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 of 2024 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 placed a mute to prevent any background noise.
After the Speaker's 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.
Speaker Change: As a reminder, ladies and gentlemen, the conference is being recorded today Tuesday, November 5, 2024.
Now, I would like to introduce Tami Stevenson, Coffered and Companies a General Council.
and the New Angeline. Some of the matters to be discussed in this conference call, and in a several-marry 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.
Collectibility of our build and unbuild accounts receivable, financial results from recently completed acquisitions, are continued to 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.
Speaker Change: 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 date of this call or to reflect the occurrence of unanticipated events.
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.
Speaker Change: For a complete discussion regarding factors which could affect the company's financial performance, please refer to the company's Form 10-Q for the quarter ended September 30, 2024, filed with the Securities and Exchange Commission.
Speaker Change: 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 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 . This presentation also includes certain non-GAAP financial measures as defined under SEC rules.
Speaker Change: 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.
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.
Speaker Change: 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.
Speaker Change: 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.
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.
Speaker Change: 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.
Speaker Change: contributing to a decline in consolidated earnings for the quarter.
Speaker Change: 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.
Speaker Change: Crawford is the largest publicly traded claims management provider, managing over $20 billion in claims each year across 70 countries.
Speaker Change: We are proud to serve a broad base of clients, including some of the most recognized names in the insurance industry.
Speaker Change: 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.
Speaker Change: 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.
Speaker Change: At a high level, Crawford leverages several long-term growth drivers which increase demand for our services.
Speaker Change: 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.
Speaker Change: 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.
Speaker Change: With our carrier relationships, we are well suited to meet the rising demand for outsourced claims processing.
Speaker Change: Crawford delivers proximity, expertise, and scale to efficiently and cost-effectively manage claims for our clients and their end customers.
Speaker Change: 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.
Speaker Change: 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.
Speaker Change: 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.
Speaker Change: In the quarter, we saw continued momentum in our core non-weather-dependent businesses.
Speaker Change: Broadspire and our U.S. GTS 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.
Speaker Change: 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.
Speaker Change: 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.
Speaker Change: Our balance sheet remains strong, with leverage at approximately 2.2 times EBITDA.
Speaker Change: As we've done in the past few quarters, we want to illustrate the decline in severe storm activity year over year.
Speaker Change: 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.
Speaker Change: 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.
Speaker Change: Our weather-related business, which includes U.S. catastrophe, U.S. loss-adjusting in Australia, decreased 11 percent.
Speaker Change: Finally, the chart on the right shows the impact of decreased storm frequency on our network revenue in the quarter. 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.
Speaker Change: It is important to note that much of the economic damage from Haleen 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.
Speaker Change: These hurricanes have caused more significant economic losses as opposed to insurance losses.
Speaker Change: 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.
Speaker Change: We remain well-positioned to respond to any increase in severe weather as we move forward through the fourth quarter.
Speaker Change: Our capital allocation strategy prioritizes investments for our future growth through innovation, advancing our technology, and making strategic acqui-hires.
Speaker Change: Our conservative approach to leverage affords us significant financial flexibility and liquidity.
Speaker Change: We're also committed to returning capital to shareholders as demonstrated by our ongoing quarterly dividend for CRDA and CRDB shares. Our balance sheet is strong, positioning us well to continue to deliver consistent long-term value to shareholders.
Bruce Swain: With that, let me turn the call over to Bruce for a deeper look at our operational and financial performance.
Speaker Change: Thank you, Roit.
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.
Bruce Swain: Broughtspire 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%.
Speaker Change: Now let's review each of these segments.
Speaker Change: Beginning with North America loss adjusting, in the third quarter of 2024, our revenues were $79.3 million, consistent with the prior year quarter.
Speaker Change: 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.
Speaker Change: Within these results, our U.S. GTS 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.
Speaker Change: 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.
Speaker Change: 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.
Speaker Change: and many more. Thank you. Thank you.
Speaker Change: Our Broad Spire business had a new quarterly revenue record of $99 million in the third quarter, demonstrating continued growth as a cornerstone of our non-weather dependent business.
Speaker Change: 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%.
Speaker Change: 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.
Speaker Change: and many more. Thank you. Thank you.
Speaker Change: Platform Solutions third quarter revenues of $45.3 million decreased by 24% compared with $59.8 million in the third quarter of 2023.
Speaker Change: 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.
Speaker Change: Our subrogation revenues for the quarter grew 12% compared to the third quarter of 2023.
Speaker Change: We continue to see the effects of reduced storm frequency, particularly in our networks business line. As Roit 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.
Speaker Change: Additionally, much of the hurricane-related damage in the quarter, and likely the fourth, has been due to flooding, which is often uninsured.
Speaker Change: 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.
Speaker Change: Despite quarter-to-quarter variations,
Speaker Change: Long-term trends indicate an increase in both the severity and frequency of natural disasters.
Speaker Change: And now for a look at our consolidated financials.
Speaker Change: [inaudible]
Speaker Change: 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%.
Speaker Change: Gap net income attributable to shareholders totaled $9.5 million, compared to net income of $12.3 million in the same period of 2023.
Speaker Change: Gap diluted EPS in the 2024 third quarter was $0.19 for both CRDA and CRDB, decreasing from $0.25 for both share classes in the 2023 period.
Speaker Change: 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.
Speaker Change: The company's non-GAAP operating earnings totaled $21.8 million in the 2024 3rd quarter, or 6.6% of revenues, compared to $29.9 million, or 9.1% of revenues in the prior year period.
Speaker Change: 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.
Speaker Change: and many more. Thank you. Thank you.
Speaker Change: 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.
Speaker Change: 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.
Speaker Change: 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.
Speaker Change: 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%.
Speaker Change: 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.
Speaker Change: 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.
Speaker Change: This compares to cash flow from operations last year of $68.1 million and free cash flow of $40.4 million.
Speaker Change: 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.
Speaker Change: 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.
Speaker Change: 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. The increase was primarily due to increases in self-insured expense, professional fees, and other reserves.
Speaker Change: During the 2024 third quarter, non-service pension costs were $2.4 million, compared to $2.2 million in the 2023 period.
Speaker Change: 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.
Speaker Change: We paid a 7 cent dividend per share for both CRDA and CRDB shares in the third quarter.
Speaker Change: 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.
Speaker Change: 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 Roit for concluding remarks.
Roit: Thank you, Bruce. As we conclude, I want to emphasize the strength and resilience of our diversified business model.
Roit: While the quarter presented challenges to North America loss-adjusting and platform solutions associated with reduced storm activity, our non-weather businesses continued to drive strong performance and steady growth.
Roit: The strength of our diversified business lines enables us to mitigate challenges encountered in one part of the business with growth from other segments.
Roit: Looking ahead, we remain optimistic about our long-term prospects. Our teams are well prepared to respond swiftly to any future weather events.
Roit: 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.
Roit: We will also maintain our disciplined approach to capital allocation, prioritizing investments that enhance our capabilities and strengthen our market position.
Roit: 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.
Roit: We look forward to building on our successes as we close out the year and move into 2025.
Roit: Thank you for joining us today, and Angeline, we can now open the call for questions.
Roit: Thank you.
Angeline: At this time, if you would like to ask a question, please press star, then the number 1 on your telephone keypad, to withdraw your question.
Angeline: Please press the pound key. 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.
Speaker Change: Your first question comes from the line of Mark Hughes from Truist. Please go ahead.
Mark Hughes: Thank you.
Mark Hughes: Yeah, thanks. Good morning.
Speaker Change: Hi Mark. Hi Mark. How much revenue you think might, whether revenue might extend into Q1? I think you described kind of a 20 to 30 million dollar benefit in Q4. 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.
Speaker Change: 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.
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?
Speaker Change: 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. You know, 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: Yeah, hey Mark, it's Bruce. No, we, 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: The other thing that drove the increase in the quarter was we had some higher professional fees.
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 and
Speaker Change: and severance-related costs, which is more one-time in nature.
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. 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, you know, 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, you know, 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: you know.
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. Thank you.
Speaker Change: Thank you.
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 had 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.
Mark: Thank you.
Speaker Change: Europe and Middle East that we saw in the quarter But I think that the growth of that business should stabilize to you know 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: Hey Kevin, good morning.
Kevin Stein: I wanted to start off by continuing to talk about GTS.
Kevin Stein: Obviously you've had good success there hiring specialist adjusters.
Kevin Stein: just just wondering what the opportunity is for continued hiring there you know I assume it's fairly
Kevin Stein: narrow set of available talent given this pretty specialized
Kevin Stein: you know, expertise, but just wondering what the available opportunity is for hiring there going forward as well as are you able to
Kevin Stein: you know, maybe at times develop those people internally as well.
Kevin Stein: Hi Kevin, this is Rohit. Yeah, 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.
Kevin Stein: 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.
Kevin Stein: And there is quite a lot of movement in the marketplace which has been 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
Speaker Change: Okay, good. And obviously, you've talked about GTS with a quarterly record for revenue and 19% growth for that business is quite impressive. Just wondering how you think about that, you know, growth rate for that business.
Speaker Change: 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 you kind of cross the board or
Speaker Change: areas of the business that are in a particular momentum. I know Broad Square continues to do well, but you know anything else that you would call out in that mix?
Speaker Change: and our field operations business, as well as even business and platforms. I think the only reason you've seen a lower expression of revenue is because of lack of weather. So we believe that the winds are pretty secular across the business. The 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: 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 a level that we 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 midterm. And we should see continued improvement in Canada in the coming quarters.
Speaker Change: and others. Thank you. Thank you. Thank you. Thank you.
Speaker Change: Okay, sounds good. Well, thanks for taking the questions. I'll turn it back over.
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 and Company. Thank you so much, and God bless.
Speaker Change: Thank you for tuning in. We'll see you next time.
Speaker Change: Thank you.
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...
Speaker Change: 04-164-POUND
Speaker Change: The number to dial for the replay is 1-888-660-6264. Thank you. You may now disconnect.