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What were the key takeaways from Crawford A's earnings call?

What were the key takeaways from Crawford A’s earnings call?

- **Revenue Growth and Margin Expansion**: Consolidated operating earnings up 22% YoY, driven by Broadspire and International segments. North America Loss Adjusting margins expanded 215 basis points due to mix shift to higher-margin services.
- **New Business Wins**: Added $29M in Q3, bringing total to $78M year-to-date, reflecting strong client pipeline and retention (Broadspire at 93%).
- **Financial Strength**: Non-GAAP EPS of $0.32, up 45% YoY. Free cash flow improved to $24.1M vs. negative $18.4M in Q3 2024. Leverage ratio remains low at 1.64x EBITDA.
- **Share Repurchase**: Authorized additional 2M shares, with $275K repurchased in Q3, signaling confidence in intrinsic value.
- **Weather Impact**: Platform Solutions revenue down 36% YoY due to weather-related declines, but margins improved 47 basis points through cost management.

**【Management Opening Remarks】**
- Tami Stevenson provided standard forward-looking statements and reconciliations for non-GAAP financial measures, emphasizing risks related to weather claims, pension funding, and market conditions.

**【CEO Remarks】**
- **Overall Performance**: Consolidated operating earnings up 22% YoY to $26.6M, with margins expanding to 8.3% of revenues. Non-GAAP EPS of $0.32 vs. $0.22 prior year.
- **Segment Highlights**: 
  - **Broadspire**: Record $103.4M revenue (+4.4% YoY), operating earnings up 8.1%, driven by scale and client retention.
  - **International**: Revenue +6.7% YoY, operating earnings +45%, with margin expansion in Australia, U.K., and Asia.
  - **North America Loss Adjusting**: Revenue -2.9% YoY due to lower U.S. claims, but operating earnings +28% YoY, margins up 215 basis points.
- **Strategic Initiatives**: Investing in AI for efficiency, disciplined M&A, and capital deployment. Share repurchase program expanded to 2M shares.
- **Outlook**: Expect continued absence of significant weather in Q4 2025, but anticipate normalization in claims activity over 12-18 months.

**【CFO Commentary】**
- **Consolidated Results**: Revenues $322.2M (-2.2% YoY), GAAP net income $12.4M (+30% YoY). Adjusted EBITDA $36.3M (+23% YoY), free cash flow $24.1M vs. negative $18.4M prior year.
- **Segment Details**: 
  - **Platform Solutions**: Revenue -36% YoY due to weather, but operating margins improved 47 basis points to 11.3%.
  - **North America Loss Adjusting**: Operating margins 14.3% vs. 12.2% prior year, driven by GTS and Canada performance.
- **Balance Sheet**: Cash $68.8M, debt $218.1M, leverage ratio 1.64x EBITDA. U.S. pension funded at 93.1%.

**【Q&A Highlights】**
- **Margin Improvement in NA Loss Adjusting**: Mix shift to higher-margin GTS and Canada operations, despite 2.9% revenue decline.
- **Insurance Affordability Impact**: Higher deductibles suppressing residential claims, but commercial lines showing normalization.
- **Broadspire Pipeline**: 3-4% organic growth expected, with AI investments to enhance efficiency.
- **Platform Solutions**: Weather-related decline offset by cost management, targeting long-term recovery.
- **Share Repurchase**: Disciplined buyers, focusing on intrinsic value with $2M authorization added.

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