Good morning. My name is Lara, and I'll be your conference facilitator today. At this time, I would like to welcome everyone to the Crawford & Company fourth 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.crawford.com under the investor relations section. Our lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer period. Instructions will follow at that time. Should anyone need assistance at any time during this conference, please press star, then zero, and an operator will assist you. As a reminder, ladies and gentlemen, this conference is being recorded today, Tuesday, March 5, 2024. Now I would like to introduce Tami Stevenson, Crawford & Company's General Counsel. Thank you, Lara. 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, collectibility 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. 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 period. For a complete discussion regarding factors which could affect the company's financial performance, please refer to the company's Form 10-K 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. Rohit Verma, Chief Executive Officer of Crawford & Company. Rohit. Thank you, Tami. Good morning and welcome to our fourth quarter and full year 2023 earnings call. Joining me today is Bruce Swain, our Chief Financial Officer, and Tami Stevenson, 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. My comments today will focus on our achievements for the full year, and Bruce will then take a deeper dive into our fourth quarter performance. As the largest listed provider of claims management, our scale continues to be a powerful differentiator for us. We manage more than $18 billion 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. 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. First, 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. We mentioned in our third quarter call that we were experiencing a period of benign weather, and this pattern continued through the fourth quarter, where we saw far fewer catastrophic weather events than in 2022. As a reminder, in the back half of 2022, we saw strong revenues from Hurricane Ian, Winter Storm Elliott, historic floods in Australia, and a severe winter freeze in the U.K. The revenues derived from these events continued into the first half of 2023 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. Second, 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. Third, 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. Fourth, we are continuing our extensive and robust relationships with key clients across various segments, including carriers, brokers, and corporate customers. We dedicate a 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. Now for an overview of the year. In 2023, Crawford achieved record-setting consolidated revenue of $1.27 billion for our third consecutive year of growth. This was also our third year of adding more than $100 million 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 three of our four segments showed margin expansion and increased profitability this year. Cash generation was exceptionally strong for the year, totaling more than $100 million. Another key financial achievement of the year was our debt repayment. We reduced our leverage from 2.1x EBITDA in 2022 to 1.6x 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 third quarter of 2023, we increased our dividend to $0.07 for CRDA and CRDB shares. For the year, total dividends paid were $0.26 for both CRDA and CRDB compared to $0.24 for each share class in 2022. Finally, our Net Promoter Score, a measure of customer loyalty and satisfaction, increased by eight points in 2023 and is now at 52. I am extremely pleased with this achievement, which reflects the hard work of our dedicated employees. We delivered improved margins across three of four 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.S., we did see some impact from seasonal weather fluctuations in the back half of the year and expect this to continue in the first quarter 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 655 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 U.K., and Europe. In 2024, we will continue to execute our strategy and progress on our medium-term goal of continued margin enhancement. 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 Solutions also saw the impact of benign weather in the back half of 2023. Platform's margin remained stable at low double-digit, and our execution strategy remained strong. 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 first quarter 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 2x 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. Our business is comprised of four 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. Broadspire is our third-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, beginning with North America Loss Adjusting. For the full year 2023, we achieved revenues of $303.6 million, representing 11% year-over-year growth. Operating earnings were $23.2 million, 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 two leading carriers in the U.S., a leading provider of real estate services, and several notable property self-insured entities. In 2023, we continued to add adjusters to our team, increasing our expertise coverage and resulting in increased market share. International Operations revenue for 2023 was $382.4 million, and operating earnings were $11.2 million. Our revenue grew 7% over 2022 or 10% when measured in constant currency, and operating margins expanded by 655 basis points. Operating earnings increased by 186% 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. 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 Broadspire. 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. 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 2023 resulted in reduced claims at our carrier customers, so they had less need to outsource to us. Nevertheless, our underlying business remained strong, and we closed out the year with a 13% revenue increase from Contractor Connection and a 27% revenue increase from our subrogation business. Weather events have remained relatively scarce so far this year, and so we would expect reduced weather-related revenue in the first quarter of 2024 as compared to the first quarter of 2023. With that, let me turn the call over to Bruce for a deeper look at our financial performance. Thank you, Rohit. Looking at the fourth quarter of 2023, company-wide revenues before reimbursements were $296.1 million, down 8% from $322.2 million in the prior year fourth quarter. Foreign exchange rates increased revenues before reimbursements by $3.4 million or 1.2%. GAAP net loss attributable to shareholders totaled $800,000 compared to a loss of $14.1 million in the same period of 2022. GAAP diluted EPS in the 2023 fourth quarter was a loss per share of $0.02 for both CRDA and CRDB compared to a loss per share of $0.29 for both share classes in the 2022 period. On a non-GAAP basis, diluted EPS was $0.06 for CRDA and $0.07 for CRDB compared to $0.23 for both share classes in the prior year period. The company's non-GAAP operating earnings totaled $7.8 million in the 2023 fourth quarter or 2.6% of revenues compared to $23.4 million or 7.3% of revenues in the prior year period. Consolidated Adjusted EBITDA was $15.7 million in the 2023 fourth quarter or 5.3% of revenues compared to $30.8 million or 9.6% of revenues in the 2022 quarter. I'll now review the fourth quarter performance for each of our segments. North America Loss Adjusting revenues totaled $69.7 million in the 2023 fourth quarter, decreasing 10.3% from $77.7 million reported in last year's quarter due to milder weather activity. The segment reported operating earnings of $800,000 in the 2023 quarter, decreasing from $8.6 million reported in last year's quarter. The operating margin was 1.1% in the 2023 quarter compared to 11% in the 2022 quarter as a result of the revenue rate weakness. International operations revenues totaled $97.2 million in the 2023 fourth quarter, up 9.9% from the $88.4 million reported in last year's quarter. On a constant dollar basis, international revenues totaled $93.7 million. The segment reported operating earnings of $2.2 million in the fourth quarter, improving significantly from losses of $5.3 million 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. Broadspire revenues were $92.1 million in the 2023 fourth quarter, increasing 17.2% from $78.6 million in the 2022 period, driven primarily by new business development, increased medical management usage, and pricing improvements. Broadspire operating earnings were $12.3 million in the 2023 quarter compared to last year's fourth quarter operating earnings of $6.7 million. 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 $37.2 million in the 2023 fourth quarter, decreasing from $77.4 million 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 $1.9 million or 5.2% of segment revenues in the 2023 quarter compared to operating earnings of $13 million or 16.8% of revenues in the prior year quarter. The operating margin was 5.2% in the 2023 quarter compared to 16.8% in the 2022 quarter as a result of reduced CAT revenues. Unallocated corporate costs were $9.4 million in the 2023 fourth quarter 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 fourth quarter, non-service pension costs were $2.2 million compared to $100,000 in the 2022 period. We recognized a pre-tax contingent earnout expense of $900,000 in the 2023 fourth quarter compared to a $300,000 credit in the 2022 quarter. During the full year 2023, the company did not repurchase any shares of CRDA but repurchased approximately 294,000 shares of CRDB at an average share cost of $9.30. As a reminder, approximately 1.5 million shares are eligible to be repurchased under our 2021 share repurchase authorization. Revenues before reimbursements for the 2023 fourth quarter 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 first three quarters of 2023. We have revised the presentation of amounts totaling $3.3 million, $3.9 million, and $4.5 million 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. There were no revisions in 2022 as the amounts were immaterial. The Company's cash and cash equivalent position as of December 31, 2023, totaled $58.4 million compared to $46 million at the 2022 year-end. Our total receivables were down $19.4 million 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 $209.1 million, down from $238.9 million as of December 31, 2022. Net debt stood at $150.8 million 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 $22.3 million at the end of the fourth quarter, reflecting a funded ratio of 92.1%. We made no discretionary contributions to our U.S. Defined Benefit Pension Plan during 2023, and we do not intend to make contributions during 2024. Cash flow from operations for 2023 totaled $103.8 million, with free cash flow of $67.2 million. This compares to cash provided by operating activities last year of $27.6 million and negative free cash flow of $7 million. This significant improvement in cash flow was driven by increased earnings, an improvement in billed and unbilled receivables, and other positive working capital changes. The first quarter of 2024 has shown a continuance of the decreased weather activity we saw in the back half of 2023. North America Loss Adjusting and Platform Solutions, in particular, faced tough comparisons in the first quarter of 2024 as the 2023 period saw significant weather-related contributions as a result of carryover from Hurricane Ian and Winter Storm Elliott. With that in mind, in the first quarter of 2024, we do not expect to repeat between $25-$30 million in revenues that were associated with catastrophe carryover in the first quarter of 2023. This decrease in revenues would translate into between $6-$10 million 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. 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.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. Thank you, sir. Ladies and gentlemen, we will now begin the question and answer session. Should you have a question, please press star followed by the number 1 on your touch-tone phone. You will hear a three-tone prompt acknowledging your request. Should you wish to decline from the polling process, please press star followed by the number 2. If you are using a speakerphone, please lift your handset before pressing any keys. One moment, please, for your first question. Our first question comes from the line of Maxwell Fisher from Truist. Please go ahead. 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. I'm assuming it's not as weather-dependent as North America. Hi, Max. This is Rohit. I 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. 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, U.K., 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. Got it. Thank you. 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? Yeah. What we're seeing is a return of medical management to pre-pandemic levels. In fact, I would say that this was the first quarter that we exceeded 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 three years. So we believe that this is coming back, but we need to keep a watch for it. We're not seeing any major changes in frequency or severity, which is driving this as of now. All right. Thank you. And then any expectations on share repurchases in 2024? Hey, Max. This is Bruce. We still have 1.5 million 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. We'll look at M&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. 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. Yep. That's very helpful. That's all from me. Thank you all. Thanks, Max. Thank you, Max. Ladies and gentlemen, just a reminder, should you have a question, please press star followed by the number one on your touch-tone phone. Our next question comes from the line of Kevin Steinke from Barrington Research. Please go ahead. 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 large and complex loss adjusting within North America Loss Adjusting or any others you'd want to highlight. Hi, Kevin. This is Rohit. Hope you're well. Kevin, there are a few things that give us confidence in that regard. First and foremost, I think you've seen three consecutive years of $100 million+ of new business that we've put in. You've also seen us in the Broadspire space to have continuous retention of business well over 90% over the last three 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. We've been investing also in training and people development, which is enabling us to deliver claims that are 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 to 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. Okay. Great. Thank you. 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? 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 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. Okay. Thank you. And you also mentioned in your prepared comments that continued staffing shortages among your carrier clients is driving increased outsourcing and claims. 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? Kevin, at a macro level, insurance continues to be a place where there's an 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 2008 to 2011 time, there was a real pullback on training programs that a number of corporations or a 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. We believe that because of us continuing our training programs in Broadspire, in loss adjusting, in countries like Canada and U.K., 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. Okay. That's helpful. Thank you. I just want to ask a couple more here. I recall that you had discussed in the past looking to continue to diversify your international operations and maybe reduce dependence on the travel and entertainment sector. Is that something you're continuing to work on, and any thoughts on progress there? Yeah. Yes, we continue to do that. 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. We are seeing that. I think we shared with you that we had made some management changes overall in international. We believe that those are yielding results. We continue to do more of that as we head into this year. We've had a renewed focus on new business activity, and that's why you saw continued growth in the international business. That's moving well, but there's more work to do there. Okay. Thank you. And then lastly, just following up on capital allocation, now that you've gotten to leverage below 2x, what are your thoughts on a debt reduction as you think about where to allocate your dollars? Yeah, Kevin. Hey, this is Bruce. So as I was talking to Max and our capital allocation framework, in the absence of investments in M&A or share repurchases, once we invest back into 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 a compelling M&A opportunity or if a share repurchase wouldn't be at a deep discount to intrinsic value, you'll see us reducing leverage, 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&A. Okay. Thank you. That's helpful. Thanks for taking the questions. Okay. Thank you. Thank you, Kevin. There are no further questions at this time. I'd now like to turn the call back over to Mr. Verma for final closing comments. Thank you, Lara. Thank you to all our employees, clients, and shareholders for your continued commitment to Crawford & 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. Thank you for participating in today's Crawford & Company conference call. This call will be available for replay beginning 11:30 A.M. EST today through 11:59 P.M. EST on April 5, 2024. The conference ID number for the replay is 186255#. The number to dial for the replay is 8776747070 or 4167648692. Thank you. You may now disconnect.