Double Digit Revenue Growth in Quarter
Crawford & Company® (NYSE: CRD-A and CRD-B), the world’s largest publicly listed independent provider of claims management and outsourcing solutions to carriers, brokers and corporations, today announced its financial results for the second quarter ended June 30, 2022.
The Company’s two classes of stock are substantially identical, except with respect to voting rights and the Company’s ability to pay greater cash dividends on the non-voting Class A Common Stock (CRD-A) than on the voting Class B Common Stock (CRD-B), subject to certain limitations. In addition, with respect to mergers or similar transactions, holders of CRD-A must receive the same type and amount of consideration as holders of CRD-B, unless different consideration is approved by the holders of 75% of CRD-A, voting as a class.
GAAP Consolidated Results
Second Quarter 2022
- Revenues before reimbursements of $293.3 million, up 10% over $267.5 million for the 2021 second quarter
- Net income attributable to shareholders of $5.8 million, compared to $11.8 million in the same period last year
- Diluted earnings per share of $0.12 for both CRD-A and CRD-B, compared with $0.22 for both CRD-A and CRD-B in the prior year second quarter
Non-GAAP Consolidated Results
Second Quarter 2022
Non-GAAP consolidated results for 2022 exclude the non-cash, after-tax adjustments for amortization of intangible assets of $1.5 million and the earnout adjustment of $0.2 million. Non-GAAP consolidated results for 2021 exclude a similar adjustment for amortization of intangible assets of $2.1 million.
- Foreign currency exchange rates decreased revenues before reimbursements by $6.2 million or (2)%. Presented on a constant dollar basis to the prior year, revenues before reimbursements totaled $299.6 million, increasing 12% over $267.5 million for the 2021 second quarter
- Net income attributable to shareholders, on a non-GAAP basis, totaled $7.6 million in the 2022 second quarter, compared with $13.8 million in the same period last year
- Diluted earnings per share, on a non-GAAP basis, totaled $0.15 for CRD-A and $0.16 for CRD-B in the 2022 second quarter, compared with $0.25 for CRD-A and $0.26 for CRD-B in the prior year second quarter
- Consolidated adjusted operating earnings, on a non-GAAP basis, were $12.9 million, or 4.4% of revenues before reimbursements in the 2022 second quarter, compared with $19.6 million, or 7.3% of revenues, in the 2021 second quarter
- Consolidated adjusted EBITDA, a non-GAAP financial measure, was $21.8 million, or 7.4% of revenues before reimbursements in the 2022 second quarter, compared with $29.0 million, or 10.8% of revenues, in the 2021 second quarter
Management Comments
“Fueled by our strategic investments in the business, Crawford delivered another quarter of strong top-line results, with revenue growth increasing 10% over the prior year period. This strength was broad-based with solid increases across all our businesses, led by Platform Solutions and North American Loss Adjusting. Our Broadspire business also grew nicely in the second quarter, aided by new business wins and the expansion of our existing client base, and International Operations is improving as expected despite persistent global pressures,” commented Mr. Rohit Verma, chief executive officer of Crawford & Company.
“While we are pleased with the continued revenue growth momentum through the second quarter, we are acutely focused on converting our top-line success into operating earnings expansion and cash flow improvement to accelerate our profitability across our business, which will be our top priority for the second half of the year. As we work to improve margin on the business and navigate an uncertain macro environment, we remain confident in our ability to execute on our long-term strategy and deliver superior results for our shareholders,” concluded Mr. Verma.
Segment Results for the Second Quarter
North America Loss Adjusting
North America Loss Adjusting revenues before reimbursements were $65.8 million in the second quarter of 2022, increasing 17.0% from $56.2 million in the second quarter of 2021, including $3.6 million from the edjuster, Inc. acquisition.
The segment had operating earnings of $2.7 million in the 2022 second quarter, decreasing from $3.1 million in the second quarter of 2021. The 2021 quarter had a $1.0 million benefit from Canada Emergency Wage Subsidy ("CEWS"). The operating margin was 4.1% in the 2022 quarter and 5.5% in the 2021 quarter.
International Operations
International Operations revenues before reimbursements were $93.7 million in the second quarter of 2022, up 2.7% from $91.3 million in the same period of 2021, including $0.6 million from the BosBoon acquisition. Absent foreign exchange rate decreases of $5.3 million, revenues would have been $99.0 million for the 2022 second quarter.
Operating losses were $(0.7) million in the 2022 second quarter, decreasing from earnings of $2.1 million in the 2021 period. The segment’s operating margin for the 2022 quarter was (0.8)% as compared with 2.3% in the 2021 quarter.
Broadspire
Broadspire segment revenues before reimbursements were $80.1 million in the 2022 second quarter, increasing 5.5% from $75.9 million in the 2021 second quarter.
Broadspire recorded operating earnings of $7.7 million in the second quarter of 2022, representing an operating margin of 9.6%, increasing from $6.6 million, or 8.7% of revenues, in the 2021 second quarter.
Platform Solutions
Platform Solutions revenues before reimbursements were $53.7 million in the second quarter of 2022, up 21.9% from $44.1 million in the same period of 2021, including $3.8 million from the Praxis Consulting acquisition.
Operating earnings were $4.6 million in the 2022 second quarter, decreasing from $9.1 million from the 2021 period. The segment’s operating margin for the 2022 quarter was 8.6% as compared with 20.6% in the 2021 quarter.
Unallocated Corporate and Shared Costs and Credits, Net
Unallocated corporate costs were $1.4 million in the second quarter of 2022, compared with $1.2 million in the same period of 2021. Primary components of this variance was a $1.2 million CEWS benefit in 2021, not present in 2022, partially offset by a reduction in other unallocated costs.
Other Matters
For the 2022 second quarter, the Company recognized no benefit from CEWS as compared with an overall benefit of $2.2 million in the 2021 second quarter recorded between North America Loss Adjusting and Unallocated Corporate Costs.
On April 1, 2022, the Company purchased assets associated with R.P. van Dijk B.V., a bodily injury loss adjusting company based in the Netherlands. The purchase price includes an initial cash consideration of $4.3 million and a maximum of $2.2 million payable over the next two years based on achieving certain revenue targets and other nonfinancial milestones, as defined in the purchase agreement.
In addition, the Company recognized a pretax contingent earnout expense totaling $0.3 million in the 2022 second quarter related to the fair value adjustment of earnout liabilities arising from recent acquisitions. This adjustment, which is not a component of operating earnings, is based on favorable changes to projections of acquired entities over the respective earnout periods, which span multiple years.
Balance Sheet and Cash Flow
The Company’s consolidated cash and cash equivalents position as of June 30, 2022, totaled $46.3 million, compared with $53.2 million at December 31, 2021. The Company’s total debt outstanding as of June 30, 2022, totaled $254.2 million, compared with $175.0 million at December 31, 2021.
The Company’s operations used $12.8 million of cash during the first six months of 2022, compared with $10.5 million provided in 2021. The decrease in cash provided by operating activities was primarily due to a $20.5 million year-over-year increase in change in unbilled receivables primarily resulting from the flooding in Australia, increased incentive compensation payments of $6.4 million in 2022 compared to 2021, and $2.0 million of prior year benefits received related to CEWS that were not present in 2022, partially offset by a $4.6 million reduction in pension contributions.
The Company made no contributions to its U.S. defined benefit pension plan and $0.3 million in contributions to its U.K. plans for the first half of 2022, compared with $4.5 million in contributions to the U.S. plan and $0.4 million to the U.K. plans in 2021.
During 2022, the Company repurchased 2,656,474 shares of CRD-A and 963,472 shares of CRD-B at an average per share cost of $7.41 and $7.32, respectively. The total cost of share repurchases during 2022 was $26.7 million.
Conference Call
As previously announced, Crawford & Company will host a conference call on August 9, 2022, at 8:30 a.m. Eastern Time to discuss its second quarter 2022 results. The conference call can be accessed live by dialing 1-888-396-8049 and using Conference ID 88204978. A presentation for tomorrow’s call can also be found on the investor relations portion of the Company’s website, https://ir.crawco.com. The call will be recorded and available for replay through September 9, 2022. You may dial 1-877-674-7070 and use passcode 204978# to listen to the replay.
Non-GAAP Presentation
In the normal course of business, our operating segments incur certain out-of-pocket expenses that are thereafter reimbursed by our clients. Under U.S. generally accepted accounting principles (“GAAP”), these out-of-pocket expenses and associated reimbursements are required to be included when reporting expenses and revenues, respectively, in our consolidated results of operations. In the foregoing discussion and analysis of segment results of operations, we do not include a gross up of segment expenses and revenues for these pass-through reimbursed expenses. The amounts of reimbursed expenses and related revenues offset each other in our results of operations with no impact to our net income or operating earnings. A reconciliation of revenues before reimbursements to consolidated revenues determined in accordance with GAAP is self-evident from the face of the accompanying unaudited condensed consolidated statements of operations.
Operating earnings is the primary financial performance measure used by our senior management and chief operating decision maker (“CODM”) to evaluate the financial performance of our Company and operating segments, and make resource allocation and certain compensation decisions. Unlike net income, segment operating earnings is not a standard performance measure found in GAAP. We believe this measure is useful to others in that it allows them to evaluate segment and consolidated operating performance using the same criteria used by our senior management and CODM. Consolidated operating earnings represent segment earnings including certain unallocated corporate and shared costs, but before net corporate interest expense, stock option expense, amortization of customer-relationship intangible assets, contingent earnout adjustments, income taxes and net income or loss attributable to noncontrolling interests.
Adjusted EBITDA is not a term defined by GAAP and as a result our measure of adjusted EBITDA might not be comparable to similarly titled measures used by other companies. However, adjusted EBITDA is used by management to evaluate, assess and benchmark our operational results. The Company believes that adjusted EBITDA is relevant and useful information widely used by analysts, investors and other interested parties. Adjusted EBITDA is defined as net income attributable to shareholders of the Company with recurring adjustments for depreciation and amortization, net corporate interest expense, contingent earnout adjustments, income taxes and stock-based compensation expense.
Unallocated corporate and shared costs and credits include expenses and credits related to our chief executive officer and Board of Directors, certain provisions for bad debt allowances or subsequent recoveries such as those related to bankrupt clients, defined benefit pension costs or credits for our frozen U.S. pension plan, certain unallocated professional fees and certain self-insurance costs and recoveries that are not allocated to our individual operating segments.
Income taxes, net corporate interest expense, stock option expense, amortization of customer-relationship intangible assets and contingent earnout adjustments are recurring components of our net income, but they are not considered part of our segment operating earnings because they are managed on a corporate-wide basis. Income taxes are calculated for the Company on a consolidated basis based on statutory rates in effect in the various jurisdictions in which we provide services and vary significantly by jurisdiction. Net corporate interest expense results from capital structure decisions made by senior management and the Board of Directors, affecting the Company as a whole. Stock option expense represents the non-cash costs generally related to stock options and employee stock purchase plan expenses which are not allocated to our operating segments. Amortization expense is a non-cash expense for finite-lived customer-relationship and trade name intangible assets acquired in business combinations. Contingent earnout adjustments relate to changes in the fair value of earnouts associated with our recent acquisitions. None of these costs relate directly to the performance of our services or operating activities and, therefore, are excluded from segment operating earnings to better assess the results of each segment's operating activities on a consistent basis.
A significant portion of our operations are international. These international operations subject us to foreign exchange fluctuations. The following table illustrates revenue as a percentage of total revenue for the major currencies of the geographic areas that Crawford does business:
|
|
Three Months Ended |
|
|
Six Months Ended |
|
||||||||||||||||||||||
(in thousands) |
|
June 30,
|
|
|
June 30,
|
|
|
June 30,
|
|
|
June 30,
|
|
||||||||||||||||
Geographic Area |
Currency |
USD equivalent |
|
% of total |
|
|
USD equivalent |
|
% of total |
|
|
USD equivalent |
|
% of total |
|
|
USD equivalent |
|
% of total |
|
||||||||
U.S. |
USD |
$ |
174,961 |
|
|
59.6 |
% |
|
$ |
155,714 |
|
|
58.2 |
% |
|
$ |
340,453 |
|
|
59.5 |
% |
|
$ |
301,116 |
|
|
57.8 |
% |
U.K. |
GBP |
|
33,402 |
|
|
11.4 |
% |
|
|
34,280 |
|
|
12.8 |
% |
|
|
67,452 |
|
|
11.8 |
% |
|
|
66,503 |
|
|
12.8 |
% |
Canada |
CAD |
|
24,674 |
|
|
8.4 |
% |
|
|
20,337 |
|
|
7.6 |
% |
|
|
48,935 |
|
|
8.5 |
% |
|
|
41,571 |
|
|
8.0 |
% |
Australia |
AUD |
|
23,643 |
|
|
8.1 |
% |
|
|
27,497 |
|
|
10.3 |
% |
|
|
42,360 |
|
|
7.4 |
% |
|
|
51,707 |
|
|
9.9 |
% |
Europe |
EUR |
|
24,016 |
|
|
8.2 |
% |
|
|
14,145 |
|
|
5.3 |
% |
|
|
47,682 |
|
|
8.3 |
% |
|
|
27,409 |
|
|
5.3 |
% |
Rest of World |
Various |
|
12,650 |
|
|
4.3 |
% |
|
|
15,484 |
|
|
5.8 |
% |
|
|
25,488 |
|
|
4.5 |
% |
|
|
32,332 |
|
|
6.2 |
% |
Total Revenues, before reimbursements |
$ |
293,345 |
|
|
100.0 |
% |
|
$ |
267,457 |
|
|
100.0 |
% |
|
$ |
572,370 |
|
|
100.0 |
% |
|
$ |
520,638 |
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Following is a reconciliation of consolidated operating earnings to net income attributable to shareholders of Crawford & Company on a GAAP basis:
|
Three Months Ended |
|
|
Six Months Ended |
|
||||||||
(in thousands) |
June 30, 2022 |
|
June 30, 2021 |
|
|
June 30, 2022 |
|
June 30, 2021 |
|
||||
Operating earnings: |
|
|
|
|
|
|
|
|
|
||||
North America Loss Adjusting |
$ |
2,695 |
|
$ |
3,081 |
|
|
$ |
6,831 |
|
$ |
7,442 |
|
International Operations |
|
(707 |
) |
|
2,126 |
|
|
|
(3,774 |
) |
|
1,453 |
|
Broadspire |
|
7,667 |
|
|
6,570 |
|
|
|
14,101 |
|
|
13,304 |
|
Platform Solutions |
|
4,596 |
|
|
9,091 |
|
|
|
12,633 |
|
|
13,109 |
|
Unallocated corporate and shared costs, net |
|
(1,373 |
) |
|
(1,248 |
) |
|
|
(3,825 |
) |
|
(2,662 |
) |
Consolidated operating earnings |
|
12,878 |
|
|
19,620 |
|
|
|
25,966 |
|
|
32,646 |
|
(Deduct) add: |
|
|
|
|
|
|
|
|
|
||||
Net corporate interest expense |
|
(1,780 |
) |
|
(1,213 |
) |
|
|
(3,298 |
) |
|
(2,795 |
) |
Stock option expense |
|
(130 |
) |
|
(264 |
) |
|
|
(336 |
) |
|
(404 |
) |
Amortization expense |
|
(2,060 |
) |
|
(2,750 |
) |
|
|
(3,786 |
) |
|
(5,549 |
) |
Contingent earnout adjustments |
|
(303 |
) |
|
— |
|
|
|
(2,359 |
) |
|
— |
|
Income tax provision |
|
(2,768 |
) |
|
(3,590 |
) |
|
|
(5,194 |
) |
|
(6,061 |
) |
Net (income) loss attributable to noncontrolling interests |
|
(7 |
) |
|
(23 |
) |
|
|
(67 |
) |
|
7 |
|
Net income attributable to shareholders of Crawford & Company |
$ |
5,830 |
|
$ |
11,780 |
|
|
$ |
10,926 |
|
$ |
17,844 |
|
|
|
|
|
|
|
|
|
|
|
||||
Following is a reconciliation of net income attributable to shareholders of Crawford & Company on a GAAP basis to non-GAAP adjusted EBITDA:
|
Three Months Ended |
|
|
Six Months Ended |
|
||||||||
(in thousands) |
June 30,
|
|
June 30,
|
|
|
June 30,
|
|
June 30,
|
|
||||
Net income attributable to shareholders of Crawford & Company |
$ |
5,830 |
|
$ |
11,780 |
|
|
$ |
10,926 |
|
$ |
17,844 |
|
Add: |
|
|
|
|
|
|
|
|
|
||||
Depreciation and amortization |
|
9,356 |
|
|
10,464 |
|
|
|
18,455 |
|
|
20,942 |
|
Stock-based compensation |
|
1,750 |
|
|
1,954 |
|
|
|
3,410 |
|
|
3,563 |
|
Net corporate interest expense |
|
1,780 |
|
|
1,213 |
|
|
|
3,298 |
|
|
2,795 |
|
Contingent earnout adjustments |
|
303 |
|
|
— |
|
|
|
2,359 |
|
|
— |
|
Income tax provision |
|
2,768 |
|
|
3,590 |
|
|
|
5,194 |
|
|
6,061 |
|
Non-GAAP adjusted EBITDA |
$ |
21,787 |
|
$ |
29,001 |
|
|
$ |
43,642 |
|
$ |
51,205 |
|
|
|
|
|
|
|
|
|
|
|
||||
Following is a reconciliation of operating cash flow to free cash flow for the six months ended June 30, 2022 and 2021:
Six Months Ended |
|
||||||||||
(in thousands) |
June 30, 2022 |
|
|
June 30, 2021 |
|
|
Change |
|
|||
Net Cash (Used in) Provided by Operating Activities |
$ |
(12,752 |
) |
|
$ |
10,532 |
|
|
$ |
(23,284 |
) |
Less: |
|
|
|
|
|
|
|
|
|||
Property & Equipment Purchases, net |
|
(3,123 |
) |
|
|
(2,120 |
) |
|
|
(1,003 |
) |
Capitalized Software (internal and external costs) |
|
(12,561 |
) |
|
|
(10,083 |
) |
|
|
(2,478 |
) |
Free Cash Flow |
$ |
(28,436 |
) |
|
$ |
(1,671 |
) |
|
$ |
(26,765 |
) |
|
|
|
|
|
|
|
|
|
|||
Following are the reconciliations of GAAP Pretax Earnings, Net Income and Earnings Per Share to related non-GAAP Adjusted figures, which reflect 2022 before amortization of intangible assets and contingent earnout adjustments, and for 2021 exclude the amortization of intangible assets:
Three Months Ended June 30, 2022 |
|
|||||||||||
(in thousands) |
Pretax earnings |
|
Net income
|
|
Diluted
|
|
Diluted
|
|
||||
GAAP |
$ |
8,605 |
|
$ |
5,830 |
|
$ |
0.12 |
|
$ |
0.12 |
|
Adjustments: |
|
|
|
|
|
|
|
|
||||
Amortization of intangible assets |
|
2,060 |
|
|
1,545 |
|
|
0.03 |
|
|
0.03 |
|
Contingent earnout adjustments |
|
303 |
|
|
224 |
|
|
— |
|
|
— |
|
Non-GAAP Adjusted |
$ |
10,968 |
|
$ |
7,599 |
|
$ |
0.15 |
|
$ |
0.16 |
|
|
|
|
|
|
|
|
|
|
||||
Three Months Ended June 30, 2021 |
|
|||||||||||
(in thousands) |
Pretax earnings |
|
Net income
|
|
Diluted
|
|
Diluted
|
|
||||
GAAP |
$ |
15,393 |
|
$ |
11,780 |
|
$ |
0.22 |
|
$ |
0.22 |
|
Adjustments: |
|
|
|
|
|
|
|
|
||||
Amortization of intangible assets |
|
2,750 |
|
|
2,063 |
|
|
0.04 |
|
|
0.04 |
|
Non-GAAP Adjusted |
$ |
18,143 |
|
$ |
13,843 |
|
$ |
0.25 |
|
$ |
0.26 |
|
|
|
|
|
|
|
|
|
|
||||
Six Months Ended June 30, 2022 |
|
|||||||||||
(in thousands) |
Pretax earnings |
|
Net income
|
|
Diluted
|
|
Diluted
|
|
||||
GAAP |
$ |
16,187 |
|
$ |
10,926 |
|
$ |
0.22 |
|
$ |
0.22 |
|
Adjustments: |
|
|
|
|
|
|
|
|
||||
Amortization of intangible assets |
|
3,786 |
|
|
2,840 |
|
|
0.06 |
|
|
0.06 |
|
Contingent earnout adjustments |
|
2,359 |
|
|
1,747 |
|
|
0.03 |
|
|
0.03 |
|
Non-GAAP Adjusted |
$ |
22,332 |
|
$ |
15,512 |
|
$ |
0.31 |
|
$ |
0.31 |
|
|
|
|
|
|
|
|
|
|
||||
Six Months Ended June 30, 2021 |
|
|||||||||||
(in thousands) |
Pretax earnings |
|
Net income
|
|
Diluted
|
|
Diluted
|
|
||||
GAAP |
$ |
23,898 |
|
$ |
17,844 |
|
$ |
0.33 |
|
$ |
0.33 |
|
Adjustments: |
|
|
|
|
|
|
|
|
||||
Amortization of intangible assets |
|
5,549 |
|
|
4,162 |
|
|
0.08 |
|
|
0.08 |
|
Non-GAAP Adjusted |
$ |
29,447 |
|
$ |
22,006 |
|
$ |
0.41 |
|
$ |
0.41 |
|
|
|
|
|
|
|
|
|
|
||||
(1) Sum of reconciling items may differ from total due to rounding of individual components.
Following is information regarding the weighted average shares used in the computation of basic and diluted earnings per share:
|
Three Months Ended |
|
Six Months Ended |
|
||||||||
(in thousands) |
June 30, 2022 |
|
June 30, 2021 |
|
June 30, 2022 |
|
June 30, 2021 |
|
||||
Weighted-Average Shares Used to Compute Basic Earnings Per Share: |
|
|
|
|
|
|
|
|
||||
Class A Common Stock |
|
28,757 |
|
|
30,826 |
|
|
29,827 |
|
|
30,825 |
|
Class B Common Stock |
|
19,987 |
|
|
22,445 |
|
|
20,381 |
|
|
22,454 |
|
Weighted-Average Shares Used to Compute Diluted Earnings Per Share: |
|
|
|
|
|
|
|
|
||||
Class A Common Stock |
|
29,145 |
|
|
31,997 |
|
|
30,151 |
|
|
31,897 |
|
Class B Common Stock |
|
19,987 |
|
|
22,445 |
|
|
20,381 |
|
|
22,454 |
|
|
|
|
|
|
|
|
|
|
||||
Further information regarding the Company’s operating results for the three and six months ended June 30, 2022, financial position as of June 30, 2022, and cash flows for the six months ended June 30, 2022 is shown on the attached unaudited condensed consolidated financial statements.
About Crawford®
Based in Atlanta, Crawford & Company (NYSE: CRD-A and CRD-B) is the world’s largest publicly listed independent provider of claims management and outsourcing solutions to carriers, brokers and corporations with an expansive global network serving clients in more than 70 countries. The Company’s two classes of stock are substantially identical, except with respect to voting rights and the Company’s ability to pay greater cash dividends on the non-voting Class A Common Stock (CRD-A) than on the voting Class B Common Stock (CRD-B), subject to certain limitations. In addition, with respect to mergers or similar transactions, holders of CRD-A must receive the same type and amount of consideration as holders of CRD-B, unless different consideration is approved by the holders of 75 percent of CRD-A, voting as a class. More information is available at www.crawco.com.
Earnings per share may be different between CRD-A and CRD-B due to the payment of a higher per share dividend on CRD-A than CRD-B, and the impact that has on the earnings per share calculation according to generally accepted accounting principles.
Tag: Crawford-Investor-News-and-Events, Crawford-Financial
For further information regarding this press release, please call Bruce Swain at (404) 300-1051.
This press release contains forward-looking statements, including statements about the expected future financial condition, results of operations and earnings outlook of Crawford & Company. Statements, both qualitative and quantitative, that are not historical facts may be “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 and other federal securities laws. Forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from historical experience or Crawford & Company’s present expectations. Accordingly, no one should place undue reliance on forward-looking statements, which speak only as of the date on which they are made. Crawford & Company does not undertake to update forward-looking statements to reflect the impact of circumstances or events that may arise or not arise after the date the forward-looking statements are made. For further information regarding Crawford & Company, including factors that could cause our actual financial condition, results or earnings to differ from those described in any forward-looking statements, please read Crawford & Company’s reports filed with the SEC and available at www.sec.gov and in the Investor Relations section of Crawford & Company’s website at www.crawco.com. |
CRAWFORD & COMPANY CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Unaudited (In Thousands, Except Per Share Amounts and Percentages)
|
||||||||||||
Three Months Ended June 30, |
|
2022 |
|
|
2021 |
|
|
% Change |
|
|||
|
|
|
|
|
|
|
|
|
|
|||
Revenues: |
|
|
|
|
|
|
|
|
|
|||
Revenues Before Reimbursements |
|
$ |
293,345 |
|
|
$ |
267,457 |
|
|
|
10 |
% |
Reimbursements |
|
|
10,306 |
|
|
|
9,088 |
|
|
|
13 |
% |
Total Revenues |
|
|
303,651 |
|
|
|
276,545 |
|
|
|
10 |
% |
|
|
|
|
|
|
|
|
|
|
|||
Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|||
Costs of Services Provided, Before Reimbursements |
|
|
218,134 |
|
|
|
193,157 |
|
|
|
13 |
% |
Reimbursements |
|
|
10,306 |
|
|
|
9,088 |
|
|
|
13 |
% |
Total Costs of Services |
|
|
228,440 |
|
|
|
202,245 |
|
|
|
13 |
% |
|
|
|
|
|
|
|
|
|
|
|||
Selling, General, and Administrative Expenses |
|
|
65,397 |
|
|
|
58,658 |
|
|
|
11 |
% |
Corporate Interest Expense, Net |
|
|
1,780 |
|
|
|
1,213 |
|
|
|
47 |
% |
Total Costs and Expenses |
|
|
295,617 |
|
|
|
262,116 |
|
|
|
13 |
% |
|
|
|
|
|
|
|
|
|
|
|||
Other Income, Net |
|
|
571 |
|
|
|
964 |
|
|
|
(41 |
)% |
|
|
|
|
|
|
|
|
|
|
|||
Income Before Income Taxes |
|
|
8,605 |
|
|
|
15,393 |
|
|
|
(44 |
)% |
Provision for Income Taxes |
|
|
2,768 |
|
|
|
3,590 |
|
|
|
(23 |
)% |
|
|
|
|
|
|
|
|
|
|
|||
Net Income |
|
|
5,837 |
|
|
|
11,803 |
|
|
|
(51 |
)% |
|
|
|
|
|
|
|
|
|
|
|||
Net Income Attributable to Noncontrolling Interests |
|
|
(7 |
) |
|
|
(23 |
) |
|
|
(70 |
)% |
|
|
|
|
|
|
|
|
|
|
|||
Net Income Attributable to Shareholders of Crawford & Company |
|
$ |
5,830 |
|
|
$ |
11,780 |
|
|
|
(51 |
)% |
|
|
|
|
|
|
|
|
|
|
|||
Earnings Per Share - Basic: |
|
|
|
|
|
|
|
|
|
|||
Class A Common Stock |
|
$ |
0.12 |
|
|
$ |
0.22 |
|
|
|
(45 |
)% |
Class B Common Stock |
|
$ |
0.12 |
|
|
$ |
0.22 |
|
|
|
(45 |
)% |
|
|
|
|
|
|
|
|
|
|
|||
Earnings Per Share - Diluted: |
|
|
|
|
|
|
|
|
|
|||
Class A Common Stock |
|
$ |
0.12 |
|
|
$ |
0.22 |
|
|
|
(45 |
)% |
Class B Common Stock |
|
$ |
0.12 |
|
|
$ |
0.22 |
|
|
|
(45 |
)% |
|
|
|
|
|
|
|
|
|
|
|||
Cash Dividends Per Share: |
|
|
|
|
|
|
|
|
|
|||
Class A Common Stock |
|
$ |
0.06 |
|
|
$ |
0.06 |
|
|
|
— |
|
Class B Common Stock |
|
$ |
0.06 |
|
|
$ |
0.06 |
|
|
|
— |
|
CRAWFORD & COMPANY CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Unaudited (In Thousands, Except Per Share Amounts and Percentages)
|
||||||||||||
Six Months Ended June 30, |
|
2022 |
|
|
2021 |
|
|
% Change |
|
|||
|
|
|
|
|
|
|
|
|
|
|||
Revenues: |
|
|
|
|
|
|
|
|
|
|||
Revenues Before Reimbursements |
|
$ |
572,370 |
|
|
$ |
520,638 |
|
|
|
10 |
% |
Reimbursements |
|
|
19,070 |
|
|
|
18,062 |
|
|
|
6 |
% |
Total Revenues |
|
|
591,440 |
|
|
|
538,700 |
|
|
|
10 |
% |
|
|
|
|
|
|
|
|
|
|
|||
Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|||
Costs of Services Provided, Before Reimbursements |
|
|
423,715 |
|
|
|
378,359 |
|
|
|
12 |
% |
Reimbursements |
|
|
19,070 |
|
|
|
18,062 |
|
|
|
6 |
% |
Total Costs of Services |
|
|
442,785 |
|
|
|
396,421 |
|
|
|
12 |
% |
|
|
|
|
|
|
|
|
|
|
|||
Selling, General, and Administrative Expenses |
|
|
130,239 |
|
|
|
117,360 |
|
|
|
11 |
% |
Corporate Interest Expense, Net |
|
|
3,298 |
|
|
|
2,795 |
|
|
|
18 |
% |
Total Costs and Expenses |
|
|
576,322 |
|
|
|
516,576 |
|
|
|
12 |
% |
|
|
|
|
|
|
|
|
|
|
|||
Other Income, Net |
|
|
1,069 |
|
|
|
1,774 |
|
|
|
(40 |
)% |
|
|
|
|
|
|
|
|
|
|
|||
Income Before Income Taxes |
|
|
16,187 |
|
|
|
23,898 |
|
|
|
(32 |
)% |
Provision for Income Taxes |
|
|
5,194 |
|
|
|
6,061 |
|
|
|
(14 |
)% |
|
|
|
|
|
|
|
|
|
|
|||
Net Income |
|
|
10,993 |
|
|
|
17,837 |
|
|
|
(38 |
)% |
|
|
|
|
|
|
|
|
|
|
|||
Net (Income) Loss Attributable to Noncontrolling Interests |
|
|
(67 |
) |
|
|
7 |
|
|
nm |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Net Income Attributable to Shareholders of Crawford & Company |
|
$ |
10,926 |
|
|
$ |
17,844 |
|
|
|
(39 |
)% |
|
|
|
|
|
|
|
|
|
|
|||
Earnings Per Share - Basic: |
|
|
|
|
|
|
|
|
|
|||
Class A Common Stock |
|
$ |
0.22 |
|
|
$ |
0.33 |
|
|
|
(33 |
)% |
Class B Common Stock |
|
$ |
0.22 |
|
|
$ |
0.33 |
|
|
|
(33 |
)% |
|
|
|
|
|
|
|
|
|
|
|||
Earnings Per Share - Diluted: |
|
|
|
|
|
|
|
|
|
|||
Class A Common Stock |
|
$ |
0.22 |
|
|
$ |
0.33 |
|
|
|
(33 |
)% |
Class B Common Stock |
|
$ |
0.22 |
|
|
$ |
0.33 |
|
|
|
(33 |
)% |
|
|
|
|
|
|
|
|
|
|
|||
Cash Dividends Per Share: |
|
|
|
|
|
|
|
|
|
|||
Class A Common Stock |
|
$ |
0.12 |
|
|
$ |
0.12 |
|
|
|
— |
|
Class B Common Stock |
|
$ |
0.12 |
|
|
$ |
0.12 |
|
|
|
— |
|
CRAWFORD & COMPANY CONDENSED CONSOLIDATED BALANCE SHEETS As of June 30, 2022 and December 31, 2021 Unaudited (In Thousands, Except Par Values)
|
||||||||
|
|
June 30, |
|
|
December 31, |
|
||
|
|
2022 |
|
|
2021 |
|
||
ASSETS |
|
|
|
|
|
|
||
|
|
|
|
|
|
|
||
Current Assets: |
|
|
|
|
|
|
||
Cash and Cash Equivalents |
|
$ |
46,254 |
|
|
$ |
53,228 |
|
Accounts Receivable, Net |
|
|
129,162 |
|
|
|
134,458 |
|
Unbilled Revenues, at Estimated Billable Amounts |
|
|
141,879 |
|
|
|
118,722 |
|
Income Taxes Receivable |
|
|
8,726 |
|
|
|
4,936 |
|
Prepaid Expenses and Other Current Assets |
|
|
36,313 |
|
|
|
34,576 |
|
Total Current Assets |
|
|
362,334 |
|
|
|
345,920 |
|
|
|
|
|
|
|
|
||
Net Property and Equipment |
|
|
30,165 |
|
|
|
33,721 |
|
|
|
|
|
|
|
|
||
Other Assets: |
|
|
|
|
|
|
||
Operating Lease Right-of-Use Asset, Net |
|
|
100,087 |
|
|
|
99,369 |
|
Goodwill |
|
|
114,801 |
|
|
|
116,526 |
|
Intangible Assets Arising from Business Acquisitions, Net |
|
|
94,686 |
|
|
|
97,571 |
|
Capitalized Software Costs, Net |
|
|
76,936 |
|
|
|
75,802 |
|
Deferred Income Tax Assets |
|
|
19,789 |
|
|
|
21,266 |
|
Other Noncurrent Assets |
|
|
61,231 |
|
|
|
62,464 |
|
Total Other Assets |
|
|
467,530 |
|
|
|
472,998 |
|
|
|
|
|
|
|
|
||
Total Assets |
|
$ |
860,029 |
|
|
$ |
852,639 |
|
|
|
|
|
|
|
|
||
LIABILITIES AND SHAREHOLDERS’ INVESTMENT |
|
|
|
|
|
|
||
|
|
|
|
|
|
|
||
Current Liabilities: |
|
|
|
|
|
|
||
Short-Term Borrowings |
|
$ |
39,776 |
|
|
$ |
10,704 |
|
Accounts Payable |
|
|
44,737 |
|
|
|
48,470 |
|
Accrued Compensation and Related Costs |
|
|
77,989 |
|
|
|
96,018 |
|
Self-Insured Risks |
|
|
19,009 |
|
|
|
13,222 |
|
Income Taxes Payable |
|
|
— |
|
|
|
1,200 |
|
Operating Lease Liability |
|
|
23,938 |
|
|
|
25,238 |
|
Other Accrued Liabilities |
|
|
62,537 |
|
|
|
76,884 |
|
Deferred Revenues |
|
|
29,495 |
|
|
|
32,119 |
|
Total Current Liabilities |
|
|
297,481 |
|
|
|
303,855 |
|
|
|
|
|
|
|
|
||
Noncurrent Liabilities: |
|
|
|
|
|
|
||
Long-Term Debt and Finance Leases, Less Current Installments |
|
|
214,409 |
|
|
|
164,315 |
|
Operating Lease Liability |
|
|
89,910 |
|
|
|
88,408 |
|
Deferred Revenues |
|
|
24,471 |
|
|
|
23,786 |
|
Accrued Pension Liabilities |
|
|
12,578 |
|
|
|
17,892 |
|
Other Noncurrent Liabilities |
|
|
36,672 |
|
|
|
42,986 |
|
Total Noncurrent Liabilities |
|
|
378,040 |
|
|
|
337,387 |
|
|
|
|
|
|
|
|
||
Shareholders’ Investment: |
|
|
|
|
|
|
||
Class A Common Stock, $1.00 Par Value |
|
|
28,428 |
|
|
|
30,996 |
|
Class B Common Stock, $1.00 Par Value |
|
|
19,848 |
|
|
|
20,812 |
|
Additional Paid-in Capital |
|
|
77,550 |
|
|
|
74,229 |
|
Retained Earnings |
|
|
248,133 |
|
|
|
266,369 |
|
Accumulated Other Comprehensive Loss |
|
|
(188,572 |
) |
|
|
(180,441 |
) |
Shareholders’ Investment Attributable to Shareholders of Crawford & Company |
|
|
185,387 |
|
|
|
211,965 |
|
Noncontrolling Interests |
|
|
(879 |
) |
|
|
(568 |
) |
Total Shareholders’ Investment |
|
|
184,508 |
|
|
|
211,397 |
|
|
|
|
|
|
|
|
||
Total Liabilities and Shareholders’ Investment |
|
$ |
860,029 |
|
|
$ |
852,639 |
|
CRAWFORD & COMPANY SUMMARY RESULTS BY OPERATING SEGMENT WITH DIRECT COMPENSATION AND OTHER EXPENSES Unaudited (In Thousands, Except Percentages)
Three Months Ended June 30,
|
||||||||||||||||||||||||||||||||||||||||
|
North America Loss Adjusting |
% |
International Operations |
% |
Broadspire |
% |
Platform Solutions |
% |
||||||||||||||||||||||||||||||||
|
|
2022 |
|
|
2021 |
|
Change |
|
2022 |
|
|
2021 |
|
Change |
|
2022 |
|
|
2021 |
|
Change |
|
2022 |
|
|
2021 |
|
Change |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
Revenues Before Reimbursements |
$ |
65,775 |
|
$ |
56,212 |
|
17.0% |
$ |
93,710 |
|
$ |
91,269 |
|
2.7% |
$ |
80,114 |
|
$ |
75,902 |
|
5.5% |
$ |
53,746 |
|
$ |
44,074 |
|
21.9% |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
Direct Compensation, Fringe Benefits & Non-Employee Labor |
|
48,413 |
|
|
40,411 |
|
19.8% |
|
65,298 |
|
|
62,768 |
|
4.0% |
|
49,799 |
|
|
46,169 |
|
7.9% |
|
36,467 |
|
|
26,297 |
|
38.7% |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
% of Revenues Before Reimbursements |
73.6% |
|
71.9% |
|
|
|
69.7% |
|
68.8% |
|
|
|
62.2% |
|
60.8% |
|
|
|
67.9% |
|
59.7% |
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
Expenses Other than Reimbursements, Direct Compensation, Fringe Benefits & Non-Employee Labor |
|
14,667 |
|
|
12,720 |
|
15.3% |
|
29,119 |
|
|
26,375 |
|
10.4% |
|
22,648 |
|
|
23,163 |
|
(2.2)% |
|
12,683 |
|
|
8,686 |
|
46.0% |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
% of Revenues Before Reimbursements |
22.3% |
|
22.6% |
|
|
|
31.1% |
|
28.9% |
|
|
|
28.3% |
|
30.5% |
|
|
|
23.6% |
|
19.7% |
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
Total Operating Expenses |
|
63,080 |
|
|
53,131 |
|
18.7% |
|
94,417 |
|
|
89,143 |
|
5.9% |
|
72,447 |
|
|
69,332 |
|
4.5% |
|
49,150 |
|
|
34,983 |
|
40.5% |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
Operating Earnings (Loss) (1) |
$ |
2,695 |
|
$ |
3,081 |
|
(12.5)% |
$ |
(707 |
) |
$ |
2,126 |
|
133.3% |
$ |
7,667 |
|
$ |
6,570 |
|
16.7% |
$ |
4,596 |
|
$ |
9,091 |
|
(49.4)% |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
% of Revenues Before Reimbursements |
4.1% |
|
5.5% |
|
|
|
(0.8)% |
|
2.3% |
|
|
|
9.6% |
|
8.7% |
|
|
|
8.6% |
|
20.6% |
|
||||||||||||||||||
Six Months Ended June 30,
|
||||||||||||||||||||||||||||||||||||||||
|
North America Loss Adjusting |
% |
International Operations |
% |
Broadspire |
% |
Platforms Solutions |
% |
||||||||||||||||||||||||||||||||
|
|
2022 |
|
|
2021 |
|
Change |
|
2022 |
|
|
2021 |
|
Change |
|
2022 |
|
|
2021 |
|
Change |
|
2022 |
|
|
2021 |
|
Change |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
Revenues Before Reimbursements |
$ |
130,213 |
|
$ |
112,510 |
|
15.7% |
$ |
182,982 |
|
$ |
177,736 |
|
3.0% |
$ |
156,568 |
|
$ |
150,178 |
|
4.3% |
$ |
102,607 |
|
$ |
80,214 |
|
27.9% |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
Direct Compensation, Fringe Benefits & Non-Employee Labor |
|
94,910 |
|
|
80,698 |
|
17.6% |
|
128,304 |
|
|
123,124 |
|
4.2% |
|
97,748 |
|
|
91,839 |
|
6.4% |
|
68,318 |
|
|
49,568 |
|
37.8% |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
% of Revenues Before Reimbursements |
|
72.9 |
% |
|
71.7 |
% |
|
|
70.1 |
% |
|
69.3 |
% |
|
|
62.4 |
% |
|
61.2 |
% |
|
|
66.6 |
% |
|
61.8 |
% |
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
Expenses Other than Reimbursements, Direct Compensation, Fringe Benefits & Non-Employee Labor |
|
28,473 |
|
|
24,370 |
|
16.8% |
|
58,452 |
|
|
53,159 |
|
10.0% |
|
44,719 |
|
|
45,035 |
|
(0.7)% |
|
21,655 |
|
|
17,537 |
|
23.5% |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
% of Revenues Before Reimbursements |
|
21.9 |
% |
|
21.7 |
% |
|
|
31.9 |
% |
|
29.9 |
% |
|
|
28.6 |
% |
|
30.0 |
% |
|
|
21.1 |
% |
|
21.9 |
% |
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
Total Operating Expenses |
|
123,383 |
|
|
105,068 |
|
17.4% |
|
186,756 |
|
|
176,283 |
|
5.9% |
|
142,467 |
|
|
136,874 |
|
4.1% |
|
89,973 |
|
|
67,105 |
|
34.1% |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
Operating Earnings (1) |
$ |
6,830 |
|
$ |
7,442 |
|
(8.2)% |
$ |
(3,774 |
) |
$ |
1,453 |
|
(359.7)% |
$ |
14,101 |
|
$ |
13,304 |
|
6.0% |
$ |
12,634 |
|
$ |
13,109 |
|
(3.6)% |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
% of Revenues Before Reimbursements |
|
5.2 |
% |
|
6.6 |
% |
|
|
(2.1 |
)% |
|
0.8 |
% |
|
|
9.0 |
% |
|
8.9 |
% |
|
|
12.3 |
% |
|
16.3 |
% |
|
||||||||||||
(1) A non-GAAP financial measurement which represents net income attributable to the applicable reporting segment excluding income taxes, net corporate interest expense, stock option expense, amortization of customer-relationship intangible assets, contingent earnout adjustments, and certain unallocated corporate and shared costs and credits. See pages 3 and 4 for additional information about segment operating earnings. |
CRAWFORD & COMPANY CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Year to Date Period Ended June 30, 2022 and June 30, 2021 Unaudited (In Thousands)
|
||||||||
|
|
2022 |
|
|
2021 |
|
||
Cash Flows From Operating Activities: |
|
|
|
|
|
|
||
Net income |
|
$ |
10,993 |
|
|
$ |
17,837 |
|
Reconciliation of net income to net cash (used in) provided by operating activities: |
|
|
|
|
|
|
||
Depreciation and amortization |
|
|
18,455 |
|
|
|
20,942 |
|
Stock-based compensation |
|
|
3,410 |
|
|
|
3,563 |
|
Gain on sale of property and equipment |
|
|
(1,544 |
) |
|
|
6 |
|
Increase in contingent consideration valuation |
|
|
2,359 |
|
|
|
— |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
||
Accounts receivable, net |
|
|
1,241 |
|
|
|
3,111 |
|
Unbilled revenues, net |
|
|
(27,557 |
) |
|
|
(7,026 |
) |
Accrued or prepaid income taxes |
|
|
(5,275 |
) |
|
|
(7,424 |
) |
Accounts payable and accrued liabilities |
|
|
(9,403 |
) |
|
|
(11,331 |
) |
Deferred revenues |
|
|
(1,080 |
) |
|
|
(189 |
) |
Accrued retirement costs |
|
|
(3,016 |
) |
|
|
(9,879 |
) |
Prepaid expenses and other operating activities |
|
|
(1,335 |
) |
|
|
922 |
|
Net cash (used in) provided by operating activities |
|
|
(12,752 |
) |
|
|
10,532 |
|
|
|
|
|
|
|
|
||
Cash Flows From Investing Activities: |
|
|
|
|
|
|
||
Acquisitions of property and equipment |
|
|
(3,123 |
) |
|
|
(2,120 |
) |
Capitalization of computer software costs |
|
|
(12,561 |
) |
|
|
(10,083 |
) |
Proceeds from settlement of life insurance policies |
|
|
— |
|
|
|
4,198 |
|
Payments for business acquisitions, net of cash acquired |
|
|
(25,941 |
) |
|
|
(3,786 |
) |
Cash proceeds from sale of property and equipment |
|
|
3,032 |
|
|
|
— |
|
Net cash used in investing activities |
|
|
(38,593 |
) |
|
|
(11,791 |
) |
|
|
|
|
|
|
|
||
Cash Flows From Financing Activities: |
|
|
|
|
|
|
||
Cash dividends paid |
|
|
(6,034 |
) |
|
|
(6,394 |
) |
Repurchases of common stock |
|
|
(26,749 |
) |
|
|
(2,999 |
) |
Increases in short-term and revolving credit facility borrowings |
|
|
86,865 |
|
|
|
29,983 |
|
Payments on short-term and revolving credit facility borrowings |
|
|
(6,011 |
) |
|
|
(18,986 |
) |
Payments of contingent consideration on acquisitions |
|
|
(1,654 |
) |
|
|
(1,683 |
) |
Other financing activities |
|
|
(285 |
) |
|
|
(282 |
) |
Net cash provided by (used in) financing activities |
|
|
46,132 |
|
|
|
(361 |
) |
|
|
|
|
|
|
|
||
Effects of exchange rate changes on cash and cash equivalents |
|
|
(1,400 |
) |
|
|
1,672 |
|
Decrease in cash, cash equivalents, and restricted cash(1) |
|
|
(6,613 |
) |
|
|
52 |
|
Cash, cash equivalents, and restricted cash at beginning of year(1) |
|
|
53,689 |
|
|
|
44,656 |
|
Cash, cash equivalents, and restricted cash at end of period(1) |
|
$ |
47,076 |
|
|
$ |
44,708 |
|
(1)The 2022 amounts include beginning restricted cash of $461 at December 31, 2021, and ending restricted cash of $822 at June 30, 2022, which we present as part of "Prepaid expenses and other current assets" on the Balance Sheets. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20220808005469/en/
Contacts
Media Contacts: mediarelations@us.crawco.com
Lynn Cufley
+44 207 265 4067
Lynn.Cufley@crawco.uk
Katie Cline
+1 470 792 5678
Katie.Cline@us.crawco.com
