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Crawford & Company Reports 2022 Fourth Quarter and Full Year Results

Record Revenues for Quarter and Year

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

Fourth Quarter 2022

  • Revenues before reimbursements of $322.2 million, up 10% over $292.9 million for the 2021 fourth quarter
  • The Company recorded income tax reserves of $11.8 million on certain international tax assets during the 2022 fourth quarter
  • The Company recorded income tax expense of $12.4 million during the 2022 fourth quarter related to the normalization of the tax rate associated with our third quarter 2022 goodwill impairment
  • Net loss attributable to shareholders of $(14.1) million, compared with income of $1.7 million in the same period last year
  • Diluted loss per share of $(0.29) for both CRD-A and CRD-B, compared with diluted earnings per share of $0.03 for both CRD-A and CRD-B in the prior year fourth quarter

Non-GAAP Consolidated Results

Fourth Quarter 2022

Non-GAAP consolidated results for the fourth quarter of 2022 exclude the non-cash, after-tax 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, as explained further on page 4, and the contingent earnout adjustment benefit of $(0.2) million. Non-GAAP consolidated results for 2021 exclude an adjustment for amortization of intangible assets of $2.0 million.

  • Foreign currency exchange rates decreased revenues before reimbursements by $(14.5) million or (5)%. Presented on a constant dollar basis to the prior year, revenues before reimbursements totaled $336.7 million, increasing 15% over the 2021 fourth quarter
  • Net income attributable to shareholders, on a non-GAAP basis, totaled $11.4 million in the 2022 fourth quarter, compared with $3.6 million in the same period last year
  • Diluted earnings per share, on a non-GAAP basis, totaled $0.23 for both CRD-A and CRD-B in the 2022 fourth quarter, compared with $0.07 for both CRD-A and CRD-B in the prior year fourth quarter
  • Consolidated adjusted operating earnings, on a non-GAAP basis, were $23.3 million, or 7.2% of revenues before reimbursements in the 2022 fourth quarter, compared with $9.1 million, or 3.1% of revenues, in the 2021 fourth quarter
  • Consolidated adjusted EBITDA, a non-GAAP financial measure, was $30.8 million, or 9.6% of revenues before reimbursements in the 2022 fourth quarter, compared with $17.6 million, or 6.0% of revenues, in the 2021 fourth quarter

GAAP Consolidated Results

Full Year 2022

  • Revenues before reimbursements of $1.189 billion, up 8% over $1.102 billion for 2021
  • The Company recorded a non-cash goodwill impairment of $36.8 million, or $33.3 million after tax, during 2022
  • The Company recorded income tax reserves of $11.8 million on certain international tax assets during 2022
  • Net loss attributable to shareholders of $(18.3) million, compared with income of $30.7 million in 2021
  • Diluted loss per share of $(0.37) for both CRD-A and CRD-B, compared with diluted earnings per share of $0.57 for both CRD-A and CRD-B in 2021

Non-GAAP Consolidated Results

Full Year 2022

Non-GAAP consolidated results for 2022 exclude the non-cash, after-tax adjustments for goodwill impairment of $33.3 million, income tax reserves of $11.8 million on certain international tax assets, amortization of intangible assets of $5.9 million and the contingent earnout adjustment of $2.2 million. Non-GAAP consolidated results for 2021 exclude an adjustment for amortization of intangible assets of $8.3 million.

  • Foreign currency exchange rates decreased revenues before reimbursements by $(34.6) million or (3)%. Presented on a constant dollar basis to the prior year, revenues before reimbursements totaled $1.224 billion, increasing 11% over 2021
  • Net income attributable to shareholders, on a non-GAAP basis, totaled $34.8 million in 2022, compared with $39.0 million in 2021
  • Diluted earnings per share, on a non-GAAP basis, totaled $0.70 for both CRD-A and CRD-B in 2022, compared with $0.72 for both CRD-A and CRD-B in 2021
  • Consolidated adjusted operating earnings, on a non-GAAP basis, were $63.5 million, or 5.3% of revenues before reimbursements in 2022, compared with $62.5 million, or 5.7% of revenues, in 2021
  • Consolidated adjusted EBITDA, a non-GAAP financial measure, was $96.3 million, or 8.1% of revenues before reimbursements in 2022, compared with $98.3 million, or 8.9% of revenues, in 2021

Management Comments

“Crawford ended 2022 with a quarter and full year of record-breaking revenues, highlighting the strength of our technology and people-focused strategy,” commented Mr. Rohit Verma, chief executive officer of Crawford & Company. “In Platform Solutions and North America Loss Adjusting, we achieved double digit revenue growth and expanded margins in the quarter, driven by the strategic investments we are making in the business. I am especially thankful to our teams that worked against all odds to deliver for our customers during Hurricane Ian, Winter Storm Elliott, the floods in Australia and the winter freeze in the UK. It is times like these that our work is even more meaningful. Broadspire delivered another quarter of solid top-line growth with healthy new business wins and pricing momentum. Our International business remains challenged, however, we have taken specific actions to turn the business around in 2023 and expect to see meaningful improvement in the first half of the year.”

“We are encouraged by the robust growth trajectory going into 2023 and remain focused on ensuring that we deliver on earnings growth and return to healthy margins across the business. We look forward to another successful year ahead; fulfilling our purpose to restore lives, businesses and communities and creating further value for our shareholders,” concluded Mr. Verma.

Segment Results for the Fourth Quarter and Full Year

North America Loss Adjusting

North America Loss Adjusting revenues before reimbursements were $77.7 million in the fourth quarter of 2022, increasing 16.1% from $66.9 million in the fourth quarter of 2021.

The segment had operating earnings of $8.9 million in the 2022 fourth quarter, increasing from $3.2 million in the fourth quarter of 2021. The operating margin was 11.5% in the 2022 quarter and 4.8% in the 2021 quarter.

North America Loss Adjusting revenues before reimbursements were $274.8 million in 2022, increasing 12.7% from $243.8 million in 2021, including $9.2 million from the edjuster, Inc. acquisition.

The segment had operating earnings of $19.4 million in 2022, increasing from $15.0 million in 2021. The operating margin was 7.1% in 2022 and 6.2% in 2021.

International Operations

International Operations revenues before reimbursements were $88.4 million in the fourth quarter of 2022, up 0.1% from $88.3 million in the fourth quarter of 2021, including $1.3 million from the BosBoon and Van Dijk acquisitions. Absent foreign exchange rate decreases of $12.8 million, revenues would have been $101.2 million for the fourth quarter of 2022.

Operating losses were $(5.6) million in the 2022 fourth quarter, including $4.1 million in severance as a result of cost reduction activities, decreasing from earnings of $1.5 million in the 2021 period. The segment’s operating margin for the 2022 quarter was (6.4)% as compared with 1.7% in the 2021 quarter.

International Operations revenues before reimbursements were $357.5 million in 2022, down 0.1% from $357.9 million in 2021, including $4.8 million from the BosBoon and Van Dijk acquisitions. Absent foreign exchange rate decreases of $31.0 million, revenues would have been $388.4 million in 2022.

Operating losses were $(13.3) million in 2022, decreasing from earnings of $4.9 million in 2021. The segment’s operating margin for the 2022 quarter was (3.7)% as compared with 1.4% in the 2021 quarter.

Broadspire

Broadspire segment revenues before reimbursements were $78.6 million in the 2022 fourth quarter, increasing 4.7% from $75.1 million in the 2021 fourth quarter.

Broadspire recorded operating earnings of $6.7 million in the fourth quarter of 2022, representing an operating margin of 8.6%, increasing from $4.5 million, or 6.0% of revenues, in the 2021 fourth quarter.

Broadspire segment revenues before reimbursements were $313.6 million in 2022, increasing 4.2% from $301.0 million in 2021.

Broadspire recorded operating earnings of $27.0 million in 2022, representing an operating margin of 8.6%, increasing from $24.8 million, or 8.2% of revenues, in 2021.

Platform Solutions

Platform Solutions revenues before reimbursements were $77.4 million in the fourth quarter of 2022, up 23.7% from $62.6 million in the same period of 2021, including $1.7 million from the Praxis Consulting acquisition.

Operating earnings were $13.0 million in the 2022 fourth quarter, increasing over the $9.2 million in the 2021 period. The segment’s operating margin for the 2022 quarter was 16.8% as compared with 14.7% in the 2021 quarter.

Platform Solutions revenues before reimbursements were $243.7 million in 2022, up 22.3% from $199.3 million in 2021, including $17.0 million from the Praxis Consulting acquisition.

Operating earnings were $35.7 million in 2022, increasing over the $32.0 million in the 2021 period. The segment’s operating margin for 2022 was 14.7% as compared with 16.1% in 2021.

Unallocated Corporate and Shared Costs and Credits, Net

Unallocated corporate credits were $0.3 million in the fourth quarter of 2022, compared with costs of $9.4 million in the same period of 2021. The decrease in the fourth quarter was due to a $3.6 million reduction in incentive compensation and a $6.1 million reduction in professional fees and other unallocated expenses.

Unallocated corporate costs were $5.5 million in 2022, compared with $14.3 million in 2021. The decrease for 2022 was due to a $1.8 million gain on sale of our Canadian head office building in Kitchener Ontario, a $1.8 million reduction in self-insurance expense, a $4.2 million reduction in incentive compensation, and a $4.2 million decrease in professional fees and other unallocated costs, partially offset by the absence of a $3.2 million CEWS benefit which was present in 2021.

Goodwill Impairment

The Company recognized a $36.8 million pre-tax non-cash goodwill impairment in the third quarter of 2022. This impairment reduced the carrying value of North American Loss Adjusting and Platform Solutions goodwill by $3.4 million and $10.7 million, respectively. The Company's International Operations goodwill was fully impaired with a charge of $22.7 million. This charge was partially offset by a $15.9 million reduction in income tax expense during the third quarter.

During the 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 fourth quarter. For the year, the after tax impact of the goodwill impairment was $33.3 million, or $0.67 per share for 2022.

Other Matters

The Company recognized no benefit from CEWS in 2022 or in the 2021 fourth quarter. CEWS benefits totaled $5.9 million for 2021, recorded between North America Loss Adjusting and Unallocated Corporate Costs.

During the 2022 fourth quarter, the Company recognized an $11.8 million income tax reserve, or $0.24 per share, primarily related to previously benefitted 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.

In addition, the Company recognized a pretax contingent earnout credit totaling ($0.3) million in the 2022 fourth quarter and $2.9 million expense for the year, 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 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 December 31, 2022, totaled $46.0 million, compared with $53.2 million at December 31, 2021. The Company’s total debt outstanding as of December 31, 2022, totaled $238.9 million, compared with $175.0 million at December 31, 2021.

The Company’s operations provided $27.6 million of cash during 2022, compared with $54.3 million provided in 2021. The decrease in cash provided by operating activities was primarily due to a $19.4 million increase in the change in billed and unbilled accounts receivables, $14.0 million related to incentive compensation, and a $7.9 million decrease in CEWS payments, partially offset by a $9.1 million reduction in defined benefit pension contributions and $5.5 million related to timing of other payments.

The Company made no contributions to its U.S. defined benefit pension plan and $0.6 million in contributions to its U.K. plans for 2022, compared with $9.0 million in contributions to the U.S. plan and $0.7 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. There were no shares repurchased during the 2022 fourth quarter.

Conference Call

As previously announced, Crawford & Company will host a conference call on March 7, 2023 at 8:30 a.m. Eastern Time to discuss its fourth quarter and full year 2022 results. The conference call can be accessed live by dialing 1-888-396-8049 and using Conference ID 47567314. 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 7, 2023. You may dial 1-877-674-7070 and use passcode 567314# 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, 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, 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.

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:

 

 

Three Months Ended

 

Year Ended

(in thousands)

 

December 31,

2022

 

December 31,

2021

 

December 31,

2022

 

December 31,

2021

Geographic Area

Currency

USD

equivalent

% of

total

 

USD

equivalent

% of

total

 

USD

equivalent

% of

total

 

USD

equivalent

% of

total

U.S.

USD

$

210,615

 

 

65.4

%

 

$

182,115

 

 

62.2

%

 

$

734,264

 

 

61.7

%

 

$

658,785

 

 

59.8

%

U.K.

GBP

 

28,977

 

 

9.0

%

 

 

32,153

 

 

11.0

%

 

 

121,814

 

 

10.2

%

 

 

134,116

 

 

12.2

%

Canada

CAD

 

23,169

 

 

7.2

%

 

 

22,493

 

 

7.7

%

 

 

97,766

 

 

8.2

%

 

 

85,338

 

 

7.7

%

Australia

AUD

 

24,898

 

 

7.7

%

 

 

21,166

 

 

7.2

%

 

 

94,692

 

 

8.0

%

 

 

85,780

 

 

7.8

%

Europe

EUR

 

12,474

 

 

3.9

%

 

 

13,133

 

 

4.5

%

 

 

54,447

 

 

4.6

%

 

 

54,511

 

 

4.9

%

Rest of World

Various

 

22,055

 

 

6.8

%

 

 

21,834

 

 

7.4

%

 

 

86,499

 

 

7.3

%

 

 

83,502

 

 

7.6

%

Total Revenues, before reimbursements

$

322,188

 

 

100.0

%

 

$

292,894

 

 

100.0

%

 

$

1,189,482

 

 

100.0

%

 

$

1,102,032

 

 

100.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

Three Months Ended

 

Year Ended

(in thousands)

December 31,

2022

December 31,

2021

 

December 31,

2022

December 31,

2021

Operating earnings:

 

 

 

 

 

 

 

 

 

North America Loss Adjusting

$

8,923

 

$

3,211

 

 

$

19,431

 

$

15,015

 

International Operations

 

(5,646

)

 

1,519

 

 

 

(13,269

)

 

4,918

 

Broadspire

 

6,722

 

 

4,540

 

 

 

27,021

 

 

24,783

 

Platform Solutions

 

13,032

 

 

9,215

 

 

 

35,746

 

 

32,048

 

Unallocated corporate and shared costs, net

 

273

 

 

(9,425

)

 

 

(5,459

)

 

(14,259

)

Consolidated operating earnings

 

23,304

 

 

9,060

 

 

 

63,470

 

 

62,505

 

(Deduct) add:

 

 

 

 

 

 

 

 

 

Net corporate interest expense

 

(4,110

)

 

(2,116

)

 

 

(10,311

)

 

(6,559

)

Stock option expense

 

(70

)

 

(353

)

 

 

(548

)

 

(1,053

)

Amortization expense

 

(2,052

)

 

(2,603

)

 

 

(7,836

)

 

(11,029

)

Goodwill impairment

 

 

 

 

 

 

(36,808

)

 

 

Contingent earnout adjustments

 

325

 

 

 

 

 

(2,921

)

 

 

Reserves on certain income tax assets

 

(11,767

)

 

 

 

 

(11,767

)

 

 

Income tax provision

 

(19,903

)

 

(2,389

)

 

 

(11,811

)

 

(13,316

)

Net loss attributable to noncontrolling interests

 

186

 

 

54

 

 

 

227

 

 

144

 

Net (loss) income attributable to shareholders of Crawford & Company

$

(14,087

)

$

1,653

 

 

$

(18,305

)

$

30,692

 

 

 

 

 

 

 

 

 

 

 

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

 

Three Months Ended

 

Year Ended

(in thousands)

December 31,

2022

December 31,

2021

 

December 31,

2022

December 31,

2021

Net (loss) income attributable to shareholders of Crawford & Company

$

(14,087

)

$

1,653

 

 

$

(18,305

)

$

30,692

 

Add (Deduct):

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

8,719

 

 

9,408

 

 

 

36,098

 

 

40,176

 

Stock-based compensation

 

705

 

 

2,021

 

 

 

4,923

 

 

7,585

 

Net corporate interest expense

 

4,110

 

 

2,116

 

 

 

10,311

 

 

6,559

 

Goodwill impairment

 

 

 

 

 

 

36,808

 

 

 

Contingent earnout adjustments

 

(325

)

 

 

 

 

2,921

 

 

 

Reserves on certain income tax assets

 

11,767

 

 

 

 

 

11,767

 

 

 

Income tax provision

 

19,903

 

 

2,389

 

 

 

11,811

 

 

13,316

 

Non-GAAP adjusted EBITDA

$

30,792

 

$

17,587

 

 

$

96,334

 

$

98,328

 

 

 

 

 

 

 

 

 

 

 

Following is a reconciliation of operating cash flow to free cash flow for the twelve months ended December 31, 2022 and 2021:

Twelve Months Ended

(in thousands)

December 31, 2022

 

December 31, 2021

 

Change

Net Cash Provided by Operating Activities

$

27,634

 

 

$

54,321

 

 

$

(26,687

)

Less:

 

 

 

 

 

 

 

 

Property & Equipment Purchases, net

 

(6,838

)

 

 

(9,225

)

 

 

2,387

 

Capitalized Software (internal and external costs)

 

(27,761

)

 

 

(21,729

)

 

 

(6,032

)

Free Cash Flow

$

(6,965

)

 

$

23,367

 

 

$

(30,332

)

 

 

 

 

 

 

 

 

 

Following are the reconciliations of GAAP Pretax Earnings, Net (Loss) Income and (Loss) Earnings Per Share to related non-GAAP Adjusted figures, which reflect 2022 before goodwill impairment, amortization of intangible assets, reserves on certain income tax assets, and contingent earnout adjustments, and for 2021 exclude the amortization of intangible assets:

Three Months Ended December 31, 2022

(in thousands)

Pretax earnings

Net (loss) income

attributable to Crawford &

Company(1)

Diluted (loss)

earnings per

CRD-A

share(1)

Diluted (loss)

earnings per

CRD-B

share(1)

GAAP

$

17,397

 

$

(14,087

)

$

(0.29

)

$

(0.29

)

Adjustments:

 

 

 

 

 

 

 

 

Amortization of intangible assets

 

2,052

 

 

1,539

 

 

0.03

 

 

0.03

 

Income tax impact of third quarter goodwill impairment

 

 

 

12,392

 

 

0.25

 

 

0.25

 

Contingent earnout adjustments

 

(325

)

 

(241

)

 

 

 

 

Reserves on certain income tax assets

 

 

 

11,767

 

 

0.24

 

 

0.24

 

Non-GAAP Adjusted

$

19,124

 

$

11,370

 

$

0.23

 

$

0.23

 

 

 

 

 

 

 

 

 

 

Three Months Ended December 31, 2021

(in thousands)

Pretax earnings

Net income

attributable to Crawford &

Company

Diluted

earnings per

CRD-A

share

Diluted

earnings per

CRD-B

share

GAAP

$

3,988

 

$

1,653

 

$

0.03

 

$

0.03

 

Adjustments:

 

 

 

 

 

 

 

 

Amortization of intangible assets

 

2,603

 

 

1,952

 

 

0.04

 

 

0.04

 

Non-GAAP Adjusted

$

6,591

 

$

3,605

 

$

0.07

 

$

0.07

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2022

 

(in thousands)

Pretax earnings

Net (loss) income attributable

to Crawford & Company

Diluted (loss)

earnings per

CRD-A

share

Diluted (loss)

earnings per

CRD-B

share

GAAP

$

5,046

 

$

(18,305

)

$

(0.37

)

$

(0.37

)

Adjustments:

 

 

 

 

 

 

 

 

Amortization of intangible assets

 

7,836

 

 

5,877

 

 

0.12

 

 

0.12

 

Goodwill impairment

 

36,808

 

 

33,300

 

 

0.67

 

 

0.67

 

Contingent earnout adjustments

 

2,921

 

 

2,163

 

 

0.04

 

 

0.04

 

Reserves on certain income tax assets

 

 

 

11,767

 

 

0.24

 

 

0.24

 

Non-GAAP Adjusted

$

52,611

 

$

34,802

 

$

0.70

 

$

0.70

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2021

(in thousands)

Pretax earnings

Net income attributable to

Crawford & Company

Diluted earnings

per

CRD-A

share

Diluted earnings

per

CRD-B

share

GAAP

$

43,864

 

$

30,692

 

$

0.57

 

$

0.57

 

Adjustments:

 

 

 

 

 

 

 

 

Amortization of intangible assets

 

11,029

 

 

8,272

 

 

0.15

 

 

0.15

 

Non-GAAP Adjusted

$

54,893

 

$

38,964

 

$

0.72

 

$

0.72

 

 

 

 

 

 

 

 

 

 

(1) 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:

 

Three Months Ended

Year Ended

(in thousands)

December 31, 2022

December 31, 2021

December 31, 2022

December 31, 2021

Weighted-Average Shares Used to Compute Basic Earnings Per Share:

 

 

 

 

 

 

 

 

Class A Common Stock

 

28,597

 

 

30,681

 

 

29,196

 

 

30,760

 

Class B Common Stock

 

19,848

 

 

21,640

 

 

20,113

 

 

22,237

 

Weighted-Average Shares Used to Compute Diluted Earnings Per Share:

 

 

 

 

 

 

 

 

Class A Common Stock

 

28,597

 

 

31,249

 

 

29,196

 

 

31,743

 

Class B Common Stock

 

19,848

 

 

21,640

 

 

20,113

 

 

22,237

 

 

 

 

 

 

 

 

 

 

Non-GAAP (1)

 

 

 

 

 

 

 

 

Weighted-Average Shares Used to Compute Diluted Earnings Per Share:

 

 

 

 

 

 

 

 

Class A Common Stock

 

28,966

 

 

31,249

 

 

29,553

 

 

31,743

 

Class B Common Stock

 

19,848

 

 

21,640

 

 

20,116

 

 

22,237

 

 

 

 

 

 

 

 

 

 

(1) The Company had a net loss for GAAP reporting during the 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 three and twelve months ended December 31, 2022, 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, 2022, financial position as of December 31, 2022, and cash flows for the twelve months ended December 31, 2022 is shown on the attached unaudited condensed consolidated financial statements.

For further information regarding this press release, please call Bruce Swain at (404) 300-1051.

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.

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.

Tag: Crawford-Investor-News-and-Events, Crawford-Financial

CRAWFORD & COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Unaudited

(In Thousands, Except Per Share Amounts and Percentages)

 

Three Months Ended December 31,

 

2022

 

2021

 

% Change

 

 

 

 

 

 

 

 

 

 

Revenues:

 

 

 

 

 

 

 

 

 

Revenues Before Reimbursements

 

$

322,188

 

 

$

292,894

 

 

 

10

%

Reimbursements

 

 

11,181

 

 

 

10,075

 

 

 

11

%

Total Revenues

 

 

333,369

 

 

 

302,969

 

 

 

10

%

 

 

 

 

 

 

 

 

 

 

Costs and Expenses:

 

 

 

 

 

 

 

 

 

Costs of Services Provided, Before Reimbursements

 

 

238,180

 

 

 

220,856

 

 

 

8

%

Reimbursements

 

 

11,181

 

 

 

10,075

 

 

 

11

%

Total Costs of Services

 

 

249,361

 

 

 

230,931

 

 

 

8

%

 

 

 

 

 

 

 

 

 

 

Selling, General, and Administrative Expenses

 

 

62,528

 

 

 

66,730

 

 

 

(6

)%

Corporate Interest Expense, Net

 

 

4,110

 

 

 

2,116

 

 

 

94

%

Total Costs and Expenses

 

 

315,999

 

 

 

299,777

 

 

 

5

%

 

 

 

 

 

 

 

 

 

 

Other Income (Expense), Net

 

 

27

 

 

 

796

 

 

 

(97

)%

 

 

 

 

 

 

 

 

 

 

Income Before Income Taxes

 

 

17,397

 

 

 

3,988

 

 

 

336

%

Provision for Income Taxes

 

 

31,670

 

 

 

2,389

 

 

 

1226

%

 

 

 

 

 

 

 

 

 

 

Net (Loss) Income

 

 

(14,273

)

 

 

1,599

 

 

nm

 

 

 

 

 

 

 

 

 

 

 

Net Loss Attributable to Noncontrolling Interests and Redeemable Noncontrolling Interests

 

 

186

 

 

 

54

 

 

 

244

%

 

 

 

 

 

 

 

 

 

 

Net (Loss) Income Attributable to Shareholders of Crawford & Company

 

$

(14,087

)

 

$

1,653

 

 

nm

 

 

 

 

 

 

 

 

 

 

 

(Loss) Earnings Per Share - Basic:

 

 

 

 

 

 

 

 

 

Class A Common Stock

 

$

(0.29

)

 

$

0.03

 

 

nm

 

Class B Common Stock

 

$

(0.29

)

 

$

0.03

 

 

nm

 

 

 

 

 

 

 

 

 

 

 

(Loss) Earnings Per Share - Diluted:

 

 

 

 

 

 

 

 

 

Class A Common Stock

 

$

(0.29

)

 

$

0.03

 

 

nm

 

Class B Common Stock

 

$

(0.29

)

 

$

0.03

 

 

nm

 

 

 

 

 

 

 

 

 

 

 

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)

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

2022

 

2021

 

% Change

 

 

 

 

 

 

 

 

 

 

Revenues:

 

 

 

 

 

 

 

 

 

Revenues Before Reimbursements

 

$

1,189,482

 

 

$

1,102,032

 

 

 

8

%

Reimbursements

 

 

41,744

 

 

 

37,199

 

 

 

12

%

Total Revenues

 

 

1,231,226

 

 

 

1,139,231

 

 

 

8

%

 

 

 

 

 

 

 

 

 

 

Costs and Expenses:

 

 

 

 

 

 

 

 

 

Costs of Services Provided, Before Reimbursements

 

 

883,128

 

 

 

810,231

 

 

 

9

%

Reimbursements

 

 

41,744

 

 

 

37,199

 

 

 

12

%

Total Costs of Services

 

 

924,872

 

 

 

847,430

 

 

 

9

%

 

 

 

 

 

 

 

 

 

 

Selling, General, and Administrative Expenses

 

 

255,750

 

 

 

244,850

 

 

 

4

%

Corporate Interest Expense, Net

 

 

10,311

 

 

 

6,559

 

 

 

57

%

Goodwill Impairment

 

 

36,808

 

 

 

-

 

 

nm

 

Total Costs and Expenses

 

 

1,227,741

 

 

 

1,098,839

 

 

 

12

%

 

 

 

 

 

 

 

 

 

 

Other Income (Expense), Net

 

 

1,561

 

 

 

3,472

 

 

 

(55

)%

 

 

 

 

 

 

 

 

 

 

Income Before Income Taxes

 

 

5,046

 

 

 

43,864

 

 

 

(88

)%

Provision for Income Taxes

 

 

23,578

 

 

 

13,316

 

 

 

77

%

 

 

 

 

 

 

 

 

 

 

Net (Loss) Income

 

 

(18,532

)

 

 

30,548

 

 

nm

 

 

 

 

 

 

 

 

 

 

 

Net Loss Attributable to Noncontrolling Interests and Redeemable Noncontrolling Interests

 

 

227

 

 

 

144

 

 

 

58

%

 

 

 

 

 

 

 

 

 

 

Net (Loss) Income Attributable to Shareholders of Crawford & Company

 

$

(18,305

)

 

$

30,692

 

 

nm

 

 

 

 

 

 

 

 

 

 

 

(Loss) Earnings Per Share - Basic:

 

 

 

 

 

 

 

 

 

Class A Common Stock

 

$

(0.37

)

 

$

0.58

 

 

nm

 

Class B Common Stock

 

$

(0.37

)

 

$

0.58

 

 

nm

 

 

 

 

 

 

 

 

 

 

 

(Loss) Earnings Per Share - Diluted:

 

 

 

 

 

 

 

 

 

Class A Common Stock

 

$

(0.37

)

 

$

0.57

 

 

nm

 

Class B Common Stock

 

$

(0.37

)

 

$

0.57

 

 

nm

 

 

 

 

 

 

 

 

 

 

 

Cash Dividends Per Share:

 

 

 

 

 

 

 

 

 

Class A Common Stock

 

$

0.24

 

 

$

0.24

 

 

 

 

Class B Common Stock

 

$

0.24

 

 

$

0.24

 

 

 

 

CRAWFORD & COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

As of December 31, 2022 and December 31, 2021

Unaudited

(In Thousands, Except Par Values)

 

 

 

 

 

 

 

 

 

December 31,

 

December 31,

 

 

2022

 

2021

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Assets:

 

 

 

 

 

 

Cash and Cash Equivalents

 

$

46,007

 

 

$

53,228

 

Accounts Receivable, Net

 

 

141,106

 

 

 

134,458

 

Unbilled Revenues, at Estimated Billable Amounts

 

 

126,274

 

 

 

118,722

 

Income Taxes Receivable

 

 

9,098

 

 

 

4,936

 

Prepaid Expenses and Other Current Assets

 

 

28,782

 

 

 

34,576

 

Total Current Assets

 

 

351,267

 

 

 

345,920

 

 

 

 

 

 

 

 

Net Property and Equipment

 

 

27,809

 

 

 

33,721

 

 

 

 

 

 

 

 

Other Assets:

 

 

 

 

 

 

Operating Lease Right-of-Use Asset, Net

 

 

93,334

 

 

 

99,369

 

Goodwill

 

 

76,622

 

 

 

116,526

 

Intangible Assets Arising from Business Acquisitions, Net

 

 

88,039

 

 

 

97,571

 

Capitalized Software Costs, Net

 

 

82,975

 

 

 

75,802

 

Deferred Income Tax Assets

 

 

19,573

 

 

 

21,266

 

Other Noncurrent Assets

 

 

51,888

 

 

 

62,464

 

Total Other Assets

 

 

412,431

 

 

 

472,998

 

 

 

 

 

 

 

 

Total Assets

 

$

791,507

 

 

$

852,639

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ INVESTMENT

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

 

Short-Term Borrowings

 

$

27,048

 

 

$

10,704

 

Accounts Payable

 

 

50,847

 

 

 

48,470

 

Accrued Compensation and Related Costs

 

 

79,285

 

 

 

96,018

 

Self-Insured Risks

 

 

12,614

 

 

 

13,222

 

Income Taxes Payable

 

 

1,208

 

 

 

1,200

 

Operating Lease Liability

 

 

22,910

 

 

 

25,238

 

Other Accrued Liabilities

 

 

56,293

 

 

 

76,884

 

Deferred Revenues

 

 

29,282

 

 

 

32,119

 

Total Current Liabilities

 

 

279,487

 

 

 

303,855

 

 

 

 

 

 

 

 

Noncurrent Liabilities:

 

 

 

 

 

 

Long-Term Debt and Finance Leases, Less Current Installments

 

 

211,810

 

 

 

164,315

 

Operating Lease Liability

 

 

84,628

 

 

 

88,408

 

Deferred Revenues

 

 

24,737

 

 

 

23,786

 

Accrued Pension Liabilities

 

 

25,914

 

 

 

17,892

 

Other Noncurrent Liabilities

 

 

41,553

 

 

 

42,986

 

Total Noncurrent Liabilities

 

 

388,642

 

 

 

337,387

 

 

 

 

 

 

 

 

Shareholders’ Investment:

 

 

 

 

 

 

Class A Common Stock, $1.00 Par Value

 

 

28,764

 

 

 

30,996

 

Class B Common Stock, $1.00 Par Value

 

 

19,848

 

 

 

20,812

 

Additional Paid-in Capital

 

 

78,158

 

 

 

74,229

 

Retained Earnings

 

 

213,094

 

 

 

266,369

 

Accumulated Other Comprehensive Loss

 

 

(215,321

)

 

 

(180,441

)

Shareholders’ Investment Attributable to Shareholders of Crawford & Company

 

 

124,543

 

 

 

211,965

 

Noncontrolling Interests

 

 

(1,165

)

 

 

(568

)

Total Shareholders’ Investment

 

 

123,378

 

 

 

211,397

 

 

 

 

 

 

 

 

Total Liabilities and Shareholders’ Investment

 

$

791,507

 

 

$

852,639

 

 

CRAWFORD & COMPANY

SUMMARY RESULTS BY OPERATING SEGMENT WITH DIRECT COMPENSATION AND OTHER EXPENSES

Unaudited

(In Thousands, Except Percentages)

Three Months Ended December 31,

 

 

North America Loss Adjusting

%

International Operations

%

 

Broadspire

%

 

Platforms Solutions

%

 

 

2022

2021

Change

 

2022

2021

Change

 

2022

2021

Change

 

2022

2021

Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues Before Reimbursements

 

$77,720

$66,945

16.1%

 

$88,404

$88,285

0.1%

 

$78,615

$75,053

4.7%

 

$77,449

$62,611

23.7%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Direct Compensation, Fringe Benefits & Non-Employee Labor

 

55,623

49,954

11.3%

 

64,230

63,415

1.3%

 

50,862

48,433

5.0%

 

53,025

44,264

19.8%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

% of Revenues Before Reimbursements

 

71.6%

74.6%

 

 

72.7%

71.8%

 

 

64.7%

64.5%

 

 

68.5%

70.7%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses Other than Reimbursements, Direct Compensation, Fringe Benefits & Non-Employee Labor

 

13,174

13,780

(4.4)%

 

29,820

23,351

27.7%

 

21,031

22,080

(4.8)%

 

11,392

9,132

24.7%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

% of Revenues Before Reimbursements

 

17.0%

20.6%

 

 

33.7%

26.4%

 

 

26.8%

29.4%

 

 

14.7%

14.6%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Operating Expenses

 

68,797

63,734

7.9%

 

94,050

86,766

8.4%

 

71,893

70,513

2.0%

 

64,417

53,396

20.6%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Earnings (1)

 

$8,923

$3,211

177.9%

 

$(5,646)

$1,519

(471.7)%

 

$6,722

$4,540

48.1%

 

$13,032

$9,215

41.4%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

% of Revenues Before Reimbursements

 

11.5%

4.8%

 

 

(6.4)%

1.7%

 

 

8.6%

6.0%

 

 

16.8%

14.7%

 

Twelve Months Ended December 31,

 

 

North America Loss Adjusting

%

International Operations

%

 

Broadspire

%

 

Platforms Solutions

%

 

 

2022

2021

Change

 

2022

2021

Change

 

2022

2021

Change

 

2022

2021

Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues Before Reimbursements

 

$274,755

$243,789

12.7%

 

$357,452

$357,909

(0.1)%

 

$313,564

$301,035

4.2%

 

$243,711

$199,299

22.3%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Direct Compensation, Fringe Benefits & Non-Employee Labor

 

199,009

176,538

12.7%

 

254,049

249,060

2.0%

 

198,473

187,458

5.9%

 

163,449

131,736

24.1%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

% of Revenues Before Reimbursements

 

72.4%

72.4%

 

 

71.1%

69.6%

 

 

63.3%

62.3%

 

 

67.1%

66.1%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses Other than Reimbursements, Direct Compensation, Fringe Benefits & Non-Employee Labor

 

56,315

52,236

7.8%

 

116,672

103,931

12.3%

 

88,070

88,794

(0.8)%

 

44,516

35,515

25.3%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

% of Revenues Before Reimbursements

 

20.5%

21.4%

 

 

32.6%

29.0%

 

 

28.1%

29.5%

 

 

18.3%

17.8%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Operating Expenses

 

255,324

228,774

11.6%

 

370,721

352,991

5.0%

 

286,543

276,252

3.7%

 

207,965

167,251

24.3%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Earnings (1)

 

$19,431

$15,015

29.4%

 

$(13,269)

$4,918

(369.8)%

 

$27,021

$24,783

9.0%

 

$35,746

$32,048

11.5%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

% of Revenues Before Reimbursements

 

7.1%

6.2%

 

 

(3.7)%

1.4%

 

 

8.6%

8.2%

 

 

14.7%

16.1%

 

(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, goodwill impairment, amortization of customer-relationship intangible assets, contingent earnout adjustments, 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, 2022 and December 31, 2021

Unaudited

(In Thousands)

 

 

 

2022

 

2021

Cash Flows From Operating Activities:

 

 

 

 

 

 

Net (loss) income

 

$

(18,532

)

 

$

30,548

 

Reconciliation of net income to net cash provided by operating activities:

 

 

 

 

 

 

Depreciation and amortization

 

 

36,098

 

 

 

40,176

 

Goodwill impairment

 

 

36,808

 

 

 

 

Deferred income taxes

 

 

7,397

 

 

 

(2,992

)

Stock-based compensation

 

 

4,923

 

 

 

7,585

 

Gain on sale of property and equipment

 

 

(1,490

)

 

 

104

 

Contingent earnout adjustments

 

 

2,921

 

 

 

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

Accounts receivable, net

 

 

(15,537

)

 

 

(5,475

)

Unbilled revenues, net

 

 

(19,319

)

 

 

(9,979

)

Accrued or prepaid income taxes

 

 

(7,444

)

 

 

(7,232

)

Accounts payable and accrued liabilities

 

 

(5,985

)

 

 

13,470

 

Deferred revenues

 

 

(397

)

 

 

3,562

 

Accrued retirement costs

 

 

(1,366

)

 

 

(15,478

)

Prepaid expenses and other operating activities

 

 

9,557

 

 

 

32

 

Net cash provided by operating activities

 

 

27,634

 

 

 

54,321

 

 

 

 

 

 

 

 

Cash Flows From Investing Activities:

 

 

 

 

 

 

Acquisitions of property and equipment

 

 

(6,838

)

 

 

(9,225

)

Capitalization of computer software costs

 

 

(27,761

)

 

 

(21,729

)

Proceeds from settlement of life insurance policies

 

 

 

 

 

6,526

 

Payments for business acquisitions, net of cash acquired

 

 

(26,309

)

 

 

(46,398

)

Cash proceeds from sale of property and equipment

 

 

3,032

 

 

 

 

Net cash used in investing activities

 

 

(57,876

)

 

 

(70,826

)

 

 

 

 

 

 

 

Cash Flows From Financing Activities:

 

 

 

 

 

 

Cash dividends paid

 

 

(11,842

)

 

 

(12,663

)

Repurchases of common stock

 

 

(26,749

)

 

 

(19,134

)

Increases in short-term and revolving credit facility borrowings

 

 

106,481

 

 

 

113,312

 

Payments on short-term and revolving credit facility borrowings

 

 

(39,025

)

 

 

(52,306

)

Payments of contingent consideration on acquisitions

 

 

(2,118

)

 

 

(1,544

)

Other financing activities

 

 

(807

)

 

 

(3,008

)

Net cash provided by financing activities

 

 

25,940

 

 

 

24,657

 

 

 

 

 

 

 

 

Effects of exchange rate changes on cash and cash equivalents

 

 

(2,742

)

 

 

881

 

(Decrease) increase in cash, cash equivalents, and restricted cash(1)

 

 

(7,044

)

 

 

9,033

 

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)

 

$

46,645

 

 

$

53,689

 

(1)The 2022 amounts include beginning restricted cash of $461 at December 31, 2021, and ending restricted cash of $638 at December 31, 2022, which we present as part of "Prepaid expenses and other current assets" on the Balance Sheets.

 

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