Q1 2025 Crawford & Co Earnings Call

John: Good morning, my name is John , and I'll be your conference facilitator today.

John: At this time, I would like to welcome everyone to the Crawford & Company first quarter 2025 earnings release conference call.

John: In conjunction with this call, a supplementary financial presentation is available on our website at www.proko.com under the Investor Relations section.

John: All lines have been placed on mute to prevent any background noise.

John: After the speaker's remarks, there will be a question and answer period. Instructions will follow at that time.

John: Should anyone need assistance at any time during this conference, please press star then 0 and an operator will assist you.

John: As a reminder, ladies and gentlemen, this conference is being recorded today, Tuesday, May 6, 2025.

Speaker Change: Now, I would like to introduce Tami Stevenson, Crawford & Companies General Council. Please go ahead.

Tami Stevenson: Thank you, John . 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 Stevenson: These statements may relate to, among other things, our expected future operating results in financial conditions, our ability to grow our revenues and reduce our operating expenses. Expectations regarding our anticipated contributions to our under-funded, fine-benefit pension

Tami Stevenson: Collectibility of our build and unbuild accounts receivable. Financial results from our recently completed acquisitions are continued compliance with 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.

Tami Stevenson: The company's actual results achieved in future quarters could differ materially from the results that may be implied by such forward-looking statements.

Tami Stevenson: The company undertakes no obligation, publicly released revisions to any forward looking statements made in this conference call to reflect events or circumstances occurring after the day of the call, or to reflect the occurrence of unanticipated events.

Tami Stevenson: In addition, you are reminded that the operating results for any historical period are not necessarily indicative of the 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 FormtMQ for the quarter-end March 31, 2025.

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 condition and results of operations.

as well as subsequent company filings with the SEC.

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 .

Unidentified Speaker: I would like now to introduce Mr. Rohit Verma, Chief Executive Officer of Crawfrding Company, Rohit.

Unidentified Speaker: Thank you so much, Tami. Good morning, and welcome to our first quarter 2025 learning school. Joining me today is Bruce Wayne, our Chief Financial Officer, and Tami Stevenson, our General Counsel. After our prepared remarks, we will open the call for your questions.

Unidentified Speaker: We've had a strong start to the year in the first quarter of 2025, continuing the growth and profitability momentum we achieved in the fourth quarter of 2024.

Unidentified Speaker: Our diversified business model and discipline execution resulted in profitable revenue growth and meaningful margin expansion in the quarter, with expanded profit contribution from all four segments.

Unidentified Speaker: We very specially encourage by the performance of our non-weather dependent business which continue to deliver steady growth and reinforce our position as a market leader across a wide range of plain types.

Unidentified Speaker: This morning, I'll review our segment operations for the first quarter, before handing it over to Bruce for a deeper dive into our financial performance.

Unidentified Speaker: On this slide, you will see a few of the leading global insurers in organizations that partner with Crawford.

Unidentified Speaker: Managing over $20 billion in claims annually across 70 countries, Crawfrd is the largest publicly traded claims management provider in the world.

Unidentified Speaker: our reputation as a trusted partner is built on decades of experience, specialized expertise and our ability to operate in some of the most complex and challenging environments.

Unidentified Speaker: Backed by a global team of 10,000 professionals, we continue to differentiate ourselves through consistent execution, scale, and a unique ability to support clients wherever and whenever we're needed.

Unidentified Speaker: Crawfrd brings a rare combination of global reach, technical capability, and specialized talent, positioning us to grow alongside the evolving needs of our industry.

Unidentified Speaker: With people, plus technology, at the core of our identity, our strategy blends innovation and expertise to enhance claims management and deliver superior outcomes for clients across the globe.

Unidentified Speaker: We see growing demand for expert led, efficient claim solutions across property, casualty and specialty lines of business with their unique complexities and need for expertise.

Unidentified Speaker: Global Reach and Provenability to rapidly deploy specialized talent and advanced technology enable us to support both weather and non-weather claims.

Unidentified Speaker: This balance capability reinforces our role as a trusted partner and positions us well for sustained growth across diverse risk environments.

Unidentified Speaker: As the insurance industry faces increasing regulatory demands and cost pressures, more insurers are turning to claims outsourcing to enhanced efficiency and scalability. Our comprehensive service offerings, industry expertise and global reach make us the ideal partner for insurers seeking to stream line operations.

Unidentified Speaker: Industry consolidation also creates more opportunities for specialized service providers, allowing us to expand our footprint and reinforce key partnerships in an increasing dynamic and decentralized PNC market.

Unidentified Speaker: Expanding our strategic partnerships is a top priority for us. Through our knowledge of our client's operations, we delivered better service and drive stronger outcomes which improves retention and positions crofford as a long-term value partner.

Unidentified Speaker: Finally, our ability to attract and retain top-tier talent and our in short-tech capabilities are central to our growth strategy. The expertise and efficiency of our adjusters is a distinct competitive advantage and our innovative technology solutions backed by a highly skilled and agile team, enable electric drive efficiencies and a diverse superior claims outcomes.

Unidentified Speaker: These components help position Crawfrd as the go-to partner for insurers navigating a rapidly evolving tech-driven market.

and now our first order highlights.

Unidentified Speaker: In the first quarter, Crawfrd delivered 3.4% year-over-year growth in consolidated revenue, a 5% growth in constant currency driven by solid performances across North America and lost adjusting international operations and broads fire.

Unidentified Speaker: We achieved a $5.7 million dollar increase in operating earnings zero-year driven by improved profitability in North America, loss of adjusting, international operations and platform solutions.

Consolidated Operating Modules, improved by 170 basis points.

and reflecting our efforts to drive operational efficiencies.

Unidentified Speaker: Gross profit increased across all segments, driven by both high revenue and are focused on improving our operating leverage.

Unidentified Speaker: Our commitment to returning value to shareholders is reflected in the quarterly dividend of 7 cents per share for CRDA and CRDB, which illustrates our solid financial foundations and our confidence in the future of Crawfrd.

Unidentified Speaker: Our balance sheet shows continued strength and liquidity with a low leverage ratio of 1.9 times EBITDA providing us the flexibility to navigate market fluctuations and to make strategic investments to fuel our long-term growth.

Unidentified Speaker: Art balance revenue model is a core strength of the business.

Speaker Change: According to NOAA, severe storm reports increase 74% year-over-year in the first four-thirds.

Speaker Change: With Mark Storm reports jumping 215%, compared to the same period last year. This uptake in severe weather, events provided a late quarter boost to our weather-related business lines, resulting in an almost 6% increase in the first quarter, weather-related revenues year

Speaker Change: Importantly, with our two prong revenue models, we not only captured the benefits of this increased storm activity, but also maintained strong growth in our non-weather related business lines.

Speaker Change: Hard non-weather business revenue grew to 1.5% or 4.6% in constant currency year over year in the first quarter of 2025 and continues to perform well.

Speaker Change: Our balanced model is a key differentiator for Crawfrd, allowing us to remain resilient and positioned for sustained growth, regardless of weather volatility.

Speaker Change: The solid performance from both our weather and non-weather business lines highlights the strength of our diversified portfolio and the operational flexibility we built over time.

Speaker Change: Our capital allocation strategy remains focused on maintaining financial flexibility while driving sustainable growth. We prioritize investments in long-term growth through capital expenditures and strategic acquisitions with a commitment to operational leverage and strengthening our balance sheet.

Speaker Change: During the first quarter, we maintained strong liquidity and our leverage ratio remains below industry averages. We have consistently returned value to shareholders as demonstrated by a quarterly dividend.

Speaker Change: The disciplined approach to capital allocation enables us to balance growth initiatives which share order return position in Crawfrd for long term success.

Speaker Change: With that, let me turn the call over to Bruce for a deeper look at our segment operational and financial performance.

Bruce Swain: Thank you, Rohit. As most of you know, our business is diversified and is comprised of four segments. North America Law Suggesting, which includes our Law Suggesting Operations in the U.S. and Canada, accounted for 26% of first quarter 2025 revenues.

Bruce Swain: International Operations, covering all service lines outside North America, contributed 33% of quarterly revenues, reflecting our strong global presence.

Bruce Swain: Broadspire, our US-based third-party administration business, represents 31% of quarterly revenues.

Bruce Swain: Platform Solutions, which includes contractor connection, networks, and subrogation services accounted for 10% of revenues, supporting our strategy of offering end-to-end claims management solutions.

Bruce Swain: North America Law Suggesting saw solid revenue growth in the 2025 first quarter, with revenues increasing 3% year over year to 79.7 million. Operating earnings increased by 22% to 5.5 million, driven primarily by new business wins and expansion and key clients from our GTS service line, which saw revenue growth of 12% year over year.

Bruce Swain: This strong start to the year reflects continued momentum in our high-value, complex claims segment, as clients increasingly turn to Crawfrd for our technical expertise and trusted execution.

Bruce Swain: We are seeing the benefits of targeted investments in talent and technology that have enhanced our ability to respond quickly and efficiently to client needs across North America.

Bruce Swain: GTS in particular continues to be a growth engine supported by both new client wins and deeper engagements with existing accounts.

Bruce Swain: International Operations delivered another quarter of impressive growth with first quarter revenues of 104.4 million, growing 6% year over year, or 9% on a constant currency basis. This growth was driven by double-digit revenue growth across the UK, Europe and Asia, reflecting strong client demand and the effectiveness of our global operating model.

Bruce Swain: We are seeing benefits from our discipline execution across multiple regions, including improved pricing strategies, stronger operational efficiency, and a sharpened focus on higher value services.

Bruce Swain: Our results highlight the progress we've made in scaling our international platform while maintaining our established reputation and personal service.

Bruce Swain: As we move through the year, we remain focused on capturing additional opportunities in both mature and emerging markets.

Bruce Swain: while continuing to enhance profitability through targeted process improvements in technology and Aprilment.

Bruce Swain: Our Broughtspire business delivered a solid first quarter with revenues of 96.4 million, reflecting strong new business wins and sustained client momentum. Revenues increased by 2.2% over the prior year, driven primarily by these new client additions, with pricing improvements across all service lines.

Bruce Swain: Operating earnings were 12.2 million, with a company leading operating margin of 12.7 percent.

Bruce Swain: As part of our strategic growth planning, we made proactive investments in talent to ensure we're well positioned to support rising client demands.

Bruce Swain: While these staffing additions modestly impact with operating earnings to this quarter, they reflect our long-term commitment to service excellence and scalable growth.

Bruce Swain: Our experience team continues to perform well, securing many new client wins during the quarter. Combined with the client retention rate of 97.5%, Roth's buyer remains a leader in delivering high quality, customized claim solutions.

Bruce Swain: Platform Solutions reported first quarter revenues of $31.5 million, a slight EOR

Bruce Swain: Despite the modest revenue decline, operating earnings rose 163 percent compared to the prior year, with operating margin expanding by 579 basis points.

Bruce Swain: Reflecting Effective Cost Management, Improved Operational Efficiency, Infavorable Mixed Ship Towards Higher Margin Assignments with Associated with Storm Activity and March.

Bruce Swain: While revenues in this segment tend to vary quarter to quarter, we're encouraged by the meaningful improvement and profitability. These results underscore our focus on discipline, execution, and our ability to deliver strong financial performance, particularly during periods of elevated catastrophe activity.

Bruce Swain: Our response teams remain ready and well positioned to deploy quickly in support of our clients.

and now look at our consolidated financials.

Bruce Swain: In the 2025 first quarter, company-wide revenues before reimbursements were 312,000, an increase of 3.4% compared to the prior year period, or an exchange rate decreased revenues before reimbursements by 4.5 million per 1.4%.

Bruce Swain: Gapnet income, attributable to shareholders total $6.7 million compared to $2.8 million in the same period of 2024.

Bruce Swain: Gap diluted EPS in the 2025 first quarter with 13 cents for both CRDA and CRDB, increasing from 6 cents for both CR classes in the 2024 period.

Bruce Swain: On a non-GAAP basis, diluted EPS was 21 cents for both CRDA and CRDB compared to 13 cents for both share classes in the prior year period.

Bruce Swain: The company's non-GAAP operating earnings totaled 17.8 million in the 2025 first quarter or 5.7% of revenues, increasing 47% from 12.1 million or 4% of revenues in the prior year period.

Bruce Swain: Consolidated to Justin E. Bedot was 26.8 million in the 2025 first quarter, 8.6% of revenues, increasing 30% from 20.6 million, or 6.8% of revenues in the 2024 quarter.

Bruce Swain: Company's cash and cash equivalent position as of March 31, 2025, totaled 57.4 million compared to 55.4 million at the 2024 year end.

Bruce Swain: Our total receivables were $270.7 million as of March 31, 2025, down $2.4 million from the 2024 year-end.

Bruce Swain: The company's total debt outstanding as of March 31, 2025 total 246.6 million up from 218.1 million as of December 31, 2024.

Bruce Swain: Net debt stood at 189.2 million as of March 31, 2025, while our U.S. pension liability was 20.5 million, reflecting a funder ratio of 92.2 percent.

Bruce Swain: Operating cashflow for the first quarter of 2025 was a use of 13.9 million, with free cash flow of negative 23.2 million. This compares to a use of 19.8 million last year with free cash flow of negative 29.4 million.

Bruce Swain: The improvement in operating a free cash flow in the 2025 first quarter was primarily due to improved earnings.

Bruce Swain: It is not uncommon for us to report negative cash flow in the first quarter related to seasonal cash outflows to start the year.

Bruce Swain: It is important to note that this is not a reflection of the company's long-term cash-generating capabilities, and we expect cash flow will be healthy in 2025, improving over 2024 levels.

Bruce Swain: Unallocated corporate costs were $6.2 million in the 2025 first quarter compared to cost of $8 million in the 2024 period. The decrease was primarily due to lower self-insured expense and professional fees.

Bruce Swain: During the 2025 first quarter non-service pension cost for 2.3 million compared to 2.5 million in the 2024 period.

Bruce Swain: We recognized pre-tax contingent earnout costs of 363,000 in the 2025 first quarter compared to cost of 151,000 in the 2024 period.

Bruce Swain: During the first quarter of 2025, Company did not repurchase any shares of CRDA or CRDB.

Bruce Swain: As a reminder, approximately 1.1 million shares are eligible to be repurchased under our 2021 Share Repurchase Authorization.

Roit Verma: With that, I'll turn the call back over to Rohit for concluding remarks

Speaker Change: Thank you Bruce, as we move through 2025 we're focused on continuing to drive revenue growth and profitability.

Speaker Change: our balance portfolio of weather and non-weather businesses combined with investments in both our people and technology positioned as well to deliver long-term value.

Speaker Change: We maintain a discipline focus on cash generation and financial strength to ensure we are well prepared to endure potential economic headwinds while supporting our clients and delivering shareholder value.

Speaker Change: I want to take a moment to thank our partners and clients for their continued trust and collaboration. Most importantly, I'd like to recognize our dedicated team around the world. Your hard work and commitment to excellence continue to drive our success.

Speaker Change: Thank you for your time today. John , please open the call for questions.

Speaker Change: Yes, sir, thank you. Ladies and gentlemen, we will now begin the question and answer session. At this time, if you would like to ask a question, please press star in the number one on your telephone keypad.

Speaker Change: Who withdraw your question, please press the pound key. If you're using a speaker phone, please pick up the handset before asking your question.

We'll pause for a moment.

to compile the Q&A roster.

Speaker Change: Thank you, and we now have our first question. This comes from Mark Hughes from Turwis. If your line is no open, please go ahead and ask your question.

Yeah, thank you. Good morning.

Morning, Mark. Good morning, Mark.

Speaker Change: The GTS up 12%. Could you talk a little bit about the components of that growth, how much was...

Speaker Change: Staff Edition, how much might be, I think you mentioned, a more engagement in new wins. How is that market evolving?

Speaker Change: Mark, as you know, that has been an area of growth for us for the last close to five years and we've almost tripled that business in the last five years.

Thank you.

Speaker Change: We've had growth from both dimensions, both from getting more experts. As we get more experts, we win greater trust from our clients to win more business from them. And as a result, we get more nominations. So it's sort of been a flywheel effect.

Speaker Change: for us, and as we continue to win more business, it creates more eminence about our capabilities across the world, and we attract even more business, and we attract even more exports. So it's kind of hard for me to break it down as to what percentage of that growth comes from one or the other because they're deeply interlinked now.

Speaker Change: Yeah, what's your sense of how much more those sort of high value claims are being outsourced by?

ensures now versus a couple of years ago.

Speaker Change: Well, I definitely think that there is an increase, and I'll talk about it across two axes. I think one axis of the increase comes from just the general increase in complexity of risk around the world.

Speaker Change: If you have a thousand billion dollar buildings in a certain country in Europe , that may be now 1100. So I think you're just seeing an increase in the complexity and level of risk. That's one. The second axis really is

The Complexity of Risk Placement

Speaker Change: So what used to be a single carrier placement, so a carrier was completely open to taking a 25-50 million dollar TIV just on their books.

Speaker Change: where you've got multiple participants, it tends to require some form of an independent gesture and we've certainly seen an increase in that because of what's happening in the property market. So those are probably the two access on which we've seen the increase and I expect that to continue for the foreseeable future.

Yeah.

Speaker Change: I'm not in the broadspire, the top-line growth opportunity. You had a very strong growth at this time last year. Are you seeing as much business coming up for bid in your, and how was your success and on that, just sort of curious on what's influencing the growth rates in broadspire?

Speaker Change: Yeah, what I would say is that we've actually seen a pretty healthy round of new business that we won in the first quarter. As you know, there is a lag between winning that business and then actually the business starting to show up as we bring those clients on board.

Speaker Change: and that remained pretty healthy. As a matter of fact, I think Bruce alluded to that, that we had a small down take in the broad spot margin, and that was really because of advanced staffing. So we know that new business is coming, we've already won the business, so we are doing anticipatory staffing for that. So we don't see a slowdown in the growth of that business. We've had a pretty solid retention for the year as well, for the quarter as well, which was at 97.5%.

Speaker Change: So we feel that there's still a lot of growth to come and browse by.

Speaker Change: Anything that might be having on the medical front that you're seeing influencing the cost for your clients, just always looking for any kind of inflection or change and maybe some are suggesting the...

Speaker Change: a little bit of inflection here. Anything in your book on workers' comp that points one way or the other?

Speaker Change: You know, Mark, we haven't observed anything which is, you know, which has caught our eye in terms of a change. You know, as you know, we've been growing, so we've just seen an increase in our activity from that. I think we had reported...

Speaker Change: maybe a year ago, maybe a year and a half ago, that we had seen a slowdown in the medical management piece after COVID, but that sort of come back.

Speaker Change: I'll come back to the levels that I would say is in line with pre-COVID. We are absolutely seeing greater engagement with our clients on how to manage the outcomes better and how to manage cost better, and that's where our technology team has been spending quite a bit of time with clients in what can we do with the various predictive models, with AI analytics.

Speaker Change: things like that, the machine learning, to see how we can get better outcomes, whether it's in terms of return to work, medical payment management, or just other factors as you know that drives the workers' comp.

Klamescoffs.

Speaker Change: and then one more if I might, you'd mention how weather activity picked up in March that was helpful but kind of laid in the quarter. I think you talked about that within the context of platform solutions. Do you think that will that flow through into 2Q?

Speaker Change: Mark, we're observing something and it's a hypothesis that we've tested with some clients and there seems to be some validity to that hypothesis. There is definitely a challenge with the affordability of insurance.

Speaker Change: that's happening today in various states and you're pretty familiar with that. What's that resulting in is it's a general under under-reporting of claims.

Speaker Change: or what hypothesis for two reasons. One, the deductibles are higher, so because of insurance supportability policy orders are taking higher deductibles as a result of that many claims during the storm season that we would have seen.

Speaker Change: Macroeconomic headwinds, we believe a lot of policyholders don't want an increase in their insurance cost of their file claims or use their funds towards something that may have been cosmetic from a storm damage. So those sort of two or three things we believe are the big factors in which we're seeing under reporting of claims. I mean, what we would see is claims from a typical weather event, like what we saw in March, we're not seeing the same level in our carrier clients are telling us that...

Speaker Change: you know, they're seeing, you know, 20 to 30% drop in those reports as well.

Interesting, okay.

Thank you very much. Thank you. Thank you.

Speaker Change: Thank you. And the next question comes from Kevin Steinke from Farrington Research. Your line is now open. Please go ahead.

Good morning.

Kevin. Hi, Kevin.

Speaker Change: I want to start off by asking about international continued revenue momentum there.

Speaker Change: and you mentioned pricing as well as higher value services, so maybe if you can delve a little bit more into the drivers there and I was particularly interested in the comment about higher value services.

Speaker Change: The high value services is more around the GTS kind of work that we've been doing and that's been growing. We've seen, as you know, we've had some struggles in our Asia market that has started to come back more because we've been investing there in GTS-like talent or high complexity talent.

Speaker Change: Look, we feel very good about our international business. We've been to a transformation cycle. It took us better part of three years, really to transform that business. We've gone through management changes. We've gone through, you know, repricing of some of our client programs. We've gone through adding additional teams, as you know, in Netherlands and most recently in Spain and other parts of the world. [inaudible]

Speaker Change: So we believe that we've been on this transformation trajectory. Kevin, you would recall that our European business and our international business, Rodley, was hit pretty severely after COVID because a big portion of our business was related to travel and traveling entertainment.

Speaker Change: and since then we've been working on diversifying that book. I'm really pleased to see the work that our TPA teams have done internationally and as well as our lost adjusting teams that have worked really hard to win larger clients.

Speaker Change: to get nominated on larger loss of trusting programs and then also on much better priced TPA programs. So those have been the big factors.

that I've been driving.

they've also had a pretty significant impact, I mean.

Speaker Change: We have a newer leader in Europe , we have a newer leader in the UK, we have a newer leader in Australia, a newer leader in Latin America, and then a newer leader in Asia. So you pick any of our regions, we've over the last three to five years, we've gone through leadership changes there, and Gubart who runs an international business is doing a spectacular job of running the unit.

Speaker Change: Okay, great. Yeah, that's helpful color. And you mentioned their DTS helping growth internationally. Yeah, I've always thought of DTS more as benefiting North America's lost adjusting, but you know, how meaningful have...

is the addition of GTS that the adjuster has been within international.

Speaker Change: Yeah, look, the substantive growth in GTS has definitely come in the U.S. as you heard me talk to Mark about it. The business that we've tripled in the last five years has certainly been in the U.S., but you know, that should not sort of suggest that we haven't made progress internationally. I would say that UK has done a great job bringing in more GTS and specialty business, same thing in Europe and same thing in Asia as well as Latin America. So I would say that we've benefited from GTS.

Speaker Change: across the world for the factors that I was talking about earlier, which is the complexity of the risk continues to go up, complexity of the displacement continues to go up.

Speaker Change: and as we establish ourselves at the destination for experts, we also then establish ourselves as a destination for complex claims to come through. So, I don't have an exact number that I can give you right now in terms of what's been the growth for GTS internationally because it's not something that we track that way because we track things more to countries level, but I can tell you that GTS has played a pretty significant role for us.

growing not just in North America but across the world.

Okay, great. And so...

Speaker Change: He talked quite a bit in your prepared remarks about the focus on.

Speaker Change: Improving operating leverage for the company overall, so maybe if he can touch on some of the initiatives there and you also

Speaker Change: just maybe if you can touch on some of the factors driving operating leverage.

the eight or ten of them.

Speaker Change: You know, similarly our TPA business which has been running on several systems, we are slowly moving for our, you know, non-North America business or I should say international business outside of North America to one TPA system.

Speaker Change: Those are all things that we're doing. We're looking at an entire technology landscape, both from an IT simplification but also from a process simplification lens. And I believe that that will start to show stronger results in terms of operating leverage in months and in quarters to come.

Okay, great.

Speaker Change: I think that's all I had for now. I'll turn it back over. Thank you. Thank you Kevin. Thank you

Speaker Change: Thank you, and we don't have any further questions at this time, so I will turn the call over back to Mr. Rohit Verma for closing remarks. Please go ahead, sir.

Rohit Verma: Thank you, John , and thank you to all our employees, clients, and shareholders for your continued commitment to Crawfrd. Thank you and God Bless.

Rohit Verma: Thank you for participating in today's Crawford and Company Conference call.

Rohit Verma: This call will be available for replay beginning at 11.30 a.m. ESC today.

Rohit Verma: Through 11.59pm ESD on May 13, 2025, the conference ID number for the replay is...

Rohit Verma: 27578 hash, and the number to dial for the replay is 1-888-660-6264. Thank you, you may now disconnect.