The following is a summary of the Crawford & Company (CRD.B) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Crawford & Company reported Q4 2023 revenues of $296.1 million, a decrease of 8% from the previous year.

• GAAP net loss was $800K, which is a vast improvement from the $14.1 million loss in Q4 2022.

• The company's non-GAAP operating earnings stood at $7.8 million and adjusted EBITDA was at $15.7 million for Q4 2023.

• Total debt outstanding by 2023-end showcased a decrease at $209.1 million, a dip from $238.9 million at the end of 2022.

• The firm managed to generate free cash flow of $67.2 million for 2023.

• The dividends per share increased to $0.26 in 2023, compared to $0.24 in 2022.

Business Progress:

• Decreased revenues in the North America segment were attributed to milder weather, whereas international operations reported a 9.9% increase.

• Broadspire revenues surged by 17.2%, driven by new business development, increased medical management usage, and pricing improvements.

• The company is actively looking for potential M&A opportunities and aims to reduce its leverage to provide financial strength and flexibility.

• The firm is well positioned for growth in the weather-dependent business due to increasing frequency and severity of weather events and is capitalizing on carrier claims outsourcing due to increased claim volume and staffing challenges.

• Crawford added more than $100 million in new/increased business for the third consecutive year in 2023, and is seeking compelling acquisition targets to broaden capabilities.

More details: Crawford-B IR

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