Attached files
| file | filename |
|---|---|
| EX-99.1 - EX-99.1 - CRAWFORD & CO | crda-ex991_9.htm |
| 8-K - 8-K - CRAWFORD & CO | crda-8k_20210331.htm |
Exhibit 99.2
CRAWFORD & COMPANY
Revised Reconciliation of Non-GAAP Results (UNAUDITED)
Following are the reconciliations of GAAP Revenue, Operating Earnings, Pretax Earnings, Net Income and Earnings Per Share to related non-GAAP Adjusted figures for the years and quarters of 2020 and 2019. Results are presented before acquisition-related amortization of intangible assets, goodwill impairment, restructuring costs and gain on disposition of businesses, arbitration and claim settlements and tax valuation allowances:
|
Three Months Ended March 31, 2020 |
|
|||||||||||||||||
|
(in thousands) |
Revenues |
|
Non-GAAP Operating earnings(1) |
|
Pretax earnings |
|
Net income attributable to Crawford & Company |
|
Diluted earnings per CRD-A share(2) |
|
Diluted earnings per CRD-B share(2) |
|
||||||
|
GAAP |
$ |
237,531 |
|
$ |
7,013 |
|
$ |
(21,465 |
) |
$ |
(11,399 |
) |
$ |
(0.21 |
) |
$ |
(0.23 |
) |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of intangible assets |
|
— |
|
|
— |
|
|
2,756 |
|
|
2,067 |
|
|
0.04 |
|
|
0.04 |
|
|
Goodwill impairment |
|
— |
|
|
— |
|
|
17,674 |
|
|
9,133 |
|
|
0.18 |
|
|
0.18 |
|
|
Restructuring costs |
|
— |
|
|
— |
|
|
5,714 |
|
|
3,263 |
|
|
0.06 |
|
|
0.06 |
|
|
Non-GAAP Adjusted |
$ |
237,531 |
|
$ |
7,013 |
|
$ |
4,679 |
|
$ |
3,064 |
|
$ |
0.07 |
|
$ |
0.05 |
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
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|
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|
|
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|
Three Months Ended June 30, 2020 |
|
|||||||||||||||||
|
(in thousands) |
Revenues |
|
Non-GAAP Operating earnings(1) |
|
Pretax earnings |
|
Net income attributable to Crawford & Company |
|
Diluted earnings per CRD-A share(2) |
|
Diluted earnings per CRD-B share(2) |
|
||||||
|
GAAP |
$ |
234,416 |
|
$ |
18,244 |
|
$ |
12,433 |
|
$ |
5,898 |
|
$ |
0.11 |
|
$ |
0.11 |
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of intangible assets |
|
— |
|
|
— |
|
|
2,732 |
|
|
2,049 |
|
|
0.04 |
|
|
0.04 |
|
|
Income tax impact of first quarter goodwill impairment |
|
— |
|
|
— |
|
|
— |
|
|
2,206 |
|
|
0.04 |
|
|
0.04 |
|
|
Gain on disposition of businesses, net |
|
— |
|
|
— |
|
|
341 |
|
|
265 |
|
|
— |
|
|
— |
|
|
Non-GAAP Adjusted |
$ |
234,416 |
|
$ |
18,244 |
|
$ |
15,506 |
|
$ |
10,418 |
|
$ |
0.19 |
|
$ |
0.19 |
|
|
|
|
|
|
|
|
|
|
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|
|
|
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|
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|
Three Months Ended September 30, 2020 |
|
|||||||||||||||||
|
(in thousands) |
Revenues |
|
Non-GAAP Operating earnings(1) |
|
Pretax earnings |
|
Net income attributable to Crawford & Company |
|
Diluted earnings per CRD-A share(2) |
|
Diluted earnings per CRD-B share(2) |
|
||||||
|
GAAP |
$ |
253,124 |
|
$ |
28,055 |
|
$ |
36,438 |
|
$ |
24,397 |
|
$ |
0.46 |
|
$ |
0.46 |
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of intangible assets |
|
— |
|
|
— |
|
|
3,665 |
|
|
2,749 |
|
|
0.05 |
|
|
0.05 |
|
|
Income tax impact of first quarter goodwill impairment |
|
— |
|
|
— |
|
|
— |
|
|
1,935 |
|
|
0.04 |
|
|
0.04 |
|
|
Gain on disposition of businesses, net |
|
— |
|
|
— |
|
|
(14,104 |
) |
|
(11,072 |
) |
|
(0.21 |
) |
|
(0.21 |
) |
|
Non-GAAP Adjusted |
$ |
253,124 |
|
$ |
28,055 |
|
$ |
25,999 |
|
$ |
18,009 |
|
$ |
0.34 |
|
$ |
0.34 |
|
|
|
|
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|
|
|
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|
Page 1 of 3
|
Three Months Ended December 31, 2020 |
|
|||||||||||||||||
|
(in thousands) |
Revenues |
|
Non-GAAP Operating earnings(1) |
|
Pretax earnings |
|
Net income attributable to Crawford & Company |
|
Diluted earnings per CRD-A share(2) |
|
Diluted earnings per CRD-B share(2) |
|
||||||
|
GAAP |
$ |
257,421 |
|
$ |
18,518 |
|
$ |
11,862 |
|
$ |
9,400 |
|
$ |
0.18 |
|
$ |
0.18 |
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of intangible assets |
|
— |
|
|
— |
|
|
2,500 |
|
|
1,875 |
|
|
0.03 |
|
|
0.03 |
|
|
Income tax impact of first quarter goodwill impairment |
|
— |
|
|
— |
|
|
— |
|
|
935 |
|
|
0.02 |
|
|
0.02 |
|
|
Restructuring and other costs, net |
|
— |
|
|
— |
|
|
2,419 |
|
|
1,664 |
|
|
0.03 |
|
|
0.03 |
|
|
Non-GAAP Adjusted |
$ |
257,421 |
|
$ |
18,518 |
|
$ |
16,781 |
|
$ |
13,874 |
|
$ |
0.26 |
|
$ |
0.26 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2020 |
|
|||||||||||||||||
|
(in thousands) |
Revenues |
|
Non-GAAP Operating earnings(1) |
|
Pretax earnings |
|
Net income attributable to Crawford & Company |
|
Diluted earnings per CRD-A share(2) |
|
Diluted earnings per CRD-B share(2) |
|
||||||
|
GAAP |
$ |
982,492 |
|
$ |
71,830 |
|
$ |
39,088 |
|
$ |
28,296 |
|
$ |
0.54 |
|
$ |
0.52 |
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of intangible assets |
|
— |
|
|
— |
|
|
11,653 |
|
|
8,740 |
|
|
0.16 |
|
|
0.16 |
|
|
Goodwill impairment |
|
— |
|
|
— |
|
|
17,674 |
|
|
14,209 |
|
|
0.27 |
|
|
0.27 |
|
|
Restructuring costs |
|
— |
|
|
— |
|
|
8,133 |
|
|
4,927 |
|
|
0.09 |
|
|
0.09 |
|
|
Gain on disposition of businesses, net |
|
— |
|
|
— |
|
|
(13,763 |
) |
|
(10,807 |
) |
|
(0.20 |
) |
|
(0.20 |
) |
|
Non-GAAP Adjusted |
$ |
982,492 |
|
$ |
71,830 |
|
$ |
62,785 |
|
$ |
45,365 |
|
$ |
0.86 |
|
$ |
0.84 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2019 |
|
|||||||||||||||||
|
(in thousands) |
Revenues |
|
Non-GAAP Operating earnings(1) |
|
Pretax earnings |
|
Net income attributable to Crawford & Company |
|
Diluted earnings per CRD-A share(2) |
|
Diluted earnings per CRD-B share(2) |
|
||||||
|
GAAP |
$ |
247,058 |
|
$ |
14,701 |
|
$ |
8,702 |
|
$ |
6,109 |
|
$ |
0.12 |
|
$ |
0.10 |
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of intangible assets |
|
— |
|
|
— |
|
|
2,798 |
|
|
2,099 |
|
|
0.04 |
|
|
0.04 |
|
|
Non-GAAP Adjusted |
$ |
247,058 |
|
$ |
14,701 |
|
$ |
11,500 |
|
$ |
8,208 |
|
$ |
0.16 |
|
$ |
0.14 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, 2019 |
|
|||||||||||||||||
|
(in thousands) |
Revenues |
|
Non-GAAP Operating earnings(1) |
|
Pretax earnings |
|
Net income attributable to Crawford & Company |
|
Diluted earnings per CRD-A share(2) |
|
Diluted earnings per CRD-B share(2) |
|
||||||
|
GAAP |
$ |
256,881 |
|
$ |
22,518 |
|
$ |
5,483 |
|
$ |
2,642 |
|
$ |
0.06 |
|
$ |
0.04 |
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of intangible assets |
|
— |
|
|
— |
|
|
2,802 |
|
|
2,102 |
|
|
0.04 |
|
|
0.04 |
|
|
Arbitration and claim settlements |
|
— |
|
|
— |
|
|
11,352 |
|
|
8,389 |
|
|
0.15 |
|
|
0.15 |
|
|
Non-GAAP Adjusted |
$ |
256,881 |
|
$ |
22,518 |
|
$ |
19,637 |
|
$ |
13,133 |
|
$ |
0.25 |
|
$ |
0.23 |
|
|
|
|
|
|
|
|
|
|
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|
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|
|
|
|
|
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|
Page 2 of 3
|
Three Months Ended September 30, 2019 |
|
|||||||||||||||||
|
(in thousands) |
Revenues |
|
Non-GAAP Operating earnings(1) |
|
Pretax earnings |
|
Net income attributable to Crawford & Company |
|
Diluted earnings per CRD-A share(2) |
|
Diluted earnings per CRD-B share(2) |
|
||||||
|
GAAP |
$ |
254,677 |
|
$ |
23,660 |
|
$ |
16,019 |
|
$ |
11,046 |
|
$ |
0.21 |
|
$ |
0.19 |
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of intangible assets |
|
— |
|
|
— |
|
|
2,829 |
|
|
2,122 |
|
|
0.04 |
|
|
0.04 |
|
|
Arbitration and claim settlements |
|
— |
|
|
— |
|
|
1,200 |
|
|
887 |
|
|
0.02 |
|
|
0.02 |
|
|
Non-GAAP Adjusted |
$ |
254,677 |
|
$ |
23,660 |
|
$ |
20,048 |
|
$ |
14,055 |
|
$ |
0.27 |
|
$ |
0.25 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, 2019 |
|
|||||||||||||||||
|
(in thousands) |
Revenues |
|
Non-GAAP Operating earnings(1) |
|
Pretax earnings |
|
Net income attributable to Crawford & Company |
|
Diluted earnings per CRD-A share(2) |
|
Diluted earnings per CRD-B share(2) |
|
||||||
|
GAAP |
$ |
247,186 |
|
$ |
16,730 |
|
$ |
(6,567 |
) |
$ |
(7,312 |
) |
$ |
(0.13 |
) |
$ |
(0.15 |
) |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of intangible assets |
|
— |
|
|
— |
|
|
2,848 |
|
|
2,136 |
|
|
0.04 |
|
|
0.04 |
|
|
Goodwill impairment |
|
— |
|
|
— |
|
|
17,484 |
|
|
13,057 |
|
|
0.24 |
|
|
0.24 |
|
|
Tax valuation allowances |
|
— |
|
|
— |
|
|
— |
|
|
1,991 |
|
|
0.04 |
|
|
0.04 |
|
|
Non-GAAP Adjusted |
$ |
247,186 |
|
$ |
16,730 |
|
$ |
13,765 |
|
$ |
9,872 |
|
$ |
0.19 |
|
$ |
0.17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2019 |
|
|||||||||||||||||
|
(in thousands) |
Revenues |
|
Non-GAAP Operating earnings(1) |
|
Pretax earnings |
|
Net income attributable to Crawford & Company |
|
Diluted earnings per CRD-A share(2) |
|
Diluted earnings per CRD-B share(2) |
|
||||||
|
GAAP |
$ |
1,005,802 |
|
$ |
77,609 |
|
$ |
23,637 |
|
$ |
12,485 |
|
$ |
0.26 |
|
$ |
0.19 |
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of intangible assets |
|
— |
|
|
— |
|
|
11,277 |
|
|
8,459 |
|
|
0.16 |
|
|
0.15 |
|
|
Goodwill impairment charge |
|
— |
|
|
— |
|
|
17,484 |
|
|
13,057 |
|
|
0.24 |
|
|
0.24 |
|
|
Arbitration and claim settlements |
|
— |
|
|
— |
|
|
12,552 |
|
|
9,276 |
|
|
0.17 |
|
|
0.17 |
|
|
Tax valuation allowances |
|
— |
|
|
— |
|
|
— |
|
|
1,991 |
|
|
0.04 |
|
|
0.04 |
|
|
Non-GAAP Adjusted |
$ |
1,005,802 |
|
$ |
77,609 |
|
$ |
64,950 |
|
$ |
45,268 |
|
$ |
0.87 |
|
$ |
0.79 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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|
(1) |
Reconciliations of Non-GAAP Operating earnings to Net income attributable to shareholders of Crawford & Company were performed for each quarterly and year end schedule in press releases at Exhibit 99.1 for each respective quarter. |
|
|
(2) |
Due to the method used in calculating per share data as prescribed by ASC 260, “Earnings per Share,” the quarterly per share data may not total to the full-year per share data. |
Page 3 of 3