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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 Resilience**: 2.8% YoY growth driven by non-weather segments, offsetting U.S. property claims decline.
- **Margin Expansion**: International Operations margin +143bps; Platform Solutions margin +500bps.
- **Dividend Boost**: 25% hike to $0.075/share, signaling confidence in cash flow stability.
- **Strategic Investments**: GTS talent expansion and Broadspire tech upgrades position for future growth.
- **Risk Outlook**: Temporary U.S. claims suppression expected to normalize over 12-18 months.

**【CEO Opening Remarks】**
- **Revenue Growth**: Consolidated revenue increased 2.8% YoY, driven by growth in North America Loss Adjusting (+2.7%), International Operations (+6.6%), and Broadspire (+3.6%).
- **Segment Performance**: North America Loss Adjusting faced headwinds from lower U.S. property claims, while International Operations and Platform Solutions saw margin expansion. Broadspire achieved record revenue of $100.6 million.
- **Dividend Increase**: Board approved a 25% dividend hike to $0.075 per share, reflecting confidence in long-term growth.
- **Strategic Focus**: Emphasized investment in GTS (Global Technical Services) talent and technology to capitalize on non-weather opportunities.
- **Market Outlook**: Anticipates normalization of U.S. property claims frequency over 12-18 months as reinsurance pricing stabilizes.

**【CFO Financial Commentary】**
- **GAAP Metrics**: Net income of $7.8 million vs. $8.6 million YoY; diluted EPS $0.16 vs. $0.17 YoY.
- **Non-GAAP Metrics**: Operating earnings $22 million (6.8% of revenue) vs. $22.1 million (7% of revenue) YoY; adjusted EBITDA $31.4 million vs. $30.6 million YoY.
- **Cash Flow**: Operating cash flow $21.1 million vs. ($8.3 million) YoY; free cash flow $2.6 million vs. ($26.7 million) YoY.
- **Balance Sheet**: Total debt $225.4 million; liquidity $58.5 million; leverage ratio 1.75x EBITDA.
- **Segment Breakdown**:
  - **North America Loss Adjusting**: Revenue +2.7%, operating margin -54bps due to U.S. property claims decline.
  - **International Operations**: Revenue +6.9% (constant currency), operating earnings +34%, margin +143bps.
  - **Broadspire**: Revenue +3.6%, operating earnings impacted by headcount and tech investments.
  - **Platform Solutions**: Revenue -9.2% (networks pullback), operating earnings +113%, margin +500bps.

**【Q&A Highlights】**
- **GTS Growth**: All North America Loss Adjusting growth driven by GTS; U.S. GTS modest due to claims suppression, but global expansion continues.
- **Weather Trends**: Q3 2025 weather activity flat YoY; U.S. property claims suppression expected to persist 12-18 months.
- **Broadspire Margins**: 13-16% margin range expected; investments in new business onboarding to drive future growth.
- **International Momentum**: U.K., Europe, and Asia leading growth; 140bps margin improvement YoY.
- **Capital Allocation**: Priority on organic growth and M&A; 1.1 million shares remaining in buyback authorization.


Crawford & Company (CRD.B) Q2 2025 Earnings Call Transcript

- **Revenue Resilience**: 3.4% YoY growth ($312M) with 5.7% operating margin, driven by balanced weather/non-weather model.
- **GTS Acceleration**: +12% GTS service line growth, tripled 5-year CAGR, fueled by expert talent and complex claims expertise.
- **International Expansion**: 6% YoY growth (9% FX-neutral) with margin +159bps, led by UK/Europe/Asia high-value services.
- **Profitability Boost**: Platform Solutions operating margin +579bps to 1.6%, Broadspire at 12.7% with 97.5% retention.
- **Weather Risk**: 20-30% storm claims underreporting due to higher deductibles, impacting Q2 outlook despite March surge.

**【CEO Opening Remarks】**
- Q1 2025 revenue grew 3.4% YoY ($312M), driven by 5% growth in constant currency and strong contributions from all segments.
- Operating earnings increased $5.7M YoY, with consolidated operating margin expanding 170bps to 5.7%.
- Non-weather business revenue grew 3.4%, while weather-related revenue rose 6% YoY due to severe storm activity in March.
- Capital allocation remains disciplined, with a 1.9x EBITDA leverage ratio and $0.07 quarterly dividend maintained.

**【CFO Financial Breakdown】**
- **North America Loss Adjusting**: +3% YoY to $79.7M, operating earnings up 22% to $5.5M (GTS service line +12%).
- **International Operations**: +6% YoY ($104.4M), operating margin +159bps to 3.3%.
- **Broadspire**: +2.2% YoY ($96.4M), operating margin 12.7% (97.5% client retention rate).
- **Platform Solutions**: Revenue down slightly, but operating profit +163% to $0.5M (storm-related mix shift).
- GAAP EPS $0.13 vs $0.06 prior year; Non-GAAP EPS $0.21 vs $0.13.
- Free cash flow negative $23.2M (seasonal) vs -$29.4M prior year.

**【Q&A Highlights】**
- **GTS Growth**: 12% YoY driven by expert talent expansion and complex claims wins (e.g., $1B+ property replacements).
- **International Momentum**: Double-digit growth in UK, Europe, Asia via pricing improvements and high-value services (e.g., TPA programs).
- **Broadspire Outlook**: New business pipeline strong, with 97.5% retention rate and anticipatory staffing for 2025 growth.
- **Weather Claims Underreporting**: 20-30% drop in storm claims due to higher deductibles and macroeconomic caution, impacting Q2 outlook.


Crawford & Company (CRD.B) Q1 2025 Earnings Call Transcript

- **Q4 2024 Highlights**: 17% revenue growth, $5.7M GAAP net income, and 78% EBITDA increase. Weather-related claims boosted Platform Solutions by 154%.
- **Segment Strength**: International operations tripled operating earnings, Broadspire grew 6%, and North America loss adjusting expanded 14%.
- **Key Trends**: Technology investment driving efficiency, disciplined capital allocation, and global expansion via acquihires.
- **2025 Outlook**: Focus on core growth, margin improvement, and weather as variable contributor.

**【CEO Summary Section】**
- **Revenue Growth**: 17% year-over-year (YoY) in Q4 2024, driven by strong core businesses and weather-related claims from Hurricanes Helene and Milton. Non-weather segments grew 7%, while weather-related revenue increased 45%.
- **Business Resilience**: Diversified model with 24% North America loss adjusting, 32% international operations, 30% Broadspire, and 14% Platform Solutions. International operating earnings tripled YoY, with margin expansion of 526 basis points.
- **Technology Investment**: Continued focus on AI and digital workflows to enhance claims management. Network segment revenue surged 154% YoY due to catastrophe response.
- **Capital Strategy**: Paid $0.07 quarterly dividend, maintained strong balance sheet with $55.4M cash and 1.85x EBITDA leverage. Acqui-hires in Spain expanded global expertise.

**【CFO Financial Commentary】**
- **Q4 Financials**: GAAP net income of $5.7M vs. $0.8M loss in 2023. Non-GAAP EPS of $0.19 vs. $0.06 prior year. Adjusted EBITDA rose 78% to $27.9M (8% of revenue).
- **Segment Performance**: 
  - **North America Loss Adjusting**: 14% YoY revenue growth to $79.4M, operating earnings up to $3.4M.
  - **International Operations**: 16% YoY revenue growth to $112.5M, operating margin expanded 526bps.
  - **Broadspire**: 6% YoY revenue growth to $97.7M, operating margin 10.4%.
  - **Platform Solutions**: 55% YoY revenue growth to $57.6M, operating earnings up 144%.
- **Liquidity**: $55.4M cash, $218.1M debt, and $21.1M U.S. pension liability (92.4% funded ratio). Free cash flow $10M vs. $67.2M in 2023, due to receivables timing.

**【Q&A Key Takeaways】**
- **Broadspire Margin**: 10.4% in Q4, lower than mid-teens target due to hiring for new business. Expect stabilization with tech investments.
- **International Pricing**: Enhanced pricing discipline closed gaps, with continued focus on margin expansion.
- **Share Repurchases**: $1.1M shares remaining in 2021 authorization; disciplined buying based on market opportunities.
- **Weather Impact**: No significant carryover from Q4 storms. 2025 outlook focuses on core businesses, with weather as variable contributor.
- **Global Technical Services (GTS)**: 37% YoY growth to $29.2M, driven by acquihires and expanding market share in loss adjusting.


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