Q4 2023 Crawford & Company Earnings Call
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Lara: After the speaker's remarks, there will be a question and answer period, and instructions will follow at that time. Should anyone need assistance at any time during this conference, please press star then zero, and an operator will assist you. As a reminder, ladies and gentlemen, this conference is being recorded today, Tuesday, March 5, 2024. Now, I would like to introduce Tami Stevenson, Crawford and Company's general counsel. Thank you, Laura.
Yeah.
Good morning, My name is Blair and I'll be your conference facilitator today at this time I would like to welcome everyone to the Crawford <unk> company fourth quarter and full year 'twenty 'twenty earnings release Conference call.
Tami E. Stevenson: Some of the matters to be discussed in this conference call and in the supplementary financial presentation may include forward-looking statements that involve risks. Such statements may relate to, among other things, our expected future operating results in financial, our ability to grow our revenues and reduce our operating expenses, expectations regarding our anticipated contributions to our underfunded defined benefit pension, collectability of our billed and unbilled accounts receivable, financial results from our recently completed acquisition, our continued compliance with the financial The company's actual results achieved in future quarters could differ materially from the results that may be implied by such forward-looking results, and the company undertakes no obligation to publicly release revisions to any forward-looking statements made in this conference call to reflect circumstances or events occurring after the date of the call or to reflect the occurrence of unintended events.
Conjunction with this call a supplementary financial presentation is available on our website at www that cocoa dot com under the Investor Relations section.
All lines have been placed on mute to prevent any background noise. After just because your mics there will be a question and answer period and instructions will follow at that time should anyone need assistance at any time. During this conference. Please press Star then zero and an operator will assist you as a reminder, ladies and gentlemen, this conference is being recorded today.
Tuesday March five 2024, now I would like to introduce panties Stevenson Crawford <unk> Company's general counsel.
Thank you Laura some of the matters to be discussed in this conference call and in the supplementary financial presentation may include forward looking statements that involve risks and uncertainties.
Tami E. Stevenson: In addition, you are reminded that the operating results for any historical period are not necessarily indicative of results to be expected. For a complete discussion regarding factors which could affect the company's financial performance, please refer to the company's Form 10-K for the year ended December 31, 2020, filed with the Securities and Exchange Commission, particularly the information under the headings Risk Factors and Management, Discussion and Analysis of Financial Strategies, as well as subsequent companies. This presentation also includes certain non-GAAP financial measures. As required, a reconciliation is provided for those.
These statements may relate to among other things our expected future operating results and financial condition, our ability to grow our revenues and reduce our operating expenses.
Expectations regarding our anticipated contributions to our underfunded defined benefit pension plans.
The ability of our billed and Unbilled accounts receivable.
Financial results from our recently completed acquisitions, our continued compliance with the financial and other covenants contained in our financing agreements, our long term capital resource and liquidity requirements and our ability to pay dividends in the future.
The company's actual results achieved in future quarters could differ materially from the results that maybe implied by such forward looking statements.
The company undertakes no obligation to publicly release revisions to any forward looking statements made in this conference call to reflect circumstances or events occurring after the date of the call or to reflect the occurrence of unanticipated events.
Tami E. Stevenson: Directly Comparable Gap. I would like to now introduce Mr. Rohit Verma, Chief Executive Officer of Crawford. Thank you, Tami.
In addition, you are reminded that the operating results for any historical period are not necessarily indicative of results to be expected for any future period.
For a complete discussion regarding factors, which could affect the companys financial performance. Please refer to the company's Form 10-K for the year ended December 31 2023.
Rohit Verma: Good morning, and welcome to our fourth quarter and full year 2023 earnings call. Joining me today are Bruce Swain, our Chief Financial Officer, and Tami Stevenson, our General Counsel. After our prepared remarks, we will open the call for your questions.
File with the Securities and Exchange Commission, particularly the information under the headings risk factors and management's discussion and analysis of financial condition and results of operations.
Subsequent company's filings with the SEC.
This presentation also includes certain non-GAAP financial measures as defined under SEC rules.
As required a reconciliation is provided for those measures to the most directly comparable GAAP measures.
Rohit Verma: 2023 has been a year of significant accomplishments and continued growth, demonstrating the strength of our client relationships and the dedication of our team in capitalizing on opportunities and delivering excellence. My comments today will focus on our achievements for the full year, and Bruce will then take a deeper dive into our fourth quarter performance. As the largest listed provider of claims management, our scale continues to be a powerful differentiator for us. We manage more than $18 billion in claims annually across 70 countries, employing approximately 10,000 talented individuals and thousands of field resources.
I would like to now introduce Mr. Roberto <unk>, Chief Executive Officer of Crawford and company.
Thank you Tammy good morning, and welcome to our fourth quarter and full year 2023 earnings call. Joining me today is Bruce Swain, our Chief Financial Officer, and Tommy Stevenson, Our General counsel.
After our prepared remarks, we will open the call for your questions.
2023 has been a year of significant accomplishments and continued growth demonstrating the strength of our client relationships and the dedication of our team and capitalizing on opportunities and delivering excellence.
My comments today will focus on our achievements for the full year and Bruce will then take a deeper dive into our fourth quarter performance.
Rohit Verma: We continue to be a partner of choice to top carriers and remain committed to strengthening those relationships. We are a leader in the insurance industry. Our brand recognition is growing, and during 2023, we made some notable additions to our valuable list of clients. There are several factors that position us well for sustained long-term growth. First, although the last several months have demonstrated relatively calm weather patterns, extreme weather events are occurring more frequently and with more severity across the globe.
As the largest listed provider of claims management, our scale continues to be a powerful differentiator for us.
We manage more than $18 billion in claims annually across 70 countries employing approximately 10000 talented individuals and thousands of field resources.
We continue to be a partner of choice to top carriers and remain committed to strengthening those relationships. We are a leader in the insurance industry. Our brand recognition is growing and during 'twenty to 'twenty three we made some notable additions to our valuable list of clients.
Rohit Verma: Our weather-dependent businesses provide high-quality services to partners and communities in the wake of serious weather activity, capturing expanded revenues during years with increased events. We mentioned in our third-quarter call that we were experiencing a period of benign weather, and this pattern continued through the fourth quarter, where we saw far fewer catastrophic weather events than in 2022. As a reminder, in the back half of 2022, we saw strong revenues from Hurricane Ian, Winter Storm Elliot, historic floods in Australia, and a severe winter freeze in the UK. The revenues derived from these events continued into the first half of 2023, but were not reflected in the latter half. Nevertheless, weather remains a powerful driver for our business. There will no doubt be variations from quarter to quarter, but we expect an overall tailwind from secular growth in the frequency and severity of weather events over the long term. Second, carriers are continuing to outsource claims amidst rising claim volume and staffing challenges.
There are several factors that position us well for sustained long term growth.
First although the last several months have demonstrated relatively calm weather patterns extreme weather events are occurring more frequently and with more severity across the globe.
Our weather dependent businesses provide high quality services to partners and communities in the wake of serious weather activity capturing expanded revenues during years with increased events.
We mentioned in our third quarter call that we were experiencing a period of benign weather and this pattern continued through the fourth quarter, where we saw far fewer catastrophe weather events down in 2022.
As a reminder, in the back half of 2022, we saw strong revenues from Hurricane in Winter Storm Elliot historic flooding in Australia, and its severe winter freeze in the U K.
The revenue was derived from these events continued into the first half of 'twenty to 'twenty, three but were not reflected in the latter half.
Nevertheless, whether remains a powerful driver for our business.
Rohit Verma: Put simply, we believe we have the capacity, expertise, and scale to manage the claims better than anyone else in the industry. Our people strategy, and our commitment to technology integration are our competitive advantages for outsourcing work, and we continue to expand our offering to handle more claims effectively. Third, the fragmentation of the independent loss-adjusting market provides us with the opportunity to capture market share through our strong brand recognition. Our scale is a competitive advantage over smaller adjusters, and carriers are partnering with us more frequently and for longer periods to deliver dependable service.
There will no doubt be variations from quarter to quarter, but we expect an overall tailwind from secular growth in frequency and severity of weather events over the long term.
Second carriers are continuing to outsource claims amidst rising claim volume and staffing challenges.
Put simply we believe we have the capacity expertise and the scale to manage the claims better than anyone else in the industry.
Our people strategy and our commitment to technology integration are competitive advantages for outsourcing work and we continue to expand our offering to handle more claims effectively.
Third the fragmentation of the independent loss adjusting market provides us with the opportunity to capture market share through our strong brand recognition.
Rohit Verma: Fourth, we are continuing our extensive and robust relationships with key clients across various segments, including carriers, brokers, and corporate customers. We dedicate a considerable amount of time to expanding and nurturing these relationships, and I'm pleased to note the significant progress we've made in strengthening our customer base in recent years. And finally, an investment in innovation has set us apart as a leader in the insurance industry. Our clients want to simplify the claims process, and we are seeing increased demand for our suite of tools designed to improve claims management for our clients.
Our scale is a competitive advantage over smaller adjustors and carriers are partnering with us more frequently and for longer periods to deliver dependable service.
Fourth we are continuing our extensive and robust relationships with key clients across various segments, including carriers brokers and corporate customers.
We dedicate considerable amount of time to expanding and nurturing these relationships.
And I'm pleased to note the significant progress we've made in strengthening our customer base in recent years.
And finally on investment in innovation has set us apart as a leader in the insurance industry, our clients want to simplify the claims process and we are seeing increased demand for our suite of tools designed to improve claims management for our clients.
Rohit Verma: Now for an overview of the year. In 2023, Crawford achieved record-setting consolidated revenue of $1.27 billion, for our third consecutive year of growth. This was also our third year of adding more than $100 million in new and enhanced business, a testament to the strength of our client relationships and the differentiation of our offerings across all segments of our business. Our operating earnings increased 38%, and three of our four segments showed margin expansion and increased profitability this year. The cash generation was exceptionally strong for the year, totaling more than $100 million.
Now for an overview of the year.
In 2023, Crawford achieved record setting consolidated revenue of one point to $7 billion for a third consecutive year of growth.
This was also our third year of adding more than $100 million in new and enhanced business.
Testament to the strength of our client relationships and the differentiation of our offerings across all segments of our business.
Rohit Verma: Another key financial achievement of the year was our debt repayment. We reduced our leverage from 2.1 times EBITDA in 2022 to 1.6 times in 2023. Our robust balance sheet is a competitive advantage, giving us ample financial strength and flexibility in any kind of economic outlook. In the third quarter of 2023, we increased our dividend to $0.07 for CRDA and CRDB shares. For the year, total dividends paid were $0.26 for both CRDA and CRDB compared to $0.24 for each share class in 2022. Finally, our Net Promoter Score, a measure of customer loyalty and satisfaction, increased by 8 points in 2023 and is now at 52. I am extremely pleased with this achievement, which reflects the hard work of our dedicated employees.
Our operating earnings increased 38% and three of our four segments showed margin expansion and increased profitability. This year.
Cash generation was exceptionally strong for the year totaling more than $100 million.
Another key financial achievement of the year was our debt repayment, we reduced our leverage from two one times EBITDA in 2022 to one six times in 2023.
Our robust balance sheet is a competitive advantage, giving us ample financial strength and flexibility in any kind of economic outlook.
In the third quarter of 2023, we increased our dividend to seven cents for CRD, a and C or D b shares.
For the year total dividends paid were 26 cents for both CRD, a and CRD b compared with 24 cents for each share class in 2022.
Finally on net promoter score a measure of customer loyalty and satisfaction increased by eight points in 2023 and is now at 52.
Rohit Verma: We delivered improved margins across three of four segments in 2023, underscoring the strength of our operational strategy. In our North America loss-adjusting segment, we focused on driving low- to mid-single-digit revenue growth, and we exceeded that benchmark in 2023. Additionally, we achieved improved margins through efficiencies on the volume side and investments in expertise on the major and complex loss side.
I am extremely pleased with this achievement, which reflects the hard work of our dedicated employees.
We delivered improved margins across three or four segments in 2023, underscoring the strength of our operational strategy.
In our North America loss adjusting segment, we focused on driving low to mid single digit revenue growth and we've exceeded that benchmark in 2023. Additionally.
Additionally, we achieved improved margins through efficiencies on the volume side and investments in the expertise on the major and complex law side.
Rohit Verma: While we set record revenues in the U.S., we did see some impact from seasonal weather fluctuations in the back half of the year and expect this to continue in the first quarter of 2024. Our international business showed continued resilience in 2023. As a result of our strategic initiatives to address pricing and productivity, margins expanded by 655 basis points, and revenues increased by 7% for the year, which we will dig into more detail later. Overall, we are pleased to report that our efforts have demonstrated success in Latin America, the UK, and Europe. In 2024, we will continue to execute our strategy and progress on our medium-term goal of continued margin-enhanced growth. In 2023, Broad Spire achieved record-breaking results, marked by impressive margin improvements of 316 bases.
While we set record revenues in the U S. We did see some impact from seasonal weather fluctuations in the back half of the year and expect this to continue in the first quarter of 2024.
Our international business showed continued resilience in 'twenty two 'twenty three as a result of our strategic initiatives to address pricing and productivity.
Margins expanded by 655 basis points and revenues increased by 7% for the year, which.
Which we will dig into more detail later.
Overall, we are pleased to report our efforts demonstrated success in Latin America, the UK and Europe.
In 2020 four we will continue to execute our strategy and progress on our medium term goals of continued margin enhancement.
In 2023 broad spire achieved record breaking results marked by impressive margin improvements of 316 basis points.
Rohit Verma: Our strategic focus on increased use of technology has proven effective, resulting in notable market gains, particularly in medical management. Our investment in innovation and diverse service offerings position us for continued growth and success. Platform solution also saw the impact of benign weather in the back half of 2023. Platform's margin remains stable at a low double-digit, and our execution strategy remains strong. We achieved growth in our contractor connection and subrogation businesses but saw some softness from the absence of major weather events in our network business, which we expect to continue in the first quarter of 2024. Our capital allocation strategy remains thoughtful and disciplined with a focus on innovation.
Our strategic focus on increased use of technology has proven effective resulting in notable market gains, particularly in medical management.
Our investment in innovation and diverse service offerings position us for continued growth and success.
Platform solution also saw the impact of benign weather in the back half of 2023 plan.
Platforms margin remained stable at low double digits and our execution strategy remains strong.
We achieved growth in our contractor connection and subrogation businesses, but saw some softness from the absence of major weather events and a network business, which we expect to continue in the first quarter of 2024.
Our capital allocation strategy remains thoughtful and disciplined with a focus on innovation.
Rohit Verma: We saw significantly improved cash generation in 2023, truly demonstrating our financial strength. We surpassed our stated goal to move our leverage ratio below 2 times EBITDA by the end of 2023. We continue to invest in our industry-leading insurtech capabilities to drive our growing market share and seek out compelling acquisition targets to broaden our capabilities for clients. Our business is comprised of four segments. North America Loss Adjusting encompasses primarily our loss adjusting business in the U.S. and Canada and reported 24% of our 2023 revenue. Our international business is comprised of all reported service lines outside of North America and contributed 30% the largest proportion of our revenues for the year. North America Third Party Administrator is our third party administrator in the U.S. and accounts for 28% of our annual revenue, and Platform Solutions, which includes Contractor Connection and our Networks Now, we'll dig into the segment operation.
We saw significantly improved cash generation in 2023 truly demonstrating our financial strength.
We surpassed our stated goal to move our leverage ratio below two times EBITDA by the end of 2023.
We continued to invest in our industry, leading ensure tech capabilities to drive our growing market share and seek out compelling acquisition targets to broaden our capabilities for clients.
Our business is comprised of four segments.
North America loss adjusting encompasses primarily our loss adjusting business in the U S and Canada and reported 24% of our 2023 revenues.
Our international business is comprised of all reported service lines outside of North America and contributor at 30% the largest proportion of our revenues for the year.
<unk> is our third party administrator in the U S and accounts for 28% of our annual revenues and platform solution, which includes contractor connection and our networks and subrogation businesses contributed 18%.
Now I will dig into this segment operations.
Rohit Verma: Beginning with North America loss adjusting. For the full year 2023, we achieved revenues of $303.6 million, representing 11% year-over-year growth. Operating earnings were $23.2 million, with operating margins expanding by 68 basis points. Our revenue increase this year was driven by strong performance by GTS and field operations, as well as significant new account wins, including two leading carriers in the U.S., a leading provider of real estate services, and several notable property
Beginning with North America loss adjusting for the full year 2023, we achieved revenues of $303 $6 million, representing 11% year over year growth.
Operating earnings were $23 $2 million with operating margins expanding by 68 basis points.
Our revenue increase this year was driven by strong performance by GTS and field operations, achieving significant new account wins, including two leading carriers in the U S. A leading provider of real estate services and several notable property self insured entities.
Rohit Verma: In 2023, we continue to add adjusters to our team, increasing our expertise coverage and resulting in increased market share. International operations revenue for 2023 was $382.4 million, and operating earnings were $11.2 million. Our revenue grew 7% over 2022, or 10% when measured in constant currency, and operating margins expanded by 655 basis points. Operating earnings increased by 186% as a result of pricing and productivity improvements in nearly all of our operations. High Margin Countries in Europe saw strong growth in the year, while Australia showed a slight revenue decrease. The decrease in Australia was primarily due to high catastrophe activity in 2022.
In 2023, we continue to add adjusters to our team increasing our expertise coverage and resulting in increased market share.
International operations revenue for 2023 was $382 4 million and operating earnings were $11 2 million.
Our revenue grew 7% over 2022 or 10% when measured in constant currency and operating margins expanded by 655 basis points.
Operating earnings increased by 186% as a result of pricing and productivity improvements in nearly all of our operations.
High margin countries in Europe, so strong growth in the year, while Australia showed a slight revenue decrease.
The decrease in Australia was primarily due to high catastrophe activity in 2022.
Rohit Verma: We had a successful 2023, and I look forward to executing our strategy to drive further progress in international in 2024. Rothspire achieved record revenues, record operating earnings, and record margin expansion in 2023. Our results were largely driven by significant client wins throughout the year. In fact, 2023 was a record year for new business at Broadspire. Additionally, medical management services showed strong growth of 13% in the year.
We had a successful 2023 and I look forward to executing our strategy to drive further progress in international in 2024.
Broad spire achieved record revenues record operating earnings and record margin expansion in 2023, our results were largely driven by significant client wins throughout the year.
In fact, 2023 was a record year for new business at broad spire. Additionally, medical management services showed strong growth of 13% in the year.
Rohit Verma: We also benefited from increased claims activity as the economy continued to rebound. We are very pleased with Broadspire's performance this year, and so are our customers. We retained almost 95% of our business here today. Platform Solutions full-year revenues decreased by 7.5% compared with 2022.
We also benefited from increased claims activity as the economy continued to rebound we.
We are very pleased with <unk> performance. This year and so are our customers, we retained almost 95% of our business year to date.
Platform solutions full year revenues decreased by seven 5% compared with 2022.
Rohit Verma: In our network business, the benign weather activity in the back half of 2023 resulted in reduced claims at our carrier customers, so they had less need to outsource to us. Nevertheless, our underlying business remained strong, and we closed out the year with a 13% revenue increase from Contractor Connection and a 27% revenue increase from our subrogation business. Weather events have remained relatively scarce so far this year. And so we would expect reduced weather-related revenue in the first quarter of 2024 as compared to the first quarter of 2023. With that, I will turn the call over to Bruce for a deeper look at our financial performance. Thank you, Rohit.
In our network business the benign weather activity in the back half of 2023 resulted in reduced claims at our carrier customers. So they had less need to outsource to us.
Nevertheless, our underlying business remains strong and we closed out the year with 13% revenue increase from contractor connection and a 27% revenue increase from our subrogation business well.
Weather events have remained relatively scarce so far this year and so we would expect reduced weather related revenue in the first quarter of 2024 as compared to the first quarter of 2023.
With that let me turn the call over to Bruce for a deeper look at our financial performance.
Thank you Rob.
Bruce W. Swain: Looking at the fourth quarter of 2023, company-wide revenues before reimbursements were 296.1 million, down 8% from 322.2 million in the prior year. Foreign exchange rates increased revenues before reimbursements by $3.4 million or $1.2. Gap's net loss attributable to shareholders totaled $800,000, compared to a loss of $14.1 million in the same period of 2008. Gap diluted EPS in the 2023 fourth quarter with a loss per share of $0.02 for both CRDA and CRDP. Shared Transcript Page PAGE of NUMPAGES Www.pearsonships.com. On a non-GAAP basis, diluted EPS was $0.06 for CRDA and $0.07 for CRDB compared to $0.23 for both share classes in the prior year.
Looking at the fourth quarter of 2023 companywide revenues before reimbursements were $296 1 million down 8% from $322 2 million in the prior year fourth quarter Foreign exchange rates increased revenues before reimbursements by $3 4 million or one 2%.
GAAP net loss attributable to shareholders totaled 800000 compared to a loss of $14 1 million in the same period of 2022.
GAAP diluted EPS in the 2023 fourth quarter was a loss per share of <unk> <unk> for both CRD, a and CRD b compared to a loss per share of <unk> 29 cents for both share classes in the 2022 period.
On a non-GAAP basis diluted EPS was six cents for CRD, a and seven cents for CRD b compared to 23 for both share classes in the prior year period.
The company's non-GAAP operating earnings totaled $7 8 million in the 2023 fourth quarter were two 6% of revenues compared to $23 4 million or seven 3% of revenues in the prior year period.
Bruce W. Swain: The company's non-GAAP operating earnings totaled $7.8 million in the 2023-14, for 2.6% of revenue, compared to $23.4 million, or 7.3% of revenues in the prior year period. Consolidated Adjusted EBITDA was $15.7 million in the 2023 fourth quarter, or 5.3% of revenues, compared to $30.8 million, or 9.6% of revenues in the 2022 quarter. I will now review the fourth quarter performance for each of our segments. North America loss-adjusting revenues totaled $69.7 million in the 2023 fourth quarter, decreasing 10.3 percent from $77.7 million reported in last year's quarter due to milder weather activity. The segment reported operating earnings of $800,000 in the 2023 quarter, decreasing from $8.6 million reported in last year's quarter. The operating margin was 1.1% in the 2023 quarter, compared to 11% in the 2022 quarter as a result of the revenue rate. International operations revenues totaled 97.2 million in the 2023 fourth quarter, up 9.9% from the 88.4 million reported last year. On a constant dollar basis, international revenues totaled $93.7 million.
Consolidated adjusted EBITDA was $15 7 million in the 2023 fourth quarter were five 3% of revenues compared to $30 8 million or nine 6% of revenues in the 2022 quarter.
I will now review the fourth quarter performance for each of our segments.
North America loss adjusting revenues totaled $69 7 million in the 2023 fourth quarter decreasing 10, 3% from $77 7 million reported in last year's quarter due to milder weather activity.
The segment reported operating earnings of 800000 in the 2023 quarter decreasing from $8 6 million reported in last year's quarter. The operating margin was one 1% in the 2023 quarter compared to 11% in the 2022 quarter as a result of the revenue weakness.
International operations revenues totaled $97 2 million in the 2023 fourth quarter up nine 9% from the $88 4 million reported in last year's quarter on a constant dollar basis international revenues totaled $93 7 million.
The segment reported operating earnings of $2 2 million in the fourth quarter, improving significantly from losses of $5 3 million reported in last year's quarter.
Bruce W. Swain: The segment reported operating earnings of $2.2 million in the fourth quarter, improving significantly from losses of $5.3 million reported in the last. The operating margin was 2.3% in the current, compared to a negative 6% in the 2022. Brought fire revenues were 92.1 million in the 2023 fourth quarter, increasing 17.2% from 78.6 million in the 2022, driven primarily by new business development and increased medical management. Pricing and Broadspire operating earnings were $12.3 million in the 2023 quarter compared to last year's fourth quarter operating earnings of $6.7. The operating margin in this segment was a company-leading 13.3% in the quarter, improving from 8.6% in the 2000s. Revenues for Platforms. 37.2 million in the 2023 fourth quarter, decreasing from 77.4 million in the prior year. The decrease is largely attributed to a reduction in network revenue as a result of lower cat activity.
The operating margin was two 3% in the current quarter compared to a negative 6% in the 2022 quarter.
Yeah.
<unk> revenues were $92 1 million in the 2023 fourth quarter, increasing 17, 2% from $78 6 million in the 2022 period, driven primarily by new business development increased medical management usage and pricing improvements.
<unk> operating earnings were $12 3 million in the 2023 quarter compared to last year's fourth quarter operating earnings of $6 7 million.
The operating margin in this segment was a company leading 13, 3% in the quarter improve.
Improving from eight 6% in the 2022 period.
Revenues for platform solutions were $37 2 million in the 2023 fourth quarter decreasing from $77 4 million in the prior year quarter. The decrease is largely attributed to a reduction in networks revenues as a result of lower cat activity in the quarter.
Bruce W. Swain: Operating earnings in platform solutions totaled $1.9 million, for 5.2% of segment revenues in 2023. Fair to Operating Earnings of $13, were 16.8% of revenues in the prior year. The operating margin was 5.2% in the 2023 quarter, compared to 16.8% for Artist of the Year. That is a friend on the receiving end. He is a less known artist at the University of Iowa.
Operating earnings in platform solutions totaled $1 9 million or five 2% of segment revenues in the 2023 quarter.
Compared to operating earnings of $13 million or 16, 8% of revenues in the prior year quarter.
The operating margin was five 2% in the 2023 quarter compared to 16, 8% in the 2022 quarter as a result of reduced cat revenues.
Bruce W. Swain: Rizalto, Reduced Cat. Unallocated corporate costs were $9.4 million in the 2023 fourth quarter compared to a credit of $300,000 in the same period of 2022. The increase was primarily due to increased self-insurance costs, professional fees, compensation, and other support. For example, during the 2023 fourth quarter, non-service pension costs were $2.2 million, compared to $100,000 in the 2020 quarter. We recognized a pre-tax contingent earn-out expense of $900,000 in the 2023 fourth quarter compared to a $300,000 credit in the 2022 quarter. During the full year 2023, the company did not repurchase any shares of CRDA, but repurchased approximately 294,000 shares of CRDB at an average share cost of $9.30. As a reminder, approximately 1.5 million shares are eligible to be repurchased under our 2021 share repurchase program. Revenues before reimbursements for the 2023 fourth quarter include income earned which offsets the cost of managing the funds maintained to administer claims for certain These amounts were previously presented as a reduction to selling general and administrative during the first three quarters of 2000.
Unallocated corporate costs were $9 4 million in the 2023 fourth quarter compared to a credit of 300000 at the same period of 2022.
The increase was primarily due to an increased self insurance cost.
Professional fees compensation and other support costs.
During the 2023 fourth quarter non service pension costs were $2 2 million compared to 100000 in the 2022 period.
We recognized a pre tax contingent earn out expense of 900000 in the 2023 fourth quarter <unk>.
Third to a 300000 credit in the 2022 quarter.
During the full year 2023, the company did not repurchase any shares of CRD, a repurchased approximately 294000 shares of CRD b at an average share cost of $9 30.
As a reminder, approximately one 5 million shares are eligible to be repurchased under our 2021 share repurchase authorization.
Revenues before reimbursements for the 2023 fourth quarter includes income earned which offsets the cost of managing the funds maintained to administer claims for certain customers.
These amounts were previously presented as a reduction to selling general and administrative expenses during the first three quarters of 2023.
We have revised the presentation of amounts totaling $3 3 million $3 9 million and $4 5 million to revenues before reimbursements related to the first second and third quarters of 2023, respectively.
Bruce W. Swain: We have revised the presentation of amounts totaling $3.3 million, $3.9 million, and $4.5 million to revenues before reimbursements related to the first, second, and third quarters of 2023, respectively. The revisions will be reflected in future presentations containing our 2023 quarterly. There were no revisions in 2022 as the amounts were. Companies' Cash and Cash Equivalent position as of December 31, 2023 totaled $58.4 million, compared to 46 Our total receivables were down $19.4 million from the 2000s, primarily due to the collection of prior year receivables related to the Australian floods and Hurricane Ian in the US. The company's total debt outstanding as of December 31, 2023 totaled $209.1 million, down from $238.9 million as of December 31, 2000.
The revisions will be reflected in future presentations containing our 2023 quarterly results. There were no revisions in 2022 is the amounts were immaterial.
Companys cash and cash equivalent position as of December 31, 2023 totaled $58 4 million compared to $46 million at the 2022 year end.
Our total receivables were down $19 4 million from the 2022 year end, primarily due to the collection of prior year receivables related to the Australian floods and Hurricanes in the U S.
The Companys total debt outstanding as of December 31, 2023 totaled $209 1 million down from $238 9 million as of December 31, 2022.
Bruce W. Swain: Net debt stood at $150.8 million as of December 31, 2023, while our leverage ratio under our credit agreement closed at 1.6 times that. Additionally, our U.S. pension liability was $22.3 million at the end of the fourth quarter, reflecting a funded ratio of $9.5 million. You've made no discretionary contributions to our U.S. defined benefit pension plan during 2023, and you do not intend to make contributions during... Cash flow from operations for 2023 totaled $103.8 million, with free cash flow of $67.5 million. This compares to cash provided by operating activities last year. 27.6, and a Negative Free Cash Flow of $7.
Net debt stood at $150 8 million as of December 31, 2023, while our leverage ratio under our credit agreement closed at one six times EBITDA. Additionally, our U S pension liability was $22 3 million at the end of the fourth quarter, reflecting our funded ratio of 92, 1%.
We've made no discretionary contributions to our U S defined benefit pension plan during 2023, and we do not intend to make contributions during 2024.
Cash flow from operations for 2023 totaled $103 8 million with free cash flow of $67 2 million. This compares to cash provided by operating activities last year of $27 6 million and negative free cash flow of $7 million.
Bruce W. Swain: This significant improvement in cash flow was driven by increased earnings. Improvement and Build and Unbuild, and other positive working capital, the first quarter of 2020 has shown a continuance of the decreased weather activity we saw in the back half of 2010. North American Loss Adjusting and Platform Solutions, in particular, faced tough comparisons in the first quarter of 2024.
This significant improvement in cash flow was driven by increased earnings and improvement in billed and Unbilled receivables and other positive working capital changes.
The first quarter of 2024 as shown a continuance of the decreased weather activity, we saw in the back half of 2023.
North American loss, adjusting and platform solutions in particular faced tough comparisons in the first quarter of 2024 is the 2023 period saw significant weather related contributions as a result of carryover from Hurricane Ian and Winter Storm Elliot.
Bruce W. Swain: 2023 period saw significant weather-related contributions as a result of carryover from her, Winter Storm, with that in mind. In the first quarter of 2024, we do not expect to repeat between $25 and $30 million in revenue associated with catastrophic avian flu, the first quarter of 2004. This decrease in revenue...
With that in mind in the first quarter of 2024, we do not expect to repeat between 25 and $30 million in revenues that were associated with catastrophe carryover in the first quarter of 2023.
This decrease in revenues would translate into between six and $10 million of non repeated earnings for the 2024 period.
Bruce W. Swain: 10 million of non-repeated earnings for 2024. It's important to note that we're expecting continued momentum in our non-weather-related business as we move through 2024, and we remain confident in our ability to execute and deliver on our long-term growth strategy. With that, I'll turn the call back to Rohit for closing.
It is important to note that we're expecting continued momentum in our non weather related business as we move through 2024, and we remain confident in our ability to execute and deliver on our long term growth strategy.
With that I'll turn the call back to <unk> for concluding remarks. Thank you Bruce 2023 showcase the effectiveness of our operational strategy.
Rohit Verma: Thank you, Bruce. 2023 showcased the effectiveness of our operational strategy. Crawford has demonstrated remarkable resilience and adaptability, fostering a culture of innovation and efficiency that continues to propel our sustainable growth and solidify our position as an industry leader. Our robust financial results and strong liquidity provide us with the flexibility to expand our market share while investing in cutting-edge capabilities that set us apart. The strong performance of our U.S. businesses, marked by record new account wins, coupled with the significant progress in our international operations, underscore the success of our customer-centric approach. We remain committed to leveraging these achievements to cultivate deeper and more enduring partnerships with our clients and provide value to our shareholders. Thank you for your time today. Lara, please open the call for questions.
<unk> has demonstrated remarkable resilience and adaptability fostering a culture of innovation and efficiency that continues to propel our sustainable growth and solidify our position as an industry leader.
Our robust financial results and strong liquidity provide us with the flexibility to expand our market share by investing in cutting edge capabilities that set us apart.
The strong performance of our U S businesses marked by record new account wins, coupled with the significant progress in our international operations underscore the success of our customer centric approach.
We remain committed to leveraging these achievements to cultivate deeper and more enduring partnerships with our clients and provide value to our shareholders.
Thank you for your time today, Laura Please open the call for questions.
Yes.
Rohit Verma: Thank you, sir. Ladies and gentlemen, we will now begin the question and answer session. Should you have a question, please press star followed by the number one on your touchtone phone. You will hear a three-tone prompt acknowledging your request. Should you wish to decline from the polling process, please press star followed by the number two. If you are using a speakerphone, please lift your handset before pressing any key.
Thank you, Sir ladies and gentlemen, we will now begin the question and answer session. So do you have a question. Please press star followed by the number one on your Touchtone phone, you'll hear taken prompt acknowledging your request.
The declines on the polling process. Please press star followed by the number killed it.
We are using a speaker phone please lift your handset before pressing any key one moment. Please for your first question.
Lara: One moment, please for your first question. Our first question comes from the line of Maxwell Fritscher from Truist. Please go ahead. Hi, good morning. I'm calling in today from Mark Hughes. Another strong quarter in the international segment. I just wanted to know if you could provide a little more color on what is driving that growth, assuming it's not as weather-dependent as North America.
Our first question comes from the line of Maxwell Fisher from to it. Please go ahead.
Hi, good morning, I'm, calling in today for Mark Hughes.
Another strong quarter in the international segment.
Just wanted to know if you could provide a little more color on what is driving that growth.
Assuming thats not as weather dependent.
North America.
Rohit Verma: Hi Max, this is Rohit. Hope you're doing well. Max, we continue to see improvements in our international business. We had talked about making sure that, you know, we were addressing some structural changes that we had to make. We've also talked about making sure that we were driving pricing where we needed to. All those things have been put in place, so I would say that was sort of the low-hanging fruit that we got to. There's obviously more work to do in our international business, but what we're seeing is traction in our key markets like Europe, the UK, Latin America, and then Australia has always been strong, but Australia was slightly lower, mainly because of a tougher comparison due to unprecedented floods that we saw in Australia in 2020.
Hi, Max this is rohit I hope youre doing well.
Max we continue to see improvements in our international business, we had talked about making sure that we were addressing some structural changes that we had to make we've also talked about making sure that we were driving pricing where we needed to.
All of those things have been have been put in place. So I would say that was sort of low hanging fruit that we got to there is obviously more work to do in our international business, but what we're seeing is we're seeing traction in our key markets like Europe U K Latin America and in Australia has always been strong but.
Australia was slightly lower mainly because of a tougher comparison due to unprecedented floods that we saw in Australia in 2022.
Rohit Verma: Thank you. And on broad spire, do you have any detail on if the uptick in medical case management is being driven more by frequency or severity? Any, any insight you have on the workers comp one?
Got it thank you and on broad spire.
Do you have any detail.
Uptick in medical case management is being driven more by frequency or severity of any.
Any insight you have on the workers' comp line.
Rohit Verma: Yeah, what we're seeing is a return of medical management to pre-pandemic levels. In fact, I would say that this was the first quarter that we exceeded, by a decent number, what we had seen in 2019, or Q4 of 2019, which I would call the last pre-pandemic quarter. And then what we're also seeing is that the ratio of medical management to workers comp claim activity is much more in line with what we saw pre-pandemic than what we saw over the last three years. So we believe that this is coming back, but we need to keep an eye on it, because we're not seeing any major changes in frequency or severity, which is driving this as a. Right, thank you.
Yeah, what we're seeing is a return of medical management to pre pandemic levels. In fact, I would say that this was the first quarter that we exceeded.
At a decent biodiesel number what we had seen in 2019 or Q4 of 2019, which I would call. The last pre pandemic quarter and then what we're also seeing is that the ratio of medical management to workers comp claim activity is much more in line with what we saw pre pandemic than what we saw over the last three years. So we believe that this is.
Coming back, but we need to keep a watch for we're not seeing any major changes in frequency or severity, which is driving this as of now.
Alright, Thank you and then.
Rohit Verma: And then any expectations on Sherry purchases in 2024? Hey, Max, this is this is Bruce. You know, we still have a million and a half shares eligible to be repurchased through the end of 2024. So, you know, as we look at capital allocation, the first priority is to invest back in the business, and we'll continue to do that as we go. In 2024, we're committed to paying a strong dividend; we increased the dividend last year, and others. Thank you.
<unk> expectations on share repurchases in 2024.
Hi, Max This is this is Bruce.
We still have a million and a half shares eligible to be repurchased through the end of 2024. So.
As we look at capital allocation.
The first priority is to invest back in the business and and we will continue to do that as we go through 2024.
We're committed to paying a strong dividend, we increased the dividend last year and we.
We want to provide a meaningful yield to our to our shareholders.
Bruce W. Swain: Thank you, yield to our shareholders. We'll look at M&A as well. We look at a number of deals. We don't execute on very many, but we're also always looking for adjacencies and capabilities that we can add to our claims platform. Now, as far as repurchasing shares, we're not a buyer at any price.
We'll look at M&A as well.
We look at a number of deals kind of on a continuous basis, we don't execute on very many but but we're also always looking for.
Adjacencies and capabilities that we can add into our claims platform and so we'll continue to look we'll continue to look at that as far as repurchasing shares we're not a buyer at any price and so we.
Bruce W. Swain: And so, you know, we'd like to buy at a deep discount to intrinsic value and be, so to the extent that our shares trade at a level that we see as a deep discount to intrinsic value. Thank you, T.S. Yeah, that's very helpful. That's all for me.
We'd like to buy at a deep discount to intrinsic value and and be disciplined in that regard so to the extent of our shares.
At a level that we see is a deep discount to intrinsic value I think you'd see us in the marketplace.
Yes, that's very helpful. That's all for me. Thank you all.
Lara: Thank you all. Thank you, Max. Ladies and gentlemen, just a reminder, should you have a question, please press star followed by the number one on your touchstone phone. Our next question comes from the line of Kevin Steinke from Barrington Research. Please go ahead. Hey, good morning.
Thanks, Matt Thank you Max.
Ladies and gentlemen, just a reminder, so do you have a question. Please press star followed by the number one on your Touchtone phone. Our next question comes from the line of Kevin. Thank you from Barrington Research. Please go ahead.
Hey, good morning.
So you are.
Kevin Mark Steinke: So you mentioned in your comments that you expect continued momentum in your non-weather-related businesses in 2024. Can you just speak to what you're seeing in those businesses that give you confidence in that momentum? I'm thinking specifically of Broad Spire, and I guess... the complex, large and complex law suggesting, within North America, or any others you'd want to highlight.
You mentioned in your comments that you.
You expect.
Continued momentum.
Non weather related businesses in.
2024.
Can you just speak to what Youre seeing in those businesses that give you confidence in that momentum.
I'm thinking specifically of broad spire in I guess.
The complex large and complex.
Well, suggesting within within North America loss adjusting already any others, you you'd want to highlight.
Hi, Kevin This is Roy.
Rohit Verma: Hi Kevin, this is Rohit. Hope you're well. Kevin, there are a few things that give us confidence in that regard. First and foremost, I think you've seen three consecutive years of $100 million plus in new business that we've put in. You've also seen us in the broad spire space have continuous retention of business well over 90% over the last three years. We believe that... Those factors will continue.
Well Ken.
Kevin.
There are a few things that give us confidence in that regard first and foremost I think <unk> seen three consecutive years of $100 million of plus a new business that we've put in you've also seen us in the broad spire space to have continuous retention of business well over 90% over the last three years.
We believe that.
Those factors will continue we will continue to see new business activity. The investments that we specifically made in technology are really helping us to get into what we call. The alternative market segments for <unk>, which are <unk> captives.
Rohit Verma: We will continue to see new business activity. The investments that we specifically made in technology are really helping us to get into what we call the alternate market segments for BroadSpar, which are MGAs, captives, program administrators, and even some carriers. And that gives us a lot of confidence moving forward.
Graham administrators.
And even even some carriers.
And that gives us a lot of confidence moving moving forward. We've been investing also in training and people development, which is enabling us to deliver claims at a much higher quality than what we believe we see in the marketplace.
Rohit Verma: We've also been investing in training and people development, which is enabling us to deliver claims that are of a much higher quality than what we believe we see in the marketplace. And on the large and complex side, we continue to hire experts and be a place where experts want to be, which is giving us a lot of credibility with corporations, brokers, as well as carriers to recommend us as the major and complex loss adjuster of choice. We're building a culture where we believe people feel that they can bring their authentic selves, that they can be who they are, that they can have a truly entrepreneurial spirit. And all of those things, I believe, are leading to us driving growth in these. Okay, great.
And on the large and complex side, we continue to hire experts and be a place where experts want to be which is giving us a lot of credibility with corporations brokers as well as carriers to recommend us to be the major and complex loss a gesture of choice.
We're building a culture.
We believe people feel that they can bring their authentic selves that they can be who they are that they can have a truly entrepreneurial spirit and all of those things I believe are leading to us driving growth in these two segments.
Okay, great. Thank you.
Rohit Verma: Thank you. And I also wanted to ask about your efforts in capturing and penetrating strategic key accounts. Any update on the state of that effort and any momentum that you're seeing on that front, perhaps? We feel very good about our efforts there. We continue to drive deeper into some of our largest accounts and gain share of segments that we may not have been participating in in the past. Obviously, that segment, as you can imagine, is highly dependent on weather.
And I also wanted to ask about your efforts with.
Capturing and penetrating.
Strategic key accounts.
Any update on.
The state of that effort.
Any momentum that youre seeing on that front perhaps.
We feel very good about our efforts there we continue to drive deeper into some of our largest accounts and gain share of segments that we may not have been participating in in the past.
Obviously that segment as you can imagine is highly dependent on weather.
Rohit Verma: So while we may see some benign activity in Q4 and continuing into Q1, we believe that the underlying business is extremely strong, the underlying relationships are extremely strong, and as weather activity comes back or returns to what I would call normal levels, we should see momentum in those parts of our business with the large... Carrier. Okay, thank you. And you also mentioned in your prepared comments that, you know, continued staffing shortages among your carrier clients are driving increased outsourcing of claims. Is that, I guess, since you mentioned it, it's still an issue, but is that something that's eased a bit or, you know, what's the state of the ability to find staff across the industry as you think about your client base?
So while we may see some benign activity in Q.
Q4, continuing into Q1.
We believe that the underlying business is extremely strong the underlying relationships are extremely strong and as the weather activity comes back or returned to what I would call normal levels, we should see a momentum in those parts of our business with the large.
<unk> in the marketplace.
Okay. Thank you and you also mentioned in your prepared comments that.
Continued staffing shortages.
Among your carrier clients is driving increased outsourcing claims.
Is there I guess.
Since you mentioned it it's still an issue but.
Is that something that's eased a bit or whats kind of the state of.
Staffing.
With the ability to find staffing.
Across the industry.
Think about your client base.
Rohit Verma: Kevin, at a macro level, insurance continues to be a place where there's an aging workforce higher than some of the other industry groups that we... It also remains a place where, structurally, you don't see as many college graduates jumping to join as compared to, say, other traditional industries like banking, consulting, technology, or manufacturing. When you add to that, during the 2008 to 2011 time period, there was a real pullback on training programs that a number of corporations or insurance corporations pulled back on, and we saw something similar happen in 2020. So we believe that structurally there's a dearth of qualified adjusters or qualified insurance professionals, and this is particularly pronounced on the claims side, which has, you know, even within the stacking of insurance, which we see fewer number of people joining from schools and colleges.
Kevin Adams at a macro level insurance continues to be a place where there is aging workforce of higher than some of the other industry groups that we see it also remains a place where structurally you don't see as many college graduates jumping to join as compared to say other traditional industries like banking consulting.
<unk> technology or manufacturing or consumer goods.
When you add to that during the 2008 to 2011 time, there was a real pullback on training programs that.
A number of corporations are number of insurance Corporation's board back on and we saw something similar happened in.
In 2020, so we believe that structurally there is a dearth of qualified adjusters all quantified insurance professionals and this is particularly pronounced on the claim side, which has even within the stacking of insurance, which we see less number of people joining from from schools and colleges. So we believe that because.
Rohit Verma: So we believe that because of us continuing our training programs in BroadSpar, in loss adjusting, in countries like Canada and the UK and even to some extent in Australia, we believe that we've been continuing to invest in that and have built a workforce that makes us an attractive destination for outsourcing for our clients. I believe our clients are recognizing this as well, and they will also continue to invest from their end. But again, at a macro level, we still see a big gap in the industry in terms of what's needed and what exists from a research perspective.
As us because of us continuing our training programs.
In broad spire and loss adjusting in countries like Canada, and U K and even to some extent in Australia. We believe that we have been continuing to invest in that and have built a workforce, which makes us an attractive destination for outsourcing for our clients.
I believe our clients are recognizing this as well and they will also continue to invest from there and but again at a macro level, we still see a big gap in the industry in terms of what's needed and what exists from a resource standpoint.
Okay. That's helpful. Thank you.
Rohit Verma: Okay, that's helpful. Thank you. I just want to ask a couple more questions here.
I just wanted to ask a couple more here.
So I recall that you had discussed in the past looking to continue to diversify your international operations and maybe reduce dependent.
Rohit Verma: So I recall that you discussed in the past looking to continue to diversify your international operations and maybe reduce dependence on, you know, the travel and entertainment sectors. Is that something you're continuing to work on? And, you know, any thoughts on progress there? Yes, we continue to do that, and I would just maybe slightly modify it. We didn't say we wanted to reduce our dependence; we said we wanted to grow other sectors so that travel and entertainment didn't form a major part of our business. And we are seeing that.
Travel and entertainment sector is that something you are continuing to work on.
Any thoughts on progress there.
Yes, yes, we continue to do that and I would just maybe slightly modified we didn't say we wanted to reduce our dependence. We said we wanted to grow other sector. So that travel and entertainment doesn't inform the major part of our business and we are seeing that I think we shared with you that we had made some management changes overall in international we believe that those are.
Rohit Verma: I think we shared with you that we had made some management changes overall in international, and we believe that those are yielding results. We continue to do more of that as we head into this year, and we've had a renewed focus on new business activity, and that's why you saw continued growth in the international business. That's moving well, but there's more work.
Yielding results, we continue to do more of that as we head into the as we head into this year.
And we've had a renewed focus on new business activity and Thats why you saw continued growth in the international business. So.
That's moving well, but theres more work to do there.
Okay. Thank you and then lastly.
Rohit Verma: Okay, thank you. And then lastly, just following up on capital allocation. Now that you've gotten to leverage below two times, what are your thoughts on debt reduction as you think about where to allocate your dollars? Yeah, Kevin, hey, this is this is Bruce.
Just following up on capital allocation.
No there too.
Got into leverage below two two times.
What are your thoughts on.
Debt reduction as you think about where to allocate.
Dollars.
Yeah, Kevin Hey, this is this is Bruce so as I was.
Bruce W. Swain: So as I was, you know, talking to Mac about our Capital Allocation Framework of investments in M&A or... Sherry Purchases. Once we invest back in the business through CapEx, if we have excess cash, it kind of automatically goes to reduce our revolver borrowing. So without a more compelling investment opportunity, leverage will reduce. And even though we're at 1.6 and kind of hit our target, if there's not a compelling M&A opportunity. Yeah. You know, a share repurchase wouldn't be at a deep discount to intrinsic value.
Talking to Max.
Uh huh.
Our capital allocation framework and in the absence of.
The investments in an M&A or.
Share repurchases.
Once we invest back into the business through.
<unk> Capex, if we have excess cash you kind of automatically goes to reduce our revolver borrowings. So.
Without a more compelling.
Investment opportunity will reduce leverage.
And even though we're at one six and kind of hit our hit our target if there's not a compelling M&A opportunity or if.
Share repurchase wouldn't be at a D.
Deep discount to intrinsic value, you'll see us, reducing reducing leverage building further financial strength and flexibility to allow us to <unk>.
Bruce W. Swain: You'll see us... Building further financial strength and flexibility to allow us to transact and act when the factors in the market are favorable to us, whether that's a repurchase. Warren. Okay, thank you. That's helpful. Thanks for taking the time to answer the question. Thank you. There are no further questions at this time. I'd now like to turn the call back over to Mr. Verma for his final closing comments. Thank you, Lara. And thank you to all our employees, clients, and shareholders for your continued commitment to Crawford & Company. I'm excited by our prospects for 2024, where we will leverage our expertise and seize emerging opportunities to drive sustained success and foster growth in the future.
Transact and act when.
The Ah <unk>.
Factors in the marketplace look favorable to us, whether that's a repurchase or M&A.
Okay. Thank you that's helpful. Thanks for taking the questions.
Okay. Thank you thank you Kevin.
There are no further questions at this time I would now like to turn the call back over to Mr. <unk> for final closing comments.
Thank you Laura and thank you to all our employees clients and shareholders for your continued commitment to Crawford <unk> company I am excited by our prospects for 2024, where we will leverage our expertise and seize emerging opportunities to drive sustained success and foster growth in the future. Thank you for your time today and God bless.
Rohit Verma: Thank you for your time today, and God bless. This call will be available for replay beginning at 11: 30 a.m. EST today through 11:59 p.m. EST on April 5, 2024. The conference ID number for the replay is 186255-POUND. The number to dial for the replay is 877-674-7070 or 416-764-8692. Thank you. You may now disconnect. Thanks for watching!
Thank you for participating in todays coffered and company conference call. This call will be available for replay beginning at 11 30, a M. Today through 11 59 PM ESP on April five 2024.
Conference I'd number for the replay is 186255 pound number to dial for the replay is 87767 for 7070 or for 167648692. Thank you you may now.
Disconnect.
Yes.
Sure.
Okay.
Okay.
Okay.
Sure.
[laughter].
Okay.