Q3 2024 Crawford & Co Earnings Call
Good morning, my name is Angeline and I will be your conference facilitator for today. At this time, I would like to welcome everyone to the Crawford and Company's 3rd Order 2021 earnings release conference call.
In conjunction with this call, a Supplementsary Financial Presentation is available on our website at www.croco.com Under the Investor Relations section, all lines have been pleased and mute to prevent any background noise.
After this becaures remarks, there will be a question and answer period. Instructions will follow what that time. Should anyone need assistance at any time during this conference?
Police, press star, then zero and an operator will assist you. As a reminder, ladies and gentlemen, the conference is being recorded today Tuesday, November 5, 2024. Now, I would like to introduce Tami Stevenson, corporate and companies a general counsel.
Tami Stevenson: Thank you, Angeline. Some of the matters to be discussed in this conference call, and as several Mary Financial Presentation may include forward-looking statements that involve risks and uncertainties.
These statements may relate to among other things, our expected future operating results in 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.
Tami Stevenson: Collectibility of our billed and unbilled accounts receivable, financial results from 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 may be 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 events or circumstances occurring after the day of this call or to reflect the occurrence of unanticipated events.
Tami Stevenson: In addition, you are reminded that operating results for any historical period are not necessarily indicative of results to be expected for any future period.
Tami Stevenson: for a complete discussion regarding factors which could affect the company's financial performance.
Tami Stevenson: Please refer to the company's form 10-Q for the quarter ended September 30, 2024.
Tami Stevenson: filed with the Securities and Exchange Commission.
Tami Stevenson: particularly the information under the headings Risk Factors and Management's Discussion and Analysis of Financial Conditions and Results of Operations, as well as subsequent company filings with the FDC.
Tami Stevenson: 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.
Tami Stevenson: I would now like to introduce Mr. Rohit Verma, Chief Executive Officer of Crawford & Company. Rohit. Thank you, Tami. Good morning and welcome to our third quarter 2024 earnings call. Joining me today is Bruce Swain, our Chief Financial Officer, and Tami Stevenson, our General Counsel.
Tami Stevenson: Before we start today, I would like to take a moment to comment on the recent devastations in North Carolina and Florida from Hurricanes Helene and Milton.
Tami Stevenson: Our thoughts are with all those affected, and our staff are on the ground to support impacted communities as they rebuild. Our thoughts are also with those in Florida and Louisiana who are preparing for Tropical Storm Raphael as it forms in the Gulf.
Tami Stevenson: Our third quarter consolidated revenues were consistent with the previous year's quarter, reflecting our ability to drive continued momentum in our core non-weather dependent businesses.
Tami Stevenson: Ross Baer achieved a new quarterly revenue record and our international operations also demonstrated revenue growth with margin expansion driven by growth across key markets.
Tami Stevenson: That said, our third quarter results, similar to the second quarter, reflect the lower weather-related revenue in our North America loss-adjusting and platform solutions segments.
Tami Stevenson: contributing to a decline in consolidated earnings for the quarter.
Tami Stevenson: Today I'll walk you through the key operational highlights of the quarter and then I'll turn it over to Bruce for a deeper review of our financial performance.
Tami Stevenson: Crawford is the largest publicly traded claims management provider managing over 20 billion dollar in claims each year across 70 countries.
Tami Stevenson: We are proud to serve a broad base of clients, including some of the most recognized names in the insurance industry.
Tami Stevenson: With a team of approximately 10,000 skilled professionals and tens of thousands of field resources, our scale and global reach set us apart in a fragmented market, making us the preferred partner for top carriers, many of whom have been long-standing clients.
Tami Stevenson: The longevity of our relationships is a significant competitive advantage among our peers, and I am proud of the progress we have made in reinforcing the strength of these relationships.
Tami Stevenson: At a high level, Crawford leverages several long-term growth drivers which increase demand for our services.
Tami Stevenson: It has been widely evidenced that there is an increasing severity and frequency of extreme weather and over the long term that trend is driving greater demand for our services globally.
Tami Stevenson: We remain well positioned with our ability to deliver high-quality services in response to catastrophic weather. Our teams remain prepared and ready to act, ensuring we can swiftly support clients whenever and wherever severe weather strikes.
Tami Stevenson: With our carrier relationships, we are well suited to meet the rising demand for outsourced claims processing.
Tami Stevenson: Crawford delivers proximity, expertise, and scale to efficiently and cost-effectively manage claims for our clients and their end customers.
Tami Stevenson: We are recognized as a valued and experienced partner within the fragmented U.S. independent loss adjusting sector and continue to deepen our partnerships across all verticals, expanding our influence and reach.
Tami Stevenson: Finally, we remain committed to continually enhancing and deploying advanced insurtech solutions to help clients save time and money while improving the efficiency of the claims process globally.
Tami Stevenson: Consolidated revenues for the third quarter of 2024 were consistent year over year, underscoring the overall resilience of our business model despite the continuance of reduced weather related activity.
Tami Stevenson: In the quarter, we saw continued momentum in our core non-weather-dependent businesses.
Tami Stevenson: Broadspire and our USGTS service line both achieved a new quarterly revenue record. Our international operations segment delivered solid revenue growth and margin expansion with gains across key markets.
Tami Stevenson: However, operating earnings in our North America loss adjusting and platform solution segments were impacted by lower storm severity and frequency compared to the previous year.
Tami Stevenson: Additionally, an increase in corporate unallocated costs also contributed to the decline in operating earnings this quarter. And Bruce will provide some more information on that later on.
Tami Stevenson: We added $24.4 million in new and enhanced business this quarter, reflecting our focus on driving sustainable growth, expanding our customer base, and establishing strategic partnerships that will further strengthen our market position.
Tami Stevenson: Our balance sheet remains strong with leverage at approximately 2.2 times EBITDA.
Tami Stevenson: As we have done in the past few quarters, we want to illustrate the decline in severe storm activity year over year.
Tami Stevenson: While Hurricanes Helene and Milton were headline economic loss events, the overall storm frequency in the third quarter of 2024 decreased by almost 50% compared to 2023.
Tami Stevenson: The middle chart shows that in the face of that significant decline in severe weather during the third quarter, Crawford achieved 5% growth in our non-weather business.
Tami Stevenson: Our weather-related business, which includes U.S. catastrophe, U.S. loss-adjusting in Australia, decreased 11 percent.
Tami Stevenson: Finally, the chart on the right shows the impact of decreased storm frequency on our network revenue in the quarter.
Tami Stevenson: This segment assists our largest clients with their catastrophe-specific claims handling needs and we saw a 39% reduction in revenue directly related to weather activity this quarter.
Tami Stevenson: It is important to note that much of the economic damage from Halein in September and Milton, which occurred after the quarter in October, was the result of flooding and storm surge, which remains largely uninsured as compared to wind damage.
Tami Stevenson: These hurricanes have caused more significant economic losses as opposed to insurance losses.
Tami Stevenson: However, in the fourth quarter, we are likely to drive a $20 million to $30 million revenue increase from these events compared to the prior year period given that there was no storm activity in the 2023 fourth quarter.
Tami Stevenson: We remain well-positioned to respond to any increase in severe weather as we move forward through the fourth quarter.
Tami Stevenson: Our capital allocation strategy prioritizes investments for our future growth through innovation, advancing our technology, and making strategic acqui-hires.
Tami Stevenson: Our conservative approach to leverage affords us significant financial flexibility and liquidity.
Tami Stevenson: We're also committed to returning capital to shareholders as demonstrated by our ongoing quarterly dividend for CRDA and CRDB shares.
Tami Stevenson: Our balance sheet is strong, positioning us well to continue to deliver consistent, long-term value to shareholders. With that, let me turn the call over to Bruce for a deeper look at our operational and financial performance.
Bruce Swain: Thank you, Rohit.
Bruce Swain: As most of you know, our business is diversified and is comprised of four segments. North America Loss Adjusting encompasses our loss adjusting business in the U.S. and Canada and accounted for 24% of our third quarter 2024 revenues.
Bruce Swain: Our international business is comprised of all reported service lines outside of North America and contributed 32% of our revenues.
Tami Stevenson: Broadspire is our third-party administrator in the U.S. and accounts for 30% of our revenues. And Platform Solutions, which includes Contractor Connection and our networks and subrogation businesses, contributed 14%.
Tami Stevenson: Now let's review each of these segments.
Tami Stevenson: Beginning with North America loss adjusting, in the third quarter of 2024, our revenues were $79.3 million, consistent with the prior year quarter.
Tami Stevenson: Operating earnings were $5.4 million, a decrease of 48% from the prior year quarter. This decrease was a result of a difficult year-over-year revenue comparison in U.S. field operations in Canada and increased expenses in our U.S. GTS operations.
Tami Stevenson: Within these results, our USGTS service line achieved a record for quarterly revenue and continues to demonstrate solid top-line growth, with 19% revenue growth in the quarter, as we reap the benefits of our ongoing investments in this service line.
Tami Stevenson: International operations continues to demonstrate a solid recovery post-pandemic. Revenue for the 2024 third quarter was $105.7 million, and operating earnings were $5.1 million. Our revenue grew 8% from $98.1 million in the third quarter of 2023, or 10% when measured in constant currency.
Tami Stevenson: Our operating earnings showed a significant increase of more than 130% over the prior year quarter, reflecting improved performance in the UK and Europe. We are confident that our strategies to improve efficiencies in key growth areas will continue to position us well for the future.
Tami Stevenson: Our Broad Spire business set a new quarterly revenue record of $99 million in the third quarter, demonstrating continued growth as a cornerstone of our non-weather dependent business.
Tami Stevenson: Revenues increased 7% from $92.2 million in the 2023 period. Operating earnings for the third quarter increased to $14.4 million compared to $13.5 million in the 2023 period, and Broadspire's operating margin was a company-leading 14.5%.
Tami Stevenson: Client wins in this business line continue to drive our growth in 2024. These client wins continue to become long-term partners contributing to recurring revenues as we retain 94% of our business year-to-day.
Tami Stevenson: Platform Solutions third quarter revenues of $45.3 million decreased by 24% compared with $59.8 million in the third quarter of 2023.
Tami Stevenson: Operating earnings and platform solutions total $3.8 million, or 8.5% of segment revenues in the 2024 quarter, compared to operating earnings of $8.5 million, or 14.2% of revenues in the prior year quarter.
Tami Stevenson: Our subrogation revenues for the quarter grew 12% compared to the third quarter of 2023.
Tami Stevenson: We continue to see the effects of reduced storm frequency, particularly in our networks business line. As Rohit mentioned earlier, the decline in storm activity year-over-year has left many carriers with excess capacity, leading to reduced demand for our catastrophe services this quarter.
Tami Stevenson: Additionally, much of the hurricane-related damage in the quarter, and likely the fourth, has been due to flooding, which is often uninsured.
Tami Stevenson: We have experienced similar periods of lower storm frequency in the past, but our long-term outlook remains optimistic, as we are well-positioned to support our partners during critical times.
Tami Stevenson: Despite quarter-to-quarter variations,
Tami Stevenson: Long-term trends indicate an increase in both the severity and frequency of natural disasters.
Tami Stevenson: And now for a look at our consolidated financials.
Tami Stevenson: In the third quarter of 2024, company-wide revenues before reimbursements were relatively unchanged at $329.4 million. Foreign exchange rates decreased revenues before reimbursements by $2.2 million, or less than 1%.
Tami Stevenson: Gap net income attributable to shareholders totaled $9.5 million, compared to net income of $12.3 million in the same period of 2023.
Tami Stevenson: Gap diluted EPS in the 2024 3rd quarter was $0.19 for both CRDA and CRDB, decreasing from $0.25 for both share classes in the 2023 period.
Tami Stevenson: On a non-GAAP basis, diluted EPS was $0.22 for both CRDA and CRDB compared to $0.35 for CRDA and $0.36 for CRDB in the prior year period.
Tami Stevenson: and many others. Thank you. Thank you.
Tami Stevenson: The company's non-GAAP operating earnings totaled $21.8 million in the 2024 third quarter or 6.6% of revenues, compared to $29.9 million or 9.1% of revenues in the prior year period.
Tami Stevenson: Consolidated Adjusted EBITDA was $29.6 million in the 2024 3rd quarter or 9% of revenues compared to $38.6 million or 11.7% of revenues in the 2023 quarter.
Tami Stevenson: Companies cash and cash equivalent position as of September 30, 2024 totaled $52.3 million compared to $58.4 million at the end of the 2023 year-end.
Tami Stevenson: Our total receivables were up $18 million from the 2023 year end, primarily due to an increase in unbilled revenues that we expect to unwind through the remainder of the year.
Tami Stevenson: The company's total debt outstanding as of September 30, 2024 totaled $238.4 million, up from $209.1 million as of December 31, 2023.
Tami Stevenson: Net debt stood at $186 million as of September 30, 2024, while our U.S. pension liability was $23.1 million at the end of the third quarter, reflecting a funded ratio of 93.6%.
Tami Stevenson: We made no discretionary contributions to our U.S. Defined Benefit Pension Plan during the third quarter of 2024, and we do not intend to make contributions for the remainder of the year.
Tami Stevenson: Cash provided by operating activities in the 2024 year-to-date period was $11.1 million, with free cash flow of negative $18.4 million.
Tami Stevenson: This compares to cash flow from operations last year of $68.1 million and free cash flow of $40.4 million.
Tami Stevenson: This decrease in free cash flow in the 2024 period was primarily due to lower operating earnings, higher incentive compensation payments compared to the prior year, and increased unbilled receivables.
Tami Stevenson: This decrease in our free cash flow is a result of timing-related variations, and it is not uncommon for us to see such fluctuations. We believe that the decrease in free cash flow observed year-to-date is not a reflection of the company's long-term cash-generating capabilities.
Tami Stevenson: Unallocated corporate costs were $7 million in the 2024 third quarter, compared to corporate costs of $4.8 million in the same period of 2023.
Tami Stevenson: The increase was primarily due to increases in self-insured expense, professional fees, and other reserves.
Tami Stevenson: During the 2024 third quarter, non-service pension costs were $2.4 million, compared to $2.2 million in the 2023 period.
Tami Stevenson: We recognized a pre-tax contingent earn-out credit of $2.1 million in the 2024 third quarter compared to an earn-out cost of $2.1 million in the 2023 period.
Tami Stevenson: We paid a 7 cent dividend per share for both CRDA and CRDB shares in the third quarter.
Tami Stevenson: During the third quarter of 2024, the company did not repurchase any shares of CRDA, but repurchased approximately 155,000 shares of CRDB at an average share cost of $9.89.
Tami Stevenson: As a reminder, approximately 1.1 million shares are eligible to be repurchased under our 2021 share repurchase authorization.
Speaker Change: With that, I'll turn the call back over to Rohit for concluding remarks.
Rohit Verma: Thank you, Bruce. As we conclude, I want to emphasize the strength and resilience of our diversified business model.
Rohit Verma: While the quarter presented challenges to North America loss adjusting and platform solutions associated with reduced storm activity, our non-weather businesses continue to drive strong performance and steady growth.
Rohit Verma: The strength of our diversified business lines enables us to mitigate challenges encountered in one part of the business with growth from other segments.
Rohit Verma: Looking ahead, we remain optimistic about our long-term prospects. Our teams are well prepared to respond swiftly to any future weather events.
Rohit Verma: Additionally, our strategic focus on non-weather businesses, technology and operational excellence provides a solid foundation from which we can deliver value for our clients and shareholders.
Rohit Verma: We will also maintain our disciplined approach to capital allocation, prioritizing investments that enhance our capabilities and strengthen our market position.
Rohit Verma: I want to take this opportunity to thank our dedicated employees for their hard work. Your commitment to supporting our clients and communities has been remarkable. I also extend my gratitude to our shareholders and partners for your continued trust and support.
Rohit Verma: We look forward to building on our successes as we close out the year and move into 2025.
Rohit Verma: Thank you for joining us today, and Angeline, we can now open the call for questions.
Angeline: Thank you.
Angeline: At this time, if you would like to ask a question,
Angeline: please press star, then the number one on your telephone keypad to withdraw your question.
Speaker Change: Please press the pound key.
Speaker Change: If you are using a speakerphone, please pick up your handset before asking your question. We'll pause for just a moment to compile the Q&A roster.
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Speaker Change: Your first question comes from the line off Mark Hughes from Truist. Please go ahead.
Mark Hughes: Yeah, thanks. Good morning.
Mark Hughes: Hi Mark. Hi Mark. How much how much revenue you think might, whether revenue might extend in the Q1? I think you described kind of a 20 to 30 million dollar benefit in Q4. Does that, will that cover it or will there be more next quarter?
Speaker Change: I would say, Mark, that most of it will get covered in Q4 until we see storm activity from Rafael, which as you know is just forming in the Gulf right now.
Speaker Change: Understood. And then the GTS had strong growth there. How much of that is head count growth versus volume, pricing, just kind of sense of what's driving that for you?
Speaker Change: I would say it's volume growth but it's driven by the increased headcount which gives us the ability to have the experts on staff and giving us more confidence to our clients to give us larger and complex losses.
Mark Hughes: Pricing, as you know, we've been making sure that we continue to stay price competitive. So we feel that we've been good on pricing, but the growth is not a pure price play here. It's more of an expertise play.
Mark Hughes: and many more. Thank you. Thank you.
Speaker Change: Understood. How is Broadspire shaping up for a new business? I think, am I right in thinking kind of the Q4 into Q1 as they're big?
Mark Hughes: season four new business. How are you seeing that shape up for 2025?
Speaker Change: Yeah, I would not say that Q4 to Q1 is necessarily. I mean, there are some parts of the business that you're right, tend to start in Q1. We're seeing a good amount of RFP activity. We're very active in the marketplace and we feel we have good momentum on new business.
Speaker Change: No reason for us to believe any slowdown in 2025.
Speaker Change: Okay, and then the corporate expenses, I think some insurance, self-insurance.
Speaker Change: Was there some catch-up this quarter? Would we expect that to calm down a little bit in the fourth quarter? That's kind of the new normal.
Bruce Swain: Hey Mark, it's Bruce. You know, self-insurance can bounce around a little bit for us. We can see credit some quarters and expenses others. This was not a catch-up. We had some higher severity claims in our self-insured medical. That was the...
Speaker Change: the primary driver, but we saw a little bit increased frequency in a couple of our other PNC lines as well.
Speaker Change: quarter over quarter which we expect to to tamp down as we go into 2025 and we also had some some other reserves on.
Speaker Change: on assets.
Speaker Change: and severance-related costs, which is more one-time in nature.
Speaker Change: Joseph Swain, Rohit Verma, Tami Stevenson, Joseph Blanco
Speaker Change: Okay. And then on the cash flow front, the compensation was a headwind in the quarter. Was that a timing issue?
Speaker Change: I guess I won't take reverse at any point, but yeah. Yeah, I mean, so the cash flow drivers year over year are really three. It's reduction in operating earnings. We paid out higher incentive compensation in 24 related to 23 earnings.
Speaker Change: And so that put pressure on operating cash flow from the first quarter on. And then we've seen an increase in our unbilled revenues related to...
Speaker Change: to revenue growth that we've seen in Broadspire and GTS and our international business and that's a timing difference and that's going to...
Speaker Change: that's going to reverse and and bring our operating cash flow
Speaker Change: up as we close the year.
Speaker Change: We'll be, you know, we're expected to be down. I mean, last year, 23 was a tremendous operating cash flow year, so we'll be down compared to that, you know, largely because our earnings are down and we had higher, you know, cash outflows related to incentive compensation earned in 23.
Speaker Change: Contractor Connection, do you have the revenue comparison for that specific business for Q3 versus Q3 last year?
Speaker Change: I do.
Speaker Change: Thank you.
Speaker Change: Thank you. Bye.
Speaker Change: Yeah, so.
Speaker Change: It's down
Speaker Change: It's down 10% quarter to quarter from $19 million down to $17.1 million.
Speaker Change: Okay. And then the international operations, kind of high single digit growth, pretty steady the last.
Speaker Change: three, four quarters. What are the prospects for that to be sustained?
Speaker Change: Mark, we believe the international business will stabilize. As you know, we have been working on turning around that business. Again, our push on that business is continuing to improve profitability.
Speaker Change: and continue to diversify our revenue base. That business was helped a little bit by the extreme weather in Europe that we saw.
Speaker Change: Europe and Middle East that we saw in the quarter. But I think that the growth of that business should stabilize to low single digits.
Speaker Change: Thank you. Appreciate it.
Speaker Change: Thank you.
Speaker Change: Thank you.
Speaker Change: Thank you.
Speaker Change: As a reminder, if you wish to ask a question, please press star 1.
Speaker Change: The next question comes from Kevin Stein from Barrington Research. Please go ahead.
Kevin Stein: Good morning.
Speaker Change: and many more. I hope you enjoyed this video. If you did, please give it a thumbs up and subscribe to my channel. I'll see you in the next video.
Speaker Change: Hey Kevin, good morning.
Kevin Stein: I wanted to start off by continuing to talk about GTS.
Speaker Change: obviously you've had good success there hiring specialist adjusters
Speaker Change: just just wondering what the opportunity is for continued hiring there you know I assume it's fairly
Speaker Change: narrow set of available talent given this pretty specialized
Speaker Change: expertise, but I'm just wondering what the available opportunities for hiring there going forward as well as are you able to
Speaker Change: you know, maybe at times develop those people internally as well.
Speaker Change: Hi Kevin, this is Rohit. We're able to do both. We are developing people internally and bringing people in from non-insurance sectors and and coaching them and developing them in the insurance aspect of the business but we still believe that there's opportunity for us to hire people from the market. We believe that we've emerged as a solid and strong destination for talent.
Speaker Change: and there is quite a lot of movement in the marketplace which has been benefiting us. So I feel that for the next couple of quarters I don't see a reason why we can't continue hiring.
Kevin Stein: okay good and obviously you've talked about GTS with a
Kevin Stein: quarterly record for revenue, and 19% growth for that business is quite impressive.
Speaker Change: Just wondering how you think about that, you know, growth rate for that business, you know, longer term, back several years.
Speaker Change: kind of what would be a more normalized rate of growth.
Speaker Change: Yeah, I think if you look at the three-year CAGR on that business, it's roughly about 24 to 25 percent, so it's come down slightly right now to about 19. I still think that low double digits is a decent growth rate for us to have for at least the next year or so.
Speaker Change: Okay, sounds good.
Speaker Change: And obviously,
Speaker Change: You know you talked about continued new business wins. I believe you said 25 million of new and enhanced business.
Speaker Change: 24.4, yeah, that's enough, yep.
Speaker Change: Okay, okay, yeah.
Speaker Change: But, so are there any specific wins that stand out there as it kind of crossed the board or areas of the business that are in a particular momentum? I know Broadsphere continues to do well, but you know anything else that you'd call out in that mix?
Speaker Change: and many more. Thank you. Thank you. Thank you.
Speaker Change: and our field operations business, as well as even business and platforms.
Speaker Change: I think the only reason you've seen a lower...
Speaker Change: expression of revenue is because of lack of weather. So, we believe that the winds are pretty secular across the business. U.S. obviously continues to lead the pack of those winds, and that's mainly because of the size of the market and our presence in the market.
Speaker Change: Okay.
Speaker Change: Understood.
Speaker Change: International profitability continues to improve nicely year-round.
Speaker Change: mid-single-digit operating margin the last couple quarters here. Do you have a sense as to the pace at which margins could improve there and again maybe touch on you know the longer-term margin target for the international operations?
Speaker Change: Our longer term margin target for the operation is about 10% operating margin. I think our near term that we've stated even last quarter is that we want to get to a consistent 5% margin.
Speaker Change: which is what we are we are shooting towards and getting to that we can consistently deliver it as you will see this year you know we're getting there but we did not deliver that consistently every quarter our goal is to get that to be consistently delivering to that level in the very near future with a long-term goal of getting to 10%
Speaker Change: Okay, thanks.
Speaker Change: but I know Canada has been a bit softer recently. Has that started to pick up at all or you know what what and what are you seeing more of the small claim side I guess that would be more true and by weather but
Speaker Change: What are the trends there? Is there any new business or just trying to dig into the other parts of that North America loss adjusting segment?
Speaker Change: Sure, Canada started to pick up, it's still not at the level that we needed to be, and you're right, the lower frequency there hasn't really helped the situation.
Speaker Change: But we're making some other changes in Canada that we believe position us well for the mid-term and we should see continued improvement in Canada in the coming quarters.
Speaker Change: Okay, sounds good. Thanks for taking the
Speaker Change: Thanks, Kevin. Thanks, Kevin.
Speaker Change: Thank you.
Speaker Change: There are no further questions at this time. I would like to turn the call over to Mr. Rohit Verma for closing remarks.
Rohit Verma: Thank you so much, Angeline, and thank you to all our employees, clients, and shareholders for your continued commitment to Crawford & Company. Thank you so much, and God bless.
Speaker Change: Thank you.
Speaker Change: Thank you for participating in today's
Speaker Change: This call will be available for replay beginning at 11.30 a.m. Eastern Standard Time today through 11.59 p.m. Eastern Standard Time on December 5, 2024. The conference ID number for the replay is...
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