8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): August 8, 2022

CRAWFORD & COMPANY

(Exact Name of Registrant as Specified in Its Charter)

Georgia

(State or Other Jurisdiction of Incorporation)

1-10356	58-0506554
(Commission File Number)	(IRS Employer Identification No.)
5335 Triangle Parkway, Peachtree Corners, Georgia	30092
(Address of Principal Executive Offices)	(Zip Code)

(404) 300-1000

(Registrant's Telephone Number, Including Area Code)

N/A

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Act of 1934.

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Securities Registered Pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Class A Common Stock — $1.00 Par Value	CRD-A	New York Stock Exchange, Inc.
Class B Common Stock — $1.00 Par Value	CRD-B	New York Stock Exchange, Inc.

Item 2.02. Results of Operations and Financial Condition

On August 8, 2022, Crawford & Company (the "Company") issued a press release containing information about the Company's financial results for the second quarter 2022. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by this reference.

Item 7.01. Regulation FD Disclosure

The Company has made available on the Company's website at https://ir.crawco.com a presentation designed to enhance the information presented at its quarterly earnings conference call on Tuesday, August 9, 2022 at 8:30 a.m. Eastern Time. A copy of the presentation is attached hereto as Exhibit 99.2 and is incorporated herein by this reference.

Item 9.01. Financial Statements and Exhibits

(d) The following exhibits are being filed herewith:

Exhibit No.	Description
99.1	Press Release dated August 8, 2022
99.2	Slide Presentation
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

The information contained in this current report on Form 8-K and in the accompanying exhibits shall not be incorporated by reference into any filing of the Company with the SEC, whether made before or after the date hereof, regardless of any general incorporation by reference language in such filing, unless expressly incorporated by specific reference to such filing. The information, including the exhibits hereto, shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended.

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SIGNATURE

Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	CRAWFORD & COMPANY
	(Registrant)
	By:	/s/ W. BRUCE SWAIN
		W. Bruce Swain
		Executive Vice President -
		Chief Financial Officer
Dated: August 8, 2022

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EX-99.1

Exhibit 99.1

   

Crawford & Company®

5335 Triangle Parkway

Peachtree Corners, GA 30092

FOR IMMEDIATE RELEASE

CRAWFORD & COMPANY REPORTS 2022 SECOND QUARTER RESULTS

DOUBLE DIGIT REVENUE GROWTH IN QUARTER

ATLANTA, (August 8, 2022) -- Crawford & Company® (NYSE: CRD-A and CRD-B), the world’s largest publicly listed independent provider of claims management and outsourcing solutions to carriers, brokers and corporations, today announced its financial results for the second quarter ended June 30, 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

Second Quarter 2022

•Revenues before reimbursements of $293.3 million, up 10% over $267.5 million for the 2021 second quarter

•Net income attributable to shareholders of $5.8 million, compared to $11.8 million in the same period last year

•Diluted earnings per share of $0.12 for both CRD-A and CRD-B, compared with $0.22 for both CRD-A and CRD-B in the prior year second quarter

Non-GAAP Consolidated Results

Second Quarter 2022

Non-GAAP consolidated results for 2022 exclude the non-cash, after-tax adjustments for amortization of intangible assets of $1.5 million and the earnout adjustment of $0.2 million. Non-GAAP consolidated results for 2021 exclude a similar adjustment for amortization of intangible assets of $2.1 million.

•Foreign currency exchange rates decreased revenues before reimbursements by $6.2 million or (2)%. Presented on a constant dollar basis to the prior year, revenues before reimbursements totaled $299.6 million, increasing 12% over $267.5 million for the 2021 second quarter

•Net income attributable to shareholders, on a non-GAAP basis, totaled $7.6 million in the 2022 second quarter, compared with $13.8 million in the same period last year

•Diluted earnings per share, on a non-GAAP basis, totaled $0.15 for CRD-A and $0.16 for CRD-B in the 2022 second quarter, compared with $0.25 for CRD-A and $0.26 for CRD-B in the prior year second quarter

•Consolidated adjusted operating earnings, on a non-GAAP basis, were $12.9 million, or 4.4% of revenues before reimbursements in the 2022 second quarter, compared with $19.6 million, or 7.3% of revenues, in the 2021 second quarter

•Consolidated adjusted EBITDA, a non-GAAP financial measure, was $21.8 million, or 7.4% of revenues before reimbursements in the 2022 second quarter, compared with $29.0 million, or 10.8% of revenues, in the 2021 second quarter

Management Comments

“Fueled by our strategic investments in the business, Crawford delivered another quarter of strong top-line results, with revenue growth increasing 10% over the prior year period. This strength was broad-based with solid increases across all our businesses, led by Platform Solutions and North American Loss Adjusting. Our Broadspire business also grew nicely in the second quarter, aided by new business wins and the expansion of our existing client base, and International Operations is improving as expected despite persistent global pressures,” commented Mr. Rohit Verma, chief executive officer of Crawford & Company.

“While we are pleased with the continued revenue growth momentum through the second quarter, we are acutely focused on converting our top-line success into operating earnings expansion and cash flow improvement to accelerate our profitability across our business, which will be our top priority for the second half of the year. As we work to improve margin on the business and navigate an uncertain macro environment, we remain confident in our ability to execute on our long-term strategy and deliver superior results for our shareholders,” concluded Mr. Verma.

Segment Results for the Second Quarter

North America Loss Adjusting

North America Loss Adjusting revenues before reimbursements were $65.8 million in the second quarter of 2022, increasing 17.0% from $56.2 million in the second quarter of 2021, including $3.6 million from the edjuster, Inc. acquisition.

The segment had operating earnings of $2.7 million in the 2022 second quarter, decreasing from $3.1 million in the second quarter of 2021. The 2021 quarter had a $1.0 million benefit from Canada Emergency Wage Subsidy ("CEWS"). The operating margin was 4.1% in the 2022 quarter and 5.5% in the 2021 quarter.

International Operations

International Operations revenues before reimbursements were $93.7 million in the second quarter of 2022, up 2.7% from $91.3 million in the same period of 2021, including $0.6 million from the BosBoon acquisition. Absent foreign exchange rate decreases of $5.3 million, revenues would have been $99.0 million for the 2022 second quarter.

Operating losses were $(0.7) million in the 2022 second quarter, decreasing from earnings of $2.1 million in the 2021 period. The segment’s operating margin for the 2022 quarter was (0.8)% as compared with 2.3% in the 2021 quarter.

Broadspire

Broadspire segment revenues before reimbursements were $80.1 million in the 2022 second quarter, increasing 5.5% from $75.9 million in the 2021 second quarter.

Broadspire recorded operating earnings of $7.7 million in the second quarter of 2022, representing an operating margin of 9.6%, increasing from $6.6 million, or 8.7% of revenues, in the 2021 second quarter.

Platform Solutions

Platform Solutions revenues before reimbursements were $53.7 million in the second quarter of 2022, up 21.9% from $44.1 million in the same period of 2021, including $3.8 million from the Praxis Consulting acquisition.

Operating earnings were $4.6 million in the 2022 second quarter, decreasing from $9.1 million from the 2021 period. The segment’s operating margin for the 2022 quarter was 8.6% as compared with 20.6% in the 2021 quarter.

Unallocated Corporate and Shared Costs and Credits, Net

Unallocated corporate costs were $1.4 million in the second quarter of 2022, compared with $1.2 million in the same period of 2021. Primary components of this variance was a $1.2 million CEWS benefit in 2021, not present in 2022, partially offset by a reduction in other unallocated costs.

Other Matters

For the 2022 second quarter, the Company recognized no benefit from CEWS as compared with an overall benefit of $2.2 million in the 2021 second quarter recorded between North America Loss Adjusting and Unallocated Corporate Costs.

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On April 1, 2022, the Company purchased assets associated with R.P. van Dijk B.V., a bodily injury loss adjusting company based in the Netherlands. The purchase price includes an initial cash consideration of $4.3 million and a maximum of $2.2 million payable over the next two years based on achieving certain revenue targets and other nonfinancial milestones, as defined in the purchase agreement.

In addition, the Company recognized a pretax contingent earnout expense totaling $0.3 million in the 2022 second quarter 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 favorable 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 June 30, 2022, totaled $46.3 million, compared with $53.2 million at December 31, 2021. The Company’s total debt outstanding as of June 30, 2022, totaled $254.2 million, compared with $175.0 million at December 31, 2021.

The Company’s operations used $12.8 million of cash during the first six months of 2022, compared with $10.5 million provided in 2021. The decrease in cash provided by operating activities was primarily due to a $20.5 million year-over-year increase in change in unbilled receivables primarily resulting from the flooding in Australia, increased incentive compensation payments of $6.4 million in 2022 compared to 2021, and $2.0 million of prior year benefits received related to CEWS that were not present in 2022, partially offset by a $4.6 million reduction in pension contributions.

The Company made no contributions to its U.S. defined benefit pension plan and $0.3 million in contributions to its U.K. plans for the first half of 2022, compared with $4.5 million in contributions to the U.S. plan and $0.4 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.

Conference Call

As previously announced, Crawford & Company will host a conference call on August 9, 2022, at 8:30 a.m. Eastern Time to discuss its second quarter 2022 results. The conference call can be accessed live by dialing 1-888-396-8049 and using Conference ID 88204978. 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 September 9, 2022. You may dial 1-877-674-7070 and use passcode 204978# 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, amortization of customer-relationship intangible assets, contingent earnout adjustments, income taxes and net income or loss attributable to noncontrolling interests.

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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 recurring adjustments for depreciation and amortization, net corporate interest expense, contingent earnout adjustments, 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.

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										Six Months Ended
(in thousands)		June 30, 2022					June 30, 2021					June 30, 2022					June 30, 2021
Geographic Area	Currency	USD equivalent		% of total			USD equivalent		% of total			USD equivalent		% of total			USD equivalent		% of total
U.S.	USD	$	174,961		59.6	%	$	155,714		58.2	%	$	340,453		59.5	%	$	301,116		57.8	%
U.K.	GBP		33,402		11.4	%		34,280		12.8	%		67,452		11.8	%		66,503		12.8	%
Canada	CAD		24,674		8.4	%		20,337		7.6	%		48,935		8.5	%		41,571		8.0	%
Australia	AUD		23,643		8.1	%		27,497		10.3	%		42,360		7.4	%		51,707		9.9	%
Europe	EUR		24,016		8.2	%		14,145		5.3	%		47,682		8.3	%		27,409		5.3	%
Rest of World	Various		12,650		4.3	%		15,484		5.8	%		25,488		4.5	%		32,332		6.2	%
Total Revenues, before reimbursements		$	293,345		100.0	%	$	267,457		100.0	%	$	572,370		100.0	%	$	520,638		100.0	%

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

	Three Months Ended						Six Months Ended
(in thousands)	June 30, 2022			June 30, 2021			June 30, 2022			June 30, 2021
Operating earnings:
North America Loss Adjusting	$	2,695		$	3,081		$	6,831		$	7,442
International Operations		(707	)		2,126			(3,774	)		1,453
Broadspire		7,667			6,570			14,101			13,304
Platform Solutions		4,596			9,091			12,633			13,109
Unallocated corporate and shared costs, net		(1,373	)		(1,248	)		(3,825	)		(2,662	)
Consolidated operating earnings		12,878			19,620			25,966			32,646
(Deduct) add:
Net corporate interest expense		(1,780	)		(1,213	)		(3,298	)		(2,795	)
Stock option expense		(130	)		(264	)		(336	)		(404	)
Amortization expense		(2,060	)		(2,750	)		(3,786	)		(5,549	)
Contingent earnout adjustments		(303	)		—			(2,359	)		—
Income tax provision		(2,768	)		(3,590	)		(5,194	)		(6,061	)
Net (income) loss attributable to noncontrolling interests		(7	)		(23	)		(67	)		7
Net income attributable to shareholders of Crawford & Company	$	5,830		$	11,780		$	10,926		$	17,844

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

	Three Months Ended				Six Months Ended
(in thousands)	June 30, 2022		June 30, 2021		June 30, 2022		June 30, 2021
Net income attributable to shareholders of Crawford & Company	$	5,830	$	11,780	$	10,926	$	17,844
Add:
Depreciation and amortization		9,356		10,464		18,455		20,942
Stock-based compensation		1,750		1,954		3,410		3,563
Net corporate interest expense		1,780		1,213		3,298		2,795
Contingent earnout adjustments		303		—		2,359		—
Income tax provision		2,768		3,590		5,194		6,061
Non-GAAP adjusted EBITDA	$	21,787	$	29,001	$	43,642	$	51,205

Following is a reconciliation of operating cash flow to free cash flow for the six months ended June 30, 2022 and 2021:

Six Months Ended
(in thousands)	June 30, 2022			June 30, 2021			Change
Net Cash (Used in) Provided by Operating Activities	$	(12,752	)	$	10,532		$	(23,284	)
Less:
Property & Equipment Purchases, net		(3,123	)		(2,120	)		(1,003	)
Capitalized Software (internal and external costs)		(12,561	)		(10,083	)		(2,478	)
Free Cash Flow	$	(28,436	)	$	(1,671	)	$	(26,765	)

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Following are the reconciliations of GAAP Pretax Earnings, Net Income and Earnings Per Share to related non-GAAP Adjusted figures, which reflect 2022 before amortization of intangible assets and contingent earnout adjustments, and for 2021 exclude the amortization of intangible assets:

Three Months Ended June 30, 2022
(in thousands)	Pretax earnings		Net income attributable to Crawford & Company		Diluted earnings per CRD-A share		Diluted earnings per CRD-B share(1)
GAAP	$	8,605	$	5,830	$	0.12	$	0.12
Adjustments:
Amortization of intangible assets		2,060		1,545		0.03		0.03
Contingent earnout adjustments		303		224		—		—
Non-GAAP Adjusted	$	10,968	$	7,599	$	0.15	$	0.16

Three Months Ended June 30, 2021
(in thousands)	Pretax earnings		Net income attributable to Crawford & Company		Diluted earnings per CRD-A share(1)		Diluted earnings per CRD-B share
GAAP	$	15,393	$	11,780	$	0.22	$	0.22
Adjustments:
Amortization of intangible assets		2,750		2,063		0.04		0.04
Non-GAAP Adjusted	$	18,143	$	13,843	$	0.25	$	0.26

Six Months Ended June 30, 2022
(in thousands)	Pretax earnings		Net income attributable to Crawford & Company		Diluted earnings per CRD-A share		Diluted earnings per CRD-B share
GAAP	$	16,187	$	10,926	$	0.22	$	0.22
Adjustments:
Amortization of intangible assets		3,786		2,840		0.06		0.06
Contingent earnout adjustments		2,359		1,747		0.03		0.03
Non-GAAP Adjusted	$	22,332	$	15,512	$	0.31	$	0.31

Six Months Ended June 30, 2021
(in thousands)	Pretax earnings		Net income attributable to Crawford & Company		Diluted earnings per CRD-A share		Diluted earnings per CRD-B share
GAAP	$	23,898	$	17,844	$	0.33	$	0.33
Adjustments:
Amortization of intangible assets		5,549		4,162		0.08		0.08
Non-GAAP Adjusted	$	29,447	$	22,006	$	0.41	$	0.41

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

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

	Three Months Ended				Six Months Ended
(in thousands)	June 30, 2022		June 30, 2021		June 30, 2022		June 30, 2021
Weighted-Average Shares Used to Compute Basic Earnings Per Share:
Class A Common Stock		28,757		30,826		29,827		30,825
Class B Common Stock		19,987		22,445		20,381		22,454
Weighted-Average Shares Used to Compute Diluted Earnings Per Share:
Class A Common Stock		29,145		31,997		30,151		31,897
Class B Common Stock		19,987		22,445		20,381		22,454

Further information regarding the Company’s operating results for the three and six months ended June 30, 2022, financial position as of June 30, 2022, and cash flows for the six months ended June 30, 2022 is shown on the attached unaudited condensed consolidated financial statements.

About Crawford & Company

Based in Atlanta, Crawford & Company (NYSE: CRD-A and CRD-B) isthe world's largest publicly listed independent provider of claims management and outsourcing solutions to carriers, brokers and corporations with an expansive global network serving clientsin more than70countries. The Company’s shares are traded on the NYSE under the symbols CRD-A and CRD-B.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 than on the voting Class B Common Stock, subject to certain limitations. In addition, with respect to mergers or similar transactions, holders of Class A Common Stock must receive the same type and amount of consideration as holders of Class B Common Stock, unless different consideration is approved by the holders of 75% of the Class A Common Stock, 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.

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

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

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.

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CRAWFORD & COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Unaudited

(In Thousands, Except Per Share Amounts and Percentages)

Three Months Ended June 30,	2022			2021			% Change
Revenues:
Revenues Before Reimbursements	$	293,345		$	267,457			10	%
Reimbursements		10,306			9,088			13	%
Total Revenues		303,651			276,545			10	%
Costs and Expenses:
Costs of Services Provided, Before Reimbursements		218,134			193,157			13	%
Reimbursements		10,306			9,088			13	%
Total Costs of Services		228,440			202,245			13	%
Selling, General, and Administrative Expenses		65,397			58,658			11	%
Corporate Interest Expense, Net		1,780			1,213			47	%
Total Costs and Expenses		295,617			262,116			13	%
Other Income, Net		571			964			(41	)%
Income Before Income Taxes		8,605			15,393			(44	)%
Provision for Income Taxes		2,768			3,590			(23	)%
Net Income		5,837			11,803			(51	)%
Net Income Attributable to Noncontrolling Interests		(7	)		(23	)		(70	)%
Net Income Attributable to Shareholders of Crawford & Company	$	5,830		$	11,780			(51	)%
Earnings Per Share - Basic:
Class A Common Stock	$	0.12		$	0.22			(45	)%
Class B Common Stock	$	0.12		$	0.22			(45	)%
Earnings Per Share - Diluted:
Class A Common Stock	$	0.12		$	0.22			(45	)%
Class B Common Stock	$	0.12		$	0.22			(45	)%
Cash Dividends Per Share:
Class A Common Stock	$	0.06		$	0.06			—
Class B Common Stock	$	0.06		$	0.06			—

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CRAWFORD & COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Unaudited

(In Thousands, Except Per Share Amounts and Percentages)

Six Months Ended June 30,	2022			2021		% Change
Revenues:
Revenues Before Reimbursements	$	572,370		$	520,638		10	%
Reimbursements		19,070			18,062		6	%
Total Revenues		591,440			538,700		10	%
Costs and Expenses:
Costs of Services Provided, Before Reimbursements		423,715			378,359		12	%
Reimbursements		19,070			18,062		6	%
Total Costs of Services		442,785			396,421		12	%
Selling, General, and Administrative Expenses		130,239			117,360		11	%
Corporate Interest Expense, Net		3,298			2,795		18	%
Total Costs and Expenses		576,322			516,576		12	%
Other Income, Net		1,069			1,774		(40	)%
Income Before Income Taxes		16,187			23,898		(32	)%
Provision for Income Taxes		5,194			6,061		(14	)%
Net Income		10,993			17,837		(38	)%
Net (Income) Loss Attributable to Noncontrolling Interests		(67	)		7	nm
Net Income Attributable to Shareholders of Crawford & Company	$	10,926		$	17,844		(39	)%
Earnings Per Share - Basic:
Class A Common Stock	$	0.22		$	0.33		(33	)%
Class B Common Stock	$	0.22		$	0.33		(33	)%
Earnings Per Share - Diluted:
Class A Common Stock	$	0.22		$	0.33		(33	)%
Class B Common Stock	$	0.22		$	0.33		(33	)%
Cash Dividends Per Share:
Class A Common Stock	$	0.12		$	0.12		—
Class B Common Stock	$	0.12		$	0.12		—

9

CRAWFORD & COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

As of June 30, 2022and December 31, 2021

Unaudited

(In Thousands, Except Par Values)

	June 30,			December 31,
	2022			2021
ASSETS
Current Assets:
Cash and Cash Equivalents	$	46,254		$	53,228
Accounts Receivable, Net		129,162			134,458
Unbilled Revenues, at Estimated Billable Amounts		141,879			118,722
Income Taxes Receivable		8,726			4,936
Prepaid Expenses and Other Current Assets		36,313			34,576
Total Current Assets		362,334			345,920
Net Property and Equipment		30,165			33,721
Other Assets:
Operating Lease Right-of-Use Asset, Net		100,087			99,369
Goodwill		114,801			116,526
Intangible Assets Arising from Business Acquisitions, Net		94,686			97,571
Capitalized Software Costs, Net		76,936			75,802
Deferred Income Tax Assets		19,789			21,266
Other Noncurrent Assets		61,231			62,464
Total Other Assets		467,530			472,998
Total Assets	$	860,029		$	852,639
LIABILITIES AND SHAREHOLDERS’ INVESTMENT
Current Liabilities:
Short-Term Borrowings	$	39,776		$	10,704
Accounts Payable		44,737			48,470
Accrued Compensation and Related Costs		77,989			96,018
Self-Insured Risks		19,009			13,222
Income Taxes Payable		—			1,200
Operating Lease Liability		23,938			25,238
Other Accrued Liabilities		62,537			76,884
Deferred Revenues		29,495			32,119
Total Current Liabilities		297,481			303,855
Noncurrent Liabilities:
Long-Term Debt and Finance Leases, Less Current Installments		214,409			164,315
Operating Lease Liability		89,910			88,408
Deferred Revenues		24,471			23,786
Accrued Pension Liabilities		12,578			17,892
Other Noncurrent Liabilities		36,672			42,986
Total Noncurrent Liabilities		378,040			337,387
Shareholders’ Investment:
Class A Common Stock, $1.00 Par Value		28,428			30,996
Class B Common Stock, $1.00 Par Value		19,848			20,812
Additional Paid-in Capital		77,550			74,229
Retained Earnings		248,133			266,369
Accumulated Other Comprehensive Loss		(188,572	)		(180,441	)
Shareholders’ Investment Attributable to Shareholders of Crawford & Company		185,387			211,965
Noncontrolling Interests		(879	)		(568	)
Total Shareholders’ Investment		184,508			211,397
Total Liabilities and Shareholders’ Investment	$	860,029		$	852,639

10

CRAWFORD & COMPANY

SUMMARY RESULTS BY OPERATING SEGMENT WITH DIRECT COMPENSATION AND OTHER EXPENSES

Unaudited

(In Thousands, Except Percentages)

Three Months Ended June 30,

	North America Loss Adjusting				%	International Operations					%	Broadspire				%	Platform Solutions				%
	2022		2021		Change	2022			2021		Change	2022		2021		Change	2022		2021		Change
Revenues Before Reimbursements	$	65,775	$	56,212	17.0%	$	93,710		$	91,269	2.7%	$	80,114	$	75,902	5.5%	$	53,746	$	44,074	21.9%
Direct Compensation, Fringe Benefits & Non-Employee Labor		48,413		40,411	19.8%		65,298			62,768	4.0%		49,799		46,169	7.9%		36,467		26,297	38.7%
% of Revenues Before Reimbursements	73.6%		71.9%			69.7%			68.8%			62.2%		60.8%			67.9%		59.7%
Expenses Other than Reimbursements, Direct Compensation, Fringe Benefits & Non-Employee Labor		14,667		12,720	15.3%		29,119			26,375	10.4%		22,648		23,163	(2.2)%		12,683		8,686	46.0%
% of Revenues Before Reimbursements	22.3%		22.6%			31.1%			28.9%			28.3%		30.5%			23.6%		19.7%
Total Operating Expenses		63,080		53,131	18.7%		94,417			89,143	5.9%		72,447		69,332	4.5%		49,150		34,983	40.5%
Operating Earnings (Loss) (1)	$	2,695	$	3,081	(12.5)%	$	(707	)	$	2,126	133.3%	$	7,667	$	6,570	16.7%	$	4,596	$	9,091	(49.4)%
% of Revenues Before Reimbursements	4.1%		5.5%			(0.8)%			2.3%			9.6%		8.7%			8.6%		20.6%

Six Months Ended June 30,

	North America Loss Adjusting						%	International Operations							%	Broadspire						%	Platforms Solutions						%
	2022			2021			Change		2022			2021			Change	2022			2021			Change	2022			2021			Change
Revenues Before Reimbursements	$	130,213		$	112,510		15.7%		$	182,982		$	177,736		3.0%	$	156,568		$	150,178		4.3%	$	102,607		$	80,214		27.9%
																										\
Direct Compensation, Fringe Benefits & Non-Employee Labor		94,910			80,698		17.6%			128,304			123,124		4.2%		97,748			91,839		6.4%		68,318			49,568		37.8%
% of Revenues Before Reimbursements		72.9	%		71.7	%				70.1	%		69.3	%			62.4	%		61.2	%			66.6	%		61.8	%
Expenses Other than Reimbursements, Direct Compensation, Fringe Benefits & Non-Employee Labor		28,473			24,370		16.8%			58,452			53,159		10.0%		44,719			45,035		(0.7)%		21,655			17,537		23.5%
% of Revenues Before Reimbursements		21.9	%		21.7	%				31.9	%		29.9	%			28.6	%		30.0	%			21.1	%		21.9	%
Total Operating Expenses		123,383			105,068		17.4%			186,756			176,283		5.9%		142,467			136,874		4.1%		89,973			67,105		34.1%
Operating Earnings (1)	$	6,830		$	7,442		(8.2)%		$	(3,774	)	$	1,453		(359.7)%	$	14,101		$	13,304		6.0%	$	12,634		$	13,109		(3.6)%
% of Revenues Before Reimbursements		5.2	%		6.6	%				(2.1	)%		0.8	%			9.0	%		8.9	%			12.3	%		16.3	%

(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, contingent earnout adjustments, and certain unallocated corporate and shared costs and credits. See pages 3 and 4 for additional information about segment operating earnings.

11

CRAWFORD & COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Year to Date Period Ended June 30, 2022 and June 30, 2021

Unaudited

(In Thousands)

	2022			2021
Cash Flows From Operating Activities:
Net income	$	10,993		$	17,837
Reconciliation of net income to net cash (used in) provided by operating activities:
Depreciation and amortization		18,455			20,942
Stock-based compensation		3,410			3,563
Gain on sale of property and equipment		(1,544	)		6
Increase in contingent consideration valuation		2,359			—
Changes in operating assets and liabilities:
Accounts receivable, net		1,241			3,111
Unbilled revenues, net		(27,557	)		(7,026	)
Accrued or prepaid income taxes		(5,275	)		(7,424	)
Accounts payable and accrued liabilities		(9,403	)		(11,331	)
Deferred revenues		(1,080	)		(189	)
Accrued retirement costs		(3,016	)		(9,879	)
Prepaid expenses and other operating activities		(1,335	)		922
Net cash (used in) provided by operating activities		(12,752	)		10,532
Cash Flows From Investing Activities:
Acquisitions of property and equipment		(3,123	)		(2,120	)
Capitalization of computer software costs		(12,561	)		(10,083	)
Proceeds from settlement of life insurance policies		—			4,198
Payments for business acquisitions, net of cash acquired		(25,941	)		(3,786	)
Cash proceeds from sale of property and equipment		3,032			—
Net cash used in investing activities		(38,593	)		(11,791	)
Cash Flows From Financing Activities:
Cash dividends paid		(6,034	)		(6,394	)
Repurchases of common stock		(26,749	)		(2,999	)
Increases in short-term and revolving credit facility borrowings		86,865			29,983
Payments on short-term and revolving credit facility borrowings		(6,011	)		(18,986	)
Payments of contingent consideration on acquisitions		(1,654	)		(1,683	)
Other financing activities		(285	)		(282	)
Net cash provided by (used in) financing activities		46,132			(361	)
Effects of exchange rate changes on cash and cash equivalents		(1,400	)		1,672
Decrease in cash, cash equivalents, and restricted cash(1)		(6,613	)		52
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)	$	47,076		$	44,708

(1)The 2022 amounts include beginning restricted cash of $461 at December 31, 2021, and ending restricted cash of $822 at June 30, 2022, which we present as part of "Prepaid expenses and other current assets" on the Balance Sheets.

12

EX-99.2

Crawford & Company Second Quarter 2022 Earnings Conference Call CRD-A & CRD-B (NYSE)

Forward-Looking Statements and Additional Information Forward-Looking Statements This presentation 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 statements of historical fact may be "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 and other 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. Results for any interim period presented herein are not necessarily indicative of results to be expected for the full year or for any other future period. For further information regarding Crawford & Company, and the risks and uncertainties involved in forward-looking statements, please read Crawford & Company's reports filed with the Securities and Exchange Commission and available at www.sec.gov or in the Investor Relations portion of Crawford & Company's website at https://ir.crawco.com. Crawford's business is dependent, to a significant extent, on case volumes. The Company cannot predict the future trend of case volumes for a number of reasons, including the fact that the frequency and severity of weather-related claims and the occurrence of natural and man-made disasters, which are a significant source of cases and revenue for the Company, are generally not subject to accurate forecasting. Revenues Before Reimbursements ("Revenues") Revenues Before Reimbursements are referred to as "Revenues" in both consolidated and segment charts, bullets and tables throughout this presentation. Segment and Consolidated Operating Earnings Under the Financial Accounting Standards Board's Accounting Standards Codification ("ASC") Topic 280, "Segment Reporting," the Company has defined segment operating earnings as the primary measure used by the Company to evaluate the results of each of its three operating segments. Segment operating earnings represent segment earnings, including the direct and indirect costs of certain administrative functions required to operate our business, but excludes unallocated corporate and shared costs and credits, net corporate interest expense, stock option expense, amortization of customer-relationship intangible assets, contingent earnout adjustments, income taxes and net income or loss attributable to noncontrolling interests. Earnings Per Share 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 than on the voting Class B Common Stock, subject to certain limitations. In addition, with respect to mergers or similar transactions, holders of Class A Common Stock must receive the same type and amount of consideration as holders of Class B Common Stock, unless different consideration is approved by the holders of 75% of the Class A Common Stock, voting as a class. In certain periods, the Company has paid a higher dividend on CRD-A than on CRD-B. This may result in a different earnings per share ("EPS") for each class of stock due to the two-class method of computing EPS as required by ASC Topic 260 - "Earnings Per Share". The two-class method is an earnings allocation method under which EPS is calculated for each class of common stock considering both dividends declared and participation rights in undistributed earnings as if all such earnings had been distributed during the period. Segment Gross Profit Segment gross profit is defined as revenues, less direct costs, which exclude indirect centralized administrative support costs allocated to the business. Indirect expenses consist of centralized administrative support costs, regional and local shared services that are allocated to each segment based on usage. Non-GAAP Financial Information For additional information about certain non-GAAP financial information presented herein, see the Appendix following this presentation.

Continued margin pressures impacting profitability  Second Quarter 2022 Fueled by our strategic investments in the business, Crawford delivered its fifth consecutive quarter of double-digit revenue growth Our strategy execution continues to bear favorable results We generated revenue growth across all of our businesses, especially in North America Loss Adjusting and Platform Solutions Growth momentum continued in Broadspire, aided by new business wins and the expansion of our existing client base International Operations making steady progress on path to recovery, particularly in Australia and Latin America Key Highlights Q2 2022 GAAP METRICS $0.12 CRD-A & CRD-B EPS $5.8M Net Income $293.3M Revenues We are acutely focused on converting our topline success into operating earnings expansion and cash flow improvement to accelerate profitability across the business

Ensuring our top line success translates into expanded profitability to support our long-term growth strategy Our Roadmap to Drive Margin Improvement Align pricing with the value we deliver Aggressively address low productivity pockets Optimize cost structure to current market dynamics Roll out new systems and improved processes for efficiency gains 4 3 1 2 ORGANIC DIGITAL that simplifies QUALITY that sets the industry benchmark EXPERTISE that is deep and eminent INORGANIC Long-term Growth Strategy ADJACENCIES Bolster presence in P&C ecosystem and deepen customer wallet share GEOGRAPHIES P&C market growth and claims outsourcing tailwinds SCALE Existing businesses to drive margin improvement

We’re committed to employing a disciplined approach to capital allocation Investing in long-term growth through Cap Ex and M&A  Share buyback program Purchased an additional 1.4M shares of CRD-A and CRD-B in Q2 2022 Our Capital Allocation Strategy Acquire adjacent services to bolster presence in property claim ecosystem Bolster technical capabilities by attracting top-tier technical adjusting talent globally Drive market share within fragmented independent loss adjusting market in the US Increase presence in rapidly growing P&C insurance markets with strong outsourced claims processing tailwinds Regular quarterly dividend of $0.06 per share  for CRD-A and CRD-B Our M&A Approach

Corporate Strategy Overview

7 Impact Across Our Global Service Lines (GSLs) Second Quarter 2022 Performance  Q2 revenue growth of 17.0% over prior year, driven by new client wins in large and complex business as well as strong pricing Onboarded 70 specialist adjusters year to date, progressing toward our three-year goal of recruiting 200 specialists Q2 revenue growth of 5.5% over prior year Secured new business wins in casualty, disability, and accident and health (A&H) claims Q2 revenue growth of 2.7% over prior year Margin pressures continue to impact certain business lines in the U.K., Europe and Asia Approximately 15,000 cases received in Australia due to flooding event for which revenues are expected in future quarters as services are performed Q2 Revenues $65.8M “OE” refers to Operating Earnings 23% of total Q2 revenues North America Loss Adjusting Q2 OE¹ $2.7M International Operations 32% of total Q2 revenues Broadspire (US-only) 27% of total Q2 revenues Q2 revenue growth of 21.9% over prior year, driven by Praxis and Networks Margin pressures were driven by a shift in the mix of revenues to the Networks business Platform Solutions (US-only) 18% of total Q2 revenues Q2 Revenues $93.7M Q2 OE $(0.7M) Q2 Revenues $80.1M Q2 OE $7.7M Q2 Revenues $53.7M Q2 OE $4.6M

Net Promoter Score NPS remains at a healthy level of 48 Actively looking for opportunities to improve our score Added $23.3 million in new and enhanced business in Q2 2022 New and Renewal Business Activity¹ Retained 94% of our US Broadspire business year to date Increasing market share with key carrier clients 8 Customer Excellence Exceeded pre-pandemic client service delivery levels (1) Estimated new and enhanced revenue won during 2022 48 NPS 94% a Retained US Broadspire business New and enhanced business won $23.3M

Environmental, Social and Governance We are continuing to look for opportunities across our enterprise to become more socially responsible and are increasingly integrating ESG best practices into our operations Diversity, Equity, and Inclusion Corporate Governance 55% WOMEN REPRESENTATION GLOBALLY 50% 25% 32% COUNTRY PRESIDENT ROLES EXECUTIVE LEVEL SENIOR LEVEL 16% OF U.S. EMPLOYEES ARE BLACK OR AFRICAN AMERICAN WOMAN NON-EXECUTIVE BOARD CHAIR 20% 30%+ REPRESENTATION OF WOMEN & MINORITIES ON MANAGEMENT TEAM REPRESENTATION OF WOMEN ON BOARD 30% 4% higher than U.S. Bureau of Labor Statistics national average Highlights: In Q2, we achieved two key milestones: Published inaugural Global Citizenship Report: “Stronger Together” Promoted Nidhi Verma to Chief People and ESG Officer Co-leading our continuing cultural transformation across the organization Link to the 2021 Global Citizenship Report REPRESENTATION OF MINORITIES ON BOARD

Financial Overview

(1) See appendix for non-GAAP explanation and reconciliation of non-GAAP measures. 11 Second Quarter 2022 Financial Summary Quarter Ended June 30, June 30, ($ in millions, except per share amounts) 2022 2021 % Change Revenues $293.3 $267.5 10% Non-GAAP Revenues excluding foreign exchange fluctuations(1) $299.6 $267.5 12% Net Income Attributable to Shareholders of Crawford & Company $5.8 $11.8 (51)% Diluted Earnings per Share CRD-A $0.12 $0.22 (45)% CRD-B $0.12 $0.22 (45)% Non-GAAP Diluted Earnings per Share 1 CRD-A $0.15 $0.25 (40)% CRD-B $0.16 $0.26 (38)% Adjusted Operating Earnings 1 $12.9 $19.6 (34)% Adjusted Operating Margin 1 4.4% 7.3% (290bps) Adjusted EBITDA 1 $21.8 $29.0 (25%) Adjusted EBITDA Margin 1 7.4% 10.8% (340bps)

North America Loss Adjusting Q2 Highlights Q2 revenue growth of 17.0% over prior year, driven by new client wins in large and complex business as well as strong pricing Onboarded 70 specialist adjusters year to date, progressing toward our three-year goal of recruiting 200 specialists Operating Results  (2Q 2022 v. 2Q 2021) Revenues of $65.8 million versus $56.2 million Constant dollar revenues of $66.7 million Gross profit of $11.2 million versus $11.3 million Gross profit margin of 17.0% versus 20.0% Operating earnings of $2.7 million versus $3.1 million Operating margin of 4.1% versus 5.5% Three months ended (in thousands, except percentages) June 30, 2022 June 30, 2021 Variance Revenues $65,775 $56,212 17.0% Direct expenses 54,586 44,943 21.5% Gross profit 11,189 11,269 (0.7)% Indirect expenses 8,494 8,188 3.7% Operating earnings $2,695 $3,081 (12.5)% Gross profit margin 17.0% 20.0% (3.0)% Operating margin 4.1% 5.5% (1.4)% Total cases received 76,419 63,818 19.7% Full time equivalent employees 2,012 1,721 16.9%

International Operations Q2 Highlights Q2 revenue growth of 2.7% over prior year Margin pressures continue to impact certain business lines in the U.K., Europe and Asia Approximately 15,000 cases received in Australia due to flooding event for which revenues are expected in future quarters as services are performed Operating Results (2Q 2022 v. 2Q 2021) Revenues of $93.7 million versus $91.3 million Constant dollar revenues of $99.0 million Gross profit of $13.5 million versus $13.9 million Gross profit margin of 14.4% versus 15.2% Operating loss of ($0.7) million versus earnings of $2.1 million Operating margin of (0.8%) versus 2.3% Three months ended (in thousands, except percentages) June 30, 2022 June 30, 2021 Variance Revenues $93,710 $91,269 2.7% Direct expenses 80,218 77,391 3.7% Gross profit 13,492 13,878 (2.8)% Indirect expenses 14,199 11,752 20.8% Operating (loss) earnings $(707) $2,126 (133.3)% Gross profit margin 14.4% 15.2% (0.8)% Operating margin (0.8)% 2.3% (3.1)% Total cases received 147,297 124,246 18.6% Full time equivalent employees 3,605 3,509 2.7%

Broadspire Q2 Highlights Q2 revenue growth of 5.5% over prior year Secured new business wins in casualty, disability, and accident and health (A&H) claims Operating Results  (2Q 2022 v. 2Q 2021) Revenues of $80.1 million versus $75.9 million Gross profit of $17.7 million versus $16.3 million Gross profit margin of 22.1% versus 21.4% Operating earnings of $7.7 million versus $6.6 million Operating margin of 9.6% versus 8.7% Three months ended (in thousands, except percentages) June 30, 2022 June 30, 2021 Variance Revenues $80,114 $75,902 5.5% Direct expenses 62,383 59,639 4.6% Gross profit 17,731 16,263 9.0% Indirect expenses 10,064 9,693 3.8% Operating earnings $7,667 $6,570 16.7% Gross profit margin 22.1% 21.4% 0.7% Operating margin 9.6% 8.7% 0.9% Total cases received 139,123 120,961 15.0% Full time equivalent employees 2,463 2,226 10.6%

Platform Solutions Q2 Highlights Q2 revenue growth of 21.9% over prior year, driven by Praxis and Networks Margin pressures driven by a shift in the mix of revenues to the Networks business Operating Results (2Q 2022 v. 2Q 2021) Revenues of $53.7 million versus $44.1 million Gross profit of $9.9 million versus $12.9 million Gross profit margin of 18.3% versus 29.3% Operating earnings of $4.6 million versus $9.1 million Operating margin of 8.6% versus 20.6% Three months ended (in thousands, except percentages) June 30, 2022 June 30, 2021 Variance Revenues $53,746 $44,074 21.9% Direct expenses 43,895 31,143 40.9% Gross profit 9,851 12,931 (23.8)% Indirect expenses 5,255 3,840 36.8% Operating earnings $4,596 $9,091 (49.4)% Gross profit margin 18.3% 29.3% (11.0)% Operating margin 8.6% 20.6% (12.0)% Total cases received 117,867 107,182 10.0% Full time equivalent employees 1,224 964 27.0%

Additional Financial Matters Unallocated Corporate and Shared Costs and Credits Unallocated corporate costs of $1.4 million in 2022 compared to $1.2 million in the prior year period Primary components of this variance were a Canada Emergency Wage Subsidy ("CEWS") benefit in 2021 (not present in 2022), partially offset by a decrease in  other unallocated costs Canada Emergency Wage Subsidy No benefit from CEWS in 2022, compared to a benefit of $2.2 million in the prior year period recorded between North America Loss Adjusting and Unallocated Corporate Costs Share Repurchases Repurchased 2,656,474  shares of CRD-A and 963,472  shares of CRD-B at an average cost per share of $7.41 and $7.32, respectively during 2022 Total cost of share repurchases during 2022 was $26.7 million Acquisition At the beginning of the quarter, we purchased certain assets of R.P. van Dijk in the Netherlands The total purchase price included the upfront payment of $4.3 million in cash, with a maximum payout of $2.2 million structured as a two-year earnout

(1) See Appendix for non-GAAP explanation and reconciliation Balance Sheet Highlights Unaudited ($ in thousands) June 30,  2022 December 31, 2019 December 31,  2021 December 31, 2018 Change Change Cash and cash equivalents $ 46,254 $ 53,228 $ (6,974 ) Accounts receivable, net 129,162 134,458 (5,296 ) Unbilled revenues, net 141,879 118,722 23,157      Total receivables 271,041 253,180 17,861 Goodwill 114,801 116,526 (1,725) Intangible assets arising from business acquisitions, net 94,686 97,571 (2,885) Deferred revenues 53,966 55,905 (1,939) Pension liabilities 12,578 17,892 (5,314 ) Short-term borrowings and current portion of finance leases 39,776 10,704 29,072 Long-term debt, less current portion 214,409 164,315 50,094      Total debt 254,185 175,019 79,169 Total stockholders' equity attributable to Crawford & Company 185,387 211,965 (26,215 ) Net debt 1 207,931 121,791 86,140

18 Net Debt and Pension Liability $207.9 million $12.6 million Net debt at $207.9 million Pension liability at $12.6 million $106.4 million $105.2 million Leverage Ratio of 2.47x EBITDA at end of Q2 2022 Funded Ratio of 93.8% at end of Q2 2022

(1) See Appendix for non-GAAP explanation and reconciliation Operating And Free Cash Flow For the period ended June 30, Unaudited ($ in thousands) 2022 2019 2021 2018 Change Change Net Income Attributable to Shareholders of Crawford & Company $ 10,926 $ 17,844 $ (6,918 ) Depreciation and Other Non-Cash Operating Items 21,932 24,498 (2,566 ) (Gain) Loss on Disposals of Property and Equipment, net (1,544 ) 6 (1,550 ) Contingent Earnout Adjustments 2,359 — 2,359 Billed Receivables Change 1,241 3,111 (1,870 ) Unbilled Receivables Change (27,557 ) (7,026 ) (20,531 ) Change in Accrued Compensation, 401K, and Other Payroll (16,647 ) (12,324 ) (4,323 ) Change in Accrued and Prepaid Income Taxes (5,275 ) (7,424 ) 2,149 Other Working Capital Changes 2,138 (3,229 ) 5,367 U.S. and U.K. Pension Contributions (325 ) (4,924 ) 4,599 Cash Flows from Operating Activities (12,752 ) 10,532 (23,284 ) Property & Equipment Purchases, net (3,123 ) (2,210 ) (1,003 ) Capitalized Software (internal and external costs) (12,561 ) (10,083 ) (2,478 ) Free Cash Flow1 $ (28,436 ) $ (1,671 ) $ (26,765 )

20 10,000+ 50,000+ 70 $18B+ employees Field Resources countries claims managed annually Crawford & Company The world’s largest publicly listed independent provider of global claims management and outsourcing solutions. 20

Appendix: Non-GAAP Financial Information 21

Appendix: Non-GAAP Financial Information Measurements of financial performance not calculated in accordance with GAAP should be considered as supplements to, and not substitutes for, performance measurements calculated or derived in accordance with GAAP. Any such measures are not necessarily comparable to other similarly-titled measurements employed by other companies. Reimbursements for Out-of-Pocket Expenses In the normal course of our business, our operating segments incur certain out-of-pocket expenses that are thereafter reimbursed by our clients. Under 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 this presentation, we do not believe it is informative to include in reported revenues the amounts of reimbursed expenses and related revenues, as they offset each other in our consolidated results of operations with no impact to our net income or operating earnings. As a result, unless noted in this presentation, revenue and expense amounts exclude reimbursements for out-of-pocket expenses. Net Debt Net debt is computed as the sum of long-term debt, capital leases and short-term borrowings less cash and cash equivalents. Management believes that net debt is useful because it provides investors with an estimate of what the Company's debt would be if all available cash was used to pay down the debt of the Company. The measure is not meant to imply that management plans to use all available cash to pay down debt. Free Cash Flow Management believes free cash flow is useful to investors as it presents the amount of cash the Company has generated that can be used for other purposes, including additional contributions to the Company's defined benefit pension plans, discretionary prepayments of outstanding borrowings under our credit agreement, and return of capital to shareholders, among other purposes. It does not represent the residual cash flow of the Company available for discretionary expenditures. Segment and Consolidated Operating Earnings Operating earnings is the primary financial performance measure used by our senior management and chief operating decision maker to evaluate the financial performance of our Company and operating segments and make resource allocation and certain compensation decisions. Management believes operating earnings is useful to others in that it allows them to evaluate segment and consolidated operating performance using the same criteria our management and chief operating decision maker use. Consolidated operating earnings represent segment earnings including certain unallocated corporate and shared costs and credits, but before net corporate interest expense, stock option expense, amortization of customer-relationship intangible assets, contingent earnout adjustments, income taxes and net income or loss attributable to noncontrolling interests.

Appendix: Non-GAAP Financial Information (cont.) Segment and Consolidated Gross Profit Gross profit is defined as revenues less direct expenses which exclude indirect overhead expenses allocated to the business. Indirect expenses consist of centralized administrative support costs, regional and local shared services that are allocated to each segment based on usage.   Adjusted EBITDA Adjusted EBITDA is used by management to evaluate, assess and benchmark our operational results and 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 recurring adjustments for depreciation and amortization, net corporate interest expense, contingent earnout adjustments, income taxes and stock-based compensation expense. 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. Adjusted Revenue, Operating Earnings, Pretax Earnings, Net Income, Diluted Earnings per Share and EBITDA Included in non-GAAP adjusted measurements as an add back or subtraction to GAAP measurements, are impacts of amortization of customer-relationship intangible assets and contingent earnout adjustments, which arise from non-core items not directly related to our normal business or operations, or our future performance. Management believes it is useful to exclude these charges when comparing net income and diluted earnings per share across periods, as these charges are not from ordinary operations.

Total Revenues Before Reimbursements by Major Currency The following table illustrates revenue as a percentage of total revenue in the major currencies of the geographic areas in which Crawford does business:   Three Months Ended   (in thousands) June 30,2022   June 30,2021   Geographic Area Currency USD equivalent % of total   USD equivalent % of total   U.S. USD $ 174,961 59.6% $ 155,714 58.2%   U.K. GBP 33,402 11.4% 34,280 12.8%   Canada CAD 24,674 8.4% 20,337 7.6%   Australia AUD 23,643 8.1% 27,497 10.3%   Europe EUR 24,016 8.2% 14,145 5.3%   Rest of World Various 12,650 4.3%   15,484 5.8%   Total Revenues, before reimbursements $ 293,345 100.0% $ 267,457 100.0%                  

Reconciliation of Non-GAAP Items Revenues, Costs of Services Provided, and Operating Earnings Quarter Ended Quarter Ended Quarter Ended Quarter Ended June 30, December 31, June 30, December 31, Unaudited ($ in thousands) 2022 2019 2021 2018 Revenues Before Reimbursements Total Revenues $ 303,651 $ 276,545 Reimbursements (10,306 ) (9,088 ) Revenues Before Reimbursements 293,345 267,457 Costs of Services Provided, Before Reimbursements Total Costs of Services 228,440 202,245 Reimbursements (10,306 ) (9,088 ) Costs of Services Provided, Before Reimbursements $ 218,134 $ 193,157 Quarter Ended Quarter Ended Quarter Ended Quarter Ended June 30, December 31, June 30, December 31, Unaudited ($ in thousands) 2022 2019 2021 2018 Operating Earnings: North America Loss Adjusting $ 2,695 $ 3,081 International Operations (707) 2,126 US Broadspire 7,667 6,570 Platform Solutions 4,596 9,091 Unallocated corporate and shared costs and credits, net (1,373 ) (1,248 ) Consolidated Operating Earnings 12,878 19,620 (Deduct) Add: Net corporate interest expense (1,780 ) (1,213 ) Stock option expense (130 ) (264 ) Amortization expense (2,060 ) (2,750 ) Contingent earnout adjustments (303 ) — Income tax provision (2,768 ) (3,590 ) Net income attributable to noncontrolling interests (7 ) (23) Net Income Attributable to Shareholders of Crawford & Company $ 5,830 $ 11,780

Reconciliation of Non-GAAP Items (cont.) Adjusted EBITDA ) Quarter Ended Quarter Ended June 30, December 31, June 30, December 31, Unaudited ($ in thousands) 2022 2019 2021 2018 Net income attributable to shareholders of Crawford & Company $ 5,830 $ 11,780 Add: Depreciation and amortization 9,356 10,464 Stock-based compensation 1,750 1,954 Net corporate interest expense 1,780 1,213 Contingent earnout adjustments 303 — Income tax provision 2,768 3,590 Adjusted EBITDA $ 21,787 $ 29,001

Reconciliation of Non-GAAP Items (cont.) Net Debt June 30, December 31, December 31, December 31, Unaudited ($ in thousands) 2022 2019 2021 2018 Net Debt Short-term borrowings $ 39,718 $ 10,643 Current installments of finance leases and other obligations 58 61 Long-term debt and finance leases, less current installments 214,409 164,315 Total debt 254,185 175,019 Less: Cash and cash equivalents 46,254 53,228 Net debt $ 207,931 $ 121,791

Reconciliation of Non-GAAP Items (cont.) Segment Gross Profit Three months ended Three months ended ($ in thousands) June 30, 2022 December 31, 2019 June 30, 2021 December 31, 2018 Segment gross profit: North America Loss Adjusting $ 11,189 $ 11,269 International Operations 13,492 13,878 US Broadspire 17,731 16,263 Platform Solutions 9,851 12,931 Segment gross profit 52,263 54,341 Segment indirect costs: North America Loss Adjusting (8,494 ) (8,188 ) International Operations (14,199 ) (11,752 ) US Broadspire (10,064 ) (9,693 ) Platform Solutions (5,255 ) (3,840 ) Unallocated corporate and shared costs, net (1,373 ) (1,248 ) Consolidated operating earnings 12,878 19,620 Net corporate interest expense (1,780 ) (1,213 ) Stock option expense (130 ) (264 ) Amortization expense (2,060 ) (2,750 ) Contingent earnout adjustments (303 ) — Income tax provision (2,768 ) (3,590 ) Net (income) loss attributable to noncontrolling interests (7 ) (23) Net income attributable to shareholders of Crawford & Company $ 5,830 $ 11,780

Reconciliation of Second Quarter Non-GAAP Results Three Months Ended June 30, 2022 Unaudited ($ in thousands) Revenues Revenues Non-GAAP Operating Earnings Non-GAAP Operating Earnings Pretax Earnings Pretax (Loss) Earnings Net Income Attributable to Crawford & Company Net (Loss) Income Attributable to Crawford & Company Diluted Earnings per CRD-A Share Diluted (Loss) Earnings per CRD-A Share Diluted Earnings per CRD-B Share(1) Diluted (Loss) Earnings per CRD-B Share GAAP $ 293,345 $ 12,878 $ 8,605 $ 5,830 $ 0.12 $ 0.12 Adjustments: Amortization of intangible assets — — 2,060 1,545 0.03 0.03 Contingent earnout adjustments — — 303 224 0.00 0.00 Non-GAAP Adjusted $ 293,345 $ 12,878 $ 10,968 $ 7,599 $ 0.15 $ 0.16 Three Months Ended June 30, 2021 Unaudited ($ in thousands) Revenues Revenues Non-GAAP Operating Earnings Non-GAAP Operating Earnings Pretax Earnings Pretax Earnings Net Income Attributable to Crawford & Company Net Income Attributable to Crawford & Company Diluted Earnings per CRD-A Share(1) Diluted Earnings per CRD-A Share Diluted Earnings per CRD-B Share Diluted Earnings per CRD-B Share GAAP $ 267,457 $ 19,620 $ 15,393 $ 11,780 $ 0.22 $ 0.22 Adjustments: Amortization of intangible assets — — 2,750 2,063 0.04 0.04 Non-GAAP Adjusted $ 267,457 $ 19,620 $ 18,143 $ 13,843 $ 0.25 $ 0.26 (1) Sum of reconciling items may differ from total due to rounding of individual components

XML

Cover	Aug. 08, 2022
Document Information [Line Items]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Aug. 08, 2022
Entity File Number	1-10356
Entity Registrant Name	CRAWFORD & COMPANY
Entity Central Index Key	0000025475
Entity Tax Identification Number	58-0506554
Entity Incorporation, State or Country Code	GA
Entity Address, Address Line One	5335 Triangle Parkway
Entity Address, City or Town	Peachtree Corners
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30092
City Area Code	404
Local Phone Number	300-1000
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Common Class A [Member]
Document Information [Line Items]
Title of 12(b) Security	Class A Common Stock — $1.00 Par Value
Trading Symbol	CRD-A
Security Exchange Name	NYSE
Common Class B [Member]
Document Information [Line Items]
Title of 12(b) Security	Class B Common Stock — $1.00 Par Value
Trading Symbol	CRD-B
Security Exchange Name	NYSE