Latest news with #Crawford&Company
Business Wire
22-07-2025
- Business
- Business Wire
Crawford & Company ® Announces Second Quarter 2025 Earnings Conference Call
ATLANTA--(BUSINESS WIRE)--Crawford & Company ® (NYSE: CRD-A and CRD-B) will issue its earnings release for its second quarter ended June 30, 2025, on Monday, August 4, 2025, at 4:15 p.m. Eastern Time. The conference call, to discuss Crawford's quarterly earnings and other developments, will be held on Tuesday, August 5, 2025, at 8:30 a.m. Eastern Time. For audio access only, the call can be accessed by dialing 1-800-549-8228, Conference ID: 35518. For audio and slide presentation access, the call is being webcast by Q4 Inc. here. The call can be accessed on the Crawford & Company investor website at Please note that individuals dialing into both the call and webcast simultaneously may experience a slight transmission delay. Those individuals who will be in listen-only mode are encouraged to access the audio and slide presentation through the webcast. The financial and statistical information for the earnings call will be placed on Crawford & Company's website at For further information regarding this press release, please contact mediarelations@ or contact Bruce Swain at 404-300-1051. About Crawford ® Based in Atlanta, Crawford & Company (NYSE: CRD-A and CRD-B) is a leading global provider of claims management and outsourcing solutions to insurance companies and self-insured entities with an expansive network serving clients in more than 70 countries. The Company's two classes of stock are substantially identical, except with respect to voting rights for the Class B Common Stock (CRD-B) and protections for the non-voting Class A Common Stock (CRD-A). More information is available at
Business Wire
22-07-2025
- Business
- Business Wire
Crawford & Company® Announces Second Quarter 2025 Earnings Conference Call
ATLANTA--(BUSINESS WIRE)--Crawford & Company® (NYSE: CRD-A and CRD-B) will issue its earnings release for its second quarter ended June 30, 2025, on Monday, August 4, 2025, at 4:15 p.m. Eastern Time. The conference call, to discuss Crawford's quarterly earnings and other developments, will be held on Tuesday, August 5, 2025, at 8:30 a.m. Eastern Time. For audio access only, the call can be accessed by dialing 1-800-549-8228, Conference ID: 35518. For audio and slide presentation access, the call is being webcast by Q4 Inc. here. The call can be accessed on the Crawford & Company investor website at Please note that individuals dialing into both the call and webcast simultaneously may experience a slight transmission delay. Those individuals who will be in listen-only mode are encouraged to access the audio and slide presentation through the webcast. The financial and statistical information for the earnings call will be placed on Crawford & Company's website at For further information regarding this press release, please contact mediarelations@ or contact Bruce Swain at 404-300-1051. About Crawford® Based in Atlanta, Crawford & Company (NYSE: CRD-A and CRD-B) is a leading global provider of claims management and outsourcing solutions to insurance companies and self-insured entities with an expansive network serving clients in more than 70 countries. The Company's two classes of stock are substantially identical, except with respect to voting rights for the Class B Common Stock (CRD-B) and protections for the non-voting Class A Common Stock (CRD-A). More information is available at Tag: Crawford-Investor-News-and-Events, Crawford-Financial
Business Wire
05-05-2025
- Business
- Business Wire
Crawford & Company Reports 2025 First Quarter Results
ATLANTA--(BUSINESS WIRE)--Crawford & Company® (NYSE: CRD-A and CRD-B), is pleased to announce its financial results for the first quarter ended March 31, 2025. Revenues before reimbursements increased 3% to $312.0 million in the 2025 first quarter from $301.7 million in the 2024 first quarter. First quarter net income was $6.7 million, or $0.13 per diluted share for CRD-A and CRD-B, compared to $2.8 million, or $0.06 per diluted share for CRD-A and CRD-B in the prior year quarter. Non-GAAP Consolidated Results Three Months Ended March 31, (in millions, except per share amounts) 2025 2024 Change Revenues before reimbursements on constant dollar basis $316.5 $301.7 5% Consolidated adjusted operating earnings 17.8 12.1 47% Consolidated adjusted EBITDA 26.8 20.6 30% Non-GAAP net income attributable to shareholders 10.3 6.5 58% Non-GAAP diluted earnings per share CRD-A 0.21 0.13 62% Non-GAAP diluted earnings per share CRD-B 0.21 0.13 62% Expand Mr. Rohit Verma, president and chief executive officer of Crawford & Company, commented, 'In the first quarter of 2025 we continued the growth and profitability momentum that we built in 2024, delivering solid year-over-year revenue growth of 3.4%. Our consolidated operating earnings increased 47% with margin improvement across three of our business segments driven by our diversified model and disciplined execution.' Mr. Verma continued, 'Each of our segments contributed to a solid first quarter. North America Loss Adjusting delivered revenue growth and increased operating earnings, supported by continued strength in U.S. GTS. Our International Operations segment achieved revenue growth of 6% and a gain of 105% in operating earnings year-over-year. Broadspire saw modest revenue growth with strong client retention as well as new business adds, and we continue to invest in adjuster talent to position the business for future expansion. While Platform Solutions revenue was slightly lower than the first quarter of last year, the division delivered improved profitability, reflecting enhanced operating efficiency and the value of our strong carrier partnerships. We're pleased with our first quarter progress, and we are focused on building upon this momentum as we execute our strategy to invest in the business, enhance liquidity, and continue to strengthen our balance sheet in the months ahead.' Segment Results for the First Quarter North America Loss Adjusting North America Loss Adjusting revenues before reimbursements were $79.7 million in the first quarter of 2025, up 3.1% from $77.4 million in the first quarter of 2024, driven by growth in U.S. Global Technical Services. Absent foreign exchange rate decreases of $1.4 million, revenues would have been $81.2 million for the 2025 first quarter. The segment had operating earnings of $5.5 million in the 2025 first quarter, increasing from $4.5 million in the first quarter of 2024. The operating margin increased to 6.9% in the 2025 quarter, compared with 5.8% in the 2024 quarter, driven by growth in U.S Global Technical Services and lower costs in U.S field operations compared to the prior year quarter. International Operations International Operations revenues before reimbursements were $104.4 million in the first quarter of 2025, up 6.4% from $98.1 million in the same period of 2024 driven by growth in the U.K. and Europe. Absent foreign exchange rate decreases of $3.0 million, revenues would have been $107.4 million for the 2025 first quarter. Operating earnings were $3.5 million in the 2025 first quarter, increasing from $1.7 million in the 2024 period. The segment's operating margin for the 2025 quarter increased to 3.3% compared with 1.7% in the 2024 quarter driven by the U.K. and Asia. Broadspire Broadspire segment revenues before reimbursements were $96.4 million in the 2025 first quarter, increasing 2.2% from $94.3 million in the 2024 first quarter driven by increases in medical case management and casualty claims revenues. Broadspire recorded operating earnings of $12.2 million in the first quarter of 2025, representing an operating margin of 12.7%, compared to $12.8 million, or 13.6% of revenues, in the 2024 first quarter. An increase in centralized indirect support costs in the quarter impacted the operating margin. Platform Solutions Platform Solutions revenues before reimbursements were $31.5 million in the first quarter of 2025, down slightly from $31.9 million in the same period of 2024. Operating earnings were $2.9 million in the 2025 first quarter, increasing from the $1.1 million in the 2024 period. The segment's operating margin for the 2025 quarter was 9.3% as compared with 3.5% in the 2024 quarter. Operating earnings benefited from an increase in staff augmentation revenues and a reduction in costs in the Networks service line and an increase in average rates in Contractor Connection. Unallocated Corporate and Shared Costs and Credits, Net Unallocated corporate costs were $6.2 million in the first quarter of 2025, compared with $8.0 million in the same period of 2024. The decrease in the 2025 first quarter was primarily due to decreases in professional fees, self-insured reserves, and bad debt expense, partially offset by an increase in administrative compensation expenses. Selling, General, and Administrative Expenses Selling, general, and administrative expenses ('SG&A') decreased $2.7 million, or (3.5)%, in the three months ended March 31, 2025 as compared with the 2024 period. The decrease was primarily due to a reduction in professional fees and self-insurance reserves, partially offset by increases in administrative compensation expenses. Other Matters The Company recognized a pretax contingent earnout expense of $0.4 million in the 2025 first quarter, compared to an expense of $0.2 million in the same period of 2024, related to the fair value adjustment of earnout liabilities arising from acquisitions. These adjustments, which are not a component of operating earnings, are based on changes to projections of acquired entities over the respective earnout periods, which span multiple years. The Company recognized non-service pension costs of $2.3 million in the 2025 first quarter compared with $2.5 million in the 2024 period. Non-service pension costs represent the U.S. and U.K. non-service defined benefit pension costs, which are non-operating in nature as the U.S. plan is frozen and the U.K. plans are closed to new participants. Subsequent Event Following the end of the first quarter for the Company's International Operations segment, a foreign tax authority issued new administrative guidance requiring the Company to reassess certain income and other non-income tax related positions. The Company's evaluation of the potential financial impact of the new administrative guidance is ongoing and could result in a change in its prior conclusions. The Company estimates this change could have an approximately $5.0 million negative impact on its financial condition and results of operations. Balance Sheet and Cash Flow The Company's consolidated cash and cash equivalents position as of March 31, 2025, totaled $57.4 million, compared with $55.4 million at December 31, 2024. The Company's total debt outstanding as of March 31, 2025, totaled $246.6 million, compared with $218.1 million at December 31, 2024. The Company's operations used $13.9 million of cash during the first three months of 2025, compared with $19.8 million used in 2024. The decrease in cash used was due primarily to $5.8 million higher operating earnings. The Company made no contributions to its U.S. defined benefit pension plan and $0.8 million in contributions to its U.K. plans for the first three months of 2025, compared with no contributions to the U.S. plan and $0.6 million to the U.K. plans in 2024. During the three months of 2025, the Company did not repurchase any shares of CRD-A or CRD-B. In the first three months of 2024, the Company did not repurchase any shares of CRD-A but repurchased 85,632 shares of CRD-B at an average per share cost of $8.56. Conference Call As previously announced, Crawford & Company will host a conference call on May 6, 2025, at 8:30 a.m. Eastern Time to discuss its first quarter 2025 results. The conference call can be accessed live by dialing 1-800-549-8228 and using Conference ID 27578. A presentation for tomorrow's call can also be found on the investor relations portion of the Company's website, The call will be recorded and available for replay through May 13, 2025. You may dial 1-888-660-6264 and use passcode 27578# 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 acquisition-related intangible assets, contingent earnout adjustments, non-service pension costs, income taxes and net income or loss attributable to noncontrolling interests. Adjusted EBITDA is not a term defined by GAAP and as a result our measure of adjusted EBITDA might not be comparable to similarly titled measures used by other companies. However, adjusted EBITDA is used by management to evaluate, assess and benchmark our operational results. The Company believes that adjusted EBITDA is relevant and useful information widely used by analysts, investors and other interested parties. Adjusted EBITDA is defined as net income attributable to shareholders of the Company with adjustments for depreciation and amortization, net corporate interest expense, contingent earnout adjustments, non-service pension costs, 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, 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 acquisition-related intangible assets, contingent earnout adjustments, and non-service pension costs 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. Non-service pension costs represent the U.S. and U.K. non-service defined benefit pension costs, which are non-operating in nature as the U.S. plan was frozen in 2002 and the U.K. plans are closed to new participants. 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: Following is a reconciliation of consolidated operating earnings to net income attributable to shareholders of Crawford & Company on a GAAP basis: Following is a reconciliation of net income attributable to shareholders of Crawford & Company on a GAAP basis to non-GAAP adjusted EBITDA: Following is a reconciliation of operating cash flow to free cash flow for the three months ended March 31, 2025 and 2024: Non-GAAP consolidated results for 2025 and 2024 exclude the non-cash, after-tax adjustments for amortization of intangible assets, non-service-related pension costs, and contingent earnout adjustment. Following are the reconciliations of GAAP Pretax Earnings, Net Income and Earnings Per Share to related non-GAAP Adjusted figures, which reflect each of 2025 and 2024 before amortization of intangible assets, non-service related pension costs and contingent earnout adjustments: Three Months Ended March 31, 2024 (in thousands) Pretax earnings Net income attributable to Crawford & Company Diluted earnings per CRD-A share Diluted earnings per CRD-B share GAAP $ 3,826 $ 2,837 $ 0.06 $ 0.06 Adjustments: Amortization of intangible assets 1,868 1,575 0.03 0.03 Non-service related pension costs 2,473 1,929 0.04 0.04 Contingent earnout adjustments 151 151 - - Non-GAAP Adjusted $ 8,318 $ 6,492 $ 0.13 $ 0.13 Expand Following is information regarding the weighted average shares used in the computation of basic and diluted earnings per share: Further information regarding the Company's operating results for the three months ended March 31, 2025, financial position as of March 31, 2025, and cash flows for the three months ended March 31, 2025 is shown on the attached unaudited condensed consolidated financial statements. About Crawford & Company Based in Atlanta, Crawford & Company (NYSE: CRD-A and CRD-B) is a leading provider of claims management and outsourcing solutions to insurance companies and self-insured entities with an expansive network serving clients in more than 70 countries. The Company's two classes of stock are substantially identical, except with respect to voting rights for the Class B Common Stock (CRD-B) and protections for the non-voting Class A Common Stock (CRD-A). More information is available at TAG: Crawford-Financial, Crawford-Investor-News-and-Events 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 and in the Investor Relations section of Crawford & Company's website at Expand CRAWFORD & COMPANY CONDENSED CONSOLIDATED BALANCE SHEETS As of March 31, 2025 and December 31, 2024 Unaudited (In Thousands, Except Par Values) March 31, December 31, 2025 2024 ASSETS Current Assets: Cash and Cash Equivalents $ 57,367 $ 55,412 Accounts Receivable, Net 134,140 142,064 Unbilled Revenues, at Estimated Billable Amounts 136,596 131,080 Income Taxes Receivable 4,803 5,337 Prepaid Expenses and Other Current Assets 39,931 40,334 Total Current Assets 372,837 374,227 Net Property and Equipment 19,040 20,554 Other Assets: Operating Lease Right-of-Use Asset, Net 72,419 78,808 Goodwill 76,374 76,368 Intangible Assets Arising from Business Acquisitions, Net 72,023 74,545 Capitalized Software Costs, Net 113,530 111,854 Deferred Income Tax Assets 23,962 25,305 Other Noncurrent Assets 42,074 42,094 Total Other Assets 400,382 408,974 Total Assets $ 792,259 $ 803,755 Current Liabilities: Short-Term Borrowings $ 41,295 $ 17,822 Accounts Payable 44,590 50,605 Accrued Compensation and Related Costs 72,597 101,371 Self-Insured Risks 21,332 27,813 Income Taxes Payable 3,718 3,343 Operating Lease Liability 23,648 24,541 Other Accrued Liabilities 43,297 38,103 Deferred Revenues 35,724 36,129 Total Current Liabilities 286,201 299,727 Noncurrent Liabilities: Long-Term Debt and Finance Leases, Less Current Installments 205,274 200,315 Operating Lease Liability 61,192 66,811 Deferred Revenues 23,780 23,556 Accrued Pension Liabilities 20,471 21,084 Other Noncurrent Liabilities 36,318 36,711 Total Noncurrent Liabilities 347,035 348,477 Shareholders' Investment: Class A Common Stock, $1.00 Par Value 30,217 30,124 Class B Common Stock, $1.00 Par Value 19,145 19,145 Additional Paid-in Capital 88,437 87,118 Retained Earnings 241,177 237,948 Accumulated Other Comprehensive Loss (218,388 ) (217,125 ) Shareholders' Investment Attributable to Shareholders of Crawford & Company 160,588 157,210 Noncontrolling Interests (1,565 ) (1,659 ) Total Shareholders' Investment 159,023 155,551 Total Liabilities and Shareholders' Investment $ 792,259 $ 803,755 Expand (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 acquisition-related intangible assets, non-service pension costs, contingent earnout adjustments, and certain unallocated corporate and shared costs and credits. See pages 3 and 4 for additional information about segment operating earnings. Expand CRAWFORD & COMPANY CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Year-to-Date Period Ended March 31, 2025 and March 31, 2024 Unaudited (In Thousands) 2025 2024 Cash Flows From Operating Activities: Net Income $ 6,740 $ 2,779 Reconciliation of net income to net cash used in operating activities: Depreciation and amortization 9,647 9,299 Stock-based compensation 1,390 1,218 Loss (gain) on disposal of property and equipment 564 (81 ) Contingent earnout adjustments 363 151 Changes in operating assets and liabilities: Accounts receivable, net 6,002 6,312 Unbilled revenues, net (8,045 ) (9,511 ) Accrued or prepaid income taxes 229 942 Accounts payable and accrued liabilities (25,176 ) (25,837 ) Deferred revenues 315 116 Accrued retirement costs (3,211 ) (3,546 ) Prepaid expenses and other operating activities (2,741 ) (1,645 ) Net cash used in operating activities (13,923 ) (19,803 ) Cash Flows From Investing Activities: Acquisitions of property and equipment (994 ) (1,541 ) Capitalization of computer software costs (8,329 ) (8,009 ) Net cash used in investing activities (9,113 ) (9,550 ) Cash Flows From Financing Activities: Cash dividends paid (3,455 ) (3,443 ) Repurchases of common stock — (733 ) Increases in short-term and revolving credit facility borrowings 41,411 35,807 Payments on short-term and revolving credit facility borrowings (12,901 ) (14,794 ) Payments of contingent consideration on acquisitions — (579 ) Other financing activities (38 ) (185 ) Net cash provided by financing activities 25,017 16,073 Effects of exchange rate changes on cash and cash equivalents (289 ) 394 Increase (Decrease) in cash, cash equivalents, and restricted cash (1) 1,692 (12,886 ) Cash, cash equivalents, and restricted cash at beginning of year (1) 56,329 59,545 Cash, cash equivalents, and restricted cash at end of period (1) $ 58,021 $ 46,659 Expand (1) The 2025 amounts include beginning restricted cash of $917 at December 31, 2024, and ending restricted cash of $654 at March 31, 2025, and the 2024 amounts include beginning restricted cash of $1,182 at December 31, 2023, and ending restricted cash of $1,463 at March 31, 2024, which we present as part of "Prepaid expenses and other current assets" on the Balance Sheets. Expand
Yahoo
22-04-2025
- Business
- Yahoo
Crawford & Company® Announces First Quarter 2025 Earnings Conference Call
ATLANTA, April 22, 2025--(BUSINESS WIRE)--Crawford & Company® (NYSE: CRD-A and CRD-B) will issue its earnings release for its first quarter ended March 31, 2025, on Monday, May 5, 2025, at 4:15 p.m. Eastern Time. The conference call, to discuss Crawford's quarterly earnings and other developments, will be held on Tuesday, May 6, 2025, at 8:30 a.m. Eastern Time. For audio access only, the call can be accessed by dialing 1-800-549-8228, Conference ID: 27578. For audio and slide presentation access, the call is being webcast by Q4 Inc. here. The call can be accessed on the Crawford & Company investor website at Please note that individuals dialing into both the call and webcast simultaneously may experience a slight transmission delay. Those individuals who will be in listen-only mode are encouraged to access the audio and slide presentation through the webcast. The financial and statistical information for the earnings call will be placed on Crawford & Company's website at For further information regarding this press release, please contact mediarelations@ or contact Bruce Swain at 404-300-1051. About Crawford® Based in Atlanta, Crawford & Company (NYSE: CRD-A and CRD-B) is a leading global provider of claims management and outsourcing solutions to insurance companies and self-insured entities with an expansive network serving clients in more than 70 countries. The Company's two classes of stock are substantially identical, except with respect to voting rights for the Class B Common Stock (CRD-B) and protections for the non-voting Class A Common Stock (CRD-A). More information is available at Tag: Crawford-Investor-News-and-Events, Crawford-Financial View source version on Contacts Media Contacts: mediarelations@ Lynn Cufley+44 207 265 Katie Cline+1 470 792 Investor Contact:Jennifer Belodeau/Rosalyn ChristianIMS Investor Relations203 972 9200crawford@ Sign in to access your portfolio
Business Wire
22-04-2025
- Business
- Business Wire
Crawford & Company® Announces First Quarter 2025 Earnings Conference Call
ATLANTA--(BUSINESS WIRE)--Crawford & Company® (NYSE: CRD-A and CRD-B) will issue its earnings release for its first quarter ended March 31, 2025, on Monday, May 5, 2025, at 4:15 p.m. Eastern Time. The conference call, to discuss Crawford's quarterly earnings and other developments, will be held on Tuesday, May 6, 2025, at 8:30 a.m. Eastern Time. For audio access only, the call can be accessed by dialing 1-800-549-8228, Conference ID: 27578. For audio and slide presentation access, the call is being webcast by Q4 Inc. here. The call can be accessed on the Crawford & Company investor website at Please note that individuals dialing into both the call and webcast simultaneously may experience a slight transmission delay. Those individuals who will be in listen-only mode are encouraged to access the audio and slide presentation through the webcast. The financial and statistical information for the earnings call will be placed on Crawford & Company's website at For further information regarding this press release, please contact mediarelations@ or contact Bruce Swain at 404-300-1051. About Crawford® Based in Atlanta, Crawford & Company (NYSE: CRD-A and CRD-B) is a leading global provider of claims management and outsourcing solutions to insurance companies and self-insured entities with an expansive network serving clients in more than 70 countries. The Company's two classes of stock are substantially identical, except with respect to voting rights for the Class B Common Stock (CRD-B) and protections for the non-voting Class A Common Stock (CRD-A). More information is available at
