Crawford & Company Q4 2023 Earnings Call Transcript

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Provided by Quartr
March 5, 2024

There are 7 speakers on the call.

Operator

Good morning. My name is Lara, and

Speaker 1

I will be your conference facilitator today. At this time, I would like to welcome everyone to the Crawford and Company 4th Quarter and Full Year 2023 Earnings Release Conference Call. In conjunction with this call, a supplementary financial presentation is available on our website at www.coco.com under the Investor Relations section. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question and answer period and instructions will follow at that time.

Speaker 1

As a reminder, ladies and gentlemen, this conference is being recorded today, Tuesday, March 5, 2024. Now I would like to introduce Tammy Stephenson, Crawford and Company's General Counsel.

Speaker 2

Thank you, Laura. Some of the matters to be discussed in this conference call and in the supplementary financial presentation may include forward looking statements that involve risks and uncertainties. These statements may relate to, among other things, our expected future operating results and financial condition, our ability to grow our revenues and reduce our operating expenses, expectations regarding our anticipated contributions to our underfunded defined benefit pension plans, collectability of our billed and unbilled accounts receivable, financial results from our recently completed acquisitions, our continued compliance with the financial and other covenants contained in our financing agreements, our long term capital resource and liquidity requirements and our ability to pay dividends in the future. The company's actual results achieved in future quarters could differ materially from the results that 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 circumstances or events occurring after the date of the call or to reflect the occurrence of unanticipated events.

Speaker 2

In addition, you are reminded that the operating results for any historical period are not necessarily indicative of results to be expected for any future periods. For a complete discussion regarding factors which could affect the company's financial performance, please refer to the company's Form 10 ks for the year ended December 31, 2023, filed with the Securities and Exchange Commission, particularly the information under the headings Risk Factors and Management's Discussion and Analysis of Financial Condition and Results of Operations, 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. I would like to now introduce Mr.

Speaker 2

Rohit Verma, Chief Executive Officer of Crawford and Company. Rohit?

Speaker 3

Thank you, Tammy. Good morning, and welcome to our Q4 and full year 2023 earnings call. Joining me today is Bruce Swain, our Chief Financial Officer and Tammy Stephenson, our General Counsel. After our prepared remarks, we will open the call for your questions. 2023 has been a year of significant accomplishments and continued growth, demonstrating the strength of our client relationships and the dedication of our team in capitalizing on opportunities and delivering excellence.

Speaker 3

My comments today will focus on our achievements for the full year and Bruce will then take a deeper dive into our Q4 performance. As the largest listed provider of claims management, our scale continues to be a powerful differentiator for us. We manage more than $18,000,000,000 in claims annually across 70 countries, employing approximately 10,000 talented individuals and thousands of field resources. We continue to be a partner of choice to top carriers and remain committed to strengthening those relationships. We are a leader in the insurance industry.

Speaker 3

Our brand recognition is growing. And during 2023, we made some notable additions to our valuable list of clients. There are several factors that position us well for sustained long term growth. 1st, although the last several months have demonstrated relatively calm weather patterns, extreme weather events are occurring more frequently and with more severity across the globe. Our weather dependent businesses provide high quality services to partners and communities in the wake of serious weather activity, capturing expanded revenues during years with increased events.

Speaker 3

We mentioned in our Q3 call that we were experiencing a period of benign weather, and this pattern continued through the Q4 where we saw far fewer catastrophic weather events than in 2022. As a reminder, in the back half of twenty twenty two, we saw strong revenues from Hurricane Ian, Winter Storm Elliot, historic floods in Australia and a severe winter freeze in the UK. The revenues derived from these events continued into the first half of twenty twenty three, but were not reflected in the latter half. Nevertheless, weather remains a powerful driver for our business. There will no doubt be variations from quarter to quarter, but we expect an overall tailwind from secular growth in frequency and severity of weather events over the long term.

Speaker 3

2nd, carriers are continuing to outsource claims amidst rising claim volume and staffing challenges. Put simply, we believe we have the capacity, expertise and the scale to manage the claims better than anyone else in the industry. Our people strategy and our commitment to technology integration are competitive advantages for outsourcing work and we continue to expand our offering to handle more claims effectively. 3rd, the fragmentation of the independent loss adjusting market provides us with the opportunity to capture market share through our strong brand recognition. Our scale is a competitive advantage over smaller adjusters and carriers are partnering with us more frequently and for longer periods to deliver dependable service.

Speaker 3

4th, we are continuing our extensive and robust relationships with key clients across various segments including carriers, brokers and corporate customers. We dedicate considerable amount of time to expanding and nurturing these relationships. And I'm pleased to note the significant progress we've made in strengthening our customer base in recent years. And finally, our investment in innovation has set us apart as a leader in the insurance industry. Our clients want to simplify the claims process and we are seeing increased demand for our suite of tools designed to improve claims management for our clients.

Speaker 3

Now for an overview of the year. In 2023, Crawford achieved record setting consolidated revenue of $1,270,000,000 for our 3rd consecutive year of growth. This was also our 3rd year of adding more than $100,000,000 in new and enhanced business, a testament to the strength of our client relationships and the differentiation of our offerings across all segments of our business. Our operating earnings increased 38% and 3 of our 4 segments showed margin expansion and increased profitability this year. Cash generation was exceptionally strong for the year, totaling more than $100,000,000 Another key financial achievement of the year was our debt repayment.

Speaker 3

We reduced our leverage from 2.1 times EBITDA in 2022 to 1.6 times in 2023. Our robust balance sheet is a competitive advantage, giving us ample financial strength and flexibility in any kind of economic outlook. In the Q3 of 2023, we increased our dividend to $0.07 for CRD A and CRD B shares. For the year, total dividends paid were $0.26 for both CRD A and CRD B compared to $0.24 for each share class in 2022. Finally, our Net Promoter Score, a measure of customer loyalty and satisfaction increased by 8 points in 2023 and is now at 52.

Speaker 3

I am extremely pleased with this achievement, which reflects the hard work of our dedicated employees. We delivered improved margins across 3 of 4 segments in 2023, underscoring the strength of our operational strategy. In our North America loss adjusting segment, we focused on driving low to mid single digit revenue growth and we've exceeded that benchmark in 2023. Additionally, we achieved improved margin through efficiencies on the volume side and investments in the expertise on the major and complex loss side. While we set record revenues in the U.

Speaker 3

S, we did see some impact from seasonal weather fluctuations in the back half of the year and expect this to continue in the Q1 of 2024. Our International business showed continued resilience in 2023 as a result of our strategic initiatives to address pricing and productivity. Margins expanded by 6.55 basis points and revenues increased by 7% for the year, which we will dig into more detail later. Overall, we are pleased to report our efforts demonstrated success in Latin America, the UK and Europe. In 2024, we will continue to execute our strategy and progress on our medium term goal of continued margin enhancement.

Speaker 3

In 2023, Broadspire achieved record breaking results, marked by impressive margin improvements of 316 basis points. Our strategic focus on increased use of technology has proven effective, resulting in notable market gains, particularly in medical management. Our investment in innovation and diverse service offerings position us for continued growth and success. Platform solution also saw the impact of benign weather in the back half of twenty twenty three. Platforms margin remained stable at low double digit and our execution strategy remains strong.

Speaker 3

We achieved growth in our Contractor Connection and Subrogation businesses, but saw some softness from the absence of major weather events in our network business, which we expect to continue in the Q1 of 2024. Our capital allocation strategy remains thoughtful and disciplined with a focus on innovation. We saw significantly improved cash generation in 2023, truly demonstrating our financial strength. We surpassed our stated goal to move our leverage ratio below 2 times EBITDA by the end of 2023. We continue to invest in our industry leading InsurTech capabilities to drive our growing market share and seek out compelling acquisition targets to broaden our capabilities for clients.

Speaker 3

Our business is comprised of 4 segments. North America loss adjusting encompasses primarily our loss adjusting business in the U. S. And Canada and reported 24% of our 2023 revenues. Our international business is comprised of all reported service lines outside of North America and contributed 30%, the largest proportion of our revenues for the year.

Speaker 3

Broadspire is our 3rd party administrator in the U. S. And accounts for 28% of our annual revenues. And Platform Solutions, which includes Contractor Connection and our Networks and Subrogation businesses contributed 18%. Now we'll dig into the segment operations.

Speaker 3

Beginning with North America loss adjusting, for the full year 2023, we achieved revenues of $303,600,000 representing 11% year over year growth. Operating earnings were $23,200,000 with operating margins expanding by 68 basis points. Our revenue increase this year was driven by strong performance by GTS and field operations, achieving significant new account wins including 2 leading carriers in the U. S, a leading provider of real estate services and several notable property self assured entities. In 2023, we continued to add adjusters to our team, increasing our expertise coverage and resulting in increased market share.

Speaker 3

International operations revenue for 2023 was $382,400,000 and operating earnings were $11,200,000 Our revenue grew 7% over 2022 or 10% when measured in constant currency and operating margins expanded by 6.55 basis points. Operating earnings increased by 186 percent as a result of pricing and productivity improvements in nearly all of our operations. High margin countries in Europe saw strong growth in the year, while Australia showed a slight revenue decrease. The decrease in Australia was primarily due to high catastrophe activity in 2022. We had a successful 2023 and I look forward to executing our strategy to drive further progress in international in 2024.

Speaker 3

Broadspire achieved record revenues, record operating earnings and record margin expansion in 2023. Our results were largely driven by significant client wins throughout the year. In fact, 2023 was a record year for new business at Brasfire. Additionally, medical management services showed strong growth of 13% in the year. We also benefited from increased claims activity as the economy continued to rebound.

Speaker 3

We are very pleased with Broadspire's performance this year and so are our customers. We retained almost 95% of our business year to date. Platform Solutions full year revenues decreased by 7.5% compared with 2022. In our network business, the benign weather activity in the back half of twenty twenty three resulted in reduced claims at our carrier customers, so they had less need to outsource to us. Nevertheless, our underlying business remains strong and we closed out the year with 13% revenue increase from Contractor Connection and a 27% revenue increase from our Subrogation business.

Speaker 3

Weather events have remained relatively scarce so far this year. And so we would expect reduced weather related revenue in the Q1 of 2024 as compared to the Q1 of 2023. With that, let me turn the call over to Bruce for a deeper look at our financial performance.

Speaker 4

Thank you, Rohit. Looking at the Q4 of 2023, company wide revenues before reimbursements were 296,100,000 dollars down 8% from $322,200,000 in the prior year Q4. Foreign exchange rates increased revenues before reimbursements by $3,400,000 or 1.2 percent. GAAP net loss attributable to shareholders totaled 800,000 dollars compared to a loss of $14,100,000 in the same period of 2022. GAAP diluted EPS in the 2023 4th quarter was a loss per share of $0.02 for both CRD A and CRD B compared to a loss per share of $0.29 for both share classes in the 2022 period.

Speaker 4

On a non GAAP basis, diluted EPS was $0.06 for CRD A and $0.07 for CRD B compared to $0.23 for both share classes in the prior year period. The company's non GAAP operating earnings totaled $7,800,000 in the 2023 Q4 or 2.6 percent of revenues compared to 23,400,000 dollars or 7.3 percent of revenues in the prior year period. Consolidated adjusted EBITDA was 15,700,000 dollars in the 2023 Q4 or 5.3 percent of revenues compared to $30,800,000 or 9.6 percent of revenues in the 2022 quarter. I'll now review the 4th quarter performance for each of our segments. North America loss adjusting revenues totaled 69,700,000 in the 2023 Q4, decreasing 10.3 percent from $77,700,000 reported in last year's quarter due to milder weather activity.

Speaker 4

The segment reported operating earnings of $800,000 in the 2023 quarter, decreasing from $8,600,000 reported in last year's quarter. The operating margin was 1.1% in the 20 23 quarter compared to 11% in the 2022 quarter as a result of the revenue rate weakness. International operations revenues totaled $97,200,000 in the 2023 4th quarter, up 9.9% from the $88,400,000 reported in last year's quarter. On a constant dollar basis, international revenues totaled 93,700,000 dollars The segment reported operating earnings of $2,200,000 in the 4th quarter, improving significantly from losses of $5,300,000 reported in last year's quarter. The operating margin was 2.3% in the current quarter compared to a negative 6% in the 2022 quarter.

Speaker 4

Broadspire revenues were $92,100,000 in the 2023 Q4, increasing 17.2 percent from $78,600,000 in the 2022 period, driven primarily by new business development, increased medical management usage and pricing improvements. Broadspire operating earnings were $12,300,000 in the 2023 quarter compared to last year's 4th quarter operating earnings of $6,700,000 The operating margin in this segment was a company leading 13.3% in the quarter, improving from 8.6% in the 2022 period. Revenues for platform solutions were $37,200,000 in the 2023 4th quarter, decreasing from $77,400,000 in the prior year quarter. The decrease is largely attributed to a reduction in Networks revenues as a result of lower cat activity in the quarter. Operating earnings in Platform Solutions totaled $1,900,000 or 5.2 percent of segment revenues in the 2023 quarter, compared to operating earnings of $13,000,000 or 16.8 percent of revenues in the prior year quarter.

Speaker 4

The operating margin was 5.2% in the 20 23 quarter compared to 16.8% in the 2022 quarter as a result of reduced cat revenues. Unallocated corporate costs were $9,400,000 in the 2023 Q4 compared to a credit of $300,000 in the same period of 2022. The increase was primarily due to an increased self insurance cost, professional fees, compensation and other support costs. During the 2023 Q4, non service pension costs were $2,200,000 compared to $100,000 in the 2022 period. We recognized a pre tax contingent earn out expense of $900,000 in the 2023 Q4 compared to a $300,000 credit in the 20 22 quarter.

Speaker 4

During the full year 2023, the company did not repurchase any shares of CRDA, but repurchased approximately 294,000 shares of CRD B at an average share cost of $9.30 As a reminder, approximately 1,500,000 shares are eligible to be repurchased under our 2021 share repurchase authorization. Revenues before reimbursements for the 2023 Q4 includes income earned, which offsets the cost of managing the funds maintained to administer claims for certain customers. These amounts were previously presented as a reduction to selling, general and administrative expenses during the 1st 3 quarters of 2023. We have revised the presentation of amounts totaling 3,300,000 dollars 3,900,000 $4,500,000 to revenues before reimbursements related to the first, second and third quarters of 2023, respectively. The revisions will be reflected in future presentations containing our 2023 quarterly results.

Speaker 4

There were no revisions in 20 22 as the amounts were immaterial. Company's cash and cash equivalent position as of December 31, 20 23 totaled $58,400,000 compared to $46,000,000 at the 2022 year end. Our total receivables were down $19,400,000 from the 2022 year end, primarily due to the collection of prior year receivables related to the Australian floods and Hurricane Ian in the U. S. The company's total debt outstanding as of December 31, 2023 totaled $209,100,000 down from $238,900,000 as of December 31, 2022.

Speaker 4

Net debt stood at $150,800,000 as of December 31, 2023, while our leverage ratio under our credit agreement closed at 1.6 times EBITDA. Additionally, our U. S. Pension liability was $22,300,000 at the end of the 4th quarter, reflecting a funded ratio of 92.1%. We made no discretionary contributions to our U.

Speaker 4

S. Defined benefit pension plan during 2023 and we do not intend to make contributions during 20 24. Cash flow from operations for 2023 totaled 103,800,000 dollars with free cash flow of $67,200,000 This compares to cash provided by operating activities last year of $27,600,000 dollars and negative free cash flow of $7,000,000 This significant improvement in cash flow was driven by increased earnings and improvement in billed and unbilled receivables and other positive working capital changes. The Q1 of 2024 has shown a continuance of the decreased weather activity we saw in the back half of twenty twenty three. North American loss adjusting and platform solutions in particular based tough comparisons in the Q1 of 2024 as the 2023 period saw significant weather related contributions as a result of carryover from Hurricane Ian and Winter Storm Elliot.

Speaker 4

With that in mind, in the Q1 of 2024, we do not expect to repeat between $25,000,000 $30,000,000 in revenues that were associated with catastrophe carryover in the Q1 of 2023. This decrease in revenues would translate into between $6,000,000 $10,000,000 of non repeated earnings for the 2024 period. It's important to note that we're expecting continued momentum in our non weather related business as we move through 2024 and we remain confident in our ability to execute and deliver on our long term growth strategy. With that, I'll turn the call back to Rohit for concluding remarks.

Speaker 3

Thank you, Bruce. 2023 showcased the effectiveness of our operational strategy. Crawford has demonstrated remarkable resilience and adaptability, fostering a culture of innovation and efficiency that continues to propel our sustainable growth and solidify our position as an industry leader. Our robust financial results and strong liquidity provide us with the flexibility to expand our market share while investing in cutting edge capabilities that set us apart. The strong performance of our U.

Speaker 3

S. Businesses, marked by record new account wins, coupled with the significant progress in our international operations, underscore the success of our customer centric approach. We remain committed to leveraging these achievements to cultivate deeper and more enduring partnerships with our clients and provide value to our shareholders. Thank you for your time today. Lara, please open the call for questions.

Speaker 1

Thank you, sir. Ladies and gentlemen, we will now begin the question and answer session. From Truist. Please go ahead.

Speaker 5

Hi, good morning. I'm calling in today from Mark Hughes. Another strong quarter in the international segment. I just wanted to know if you could provide a little more color on what is driving that growth, assuming it's not as weather dependent as North America?

Speaker 3

Hi, Max. This is Rohit. Hope you're doing well. Max, we continue to see improvements in our international business. We had talked about making sure that we were addressing some structural changes that we had to make.

Speaker 3

We've also talked about making sure that we were driving pricing where we needed to. All those things have been put in place. So I would say that was sort of low hanging fruit that we got to. There's obviously more work to do in our international business, but what we're seeing is we're seeing traction in our key markets like Europe, UK, Latin America. And then Australia has always been strong, but Australia was slightly lower mainly because of a tougher comparison due to unprecedented floods that we saw in Australia in 2022.

Speaker 5

Got it. Thank you. And on Broadspire, do you have any detail on if the uptick in medical case management is being driven more by frequency or severity? Any insight you have on the workers' comp line?

Speaker 3

Yes. What we're seeing is a return of medical management to pre pandemic levels. In fact, I would say that this was the Q1 that we exceeded at a decent by a decent number what we had seen in 2019 or Q4 of 2019, which I would call the last pre pandemic quarter. And then what we're also seeing is that the ratio of medical management to workers' comp claim activity is much more in line with what we saw pre pandemic than what we saw over the last 3 years. So we believe that this is coming back, but we need to keep a watch for.

Speaker 3

We're not seeing any major changes in frequency or severity, which is driving this as of now.

Speaker 5

Right. Thank you. And then any expectations on share repurchases in 2024?

Speaker 4

Hey, Max, this is Bruce. We still have 1,500,000 shares eligible to be repurchased through the end of 2024. So as we look at capital allocation, the first priority is to invest back in the business and we'll continue to do that as we go through 2024. We're committed to paying a strong dividend. We increased the dividend last year and we want to provide a meaningful yield to our shareholders.

Speaker 4

We'll look at M and A as well. We look at a number of deals kind of on a continuous basis. We don't execute on very many, but we're also always looking for adjacencies and capabilities that we can add into our claims platform and so we'll continue to look at that. As far as repurchasing shares, we're not a buyer at any price. And so we like to buy at a deep discount to intrinsic value and be disciplined in that regard.

Speaker 4

So to the extent our shares trade at a level that we see as a deep discount to intrinsic value, I think you'd see us in the marketplace.

Speaker 5

Yes, that's very helpful. That's all for me. Thank you all.

Speaker 3

Thanks, Max. Thank you, Max.

Speaker 1

Our next question comes from the line of Kevin Steinke from Barrington Research. Please go ahead.

Speaker 6

Hey, good morning. So you mentioned in your comments that you expect continued momentum in your non weather related businesses in 2024. Can you just speak to what you're seeing in those businesses that give you confidence in that momentum? I'm thinking specifically of Broadspire and I guess the complex large and complex loss adjusting within North America loss adjusting or any others you'd want to highlight?

Speaker 3

Hi, Kevin. This is Rohit. Hope you're well. Kevin, we there are a few things that give us confidence in that regard. 1st and foremost, I think you've seen 3 consecutive years of $100,000,000 of plus in new business that we've put in.

Speaker 3

You've also seen us in the Broadspire space to have continuous retention of business well over 90% over the last 3 years. We believe that those factors will continue. We will continue to see new business activity. The investments that we've specifically made in technology are really helping us to get into what we call the alternative market segments for Broadspire, which are MGAs, captives, program administrators and even some carriers. And that gives us a lot of confidence moving forward.

Speaker 3

We've been investing also in training and people development, which is enabling us to deliver claims at a much higher quality than what we believe we see in the marketplace. And on the large and complex side, we continue to hire experts and be a place where experts want to be, which is giving us a lot of credibility with corporations, brokers as well as carriers who recommend us to be the major and complex loss adjuster of choice. We're building a culture where we believe people feel that they can bring their authentic selves, that they can be who they are, that they can have a truly entrepreneurial spirit. And all of those things, I believe, are leading to us driving growth in these two segments.

Speaker 6

Okay, great. Thank you. And I also wanted to ask about your efforts with capturing and penetrating strategic key accounts. Any update on the state of that effort and any momentum that you're seeing on that front perhaps?

Speaker 3

We feel very good about our efforts there. We continue to drive deeper into some of our largest accounts and gain share of segments that we may not have been participating in, in the past. Obviously, that segment, as you can imagine, is highly dependent on weather. So while we may see some benign activity in Q4 continuing into Q1, we believe that the underlying business is extremely strong, the underlying relationships are extremely strong. And as weather activity comes back or returns to what I would call normal levels, we should see momentum in those parts of our business with the large carriers in the marketplace.

Speaker 6

Okay. Thank you. And you also mentioned in your prepared comments that continued staffing shortages among your carrier clients is driving increased outsourcing claims. Is that I guess since you mentioned it, it's still an issue, but is that something that's eased a bit or what's kind of the state of staffing or the ability to find staffing across the industry as you think about your client base?

Speaker 3

Kevin, at a macro level, insurance continues to be a place where there's aging workforce higher than some of the other industry groups that we see. It also remains a place where structurally you don't see as many college graduates jumping to join as compared to say other traditional industries like banking, consulting, technology or manufacturing or consumer goods. When you add to that, during the 2,008 to 2011 time, there was a real pullback on training programs that a number of corporations or number of insurance corporations pulled back on and we saw something similar happen in 2020. So we believe that structurally there's a dearth of qualified adjusters or qualified insurance professionals. And this is particularly pronounced on the claim side, which has even within the stacking of insurance, which we see less number of people joining from schools and colleges.

Speaker 3

So we believe that because of us continuing our training programs in Broadspire, in loss adjusting, in countries like Canada and UK and even to some extent in Australia, we believe that we've been continuing to invest in that and have built a workforce, which makes us an attractive destination for outsourcing for our clients. I believe our clients are recognizing this as well and they will also continue to invest from their end. But again, at a macro level, we still see a big gap in the industry in terms of what's needed and what exists from a resource standpoint.

Speaker 6

Okay. That's helpful. Thank you. I just wanted to ask a couple more here. So I recall that you discussed in the past looking to continue to diversify your international operations and maybe reduce dependence on the travel and entertainment sectors.

Speaker 6

Is that something you're continuing to work on? And any thoughts on progress there?

Speaker 3

Yes, we continue to do that. And I would just maybe slightly modify it. We didn't say we wanted to reduce our dependence. We said we wanted to grow other sectors so that travel and entertainment doesn't form the major part of our business. And we are seeing that, I think we shared with you that we had made some management changes overall in international.

Speaker 3

We believe that those are yielding results. We continue to do more of that as we head into this year. And we've had a renewed focus on new business activity, and that's why you saw continued growth in the international business. So that's moving well, but there's more work to do there.

Speaker 6

Okay. Thank you. And then lastly, just following up on capital allocation. Now that you gotten to leverage below 2 times, what are your thoughts on a debt reduction as you think about where to allocate your dollars?

Speaker 4

Yes, Kevin. Hey, this is Bruce. So as I was talking to Max and our capital allocation framework, in the absence of investments in M and A or share repurchases, Once we invest back in the business through CapEx, if we have excess cash, it kind of automatically goes to reduce our revolver borrowing. So without a more compelling investment opportunity, we'll reduce leverage. And even though we're at 1.6% and kind of hit our target, if there's not compelling M and A opportunity or if a share repurchase wouldn't be at a deep discount to intrinsic value, you'll see us reducing leverage.

Speaker 4

Building further financial strength and flexibility to allow us to transact and act when the factors in the marketplace look favorable to us, whether that's a repurchase or M and A.

Speaker 6

Okay. Thank you. That's helpful. Thanks for taking the questions.

Speaker 4

Thank you.

Speaker 3

Thank you, Kevin.

Speaker 1

There are no further questions at this time. I'd now like to turn the call back over to Mr. Varma for final closing comments. Thank you, Lara, and thank you to all our comments.

Speaker 3

Thank you, Lara, and thank you to all our employees, clients and shareholders for your continued commitment to Crawford and Company. I'm excited by our prospects for 2024 where we will leverage our expertise and seize emerging opportunities to drive sustained success and foster growth in the future. Thank you for your time today and God bless.

Speaker 1

Thank you for participating in today's Crawford and Company conference call. This call will be available for replay beginning 11:30 am EST today through 11:59 pm EST on April 5, 2024. The conference ID number for the replay is 186 255 pound. The number to dial for the replay is 877-674 7070 or 416-764-8692. Thank you.

Speaker 1

You may now disconnect.

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