Exhibit 99.1

Crawford & Company®

5335 Triangle Parkway

Peachtree Corners, GA 30092

FOR IMMEDIATE RELEASE

CRAWFORD & COMPANY REPORTS 2023 FOURTH QUARTER AND FULL YEAR RESULTS

ACHIEVED RECORD REVENUES FOR YEAR

ATLANTA, (March 4, 2024) -- Crawford & Company® (NYSE: CRD-A and CRD-B) today announced its financial results for the fourth quarter ended December 31, 2023.

Based in Atlanta, Crawford & Company (NYSE: CRD‐A and CRD‐B) is a leading global provider of claims management and outsourcing solutions to insurance companies and self‐insured entities with an expansive network serving clients in more than 70 countries. The Company’s two classes of stock are substantially identical, except with respect to voting rights for the Class B Common Stock (CRD-B) and protections for the non-voting Class A Common Stock (CRD-A). More information is available on the Company's website.

GAAP Consolidated Results

Fourth Quarter 2023

Non-GAAP Consolidated Results

Fourth Quarter 2023

Non-GAAP consolidated results for the fourth quarter of 2023 exclude the non-cash, after-tax amortization of intangible assets of $1.6 million, non-service related pension costs of $1.6 million, and a contingent earnout adjustment of $0.8 million. Non-GAAP consolidated results for 2022 exclude a similar adjustment for amortization of intangible assets of $1.5 million, income tax reserves of $11.8 million on certain international tax assets, the income tax impact of the third quarter 2022 goodwill impairment of $12.4 million, and the contingent earnout adjustment benefit of $(0.2) million.

GAAP Consolidated Results

Full Year 2023

Non-GAAP Consolidated Results

Full Year 2023

Non-GAAP consolidated results for 2023 exclude the non-cash, after-tax amortization of intangible assets of $6.7 million, non-service related pension costs of $6.4 million, and a contingent earnout adjustment of $3.4 million. Non-GAAP consolidated results for 2022 exclude a similar adjustment for amortization of intangible assets of $5.9 million, income tax reserves of $11.8 million on certain international tax assets, goodwill impairment of $33.3 million, non-service related pension credits of $(1.4) million, and a contingent earnout adjustment of $2.2 million.

Management Comments

Mr. Rohit Verma, president and chief executive officer of Crawford & Company, commented, “2023 was a strong year for Crawford with a record-setting consolidated revenue of $1.27 billion and enhanced margin performance. Our 2023 results reflect the success of our growth strategy and the strength of our client relationships as demonstrated by full year revenue and profit records in U.S. Loss Adjusting, Broadspire and Praxis as well as significant progress in our International segment. As indicated in our third quarter earnings materials, our fourth quarter performance was impacted by benign weather activity, which resulted in reduced weather-related revenue as compared to the fourth quarter of 2022, where several severe weather events drove significant revenue performance for the Company. That said, both Broadspire and our International business saw double digit revenue growth in the fourth quarter of 2023, reflecting the underlying strength of our businesses.”

Mr. Verma continued, “2023 marked a momentous year of growth and margin expansion with operating earnings increasing 38% from 2022. As we move through 2024, I am optimistic about the prospects that lie ahead for our business, presenting ample opportunities to further enhance our brand presence and expand our market share.”

Segment Results for the Fourth Quarter and Full Year

North America Loss Adjusting

North America Loss Adjusting revenues before reimbursements were $69.7 million in the 2023 fourth quarter, decreasing (10.3)% from $77.7 million in the 2022 fourth quarter.

The segment had operating earnings of $0.8 million in the 2023 fourth quarter, decreasing from $8.6 million in the 2022 fourth quarter. The operating margin was 1.1% in the 2023 quarter and 11.0% in the 2022 quarter.

North America Loss Adjusting revenues before reimbursements were $303.6 million in 2023, increasing 10.5% from $274.8 million in 2022. Absent foreign exchange rate decreases of $(3.6) million, revenues would have been $307.2 million in 2023.

The segment had operating earnings of $23.2 million in 2023, increasing from $19.1 million in 2022. The operating margin was 7.6% in 2023 and 7.0% in 2022.

International Operations

International Operations revenues before reimbursements were $97.2 million in the 2023 fourth quarter, up 9.9% from $88.4 million in the 2022 fourth quarter. Absent foreign exchange rate increases of $3.5 million, revenues would have been $93.7 million for the 2023 fourth quarter.

Operating earnings were $2.2 million in the 2023 fourth quarter, increasing from losses of $(5.3) million in the 2022 period. The segment’s operating margin for the 2023 quarter was 2.3% as compared with (6.0)% in the 2022 quarter.

International Operations revenues before reimbursements were $382.4 million in 2023, up 7.0% from $357.5 million in 2022, including $1.5 million from the Van Dijk acquisition. Absent foreign exchange rate decreases of $9.2 million, revenues would have been $391.6 million in 2023.

Operating earnings were $11.2 million in 2023, improving from losses of $(12.9) million in 2022. The segment’s operating margin for 2023 was 2.9% as compared with (3.6)% in 2022.

Broadspire

Broadspire segment revenues before reimbursements were $92.1 million in the 2023 fourth quarter, increasing 17.2% from $78.6 million in the 2022 quarter.

Broadspire operating earnings were $12.3 million in the 2023 fourth quarter, representing an operating margin of 13.3%, increasing from $6.7 million, or 8.6% of revenues, in the 2022 fourth quarter.

Broadspire segment revenues before reimbursements were $355.7 million in 2023, increasing 13.4% from $313.6 million in 2022.

Broadspire operating earnings were $41.9 million in 2023, representing an operating margin of 11.8%, increasing from $27.0 million, or 8.6% of revenues, in 2022.

Platform Solutions

Platform Solutions revenues before reimbursements were $37.2 million in the 2023 fourth quarter, down (52.0)% from $77.4 million in the 2022 quarter.

Operating earnings were $1.9 million in the 2023 fourth quarter, decreasing from $13.0 million in the 2022 period. The segment’s operating margin for the 2023 quarter was 5.2% as compared with 16.8% in the 2022 quarter.

Platform Solutions revenues before reimbursements were $225.5 million in 2023, down (7.5)% from $243.7 million in 2022.

Operating earnings were $28.5 million in 2023, decreasing from $35.7 million in the 2022 period. The segment’s operating margin for 2023 was 12.7% as compared with 14.7% in 2022.

Unallocated Corporate and Shared Costs and Credits, Net

Unallocated corporate costs were $9.4 million in the 2023 fourth quarter, compared with credits of $0.3 million in the 2022 period. The increase in the fourth quarter was primarily due to a $2.5 million increase in self-insurance costs, $2.7 million increase in compensation, $1.2 million increase in professional fees, and $1.5 million increase in support costs.

Unallocated corporate costs were $19.4 million in 2023, compared with $7.1 million in 2022. The increase for 2023 was due to a $3.7 million increase in self-insurance costs, $1.8 million gain on sale of our Canadian head office building in 2022, $1.5 million increase in professional fees, $1.4 million increase in compensation, $1.2 million for certain non-recurring fair value adjustments, $1.6 million increase in unallocated payroll tax, benefits and insurance costs, and $1.1 million increase in other unallocated costs.

2022 Goodwill Impairment

The Company recognized a $36.8 million pre-tax non-cash goodwill impairment in the third quarter of 2022. This charge was partially offset by a $15.9 million reduction in income tax expense during the third quarter.

During the 2022 fourth quarter, the income tax benefit of the impairment normalized due to the non-discrete income tax treatment, which resulted in a reduction of the income tax benefit of $12.4 million, or $0.25 per share for the 2022 fourth quarter. For the year, the after tax impact of the goodwill impairment was $33.3 million, or $0.67 per share for 2022. There was no goodwill impairment in 2023.

Presentation Revision of 2023 Quarters

“Revenues before reimbursements” for the year ended December 31, 2023 includes income earned which offsets the costs of managing the funds maintained to administer claims for certain of the Company's customers. These amounts were previously presented as reductions to “Selling, general, and administrative expenses” in the Company’s Consolidated Statements of Operations in the first, second, and third quarter 2023 interim financial statements. The Company adjusted its interim financial information for an immaterial revision in presentation of amounts totaling approximately $3,343,000, $3,890,000, and $4,528,000 which increased “Revenues before reimbursements” and “Total Revenues” for the first, second, and third quarters of 2023, respectively, and resulted in a corresponding increase in “Selling, general, and administrative” expenses and “Total Costs and Expenses” by the same amounts. There were no revisions to amounts reported for 2022 or 2021.

The revisions are reflected in "Revenues before reimbursements" for the Company's North America Loss Adjusting and Broadspire segments. In North America Loss Adjusting, the revised presentation was approximately $472,000, $533,000, and $597,000 for the first, second, and third quarter of 2023, respectively. In Broadspire, the revised presentation was $2,871,000, $3,357,000, and $3,930,000 for the first, second, and third quarter of 2023, respectively.

Other Matters

The Company recognized pretax contingent earnout adjustments totaling an expense of $0.9 million and a benefit of $(0.3) million in the 2023 fourth quarter and comparable 2022 period, respectively, related to the fair value adjustment of earnout liabilities arising from recent acquisitions. Contingent earnout expense was $4.0 million in 2023, compared with $2.9 million in 2022. 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.

The Company recognized non-service pension costs of $2.2 million in the 2023 fourth quarter compared with $0.1 million in the 2022 period. Non-service pension costs totaled $8.6 million in 2023 compared to a credit of $(1.6) million in 2022. Non-service pension costs represent the U.S. and U.K. non-service defined benefit pension costs, which are non-operating in nature as the U.S. plan is frozen and the U.K. plans are closed to new participants.

During the 2022 fourth quarter, the Company recognized an $11.8 million income tax reserve, or $0.24 per share, primarily related to previously benefited tax losses in certain international jurisdictions. These tax assets currently do not expire and are available for future use depending on the profitability of those jurisdictions.

Balance Sheet and Cash Flow

The Company’s consolidated cash and cash equivalents position as of December 31, 2023, totaled $58.4 million, compared with $46.0 million at December 31, 2022. The Company’s total debt outstanding as of December 31, 2023, totaled $209.1 million, compared with $238.9 million at December 31, 2022.

The Company’s operations provided $103.8 million of cash during 2023, compared with $27.6 million provided in 2022. The increase in cash provided by operating activities was primarily due to a $58.4 million improvement in the change in billed and unbilled accounts receivables, $19.8 million related to incentive compensation, and higher earnings, partially offset by the timing of other payments.

The Company made no contributions to its U.S. defined benefit pension plan and $2.4 million in contributions to its U.K. plans for 2023, compared with no contributions to the U.S. plan and $0.6 million to the U.K. plans in 2022.

During 2023, the Company didn't repurchase any shares of CRD-A, but repurchased 293,952 shares of CRD-B at an average per share cost of $9.30. The total cost of share repurchases during 2023 was $2.7 million.

Conference Call

As previously announced, Crawford & Company will host a conference call on March 5, 2024 at 8:30 a.m. Eastern Time to discuss its fourth quarter and full year 2023 results. The conference call can be accessed live by dialing 1-888-259-6580 and using Conference ID 83186255. 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 April 5, 2024. You may dial 1-877-674-7070 and use passcode 186255# 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, goodwill impairment, amortization of customer-relationship intangible assets, contingent earnout adjustments, reserves on certain income tax assets, non-service pension costs and credits, 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 adjustments for depreciation and amortization, net corporate interest expense, goodwill impairment, contingent earnout adjustments, reserves on certain income tax assets, non-service pension costs and credits, 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, 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, contingent earnout adjustments, and non-service pension costs and credits 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. Non-service pension costs and credits represent the U.S. and U.K. non-service defined benefit pension costs, which are non-operating in nature as the U.S. plan was frozen in 2002 and the U.K. plans are closed to new participants. 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.

Goodwill impairments and reserves on certain income tax assets arise from time to time due to various factors, but are not allocated to our operating segments since they historically have not regularly impacted our performance and are not expected to impact our future performance on a regular 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:

Following is a reconciliation of consolidated operating earnings to net (loss) income attributable to shareholders of Crawford & Company on a GAAP basis:

Following is a reconciliation of net (loss) income attributable to shareholders of Crawford & Company on a GAAP basis to non-GAAP adjusted EBITDA:

Following is a reconciliation of operating cash flow to free cash flow for the twelve months ended December 31, 2023 and 2022:

Following are the reconciliations of GAAP Pretax (Loss) Earnings, Net (Loss) Income and (Loss) Earnings Per Share to related non-GAAP Adjusted figures, which reflect each of 2023 and 2022 before goodwill impairment, amortization of intangible assets, reserves on certain income tax assets, non-service related pension costs (credits) and contingent earnout adjustments:

(1) Sum of reconciling items may differ from total due to rounding of individual components.

(2) The income tax impact of goodwill impairment was based on the estimated annual effective income tax rate. Due to the non-discrete income tax treatment of the third quarter 2022 goodwill impairment, the income tax benefit normalized as income was earned during the remainder of the year, resulting in a lower full year income tax benefit during 2022.

Following is information regarding the weighted average shares used in the computation of basic and diluted earnings per share:

(1) The Company had a net loss for GAAP reporting during the three months ended December 31, 2023 and three and twelve months ended December 31, 2022, resulting in no additional dilutive securities added to the basic weighted average shares in calculating diluted weighted average shares for GAAP reporting as their impact would be anti-dilutive. As the Company has Non-GAAP positive net income for the twelve months ended December 31, 2023, these dilutive securities were added back to calculate Non-GAAP earnings per share.

Further information regarding the Company’s operating results for the three and twelve months ended December 31, 2023, financial position as of December 31, 2023, and cash flows for the twelve months ended December 31, 2023 is shown on the attached unaudited condensed consolidated financial statements.

About Crawford & Company

Based in Atlanta, Crawford & Company (NYSE: CRD-A and CRD-B) is a leading provider of claims management and outsourcing solutions to insurance companies and self-insured entities with an expansive network serving clients in more than 70 countries. The Company's two classes of stock are substantially identical, except with respect to voting rights for the Class B Common Stock (CRD-B) and protections for the non-voting Class A Common Stock (CRD-A). 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-Financial, Crawford-Investor-News-and-Events

FOR FURTHER INFORMATION REGARDING THIS PRESS RELEASE, PLEASE CALL BRUCE SWAIN AT (404) 300-1051.

CRAWFORD & COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Unaudited

(In Thousands, Except Per Share Amounts and Percentages)

CRAWFORD & COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Unaudited

(In Thousands, Except Per Share Amounts and Percentages)

CRAWFORD & COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

As of December 31, 2023 and December 31, 2022

Unaudited

(In Thousands, Except Par Values)

CRAWFORD & COMPANY

SUMMARY RESULTS BY OPERATING SEGMENT WITH DIRECT COMPENSATION AND OTHER EXPENSES

Unaudited

(In Thousands, Except Percentages)

Three Months Ended December 31,

Twelve Months Ended December 31,

(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, non-service pension costs and credits, contingent earnout adjustments, goodwill impairments, reserves on certain income tax assets, and certain unallocated corporate and shared costs and credits. See page 5 for additional information about segment operating earnings.

CRAWFORD & COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Year Ended December 31, 2023 and December 31, 2022

Unaudited

(In Thousands)