 3,013 4,285 5,394
Crawford Legal Services | Latin America        
Disaggregation of Revenue [Line Items]        
Revenues 842 899 1,483 1,889
International Operations        
Disaggregation of Revenue [Line Items]        
Revenues 109,070 102,283 213,464 200,375
Broadspire        
Disaggregation of Revenue [Line Items]        
Revenues 100,617 97,087 197,001 191,385
Platform Solutions        
Disaggregation of Revenue [Line Items]        
Revenues 35,236 38,827 66,750 70,726
Claims Management | Broadspire        
Disaggregation of Revenue [Line Items]        
Revenues 51,991 49,858 101,645 98,256
Medical Management | Broadspire        
Disaggregation of Revenue [Line Items]        
Revenues 48,626 47,229 95,356 93,129
Contractor Connection | Platform Solutions        
Disaggregation of Revenue [Line Items]        
Revenues 18,480 18,118 35,381 35,063
Networks | Platform Solutions        
Disaggregation of Revenue [Line Items]        
Revenues 9,215 13,373 16,540 21,116
Subrogation | Platform Solutions        
Disaggregation of Revenue [Line Items]        
Revenues $ 7,541 $ 7,336 $ 14,829 $ 14,547
v3.25.2
Revenue Recognition - Schedule of Customer Contract Liabilities (Details) - USD ($)
$ in Thousands
 3 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Customer Contract Liabilities    
Beginning balance $ 59,505 $ 59,685
Quarterly additions 26,523 25,100
Revenue recognized from the prior periods (15,165) (15,874)
Revenue recognized from current quarter additions (9,540) (9,406)
Ending balance $ 61,323 $ 59,505
v3.25.2
Income Taxes - Additional Information (Details) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Operating Loss Carryforwards [Line Items]        
Provision (benefit) for Income Taxes $ 5,845,000 $ 4,486,000 $ 8,325,000 $ 5,533,000
Effective income tax rate reconciliation, percent 42.80% 34.50% 36.40% 32.90%
Foreign Tax Authority [Member]        
Operating Loss Carryforwards [Line Items]        
One-time expense     $ 1,328,000  
One-time indirect tax expense $ 3,122,000   $ 3,122,000  
v3.25.2
Defined Benefit Pension Plans - Schedule of Defined Benefit Plans Disclosures (Details) - Pension Plan - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Defined Benefit Plan Disclosure [Line Items]        
Service cost $ 441 $ 378 $ 871 $ 762
Interest cost 5,424 5,734 10,784 11,480
Expected return on assets (6,138) (6,414) (12,227) (12,823)
Amortization of actuarial loss 3,127 3,128 6,244 6,314
Net periodic cost $ 2,854 $ 2,826 $ 5,672 $ 5,733
v3.25.2
Defined Benefit Pension Plans - Additional Information (Details) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Defined Benefit Plan Disclosure [Line Items]        
Net periodic benefit cost, non-service cost $ 2,413,000 $ 2,448,000 $ 4,801,000 $ 4,971,000
Contributions by employer     0  
U.K. Plan        
Defined Benefit Plan Disclosure [Line Items]        
Contributions by employer     $ 1,555,000 $ 1,205,000
v3.25.2
Net Income Attributable to Shareholders of Crawford & Company per Common Share - Schedule of Computations of Basic Net Income Attributable to Shareholders of Crawford & Company per Common Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Class A Non-Voting        
Numerator:        
Allocation of undistributed earnings $ 2,647 $ 3,116 $ 4,623 $ 2,742
Dividends paid 2,122 2,081 4,237 4,155
Net income attributable to common shareholders, basic $ 4,769 $ 5,197 $ 8,860 $ 6,897
Denominator:        
Weighted-average common shares outstanding, basic 30,304 29,728 30,240 29,657
Earnings per share - basic $ 0.16 $ 0.17 $ 0.29 $ 0.23
Class B Voting        
Numerator:        
Allocation of undistributed earnings $ 1,673 $ 2,031 $ 2,926 $ 1,799
Dividends paid 1,340 1,356 2,680 2,725
Net income attributable to common shareholders, basic $ 3,013 $ 3,387 $ 5,606 $ 4,524
Denominator:        
Weighted-average common shares outstanding, basic 19,145 19,374 19,145 19,458
Earnings per share - basic $ 0.16 $ 0.17 $ 0.29 $ 0.23
v3.25.2
Net Income Attributable to Shareholders of Crawford & Company per Common Share - Schedule of Computations of Diluted Net Income Attributable to Shareholders of Crawford & Company per Common Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Class A Non-Voting        
Numerator:        
Allocation of undistributed earnings $ 2,663 $ 3,134 $ 4,652 $ 2,763
Dividends paid 2,122 2,081 4,237 4,155
Net income attributable to common shareholders, diluted $ 4,785 $ 5,215 $ 8,889 $ 6,918
Denominator:        
Weighted-average common shares outstanding, basic 30,304 29,728 30,240 29,657
Weighted-average effect of dilutive securities 478 443 504 568
Weighted-average common shares outstanding, diluted 30,782 30,171 30,744 30,225
Earnings per share - diluted $ 0.16 $ 0.17 $ 0.29 $ 0.23
Class B Voting        
Numerator:        
Allocation of undistributed earnings $ 1,657 $ 2,013 $ 2,897 $ 1,778
Dividends paid 1,340 1,356 2,680 2,725
Net income attributable to common shareholders, diluted $ 2,997 $ 3,369 $ 5,577 $ 4,503
Denominator:        
Weighted-average common shares outstanding, basic 19,145 19,374 19,145 19,458
Weighted-average effect of dilutive securities 0 0 0 0
Weighted-average common shares outstanding, diluted 19,145 19,374 19,145 19,458
Earnings per share - diluted $ 0.16 $ 0.17 $ 0.29 $ 0.23
v3.25.2
Net Income Attributable to Shareholders of Crawford & Company per Common Share - Schedule of Antidilutive Shares Excluded from Computation of Diluted Earnings per Share (Details) - shares
shares in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Performance Stock Grants Excluded because Performance Conditions Have Not Been Met        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Shares underlying stock options excluded [1] 799 1,180 803 1,140
Shares Underlying Stock Options Excluded        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Shares underlying stock options excluded 0 255 0 128
[1] Compensation cost is recognized for these performance stock grants based on expected achievement rates; however, no consideration is given to these performance stock grants when calculating diluted earnings per share until the performance measurements have been achieved.
v3.25.2
Net Income Attributable to Shareholders of Crawford & Company per Common Share - Schedule of Shares Issued and Included in Weighted-average Common Shares used to Compute Basic and Diluted Earnings per Share (Details) - Class A Non-Voting - shares
shares in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
CRD-A Issued under the Non-Employee Director Stock Plan        
Share-based Compensation Arrangement        
Shares issued repurchased activity (4) (9) 86 62
CRD-A Issued under the U.K. ShareSave Scheme        
Share-based Compensation Arrangement        
Shares issued repurchased activity 102 124 106 124
CRD-A issued under the Employee Stock Purchase Plan        
Share-based Compensation Arrangement        
Shares issued repurchased activity 0 0 0 32
v3.25.2
Net Income Attributable to Shareholders of Crawford & Company per Common Share - Additional Information (Details) - $ / shares
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Feb. 10, 2022
Nov. 04, 2021
Equity, Class of Treasury Stock        
Number of shares authorized to be repurchased (shares)     5,000,000  
Number of shares remaining to be repurchased (shares) 1,089,809      
Class A Non-Voting        
Equity, Class of Treasury Stock        
Shares repurchased (shares) 0 0    
Class B Voting        
Equity, Class of Treasury Stock        
Shares repurchased (shares) 0 230,861    
Average cost (USD per share)   $ 8.98    
Repurchase Authorization 2021 | Common Stock        
Equity, Class of Treasury Stock        
Number of shares authorized to be repurchased (shares)       2,000,000
v3.25.2
Accumulated Other Comprehensive Loss - Additional Information (Details) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2025
Foreign Currency Translation Adjustments    
Accumulated Other Comprehensive Income Loss [Line Items]    
Adjustment for long-term intercompany transactions, net of tax $ 514,000 $ 343,000
v3.25.2
Accumulated Other Comprehensive Loss - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Accumulated Other Comprehensive Income Loss [Line Items]        
Beginning balance $ 159,023 $ 143,238 $ 155,551 $ 139,831
Ending balance 175,341 149,707 175,341 149,707
Foreign Currency Translation Adjustments        
Accumulated Other Comprehensive Income Loss [Line Items]        
Beginning balance (53,829) (48,222) (50,079) (49,486)
Other comprehensive income before reclassifications 7,082 (2,116) 3,332 (852)
Amounts reclassified from accumulated other comprehensive income to net income 0 0 0  
Net current period other comprehensive income 7,082 (2,116) 3,332 (852)
Ending balance (46,747) (50,338) (46,747) (50,338)
Retirement Liabilities        
Accumulated Other Comprehensive Income Loss [Line Items]        
Beginning balance [1] (164,559) (166,570) (167,046) (169,129)
Other comprehensive income before reclassifications [1] 0 0 0  
Amounts reclassified from accumulated other comprehensive income to net income 2,534 2,506 [1] 5,021 [1] 5,065 [1]
Net current period other comprehensive income [1] 2,534 2,506 5,021 5,065
Ending balance [1] (162,025) (164,064) (162,025) (164,064)
AOCL attributable to shareholders of Crawford & Company        
Accumulated Other Comprehensive Income Loss [Line Items]        
Beginning balance (218,388) (214,792) (217,125) (218,615)
Other comprehensive income before reclassifications 7,082 (2,116) 3,332 (852)
Amounts reclassified from accumulated other comprehensive income to net income 2,534 2,506 5,021 5,065
Net current period other comprehensive income 9,616 390 8,353 4,213
Ending balance $ (208,772) $ (214,402) $ (208,772) $ (214,402)
[1]

(1) Retirement liabilities reclassified to net income are related to the amortization of actuarial losses and are included in "Other Loss, net" in the Company's unaudited Condensed Consolidated Statements of Operations. See Note 6, "Defined Benefit Pension Plans" for additional details.
v3.25.2
Fair Value Measurements - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details)
$ in Thousands
Jun. 30, 2025
USD ($)
Liabilities:  
Contingent earnout liability $ 1,551
Quoted Prices in Active Markets (Level 1)  
Liabilities:  
Contingent earnout liability 0
Significant Other Observable Inputs (Level 2)  
Liabilities:  
Contingent earnout liability 0
Significant Unobservable Inputs (Level 3)  
Liabilities:  
Contingent earnout liability 1,551
Money Market Funds  
ASSETS  
Money market funds 11,492
Money Market Funds | Quoted Prices in Active Markets (Level 1)  
ASSETS  
Money market funds 11,492
Money Market Funds | Significant Other Observable Inputs (Level 2)  
ASSETS  
Money market funds 0
Money Market Funds | Significant Unobservable Inputs (Level 3)  
ASSETS  
Money market funds $ 0
v3.25.2
Fair Value Measurements - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Parenthetical) (Details) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2025
Fair Value Disclosures [Abstract]    
Pretax contingent earnout expense $ 80,000 $ 443,000
v3.25.2
Fair Value Measurements - Additional Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2025
Liabilities:    
Transfers of assets measured on a recurring basis into Level 3 $ 0 $ 0
Transfers of assets measured on a recurring basis out Level 3 0 0
Transfers of assets measured on a recurring basis out of Level 1 into Level 2 0 0
Transfers of assets measured on a recurring basis out of Level 2 into Level 1 $ 0 $ 0
Debt instrument, variable interest rate duration between resets   90 days
v3.25.2
Segment Information - Additional Information (Details)
 6 Months Ended
Jun. 30, 2025
Segment
Segment Reporting [Abstract]  
Number of reportable segments 4
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration] srt:ChiefExecutiveOfficerMember
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description Operating earnings is the primary financial performance measure used by the Company's senior management and the CODM to evaluate the financial performance of the Company's operating segments and make resource allocation decisions. The Company believes this measure is useful to investors in that it allows them to evaluate segment operating performance using the same criteria used by the Company's senior management and CODM.
v3.25.2
Segment Information - Financial Information (Details) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Segment Reporting Information [Line Items]        
Revenues $ 334,595,000 $ 326,853,000 $ 657,934,000 $ 639,926,000
Reconciliation of segment operating earnings (loss):        
Net corporate interest expense (3,858,000) (4,256,000) (7,802,000) (7,852,000)
Contingent earnout adjustments     (443,000) (581,000)
Income Before Income Taxes 13,665,000 12,988,000 22,885,000 16,814,000
Income taxes (5,845,000) (4,486,000) (8,325,000) (5,533,000)
Net Income 7,820,000 8,502,000 14,560,000 11,281,000
Net (Income) Loss Attributable to Noncontrolling Interests (38,000) 82,000 (94,000) 140,000
Net Income Attributable to Shareholders of Crawford & Company 7,782,000 8,584,000 14,466,000 11,421,000
Segment Reconciling Items        
Segment Reporting Information [Line Items]        
Segment Operating Earnings 29,015,000 27,147,000 53,077,000 47,235,000
Reconciliation of segment operating earnings (loss):        
Unallocated corporate administrative costs [1] (7,019,000) (5,079,000) (13,237,000) (13,086,000)
Net corporate interest expense (3,858,000) (4,256,000) (7,802,000) (7,852,000)
Stock option expense (214,000) (139,000) (398,000) (306,000)
Amortization of acquisition-related intangible assets (1,825,000) (1,856,000) (3,625,000) (3,724,000)
Non-service pension costs (2,354,000) (2,399,000) (4,687,000) (4,872,000)
Contingent earnout adjustments (80,000) (430,000) (443,000) (581,000)
Income Before Income Taxes 13,665,000 12,988,000 22,885,000 16,814,000
Income taxes (5,845,000) (4,486,000) (8,325,000) (5,533,000)
Net Income 7,820,000 8,502,000 14,560,000 11,281,000
Net (Income) Loss Attributable to Noncontrolling Interests (38,000) 82,000 (94,000) 140,000
Net Income Attributable to Shareholders of Crawford & Company 7,782,000 8,584,000 14,466,000 11,421,000
Service        
Segment Reporting Information [Line Items]        
Revenues 322,997,000 314,227,000 635,029,000 615,881,000
Service | Operating Segments        
Segment Reporting Information [Line Items]        
Revenues 322,997,000 314,227,000 635,029,000 615,881,000
Compensation 161,701,000 158,979,000 319,136,000 313,285,000
Benefits and payroll taxes 30,952,000 30,807,000 61,660,000 61,119,000
Non-employee labor 13,967,000 12,535,000 28,815,000 24,550,000
Total Compensation 206,620,000 202,321,000 409,611,000 398,954,000
Office rent and occupancy 7,533,000 7,504,000 15,069,000 15,750,000
Other office operating expense [2] 17,539,000 17,150,000 35,251,000 33,515,000
Depreciation 5,233,000 4,380,000 10,331,000 8,906,000
Professional fees 6,479,000 8,073,000 13,843,000 15,724,000
Cost of risk 2,556,000 2,128,000 3,691,000 4,359,000
Other, net [3] 5,331,000 5,268,000 8,462,000 9,241,000
Total Other Operating Expense 44,671,000 44,503,000 86,647,000 87,495,000
Allocated corporate, shared services, and administrative costs [4] 42,691,000 40,256,000 85,694,000 82,197,000
Total Segment Expenses 293,982,000 287,080,000 581,952,000 568,646,000
Segment Operating Earnings 29,015,000 27,147,000 53,077,000 47,235,000
North America Loss Adjusting        
Segment Reporting Information [Line Items]        
Revenues 78,074,000 76,030,000 157,814,000 153,395,000
North America Loss Adjusting | Service | Operating Segments        
Segment Reporting Information [Line Items]        
Revenues 78,074,000 76,030,000 157,814,000 153,395,000
Compensation 44,943,000 44,796,000 90,205,000 89,738,000
Benefits and payroll taxes 8,382,000 8,782,000 17,692,000 17,982,000
Non-employee labor 1,510,000 1,130,000 2,956,000 2,455,000
Total Compensation 54,835,000 54,708,000 110,853,000 110,175,000
Office rent and occupancy 1,169,000 1,066,000 2,205,000 2,312,000
Other office operating expense [2] 4,329,000 3,921,000 8,872,000 7,475,000
Depreciation 1,038,000 794,000 2,053,000 1,607,000
Professional fees 427,000 423,000 837,000 755,000
Cost of risk 499,000 183,000 651,000 669,000
Other, net [3] 1,530,000 378,000 2,269,000 1,333,000
Total Other Operating Expense 8,992,000 6,765,000 16,887,000 14,151,000
Allocated corporate, shared services, and administrative costs [4] 9,652,000 9,672,000 20,003,000 19,705,000
Total Segment Expenses 73,479,000 71,145,000 147,743,000 144,031,000
Segment Operating Earnings 4,595,000 4,885,000 10,071,000 9,364,000
International Operations        
Segment Reporting Information [Line Items]        
Revenues 109,070,000 102,283,000 213,464,000 200,375,000
International Operations | Service | Operating Segments        
Segment Reporting Information [Line Items]        
Revenues 109,070,000 102,283,000 213,464,000 200,375,000
Compensation 54,746,000 50,521,000 107,162,000 100,605,000
Benefits and payroll taxes 10,345,000 9,820,000 20,064,000 19,285,000
Non-employee labor 7,220,000 5,706,000 15,662,000 11,136,000
Total Compensation 72,311,000 66,047,000 142,888,000 131,026,000
Office rent and occupancy 3,353,000 3,267,000 6,788,000 7,002,000
Other office operating expense [2] 6,738,000 6,895,000 13,677,000 13,933,000
Depreciation 1,036,000 792,000 2,001,000 1,588,000
Professional fees 737,000 2,922,000 3,082,000 5,633,000
Cost of risk 400,000 1,177,000 (30,000) 1,987,000
Other, net [3] 1,332,000 1,996,000 2,974,000 4,038,000
Total Other Operating Expense 13,596,000 17,049,000 28,492,000 34,181,000
Allocated corporate, shared services, and administrative costs [4] 15,527,000 13,485,000 30,992,000 27,776,000
Total Segment Expenses 101,434,000 96,581,000 202,372,000 192,983,000
Segment Operating Earnings 7,636,000 5,702,000 11,092,000 7,392,000
Broadspire        
Segment Reporting Information [Line Items]        
Revenues 100,617,000 97,087,000 197,001,000 191,385,000
Broadspire | Service | Operating Segments        
Segment Reporting Information [Line Items]        
Revenues 100,617,000 97,087,000 197,001,000 191,385,000
Compensation 46,466,000 44,769,000 91,449,000 88,726,000
Benefits and payroll taxes 9,539,000 9,051,000 18,640,000 17,993,000
Non-employee labor 4,355,000 4,342,000 8,622,000 8,700,000
Total Compensation 60,360,000 58,162,000 118,711,000 115,419,000
Office rent and occupancy 2,133,000 2,307,000 4,242,000 4,596,000
Other office operating expense [2] 4,196,000 3,770,000 8,612,000 7,844,000
Depreciation 1,442,000 1,192,000 2,886,000 2,466,000
Professional fees 4,666,000 4,144,000 8,649,000 8,253,000
Cost of risk 1,030,000 606,000 2,332,000 1,315,000
Other, net [3] 566,000 563,000 846,000 844,000
Total Other Operating Expense 14,033,000 12,582,000 27,567,000 25,318,000
Allocated corporate, shared services, and administrative costs [4] 12,572,000 11,252,000 24,868,000 22,753,000
Total Segment Expenses 86,965,000 81,996,000 171,146,000 163,490,000
Segment Operating Earnings 13,652,000 15,091,000 25,855,000 27,895,000
Platform Solutions        
Segment Reporting Information [Line Items]        
Revenues 35,236,000 38,827,000 66,750,000 70,726,000
Platform Solutions | Service | Operating Segments        
Segment Reporting Information [Line Items]        
Revenues 35,236,000 38,827,000 66,750,000 70,726,000
Compensation 15,546,000 18,893,000 30,320,000 34,216,000
Benefits and payroll taxes 2,686,000 3,154,000 5,264,000 5,859,000
Non-employee labor 882,000 1,357,000 1,575,000 2,259,000
Total Compensation 19,114,000 23,404,000 37,159,000 42,334,000
Office rent and occupancy 878,000 864,000 1,834,000 1,840,000
Other office operating expense [2] 2,276,000 2,564,000 4,090,000 4,263,000
Depreciation 1,717,000 1,602,000 3,391,000 3,245,000
Professional fees 649,000 584,000 1,275,000 1,083,000
Cost of risk 627,000 162,000 738,000 388,000
Other, net [3] 1,903,000 2,331,000 2,373,000 3,026,000
Total Other Operating Expense 8,050,000 8,107,000 13,701,000 13,845,000
Allocated corporate, shared services, and administrative costs [4] 4,940,000 5,847,000 9,831,000 11,963,000
Total Segment Expenses 32,104,000 37,358,000 60,691,000 68,142,000
Segment Operating Earnings $ 3,132,000 $ 1,469,000 $ 6,059,000 $ 2,584,000
[1] Unallocated corporate and shared costs and credits represent expenses for the Company's Chief Executive Officer and Board of Directors, certain adjustments to self-insured liabilities, certain unallocated legal and professional fees, and certain adjustments and recoveries to the Company's allowances for estimated credit losses.
[2] Other office and operating expenses include travel and entertainment, automobile expenses, office operating expenses and data processing costs.
[3] Other, net primarily includes bank service charges and advertising expenses.
[4] Allocated corporate, shared services, and administrative costs, comprise of expenses for administrative functions, including direct compensation, payroll taxes, and benefits which are allocated to each segment based on usage.
v3.25.2
Segment Information - Schedule of Segment Assets (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Segment Reporting, Asset Reconciling Item [Line Items]    
Assets $ 799,365 $ 803,755
Operating Segments    
Segment Reporting, Asset Reconciling Item [Line Items]    
Assets 429,625 424,057
North America Loss Adjusting | Operating Segments    
Segment Reporting, Asset Reconciling Item [Line Items]    
Assets 114,939 106,657
International Operations | Operating Segments    
Segment Reporting, Asset Reconciling Item [Line Items]    
Assets 163,208 149,441
Broadspire | Operating Segments    
Segment Reporting, Asset Reconciling Item [Line Items]    
Assets 74,272 73,114
Platform Solutions | Operating Segments    
Segment Reporting, Asset Reconciling Item [Line Items]    
Assets $ 77,206 $ 94,845
v3.25.2
Segment Information - Capital Expenditures (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Segment Reporting Information [Line Items]        
Total capital expenditures $ 9,165 $ 8,900 $ 18,488 $ 18,449
Corporate, Non-Segment        
Segment Reporting Information [Line Items]        
Total capital expenditures 3,090 4,058 5,737 7,741
North America Loss Adjusting | Operating Segments        
Segment Reporting Information [Line Items]        
Total capital expenditures 1,075 1,010 3,217 2,207
International Operations | Operating Segments        
Segment Reporting Information [Line Items]        
Total capital expenditures 71 112 227 168
Broadspire | Operating Segments        
Segment Reporting Information [Line Items]        
Total capital expenditures 3,893 2,424 7,345 5,917
Platform Solutions | Operating Segments        
Segment Reporting Information [Line Items]        
Total capital expenditures $ 1,036 $ 1,296 $ 1,962 $ 2,416
v3.25.2
Segment Information - Revenues (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Segment Reporting Information [Line Items]        
Revenues $ 334,595 $ 326,853 $ 657,934 $ 639,926
Service        
Segment Reporting Information [Line Items]        
Revenues 322,997 314,227 635,029 615,881
Reimbursements        
Segment Reporting Information [Line Items]        
Revenues $ 11,598 $ 12,626 $ 22,905 $ 24,045
v3.25.2
Segment Information - Income Before Income Taxes (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Segment Reporting Information [Line Items]        
Net corporate interest expense $ (3,858) $ (4,256) $ (7,802) $ (7,852)
Contingent earnout adjustments     (443) (581)
Income Before Income Taxes 13,665 12,988 22,885 16,814
Segment Reconciling Items        
Segment Reporting Information [Line Items]        
Operating earnings of all reportable segments 29,015 27,147 53,077 47,235
Unallocated corporate and shared costs and credits (7,019) (5,079) (13,237) (13,086)
Net corporate interest expense (3,858) (4,256) (7,802) (7,852)
Stock option expense (214) (139) (398) (306)
Amortization of acquisition-related intangible assets (1,825) (1,856) (3,625) (3,724)
Non-service pension (costs) credits (2,354) (2,399) (4,687) (4,872)
Contingent earnout adjustments (80) (430) (443) (581)
Income Before Income Taxes $ 13,665 $ 12,988 $ 22,885 $ 16,814
v3.25.2
Segment Information - Assets (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Jun. 30, 2024
Dec. 31, 2023
Segment Reporting Asset Reconciling Item [Line Items]        
Assets $ 799,365 $ 803,755    
ASSETS        
Cash and cash equivalents 58,529 55,412 $ 46,742 $ 58,363
Income taxes receivable 4,803 5,337    
Prepaid expenses and other current assets 31,433 40,334    
Net property and equipment 17,999 20,554    
Operating lease right-of-use assets, net 71,706 78,808    
Capitalized software costs, net 116,478 111,854    
Deferred income tax assets 24,239 25,305    
Other noncurrent assets 44,553 42,094    
TOTAL ASSETS 799,365 803,755    
Operating Segments        
Segment Reporting Asset Reconciling Item [Line Items]        
Assets 429,625 424,057    
ASSETS        
TOTAL ASSETS 429,625 424,057    
Corporate, Non-Segment        
Segment Reporting Asset Reconciling Item [Line Items]        
Assets 369,740 379,698    
ASSETS        
Cash and cash equivalents 58,529 55,412    
Income taxes receivable 4,803 5,337    
Prepaid expenses and other current assets 31,433 40,334    
Net property and equipment 17,999 20,554    
Operating lease right-of-use assets, net 71,706 78,808    
Capitalized software costs, net 116,478 111,854    
Deferred income tax assets 24,239 25,305    
Other noncurrent assets 44,553 42,094    
TOTAL ASSETS $ 369,740 $ 379,698    
v3.25.2
Commitments and Contingencies - Additional Information (Details)
Jun. 30, 2025
USD ($)
Letter of credit subcommitment  
Loss Contingencies [Line Items]  
Letters of credit outstanding amount $ 8,457,000
v3.25.2
Cash and Cash Equivalents - Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Jun. 30, 2024
Dec. 31, 2023
Cash and Cash Equivalents [Abstract]        
Cash and cash equivalents $ 58,529 $ 55,412 $ 46,742 $ 58,363
Restricted cash within prepaid expenses and other current assets 390 917 1,601 1,182
Total cash, cash equivalents and restricted cash $ 58,919 $ 56,329 $ 48,343 $ 59,545
v3.25.2
Client Funds - Additional Information (Details) - USD ($)
Jun. 30, 2025
Dec. 31, 2024
Custodial    
Funds Held for Clients [Line Items]    
Funds held for clients $ 558,740,000 $ 566,280,000