CRAWFORD & CO
For the period ended Dec 31, 2023. Filed Mar 4, 2024.
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FY2023 · Filed Mar 4, 2024
CRD-A$12.00+2.3%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Cash Flows
| Year Ended December 31, | 2023 | 2022 | 2021 |
|---|---|---|---|
| Cash Flows from Operating Activities: | |||
| Net income (loss) | $30,260 | $(18,532) | $30,548 |
| Reconciliation of net income (loss) to net cash provided by operating activities: | |||
| Depreciation and amortization | 35,742 | 36,098 | 40,176 |
| Goodwill impairment | — | 36,808 | — |
| Deferred income taxes | (12,279) | 7,397 | (2,992) |
| Stock-based compensation costs | 5,603 | 4,923 | 7,585 |
| Loss (gain) on disposal of property and equipment | 646 | (1,490) | 104 |
| Contingent earnout adjustments | 4,025 | 2,921 | — |
| Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: | |||
| Accounts receivable, net | 11,663 | (15,537) | (5,475) |
| Unbilled revenues, net | 11,879 | (19,319) | (9,979) |
| Accrued or prepaid income taxes | 13,063 | (7,444) | (7,232) |
| Accounts payable and accrued liabilities | (2,822) | (5,985) | 13,470 |
| Deferred revenues | 5,913 | (397) | 3,562 |
| Accrued retirement costs | 7,174 | (1,366) | (15,478) |
| Prepaid expenses and other operating activities | (7,077) | 9,557 | 32 |
| Net cash provided by operating activities | 103,790 | 27,634 | 54,321 |
| Cash Flows from Investing Activities: | |||
| Acquisitions of property and equipment | (4,890) | (6,838) | (9,225) |
| Capitalization of computer software costs | (31,706) | (27,761) | (21,729) |
| Cash proceeds from sale of property and equipment | — | 3,032 | — |
| Payments for business acquisitions, net of cash acquired | — | (26,309) | (46,398) |
| Proceeds from settlement of life insurance policies | — | — | 6,526 |
| Net cash used in investing activities | (36,596) | (57,876) | (70,826) |
| Cash Flows from Financing Activities: | |||
| Cash dividends paid | (12,701) | (11,842) | (12,663) |
| Payments related to shares received for withholding taxes under employee stock-based compensation plans | (1,947) | (704) | (1,411) |
| Proceeds from shares purchased under employee stock-based compensation plans | 1,536 | 821 | 1,648 |
| Repurchases of common stock | (2,731) | (26,749) | (19,134) |
| Payments of contingent consideration on acquisitions | (7,060) | (2,118) | (1,544) |
| Payments for equity investments | — | (600) | (106) |
| Increases in short-term and revolving credit facility borrowings | 37,578 | 106,481 | 113,312 |
| Payments on short-term and revolving credit facility borrowings | (69,066) | (39,025) | (52,306) |
| Payments on finance lease obligations | (60) | (59) | (432) |
| Capitalized loan costs | — | (7) | (2,302) |
| Dividends paid to noncontrolling interests | (229) | (258) | (405) |
| Net cash (used in) provided by financing activities | (54,680) | 25,940 | 24,657 |
| Effects of exchange rate changes on cash and cash equivalents | 386 | (2,742) | 881 |
| Increase (decrease) in Cash, Cash Equivalents, and Restricted Cash | 12,900 | (7,044) | 9,033 |
| Cash, Cash Equivalents, and Restricted Cash at Beginning of Year | 46,645 | 53,689 | 44,656 |
| Cash, Cash Equivalents, and Restricted Cash at End of Year | $59,545 | $46,645 | $53,689 |
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