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Crawford B - Fundamentalanalyse - Jahresbericht / Bilanz / Geschäftsbericht

Crawford & Co. B (ISIN: US2246331076, WKN: 884741) Kursdatum: 21.07.2017 Kurs: 8,910 USD
Beschreibung Daten
Symbol CRD-B
Marktkapitalisierung 500.920.192,00 USD
Land Vereinigte Staaten von Amerika
Indizes NO INDEX
Sektor Finanzdienstleister
Rohdaten nach US GAAP in Millionen USD
Aktiensplits 1997-03-26 - 3:2 |
Internet www.crawfordandcompany.com
Letztes Bilanz Update 27.02.2017

Fundamentaldaten

Fundamental Verhältnisse errechnet am: 21.07.2017
KFCV KCV DIV Rendite GKR EKQ KGV KUV KBV
7,19 5,07 2,25% 4,89 20,91 13,92 0,43 3,26

Firmenbeschreibung

Firmenstrategie

The accompanying consolidated financial statements were prepared in accordance with generally accepted accounting principles in the U.S. ("GAAP") and include the accounts of the Company, its majority-owned subsidiaries, and variable interest entities in which the Company is deemed to be the primary beneficiary. Significant intercompany transactions are eliminated in consolidation. Financial results from the Company's operations outside of the U.S., Canada, and the Caribbean, and from certain subsidiaries in the Philippines, are reported and consolidated on a two-month delayed basis in accordance with the provisions of Accounting Standards Codification ("ASC") 810, "Consolidation," in order to provide sufficient time for accumulation of their results. Accordingly, the Company's December 31, 2015, 2014, and 2013 consolidated financial statements include the financial position of such operations as of October 31, 2015 and 2014, respectively, and the results of their operations and cash flows for the fiscal periods ended October 31, 2015, 2014, and 2013, respectively.The Company has controlling ownership interests in several entities that are not wholly-owned by the Company. The financial results and financial positions of these controlled entities are included in the Company's consolidated financial statements, including both the controlling interests and the noncontrolling interests. The noncontrolling interests represent the equity interests in these entities that are not attributable, either directly or indirectly, to the Company. Noncontrolling interests are reported as a separate component of the Company's Shareholders' Investment. On the Company's Consolidated Statements of Operations, net income or loss is attributed to the controlling interests and the noncontrolling interests separately.The Company consolidates the results of a variable interest entity ("VIE") when it is determined to be the primary beneficiary. In accordance with GAAP, in determining whether the Company is the primary beneficiary of a VIE for financial reporting purposes, it considers whether it has the power to direct the activities of the VIE that most significantly impact the economic performance of the VIE and whether it has the obligation to absorb losses or the right to receive returns that would be significant to the VIE.

RevenueRecognitionPolicyTextBlock

The Company's revenues are primarily comprised of claims processing or program administration fees and are generated from the Company's four operating segments.


Both the U.S. Services segment and the International segment earn revenues by providing field investigation and evaluation of property and casualty claims for insurance companies and self-insured entities and by providing access to Company-owned networks of direct repair service providers. The Company's Broadspire segment earns revenues by providing field investigation and claims evaluation of workers' compensation and liability claims, initial loss reporting services for its clients' claimants, loss mitigation services such as medical bill review, medical case management and vocational rehabilitation, administration of trust funds established to pay claims, and risk management information services. The Garden City Group segment earns revenues by providing administration services related to settlements of class actions, regulatory matters, mass tort, bankruptcy administrations, and other legal settlements by identifying and qualifying class members, determining and dispensing settlement payments, and administering settlement funds.


Fees for professional services are recognized in unbilled revenues at the time such services are rendered, at estimated collectible amounts. Substantially all unbilled revenues are billed within one year.


Deferred revenues represent the estimated unearned portion of fees derived from certain fixed-rate claim service agreements. The Company's fixed-fee service arrangements typically call for the Company to handle claims on either a one- or two-year basis, or for the lifetime of the claim. In cases where the claim is handled on a non-lifetime basis, an additional fee is typically received on each anniversary date that the claim remains open. For service arrangements where the Company provides services for the life of the claim, the Company receives only one fee for the life of the claim, regardless of the duration of the claim. Deferred revenues are recognized into revenues based on the estimated rate at which the services are provided. These rates are primarily based on a historical evaluation of actual claim durations by major line of coverage, and assumptions based on average case closure rates and pricing for each claim type.


In the normal course of business, the Company incurs certain out-of-pocket expenses that are thereafter reimbursed by the Company's clients. Under GAAP, these out-of-pocket expenses and associated reimbursements are required to be included when reporting expenses and revenues, respectively, in the Company's consolidated results of operations. The amounts of reimbursed expenses and related revenues from reimbursements offset each other in the Company's consolidated statements of operations with no impact to its net income.


Intersegment sales are recorded at cost and are not material.


SegmentReportingDisclosureTextBlock

Segment and Geographic Information


The Company's four reportable segments represent components of the business for which separate financial information is available, and which is evaluated regularly by the CODM. The segments are organized based upon the nature of services and/or geographic areas served and are: U.S. Services, which primarily serves the property and casualty insurance company markets in the U.S.; International, which serves the property and casualty insurance company and self-insurance markets outside the U.S.; Broadspire, which serves the self-insurance marketplace, primarily in the U.S.; and Garden City Group which serves the class action, regulatory, mass tort, bankruptcy, and other legal settlement markets, primarily in the U.S. Intersegment sales are recorded at cost and are not material.


Operating earnings is the primary financial performance measure used by the Company's senior management and the CODM to evaluate the financial performance of the Company's four operating segments and make resource allocation decisions. The Company believes this measure is useful to investors in that it allows them to evaluate segment operating performance using the same criteria used by the Company's senior management and CODM. Operating earnings will differ from net income computed in accordance with GAAP since operating earnings represent segment earnings before certain unallocated corporate and shared costs and credits, net corporate interest expense, stock option expense, amortization of customer-relationship intangible assets, goodwill impairment, restructuring and special charges, income taxes, and net income or loss attributable to noncontrolling interests.


Segment operating earnings includes allocations of certain corporate and shared costs. If the Company changes its allocation methods or changes the types of costs that are allocated to its four operating segments, prior period amounts presented in the current period financial statements are adjusted to conform to the current allocation process.


In the normal course of its business, the Company sometimes pays for certain out-of-pocket expenses that are thereafter reimbursed by its clients. Under GAAP, these out-of-pocket expenses and associated reimbursements are required to be included when reporting expenses and revenues, respectively, in the Company's consolidated results of operations. However, in evaluating segment results, Company management excludes these reimbursements and related expenses from segment results, as they offset each other.


Financial information as of and for the years ended December 31, 2015, 2014, and 2013 related to the Company's reportable segments is presented below.

 
U.S. Services
 
International
 
Broadspire
 
Garden City Group
 
Total
 
(In thousands)
2015
 
 
 
 
 
 
 
 
 
Revenues before reimbursements
$
242,488

 
$
506,650

 
$
293,032

 
$
128,215

 
$
1,170,385

Segment operating earnings
32,702

 
18,799

 
24,017

 
11,507

 
87,025

Depreciation and amortization (1)
2,780

 
8,579

 
8,841

 
5,783

 
25,983

Assets
49,252

 
349,358

 
105,518

 
87,608

 
591,736

2014
 
 
 
 
 
 
 
 
 
Revenues before reimbursements
$
215,385

 
$
488,284

 
$
268,890

 
$
170,292

 
$
1,142,851

Segment operating earnings
18,039

 
25,344

 
15,469

 
22,849

 
81,701

Depreciation and amortization (1)
2,415

 
7,525

 
8,448

 
5,895

 
24,283

Assets
46,846

 
318,689

 
103,899

 
122,129

 
591,563

2013
 
 
 
 
 
 
 
 
 
Revenues before reimbursements
$
203,916

 
$
488,488

 
$
252,242

 
$
218,799

 
$
1,163,445

Segment operating earnings
11,895

 
38,795

 
8,245

 
46,752

 
105,687

Depreciation and amortization (1)
1,822

 
7,352

 
7,381

 
5,252

 
21,807

Assets
47,208

 
339,435

 
109,939

 
111,869

 
608,451

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