CRD-AMEDIUM SIGNALFINANCIAL10-K

CRD-A experienced a notable decline in revenues and net income while significantly improving operating cash flow generation and reducing debt levels.

The company's revenue mix shifted materially, with Platform Solutions falling from 13.4% to 9.5% of total revenues while International Operations gained share, suggesting potential challenges in the higher-margin technology segment. Despite lower profitability, the substantial improvement in cash flow conversion indicates stronger working capital management and collection processes.

Comparing 2026-03-02 vs 2025-03-03View on EDGAR →
FINANCIAL ANALYSIS

CRD-A's financial profile shows mixed signals with total revenues declining from $1.293 billion to $1.266 billion and net income falling 26% to $19.6M. However, the company demonstrated strong cash management with operating cash flow nearly doubling to $101.8M, while simultaneously reducing total debt by 13% and growing stockholders' equity by 10%. The 19% improvement in accounts receivable collection alongside higher cash generation suggests more disciplined working capital management despite the revenue and earnings headwinds.

FINANCIAL STATEMENT CHANGES
Operating Cash Flow
Cash Flow
+97.3%
$51.6M→$101.8M

Operating cash flow surged 97.3% — exceptional cash generation, highest quality earnings signal.

Net Income
P&L
-26.2%
$26.6M→$19.6M

Net income declined 26.2% — review whether driven by operations, interest costs, or non-recurring items.

Accounts Receivable
Balance Sheet
-18.6%
$142.1M→$115.7M

Receivables declined — improved collection efficiency or conservative revenue recognition.

Cash & Equivalents
Balance Sheet
+15.6%
$55.4M→$64.1M

Cash grew 15.6% — improving liquidity position supports investment and shareholder returns.

Total Debt
Balance Sheet
-13.3%
$218.0M→$189.0M

Debt reduced 13.3% — deleveraging strengthens balance sheet and reduces financial risk.

Stockholders Equity
Balance Sheet
+10.1%
$157.2M→$173.1M

Equity base grew 10.1% — retained earnings accumulation or equity issuance strengthening the balance sheet.

LANGUAGE CHANGES
NEW — 2026-03-02
PRIOR — 2025-03-03
ADDED
For the year ended December 31, 2025, the Company reported total revenues before reimbursements of $1.266 billion.
The North America Loss Adjusting segment accounted for 24.1% of our revenues before reimbursements in 2025.
The International Operations segment accounted for 34.6% of our revenues before reimbursements in 2025.
This segment accounted for 31.8% of our revenues before reimbursements in 2025.
The Platform Solutions segment accounted for 9.5% of our revenues before reimbursements in 2025.
However, for the year ended December 31, 2025, two customers in our Platform Solutions segment represented in excess of 10% of its revenues, and for each of the years ended December 31, 2024 and 2023, three customers in our Platform Solutions segment each represented in excess of 10% of its revenues.
For the year ended December 31, 2023, our International Operations segment derived in excess of 10% of its revenues from one customer.
3 GLOBAL CORPORATE CITIZENSHIP In February of 2025, a cross-section of global claims leaders from Crawford s carrier and broker partner organizations completed a quantitative survey designed to assess the meaning and importance of sustainability in their companies and the claims industry.
We compiled leader responses and insights and produced a global sustainability report.
Among the claims leaders we surveyed, 76% stated that sustainability is an important decision criterion in partner or vendor selection processes and 80% reported that sustainability considerations impact their decisions about the products and services they develop.
REMOVED
For the year ended December 31, 2024, the Company reported total revenues before reimbursements of $1.293 billion.
The North America Loss Adjusting segment accounted for 24.2% of our revenues before reimbursements in 2024.
The International Operations segment accounted for 32.4% of our revenues before reimbursements in 2024.
This segment accounted for 30.0% of our revenues before reimbursements in 2024.
The Platform Solutions segment accounted for 13.4% of our revenues before reimbursements in 2024.
However, for each of the years ended December 31, 2024, 2023 and 2022, three customers in our Platform Solutions segment each represented in excess of 10% of its revenue.
For each of the years ended December 31, 2023 and 2022, our International Operations segment derived in excess of 10% of its revenue from one customer.
3 GLOBAL CORPORATE CITIZENSHIP We have implemented a carbon reporting software package to assist with data capture, carbon benchmarking, and sustainability targets.
We plan to leverage the carbon analytics to help reduce greenhouse gas emissions, promote data-driven decisions, and deliver sustainable outcomes that will generate value for our stakeholders.
As we continue to work toward reducing our carbon footprint over time, we are emphasizing technology-based solutions, optimizing real estate space, monitoring the impact of our fleet usage, and minimizing work commute by promoting agile working programs.
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