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- **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.

Crawford & Company (CRD.B) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

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Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

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Income Tax Adjustments

Net Income from Continuing Operations

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Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

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Other Comprehensive Income

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Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

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Diluted EPS from Discontinued Operations

CRD.A

CRD.A fundamentals

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