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): May 5, 2021

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 May 5, 2021, Crawford & Company (the "Company") issued a press release containing information about the Company's financial results for the first quarter 2021. 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 Friday, May 6, 2021 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 May 5, 2021
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.

2

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: May 5, 2021

3

EX-99.1

Exhibit 99.1

Crawford & Company®

5335 Triangle Parkway

Peachtree Corners, GA 30092

FOR IMMEDIATE RELEASE

CRAWFORD & COMPANY REPORTS 2021 FIRST QUARTER RESULTS

AIDED BY WEATHER CLAIMS

ATLANTA, (May 5, 2021) -- 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 first quarter ended March 31, 2021.

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

First Quarter 2021

• Revenues before reimbursements of $253.2 million, compared with $237.5 million for the 2020 first quarter

• Net income attributable to shareholders of $6.1 million, compared with a loss of ($11.4) million in the same period last year

• Diluted earnings per share of $0.11 for both CRD-A and CRD-B, compared with a loss of ($0.21) for CRD-A and ($0.23) for CRD-B in the prior year first quarter

Non-GAAP Consolidated Results

First Quarter 2021

Non-GAAP consolidated results for 2021 exclude after-tax amortization of intangible assets of $2.1 million. Non-GAAP consolidated results for 2020 exclude the non-cash after-tax adjustments of amortization of intangible assets of $2.1 million, restructuring costs of $3.3 million and goodwill impairment of $9.1 million, as explained further on pages 2 and 3.

• Foreign currency exchange rates increased revenues before reimbursements by $5.3 million or 2.2%. Presented on a constant dollar basis to the prior year, revenues before reimbursements totaled $247.9 million, compared with $237.5 million for the 2020 first quarter

• Net income attributable to shareholders, on a non-GAAP basis, totaled $8.2 million in the 2021 first quarter, compared with $3.1 million in the same period last year

• Diluted earnings per share, on a non-GAAP basis, of $0.15 for both CRD-A and CRD-B in the 2021 first quarter, compared with $0.07 for CRD-A and $0.05 for CRD-B in the prior year first quarter

• Consolidated adjusted operating earnings, on a non-GAAP basis, were $13.0 million, or 5.1% of non-GAAP revenues, in the 2021 first quarter, compared with $7.0 million, or 3.0% of revenues, in the 2020 first quarter

• Consolidated adjusted EBITDA, a non-GAAP financial measure, was $22.2 million, or 8.8% of non-GAAP revenues, in the 2021 first quarter, compared with $16.7 million, or 7.0% of revenues, in the 2020 first quarter

Management Comments

Mr. Rohit Verma, chief executive officer of Crawford & Company, stated, “Crawford delivered another strong quarter aided by weather-related activity, with revenue and operating earnings increasing nearly 7% and 86% year-over-year, respectively. We added a net total of $13 million in new and enhanced business, further building on our already sound customer and carrier client relationships, while continuing to drive innovation through the launch of Crawford Inspection Services, a digital solution that allows more claims to be handled from the desk.”

Mr. Verma concluded, “In 2021, Crawford will celebrate its 80th anniversary. As we look towards the remainder of this momentous year, we believe the strategic evolution of our business will enable us to confidently execute on our growth plans and envisioned future, supported by the right group of experts and leaders to achieve our long-term strategy. We are confident in our financial position and look forward to continuing to deliver value to our shareholders, while fulfilling our purpose of restoring and enhancing lives, businesses and communities.”

Segment Results for the First Quarter

Crawford Loss Adjusting

Crawford Loss Adjusting revenues before reimbursements were $112.5 million in the first quarter of 2021, increasing 5.1% from $107.1 million in the first quarter of 2020. Absent foreign currency rate fluctuations of $3.7 million, first quarter 2021 revenues would have been $108.9 million.

The segment had operating earnings of $4.9 million in the 2021 first quarter increasing from the $0.7 million in the first quarter of 2020. The operating margin was 4.3% in the 2021 quarter and 0.6% in the 2020 quarter.

Crawford Platform Solutions

Crawford Platform Solution revenues before reimbursements were $42.4 million in the first quarter of 2021, up 30.7% from $32.4 million in the same period of 2020. Absent foreign exchange rate fluctuations of $0.3 million, revenues would have been $42.1 million for the three months ended March 31, 2021.

Operating earnings were $4.6 million in the 2021 first quarter increasing 46.6% over the $3.1 million in the 2020 period. The segment’s operating margin for the 2021 quarter was 10.9% as compared with 9.7% in the 2020 quarter.

Crawford TPA Solutions

Crawford TPA Solutions segment revenues before reimbursements were $98.2 million in the 2021 first quarter, increasing 0.3% from $98.0 million in the 2020 first quarter. Absent foreign currency rate fluctuations of $1.3 million, first quarter 2021 revenues would have been $97.0 million.

Crawford TPA Solutions recorded operating earnings of $4.7 million in the first quarter of 2021, representing an operating margin of 4.8%, decreasing from $6.3 million, or 6.4% of revenues, in the 2020 first quarter.

Unallocated Corporate and Shared Costs and Credits, Net

Unallocated corporate costs were $1.2 million in the first quarter of 2021, compared with $3.1 million in the same period of 2020. The decrease for the three months ended March 31, 2021, was primarily due to a $1.4 million decrease in self-insurance costs, a $1.0 million credit from the Canada Emergency Wage Subsidy, partially offset by a $0.5 million increase in incentive compensation.

Restructuring Costs

There were no restructuring costs in 2021. The Company recognized pretax restructuring costs totaling $5.7 million in the 2020 first quarter, related primarily to severance and other termination costs in an effort to consolidate and streamline various functions of our workforce. The restructuring costs comprised of $5.1 million severance expense and $0.6 million asset impairment.

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Goodwill Impairment

There was no goodwill impairment in 2021. The Company recognized a non-cash goodwill impairment in the 2020 first quarter, totaling $17.7 million, related to its former Crawford Claims Solutions segment.

Business Acquisitions

On November 1, 2020, the Company acquired 100% of HBA Group in Australia, including 100% of the stock in each of HBA Group’s entities HBA Legal, Pillion and Paratus. HBA Legal is a legal services provider that will complement the Company’s Crawford TPA Solutions segment in Australia. The purchase price includes an initial lump-sum payment of $4.0 million, net of working capital adjustment, and a maximum of $3.2 million payable over the next four years based on achieving certain EBITDA performance goals.

COVID-19

The Company estimates that COVID-19 negatively impacted its revenues in the range of $5.0 to $10.0 million for the three months ended March 31, 2021 as compared to the prior year period. The Company expects the ongoing global economic slowdown resulting from COVID-19 could have a material impact to its results of operations, financial condition and cash flow in one or more future quarters.

Balance Sheet and Cash Flow

The Company’s consolidated cash and cash equivalents position as of March 31, 2021, totaled $42.7 million, compared with $44.7 million at December 31, 2020. The Company’s total debt outstanding as of March 31, 2021, totaled $119.2 million, compared with $113.6 million at December 31, 2020.

The Company’s operations provided $1.6 million of cash during 2021, compared with a use of $8.0 million in 2020. The increase in cash provided by operating activities was primarily due to higher net income, lower pension contributions and other working capital requirements, including a benefit from the Canada Emergency Wage Subsidy. Free cash flow increased by $12.1 million compared with the prior year period.

The Company made no contributions to its U.S. defined benefit pension plan and $0.2 million to its U.K. plans for 2021, compared with $3.0 million in contributions to the U.S. plan and $0.2 million to the U.K. plans in 2020.

During 2021, the Company repurchased 90,062 shares of CRD-A and 58,837 shares of CRD-B at an average per share cost of $8.05 and $7.90, respectively. The total cost of share repurchases during 2021 was $1.2 million.

Conference Call

As previously announced, Crawford & Company will host a conference call on May 6, 2021, at 8:30 a.m. Eastern Time to discuss its first quarter 2021 results. The conference call can be accessed live by dialing 1-833-968-1973 and using Conference ID 2219718. 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 June 5, 2021. You may dial 1-800-585-8367 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.

Page 3 of 11

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, goodwill impairment, restructuring costs,income taxes and net income or loss attributable to noncontrolling interests and redeemable 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 recurring adjustments for depreciation and amortization, net corporate interest expense, income taxes and stock-based compensation expense. Additionally, adjustments for non-recurring expenses for goodwill impairment and restructuring costs have been included in the calculation of adjusted EBITDA.

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 and amortization of customer-relationship intangible assets 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. 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
(in thousands)		March 31, 2021					March 31, 2020
Geographic Area	Currency	USD equivalent		% of total			USD equivalent		% of total
U.S.	USD	$	145,402		57.4	%	$	134,446		56.6	%
U.K.	GBP		32,223		12.7	%		32,383		13.6	%
Canada	CAD		21,234		8.4	%		25,220		10.6	%
Australia	AUD		24,210		9.6	%		16,906		7.1	%
Europe	EUR		13,264		5.2	%		13,389		5.6	%
Rest of World	Various		16,848		6.7	%		15,187		6.5	%
Total Revenues, before reimbursements		$	253,181		100.0	%	$	237,531		100.0	%

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

	Three Months Ended
(in thousands)	March 31, 2021			March 31, 2020
Operating earnings:
Crawford Loss Adjusting	$	4,862		$	672
Crawford Platform Solutions		4,601			3,139
Crawford TPA Solutions		4,716			6,298
Unallocated corporate and shared costs, net		(1,153	)		(3,096	)
Consolidated operating earnings		13,026			7,013
(Deduct) add:
Net corporate interest expense		(1,582	)		(2,224	)
Stock option expense		(140	)		(290	)
Amortization expense		(2,799	)		(2,756	)
Goodwill impairment		—			(17,674	)
Restructuring costs		—			(5,714	)
Income tax (provision) benefit		(2,471	)		8,486
Net loss attributable to noncontrolling interests and redeemable noncontrolling interests		30			1,760
Net income (loss) attributable to shareholders of Crawford & Company	$	6,064		$	(11,399	)

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

	Three Months Ended
(in thousands)	March 31, 2021		March 31, 2020
Net income (loss) attributable to shareholders of Crawford & Company	$	6,064	$	(11,399	)
Add (Deduct):
Depreciation and amortization		10,478		10,060
Stock-based compensation		1,609		880
Net corporate interest expense		1,582		2,224
Goodwill impairment		—		17,674
Restructuring costs		—		5,714
Income tax provision (benefit)		2,471		(8,486	)
Non-GAAP adjusted EBITDA	$	22,204	$	16,667

Following is a reconciliation of operating cash flow to free cash flow for the three months ended March 31, 2021 and 2020:

Three months ended
(in thousands)	March 31, 2021			March 31, 2020			Change
Net Cash Provided by (Used in) Operating Activities	$	1,577		$	(7,978	)	$	9,555
Less:
Property & Equipment Purchases, net		(618	)		(2,708	)		2,090
Capitalized Software (internal and external costs)		(4,354	)		(4,803	)		449
Free Cash Flow	$	(3,395	)	$	(15,489	)	$	12,094

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Following are the reconciliations of GAAP Revenue, Operating Earnings, Pretax Earnings (Loss), Net Income (Loss) and Earnings (Loss) Per Share to related non-GAAP Adjusted figures, which reflect 2021 before amortization of intangible assets, and for 2020 exclude the results of amortization of intangible assets, goodwill impairment and restructuring costs:

Three Months Ended March 31, 2021
(in thousands)	Revenues		Non-GAAP Operating earnings		Pretax earnings		Net income attributable to Crawford & Company		Diluted earnings per CRD-A share		Diluted earnings per CRD-B share
GAAP	$	253,181	$	13,026	$	8,505	$	6,064	$	0.11	$	0.11
Adjustments:
Amortization of intangible assets		—		—		2,799		2,099		0.04		0.04
Non-GAAP Adjusted	$	253,181	$	13,026	$	11,304	$	8,163	$	0.15	$	0.15

Three Months Ended March 31, 2020
(in thousands)	Revenues		Non-GAAP Operating earnings		Pretax (loss) 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	$	237,531	$	7,013	$	(21,645	)	$	(11,399	)	$	(0.21	)	$	(0.23	)
Adjustments:
Amortization of intangible assets		—		—		2,756			2,067			0.04			0.04
Goodwill impairment		—		—		17,674			9,133			0.18			0.18
Restructuring costs		—		—		5,714			3,263			0.06			0.06
Non-GAAP Adjusted	$	237,531	$	7,013	$	4,499		$	3,064		$	0.07		$	0.05

⁽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 first quarter 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.

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

	Three months ended
(in thousands)	March 31, 2021		March 31, 2020
Weighted-Average Shares Used to Compute Basic Earnings (Loss) Per Share:
Class A Common Stock		30,824		30,562
Class B Common Stock		22,464		22,578
Weighted-Average Shares Used to Compute Diluted Earnings (Loss) Per Share:
Class A Common Stock		31,106		30,562
Class B Common Stock		22,464		22,578

Further information regarding the Company’s operating results for the quarter ended March 31, 2021, financial position as of March 31, 2021, and cash flows for the quarter ended March 31, 2021 is shown on the attached unaudited condensed consolidated financial statements.

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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 March 31,	2021		2020			% Change
Revenues:
Revenues Before Reimbursements	$	253,181	$	237,531			7	%
Reimbursements		8,974		8,515			5	%
Total Revenues		262,155		246,046			7	%
Costs and Expenses:
Costs of Services Provided, Before Reimbursements		185,202		177,604			4	%
Reimbursements		8,974		8,515			5	%
Total Costs of Services		194,176		186,119			4	%
Selling, General, and Administrative Expenses		58,702		55,754			5	%
Corporate Interest Expense, Net		1,582		2,224			(29	)%
Goodwill Impairment		-		17,674			(100	)%
Restructuring Costs		-		5,714			(100	)%
Total Costs and Expenses		254,460		267,485			(5	)%
Other Income (Expense), Net		810		(206	)		493	%
Income (Loss) Before Income Taxes		8,505		(21,645	)		139	%
Provision (benefit) for Income Taxes		2,471		(8,486	)		129	%
Net Income (Loss)		6,034		(13,159	)		146	%
Net Loss Attributable to Noncontrolling Interests and Redeemable Noncontrolling Interests		30		1,760			(98	)%
Net Income (Loss) Attributable to Shareholders of Crawford & Company	$	6,064	$	(11,399	)		153	%
Earnings (Loss) Per Share - Basic:
Class A Common Stock	$	0.11	$	(0.21	)		152	%
Class B Common Stock	$	0.11	$	(0.23	)		148	%
Earnings (Loss) Per Share - Diluted:
Class A Common Stock	$	0.11	$	(0.21	)		152	%
Class B Common Stock	$	0.11	$	(0.23	)		148	%
Cash Dividends Per Share:
Class A Common Stock	$	0.06	$	0.07			(14	)%
Class B Common Stock	$	0.06	$	0.05			20	%

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CRAWFORD & COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

As of March 31, 2021and December 31, 2020

Unaudited

(In Thousands, Except Par Values)

	March 31,			December 31,
	2021			2020
ASSETS
Current Assets:
Cash and Cash Equivalents	$	42,723		$	44,656
Accounts Receivable, Net		126,214			123,060
Unbilled Revenues, at Estimated Billable Amounts		114,383			103,528
Income Taxes Receivable		1,269			1,269
Prepaid Expenses and Other Current Assets		30,531			29,490
Total Current Assets		315,120			302,003
Net Property and Equipment		35,201			36,402
Other Assets:
Operating Lease Right-of-Use Asset, Net		109,537			109,315
Goodwill		74,242			66,537
Intangible Assets Arising from Business Acquisitions, Net		71,501			71,176
Capitalized Software Costs, Net		70,980			71,021
Deferred Income Tax Assets		25,208			25,595
Other Noncurrent Assets		70,945			70,935
Total Other Assets		422,413			414,579
Total Assets	$	772,734		$	752,984
LIABILITIES AND SHAREHOLDERS’ INVESTMENT
Current Liabilities:
Short-Term Borrowings	$	3,795		$	1,837
Accounts Payable		39,724			41,544
Accrued Compensation and Related Costs		74,721			81,848
Self-Insured Risks		10,112			11,390
Income Taxes Payable		6,533			5,822
Operating Lease Liability		32,257			32,745
Other Accrued Liabilities		38,259			40,375
Deferred Revenues		29,796			27,233
Total Current Liabilities		235,197			242,794
Noncurrent Liabilities:
Long-Term Debt and Finance Leases, Less Current Installments		115,433			111,758
Operating Lease Liability		93,785			93,228
Deferred Revenues		24,381			24,136
Accrued Pension Liabilities		51,366			53,886
Other Noncurrent Liabilities		50,014			40,254
Total Noncurrent Liabilities		334,979			323,262
Shareholders’ Investment:
Class A Common Stock, $1.00 Par Value		30,850			30,847
Class B Common Stock, $1.00 Par Value		22,451			22,510
Additional Paid-in Capital		68,715			67,193
Retained Earnings		267,070			265,245
Accumulated Other Comprehensive Loss		(186,266	)		(198,856	)
Shareholders’ Investment Attributable to Shareholders of Crawford & Company		202,820			186,939
Noncontrolling Interests		(262	)		(11	)
Total Shareholders’ Investment		202,558			186,928
Total Liabilities and Shareholders’ Investment	$	772,734		$	752,984

Page 9 of 11

CRAWFORD & COMPANY

SUMMARY RESULTS BY OPERATING SEGMENT WITH DIRECT COMPENSATION AND OTHER EXPENSES

Unaudited

(In Thousands, Except Percentages)

Three Months Ended March 31

	Crawford Loss Adjusting						%			Crawford Platform Solutions						%			Crawford TPA Solutions						%
	2021			2020			Change			2021			2020			Change			2021			2020			Change
Revenues Before Reimbursements	$	112,537		$	107,104			5.1	%	$	42,399		$	32,430			30.7	%	$	98,245		$	97,997			0.3	%
Direct Compensation, Fringe Benefits & Non-Employee Labor		73,585			70,573			4.3	%		27,369			20,409			34.1	%		62,955			61,400			2.5	%
% of Revenues Before Reimbursements		65.4	%		65.9	%					64.6	%		62.9	%					64.1	%		62.7	%
Expenses Other than Reimbursements, Direct Compensation, Fringe Benefits & Non-Employee Labor		34,090			35,859			(4.9	)%		10,429			8,882			17.4	%		30,574			30,299			0.9	%
% of Revenues Before Reimbursements		30.3	%		33.5	%					24.6	%		27.4	%					31.1	%		30.9	%
Total Operating Expenses		107,675			106,432			1.2	%		37,798			29,291			29.0	%		93,529			91,699			2.0	%
Operating Earnings (1)	$	4,862		$	672			623.5	%	$	4,601		$	3,139			46.6	%	$	4,716		$	6,298			(25.1	)%
% of Revenues Before Reimbursements		4.3	%		0.6	%					10.9	%		9.7	%					4.8	%		6.4	%

⁽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, goodwill impairment, restructuring costs, and certain unallocated corporate and shared costs and credits. See pages 3 and 4 for additional information about segment operating earnings.

Page 10 of 11

CRAWFORD & COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Year to Date Period Ended March 31, 2021 and March 31, 2020

Unaudited

(In Thousands)

	2021			2020
Cash Flows From Operating Activities:
Net income (loss)	$	6,034		$	(13,159	)
Reconciliation of net income (loss) to net cash provided (used in) by operating activities:
Depreciation and amortization		10,478			10,060
Goodwill impairment		—			17,674
Stock-based compensation		1,609			880
Changes in operating assets and liabilities:
Accounts receivable, net		888			6,084
Unbilled revenues, net		(6,632	)		(7,240	)
Accrued or prepaid income taxes		511			(10,355	)
Accounts payable and accrued liabilities		(8,032	)		(4,617	)
Deferred revenues		1,783			2,898
Accrued retirement costs		(5,457	)		(8,638	)
Prepaid expenses and other operating activities		395			(1,565	)
Net cash provided by (used in) operating activities		1,577			(7,978	)
Cash Flows From Investing Activities:
Acquisitions of property and equipment		(618	)		(2,708	)
Capitalization of computer software costs		(4,354	)		(4,803	)
Proceeds from settlement of life insurance policies		3,054			—
Payments for business acquisitions, net of cash acquired		(3,786	)		—
Net cash used in investing activities		(5,704	)		(7,511	)
Cash Flows From Financing Activities:
Cash dividends paid		(3,198	)		(3,268	)
Repurchases of common stock		(1,190	)		(2,666	)
Increases in short-term and revolving credit facility borrowings		17,126			65,179
Payments on short-term and revolving credit facility borrowings		(11,729	)		(11,910	)
Other financing activities		(399	)		(146	)
Net cash provided by financing activities		610			47,189
Effects of exchange rate changes on cash and cash equivalents		1,584			(392	)
(Decrease) increase in cash and cash equivalents		(1,933	)		31,308
Cash and cash equivalents at beginning of year		44,656			51,802
Cash and cash equivalents at end of period	$	42,723		$	83,110

Page 11 of 11

EX-99.2

Crawford & Company First Quarter 2021  Earnings Conference Call CRD-A & CRD-B (NYSE)

Introduction | External Factors | Segment Highlights | New Business Momentum | Disciplined Capital Allocation | Our Workforce | Financial Results | Conclusion  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, goodwill impairment, restructuring costs, income taxes and net income or loss attributable to noncontrolling interests and redeemable 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.

$18 BILLION+ Claims managed annually AT A GLANCE Crawford & Company The world’s largest publicly listed independent provider of global claims management solutions 1.6 MILLION Claims handled 9,000 Total employees Introduction | External Factors | Segment Highlights | New Business Momentum | Disciplined Capital Allocation | Our Workforce | Financial Results | Conclusion  OUR VISION: To be the leading provider and most trusted source for expert assistance, serving those who insure and self-insure the risks of businesses and communities anywhere in the world OUR PURPOSE: To restore and enhance lives, businesses, and communities OUR VALUES: RESTORE Respect, Empowerment, Sustainability, Training, One Crawford, Recognition, Entrepreneurial Spirit (1) Reflects Q1 2021; Figures are approximate

(1) See appendix for non-GAAP explanation and reconciliation of non-GAAP measures Financial Highlights First Quarter 2021 GAAP NON-GAAP¹ KEY METRICS¹ $253.2 MILLION Revenues before reimbursements  $6.1 MILLION Net income $0.15 EPS $76.5 MILLION Net debt $22.2 MILLION Adjusted EBITDA 8.8% EBITDA margin $13.0 MILLION Operating earnings Introduction | External Factors | Segment Highlights | New Business Momentum | Disciplined Capital Allocation | Our Workforce | Financial Results | Conclusion  7% Revenue growth $0.11  EPS

  Weather Indicators Introduction | External Factors | Segment Highlights | New Business Momentum | Disciplined Capital Allocation | Our Workforce | Financial Results | Conclusion  Source: Aon Global Catastrophic Recap. Note: Insured losses assumed to be 75% of the total economic losses compared to prior quarter Source: Met Office, Australian Government – Dept. of Home Affairs, Disaster Declaration FEMA, CAT IQ

  Economic Indicators Introduction | External Factors | Segment Highlights | New Business Momentum | Disciplined Capital Allocation | Our Workforce | Financial Results | Conclusion  Notes: Miles driven, Housing starts, permits and Retail sales displayed are monthly averages for the quarter, Q1 Miles driven is avg for the month of Jan and Feb 21 based on latest data available, Recent data on UK housing starts is not available. compared to prior quarter Sep-20 Mar-21 Jul-20 Jan-21 Nov-20 Aug-20 Oct-20 Dec-20 Feb-21 University of Michigan's consumer sentiment Business sentiment – ISM Manufacturing PMI US Business and Consumer Sentiment US Unemployment rate, seasonally adjusted, Jan 2020 – March 2021

Evolving Crawford's Strategy for Long-Term Growth Introduction | External Factors | Segment Highlights | New Business Momentum | Disciplined Capital Allocation | Our Workforce | Financial Results | Conclusion  Strategic evolution to reimagine claims ecosystem

Evolving Crawford's Strategy for Long-Term Growth Introduction | External Factors | Segment Highlights | New Business Momentum | Disciplined Capital Allocation | Our Workforce | Financial Results | Conclusion  Expertise that is deep and eminent Quality that sets the industry benchmark Digital that simplifies OUR STRATEGIC PILLARS

9 Impact Across Our Global Service Lines (GSLs) Introduction | External Factors | Segment Highlights | New Business Momentum | Disciplined Capital Allocation | Our Workforce | Financial Results | Conclusion  First Quarter Performance Revenue $98.2M Operating Earnings $4.7M Achieved 5% revenue growth and margin expansion Storm activity drove additional revenue in US and Australia Made over 50 strategic hires over the last six months to further build upon our loss adjusting expertise Won over $5 million in new business during the quarter Stable year over year revenue COVID-related claims provided a minor temporary tailwind Canada, UK and Europe are still adversely impacted by lockdowns Seeing signs of recovery in US as unemployment declines and business activity improves  Attained 31% revenue growth Solid performance driven by large US clients Further bolstered by ramp up of top five P&C carriers Strong momentum in WeGoLook Launched Crawford Inspection Services Revenue $112.5M Operating Earnings $4.9M Revenue $42.4M Operating Earnings $4.6M

10 Customer Excellence Introduction | External Factors | Segment Highlights | New Business Momentum | Disciplined Capital Allocation | Our Workforce | Financial Results | Conclusion  Maintained and exceeded pre-pandemic client service delivery levels Client responses² (1) Estimated new and enhanced revenue won during the first quarter (2) Trailing twelve months

Proactively manage capital allocation across the business and adapt to reflect the new economic reality Strong financial position and liquidity Continuing share repurchase program as a component of our capital allocation strategy Our Capital Allocation Strategy Introduction | External Factors | Segment Highlights | New Business Momentum | Disciplined Capital Allocation | Our Workforce | Financial Results | Conclusion  net funded debt-to-EBITDA as of March 31 CASH FLOW 1.08x $0.06 per share dividends paid for CRD-A and CRD-B year-to-date 149K total shares repurchased in Q1 2021 $9.6M increase in operating cash flow over 2020

Introduction | External Factors | Segment Highlights | New Business Momentum | Disciplined Capital Allocation | Our Workforce | Financial Results | Conclusion  Supporting Our Global Workforce Prioritizing the Safety and Well-Being of our Workforce Formed a global incident response team and modified sick leave policies Weekly health and safety updates globally Providing access to physical and mental health and wellness programs, including free Headspace membership Working parents support group on Intranet Inclusion and Diversity Launched Office of Inclusion and Diversity and an Employee Advisory Council Established Employee Resource Groups aligned with our purpose Formed a Global Inclusion and Diversity Council to promote inclusion and diversity Proud member of the Business Insurance Diversity Inclusion Institute Human Capital Development Conducted employee pulse survey and COVID-19 response surveys Promoting an environment where employees are empowered to grow, emboldened to act and inspired to innovate through internal programs and initiatives Continuing to demonstrate our resilience despite the significant challenges presented by COVID-19

(1) See appendix for non-GAAP explanation and reconciliation of non-GAAP measures. 13 First Quarter 2021 Financial Summary Introduction | External Factors | Segment Highlights | New Business Momentum | Disciplined Capital Allocation | Our Workforce | Financial Results | Conclusion 

Highlights Achieved 5% revenue growth and margin expansion Storm activity drove additional revenue in US and Australia Made over 50 strategic hires over the last six months to further build upon our loss adjusting expertise Won over $5 million in new business during the quarter Operating Results (1Q 2021 v. 1Q 2020) Revenues of $112.5 million versus $107.1 million Constant dollar revenues of $108.9 million Gross profit of $25.4 million versus $22.5 million Gross profit margin of 22.6% versus 21.0% Operating earnings of $4.9 million versus $0.7 million Operating margin of 4.3% versus 0.6% 14 Crawford Loss Adjusting Introduction | External Factors | Segment Highlights | New Business Momentum | Disciplined Capital Allocation | Our Workforce | Financial Results | Conclusion 

15 Highlights Attained 31% revenue growth Solid performance driven by large US clients Further bolstered by ramp up of top five P&C carriers Strong momentum in WeGoLook Launched Crawford Inspection Services Operating Results (1Q 2021 v. 1Q 2020) Revenues of $42.4 million versus $32.4 million Constant dollar revenues of $42.1 million Gross profit of $9.8 million versus $7.4 million Gross profit margin of 23.0% versus 22.8% Operating earnings of $4.6 million versus $3.1 million Operating margin of 10.9% versus 9.7% Crawford Platform Solutions Introduction | External Factors | Segment Highlights | New Business Momentum | Disciplined Capital Allocation | Our Workforce | Financial Results | Conclusion 

Highlights Stable year over year revenue COVID-related claims provided a minor temporary tailwind Canada, UK and Europe are still adversely impacted by lockdowns Seeing signs of recovery in US as unemployment declines and business activity improves  Operating Results (1Q 2021 v. 1Q 2020) Revenues of $98.2 million versus $98.0 million Constant dollar revenues of $97.0 million Gross profit of $19.2 million versus $20.4 million Gross profit margin of 19.5% versus 20.8% Operating earnings of $4.7 million versus $6.3 million Operating margin of 4.8% versus 6.4% 16 Crawford TPA Solutions Introduction | External Factors | Segment Highlights | New Business Momentum | Disciplined Capital Allocation | Our Workforce | Financial Results | Conclusion 

Additional Financial Matters Introduction | External Factors | Segment Highlights | New Business Momentum | Disciplined Capital Allocation | Our Workforce | Financial Results | Conclusion 

(1) See Appendix for non-GAAP explanation and reconciliation 18 Balance Sheet Highlights Introduction | External Factors | Segment Highlights | New Business Momentum | Disciplined Capital Allocation | Our Workforce | Financial Results | Conclusion 

19 Net Debt and Pension Liability Introduction | External Factors | Segment Highlights | New Business Momentum | Disciplined Capital Allocation | Our Workforce | Financial Results | Conclusion  $76.5 million $51.4 million Net debt at $76.5 million Pension liability at $51.4 million $171.2 million $121.7 million

(1) See Appendix for non-GAAP explanation and reconciliation 20 For the year to date periods ended March 31, Operating And Free Cash Flow Introduction | External Factors | Segment Highlights | New Business Momentum | Disciplined Capital Allocation | Our Workforce | Financial Results | Conclusion 

21 Employee Health & Safety Protect our workforce first and foremost Customer Excellence Provide best-in-class service to our clients regardless of the global environment Brands, Relationships & Differentiation Strengthen industry leadership through our innovations and market leading solutions Future Growth Deliver superior results for our shareholders 2021 Priorities Introduction | External Factors | Segment Highlights | New Business Momentum | Disciplined Capital Allocation | Our Workforce | Financial Results | Conclusion 

Crawford & Company The world’s largest publicly listed independent provider of global claims management and outsourcing solutions.

Appendix: Non-GAAP Financial Information 23

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, goodwill impairment, restructuring costs, 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, income taxes and stock-based compensation expense. Additionally, adjustments for non-recurring expenses for goodwill impairment and restructuring and other costs have been included in the calculation of adjusted EBITDA. 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 the goodwill impairment, restructuring and other costs, 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:

Reconciliation of Non-GAAP Items Revenues, Costs of Services Provided, and Operating Earnings

Reconciliation of Non-GAAP Items (cont.) Adjusted EBITDA

Reconciliation of Non-GAAP Items (cont.) Net Debt

Reconciliation of Non-GAAP Items (cont.) Segment Gross Profit

Reconciliation of First Quarter Non-GAAP Results

XML

Cover	May 05, 2021
Document Information [Line Items]
Document Type	8-K
Amendment Flag	false
Document Period End Date	May 05, 2021
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	2Q
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