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Sep 30, 2022
Crawford Q3 2022 Earnings Report
Crawford & Company reported a net loss due to a non-cash goodwill impairment, while revenues experienced a slight increase.
Key Takeaways
Crawford & Company's Q3 2022 results reflect a slight revenue increase but a net loss attributable to shareholders due to a non-cash goodwill impairment. While revenues increased by 2% compared to the same period last year, the company recorded a non-cash goodwill impairment of $36.8 million, impacting net income. Non-GAAP adjusted EBITDA was $21.9 million, compared to $29.5 million in the prior year.
Revenues before reimbursements increased by 2% year-over-year, reaching $294.9 million.
The company recorded a non-cash goodwill impairment of $36.8 million.
Net loss attributable to shareholders was $(15.1) million, compared to a net income of $11.2 million in the same period last year.
Non-GAAP net income attributable to shareholders totaled $7.9 million, compared to $13.4 million in the same period last year.
Revenue by Geographic Location
Forward Guidance
The company remains confident in its strategy and ability to drive growth, take market share, and return value for all stakeholders. However, International Operations remain challenged.
Positive Outlook
- Strategic investments are driving top-line momentum.
- Platform Solutions delivered double-digit revenue growth.
- Broadspire continues a steady return toward pre-Covid activity levels.
- Team responded effectively to recent storm activity in the U.S.
Challenges Ahead
- International Operations remain challenged.
- The company recorded a non-cash goodwill impairment of $36.8 million.
- Net loss attributable to shareholders was $(15.1) million.
- Consolidated adjusted operating earnings decreased to $14.2 million from $20.8 million in the prior year.
- Consolidated adjusted EBITDA decreased to $21.9 million from $29.5 million in the prior year.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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