Crawford & Co (CRD.A) 2023 Q4 法說會逐字稿

Good morning. My name is Leira, 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.

早安.我叫萊拉，今天我將擔任你們的會議主持人。此時此刻，我謹歡迎大家參加克勞福德公司 2023 年第四季和全年財報發布電話會議。

In conjunction with this call, a supplementary financial presentation is available on our website at www.crawco.com under the Investor Relations section. (Operator Instructions) As a reminder, ladies and gentlemen, this conference is being recorded today, Tuesday, March 5, 2024.

與本次電話會議一起，我們也可以在我們的網站 www.crawco.com 的「投資者關係」部分獲取補充財務演示。（操作員說明）女士們先生們，謹此提醒，本次會議將於今天（2024 年 3 月 5 日星期二）錄製。

Now I would like to introduce Tami Stevenson, Crawford & Company's General Counsel.

現在我想介紹一下 Crawford & Company 的總法律顧問 Tami Stevenson。

Thank you, Laura. 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.

謝謝你，勞拉。本次電話會議和補充財務演示中討論的一些事項可能包括涉及風險和不確定性的前瞻性陳述。

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, collectability 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.

除其他事項外，這些陳述可能與我們預期的未來經營業績和財務狀況、我們增加收入和減少營運費用的能力、對我們對資金不足的固定福利退休金計劃的預期繳款的預期、我們的計費和未計費的可收回性等相關。應收帳款、我們最近完成的收購的財務業績、我們對融資協議中包含的財務和其他契約的持續遵守、我們的長期資本資源和流動性要求，以及我們未來支付股利的能力。

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.

該公司在未來幾季取得的實際業績可能與此類前瞻性陳述所暗示的結果有重大差異。該公司沒有義務公開發布對本次電話會議中所做的任何前瞻性陳述的修訂，以反映電話會議日期之後發生的情況或事件或反映意外事件的發生。

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 periods. 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.

此外，請注意，任何歷史期間的經營業績並不一定代表任何未來期間的預期業績。有關可能影響公司財務表現的因素的完整討論，請參閱公司向美國證券交易委員會提交的截至 2023 年 12 月 31 日止年度的 10-K 表格，特別是“風險因素和管理層”標題下的信息討論和分析財務狀況和營運結果以及隨後向SEC 提交的公司文件。

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.

本簡報還包括根據 SEC 規則定義的某些非 GAAP 財務指標。根據需要，為這些指標提供了與最直接可比較的公認會計準則指標的調節表。

I would like to now introduce Mr. Rohit Verma, Chief Executive Officer of Crawford & Company. Rohit?

現在我想介紹克勞福德公司執行長羅希特·維爾馬先生。羅希特？

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.

謝謝你，塔米。早上好，歡迎參加我們的 2023 年第四季和全年財報電話會議。今天加入我的是我們的財務長 Bruce Swain；以及我們的總法律顧問 Tami Stevenson。在我們準備好發言後，我們將開始電話詢問您的問題。

2023 has been a year of significant accomplishments and continued growth, demonstrating the strength of our client relationships and the dedication of our team and 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.

2023 年是重大成就和持續成長的一年，展現了我們強大的客戶關係和團隊的奉獻精神，並充分利用機會並提供卓越服務。我今天的評論將重點放在我們全年的成就，然後布魯斯將更深入地探討我們第四季的業績。

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.

作為最大的理賠管理上市提供者，我們的規模仍然是我們的強大優勢。我們每年在 70 個國家管理超過 180 億美元的索賠，僱用了大約 10,000 名人才和數千名現場資源。

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.

我們繼續成為頂級營運商的首選合作夥伴，並繼續致力於加強這些關係。我們是保險業的領導者。我們的品牌知名度正在不斷提高。2023 年，我們在寶貴的客戶名單中增加了一些值得注意的成員。

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.

有幾個因素使我們能夠實現持續的長期成長。首先，儘管過去幾個月天氣相對平靜，但全球極端天氣事件發生的頻率更高、嚴重程度也更高。我們依賴天氣的業務在嚴重天氣活動發生後為合作夥伴和社區提供高品質的服務，在事件增加的年份中獲得更多的收入。

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 Elliot, historic floods in Australia, and a severe winter freeze in the UK.

我們在第三季電話會議中提到，我們正在經歷一段良性天氣時期，這種模式持續到第四季度，我們看到的災難性天氣事件比 2022 年少得多。提醒一下，2022 年下半年，我們看到了颶風伊恩、冬季風暴艾利奧特、澳洲歷史性洪水以及英國嚴重冬季冰凍帶來的強勁收入。

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.

這些事件產生的收入持續到2023年上半年，但並未反映在下半年。儘管如此，天氣仍然是我們業務的強大推動力。毫無疑問，每個季度都會有變化，但我們預計，從長期來看，天氣事件的頻率和嚴重程度的長期增長將帶來整體的推動作用。

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.

其次，在索賠量不斷增加和人員配備方面面臨挑戰的情況下，承運人繼續外包索賠。簡而言之，我們相信我們有能力、專業知識和規模來比業內其他任何人更好地管理索賠。我們的人才策略和對技術整合的承諾是外包工作的競爭優勢，我們將繼續擴大我們的產品範圍以有效處理更多索賠。

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.

第三，獨立理損市場的分散為我們提供了透過強大的品牌認知度來佔領市場份額的機會。與規模較小的理算機構相比，我們的規模具有競爭優勢，而且承運商也更頻繁地與我們合作，合作期限也更長，以提供可靠的服務。

Fourth, we are continuing our extensive and robust relationships with key clients across various segments, including carriers, brokers, and corporate customers. We dedicate 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.

第四，我們將繼續與各領域的主要客戶（包括營運商、經紀人和企業客戶）建立廣泛且牢固的關係。我們投入大量時間來擴大和培養這些關係。我很高興地註意到近年來我們在加強客戶基礎方面取得的重大進展。

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.

最後，我們對創新的投資使我們成為保險業的領導者。我們的客戶希望簡化索賠流程，我們發現對旨在改善客戶索賠管理的工具套件的需求不斷增加。

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.

現在對這一年進行概述。2023 年，Crawford 的綜合收入達到創紀錄的 12.7 億美元，連續第三年成長。這也是我們第三年增加了超過 1 億美元的新業務和增強業務，證明了我們客戶關係的實力以及我們在所有業務領域提供的產品的差異化。

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 2.1 times EBITDA in 2022 to 1.6 times in 2023. Our robust balance sheet is a competitive advantage, giving us ample financial strength and flexibility in any kind of economic outlook.

今年，我們的營業利潤成長了 38%，四個部門中的三個部門的利潤率擴大，獲利能力有所提高。今年現金產生異常強勁，總計超過 1 億美元。今年另一個重要的財務成就是我們的債務償還。我們將槓桿率從 2022 年 EBITDA 的 2.1 倍降低到 2023 年的 1.6 倍。我們穩健的資產負債表是一種競爭優勢，使我們在任何經濟前景下都擁有充足的財務實力和靈活性。

In the third quarter of 2023, we increased our dividend to $0.07 for CRD-A and CRD-B shares. For the year, total dividends paid were $0.26 for both CRD-A and CRD-B compared to $0.24 for each share class in 2022.

2023 年第三季度，我們將 CRD-A 和 CRD-B 股票的股利提高至 0.07 美元。今年，CRD-A 和 CRD-B 支付的股息總額均為 0.26 美元，而 2022 年每種股票類別的股息為 0.24 美元。

Finally, our net promoter score, a measure of customer loyalty and satisfaction, increased by 8 points in 2023 and is now at 52. I am extremely pleased with this achievement, which reflects the hard work of our dedicated employees.

最後，我們的淨推薦值（衡量客戶忠誠度和滿意度的指標）在 2023 年增加了 8 分，目前為 52 分。我對這項成就感到非常高興，這反映了我們敬業的員工的辛勤工作。

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.

2023 年，我們四個細分市場中的三個細分市場的利潤率有所提高，凸顯了我們營運策略的優勢。在北美損失調整部門，我們專注於推動低至中個位數的收入成長，並且我們在 2023 年超過了該基準。此外，我們還透過提高產量方面的效率以及對主要和複雜損失的專業知識進行投資，提高了利潤率。

While we set record revenues in the US, 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.

雖然我們在美國創下了創紀錄的收入，但我們確實看到了今年下半年季節性天氣波動的一些影響，並預計這種情況將在 2024 年第一季持續下去。由於我們採取了解決定價和生產力問題的策略性舉措，我們的國際業務在 2023 年表現出持續的彈性。今年利潤率擴大了 655 個基點，營收成長了 7%，我們稍後將對此進行更詳細的探討。

Overall, we are pleased to report our efforts demonstrated success in Latin America, the UK, and Europe. In 2024, we will continue to execute our strategy and progress on our medium-term goal of continued margin enhancement.

總的來說，我們很高興地報告我們的努力在拉丁美洲、英國和歐洲取得了成功。2024年，我們將繼續執行我們的策略，並朝著持續提高利潤率的中期目標取得進展。

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.

2023 年，Broadspire 取得了破紀錄的業績，利潤率提高了 316 個基點，令人印象深刻。我們對增加技術使用的策略重點已被證明是有效的，帶來了顯著的市場效益，特別是在醫療管理方面。

Our investment in innovation and diverse service offerings position us for continued growth and success. Platform solution also saw the impact of benign weather in the back half of 2023. Platforms margin remained stable at low double digit, and our execution strategy remains 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.

我們對創新和多樣化服務產品的投資使我們能夠持續成長並取得成功。平台解決方案也看到了 2023 年下半年良性天氣的影響。平台利潤率保持穩定在低兩位數，我們的執行策略仍然強勁。我們的承包商連接和代位業務實現了成長，但由於我們的網路業務沒有發生重大天氣事件，我們的網路業務出現了一些疲軟，我們預計這種情況將在 2024 年第一季持續。

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 2 times EBITDA by the end of 2023. We continue to invest in our industry-leading insuretech capabilities to drive our growing market share and seek out compelling acquisition targets to broaden our capabilities for clients.

我們的資本配置策略仍然經過深思熟慮和嚴格遵守，並專注於創新。2023 年，我們看到現金產生能力顯著改善，真正展現了我們的財務實力。我們超額完成了既定目標，即在 2023 年底將槓桿率降至 EBITDA 的 2 倍以下。我們繼續投資於領先業界的保險科技能力，以推動我們不斷增長的市場份額，並尋找引人注目的收購目標，以擴大我們為客戶提供的能力。

Our business is comprised of four segments. North America loss adjusting encompasses primarily our loss-adjusting business in the US 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 US and accounts for 28% of our annual revenues. And platform solutions, which includes contractor connection and our networks and subrogation businesses, contributed 18%.

我們的業務由四個部分組成。北美損失調整主要包括我們在美國和加拿大的損失調整業務，占我們 2023 年收入的 24%。我們的國際業務由北美以外的所有報告服務線組成，占我們全年收入的最大比例，佔 30%。Broadspire 是我們在美國的第三方管理機構，占我們年收入的 28%。平台解決方案，包括承包商連線以及我們的網路和代位業務，貢獻了18%。

Now I will 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.

現在我將從北美虧損調整開始深入探討分部業務。2023 年全年，我們營收 3.036 億美元，年增 11%。營業利潤為 2,320 萬美元，營業利潤率成長 68 個基點。

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 US, a leading provider of real estate services, and several notable property self-insured entities.

我們今年的收入成長得益於 GTS 和現場營運的強勁表現，贏得了重大的新客戶，其中包括美國兩家領先的營運商、一家領先的房地產服務提供商以及幾個著名的財產自保實體。

In 2023, we continue 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.

2023 年，我們將繼續為我們的團隊增加理算師，擴大我們的專業知識覆蓋範圍，從而提高市場份額。2023 年國際營運收入為 3.824 億美元，營運利潤為 1,120 萬美元。我們的營收比 2022 年成長了 7%，以固定匯率計算成長了 10%，營業利潤率成長了 655 個基點。

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.

由於我們幾乎所有業務的定價和生產力的提高，營業利潤成長了 186%。歐洲高利潤國家今年出現強勁成長，澳洲收入略有下降。澳洲的下降主要是由於 2022 年災難活動頻繁。我們度過了成功的 2023 年，我期待執行我們的策略，在 2024 年推動國際業務取得進一步進展。

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.

Broadspire 在 2023 年實現了創紀錄的收入、創紀錄的營業利潤和創紀錄的利潤率擴張。我們的業績在很大程度上是由全年贏得的大量客戶推動的。事實上，2023 年是 Broadspire 新業務創紀錄的一年。此外，醫療管理服務今年強勁成長13%。隨著經濟持續反彈，我們也受惠於索賠活動的增加。我們對 Broadspire 今年的表現非常滿意，我們的客戶也是如此。年初至今，我們保留了近 95% 的業務。

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.

平台解決方案全年營收較2022年下降7.5%。在我們的網路業務中，2023 年下半年的良好天氣活動導致我們的營運商客戶的索賠減少，因此他們不太需要外包給我們。

Nevertheless, our underlying business remains strong, and we closed out the year with 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.

儘管如此，我們的基礎業務依然強勁，今年結束時，承包商連接收入成長了 13%，代位業務收入成長了 27%。今年迄今為止，天氣事件仍然相對較少。因此，我們預計 2024 年第一季與天氣相關的收入將比 2023 年第一季減少。

With that, let me turn the call over to Bruce for a deeper look at our financial performance.

接下來，讓我將電話轉給布魯斯，以更深入地了解我們的財務表現。

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%.

謝謝你，羅希特。看看 2023 年第四季度，報銷前全公司營收為 2.961 億美元，比去年第四季的 3.222 億美元下降 8%。外匯匯率使報銷前收入增加了 340 萬美元，即 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 CRD-A and CRD-B compared to a loss per share of $0.29 for both share classes in the 2022 period.

GAAP 股東應佔淨虧損總計 80 萬美元，而 2022 年同期虧損 1,410 萬美元。2023 年第四季以 GAAP 計算的攤薄每股收益，CRD-A 和 CRD-B 的每股虧損均為 0.02 美元，而 2022 年期間這兩個股票類別的每股虧損均為 0.29 美元。

On a non-GAAP basis, diluted EPS was $0.06 for CRD-A and $0.07 for CRD-B 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.

以非公認會計原則計算，CRD-A 的攤薄後每股收益為0.06 美元，CRD-B 的攤薄後每股收益為0.07 美元，而上年同期兩種股票類別的稀釋後每股收益均為0.23美元。該公司 2023 年第四季的非公認會計準則營業利潤總計 780 萬美元，佔營收的 2.6%，而去年同期為 2,340 萬美元，佔營收的 7.3%。2023 年第四季合併調整後 EBITDA 為 1,570 萬美元，佔營收的 5.3%，而 2022 年第四季為 3,080 萬美元，佔營收的 9.6%。

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.

我現在將回顧我們每個部門的第四季業績。由於天氣活動較為溫和，2023 年第四季北美地區虧損調整收入總計 6,970 萬美元，比去年同期的 7,770 萬美元下降 10.3%。

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.

該部門報告 2023 年季度營業利潤為 80 萬美元，低於去年季度的 860 萬美元。由於營收疲軟，2023 年季度的營業利潤率為 1.1%，而 2022 年季度的營業利潤率為 11%。

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.

2023 年第四季國際營運收入總計 9,720 萬美元，比去年同期的 8,840 萬美元成長 9.9%。以不變美元計算，國際收入總計 9,370 萬美元。該部門第四季營業利潤為 220 萬美元，較去年季度 530 萬美元的虧損大幅改善。本季營業利益率為 2.3%，而 2022 年季度為負 6%。

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 2023 年第四季的營收為 9,210 萬美元，比 2022 年期間的 7,860 萬美元增長 17.2%，這主要是由新業務開發、醫療管理使用增加以及定價改進所推動的。

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.

Broadspire 2023 年季度的營運收益為 1,230 萬美元，而去年第四季的營運收益為 670 萬美元。本季該部門的營業利潤率為公司領先的 13.3%，高於 2022 年期間的 8.6%。

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.

2023 年第四季度，平台解決方案的營收為 3,720 萬美元，低於去年同期的 7,740 萬美元。下降的主要原因是本季貓活動減少導致網路收入減少。

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.

2023 年季度，平台解決方案的營運利潤總計 190 萬美元，佔部門收入的 5.2%，而去年同期的營運利潤為 1,300 萬美元，佔營收的 16.8%。由於貓咪收入減少，2023 年季度的營業利潤率為 5.2%，而 2022 年季度的營業利潤率為 16.8%。

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.

2023 年第四季未分配的企業成本為 940 萬美元，而 2022 年同期的貸項為 30 萬美元。這一增長主要是由於自我保險成本、專業費用、補償和其他支援成本的增加。

During the 2023 fourth quarter, non-service pension costs were $2.2 million compared to $100,000 in the 2022 period. We recognized a pretax contingent earn-out expense of $900,000 in the 2023 fourth quarter compared to a $300,000 credit in the 2022 quarter.

2023 年第四季度，非服務退休金成本為 220 萬美元，而 2022 年第四季為 10 萬美元。我們確認 2023 年第四季的稅前或有收益支出為 90 萬美元，而 2022 年季度的貸項為 30 萬美元。

During the full-year 2023, the company did not repurchase any shares of CRD-A but repurchased approximately 294,000 shares of CRD-B 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.

2023年全年，該公司沒有回購任何CRD-A股票，但以平均股價9.30美元回購了約294,000股CRD-B股票。提醒一下，根據我們的 2021 年股票回購授權，大約有 150 萬股股票有資格回購。

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.

2023 年第四季報銷前的收入包括賺取的收入，這抵消了管理某些客戶索賠所需資金的成本。這些金額之前是作為 2023 年前三個季度銷售、一般和管理費用的減少額列報的。

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.

我們修改了 2023 年第一季、第二季和第三季報銷前收入的列報金額，分別為 330 萬美元、390 萬美元和 450 萬美元。這些修訂將反映在包含 2023 年季度業績的未來演示中。2022 年沒有進行任何修訂，因為金額並不重大。

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 US.

截至 2023 年 12 月 31 日，該公司的現金及現金等價物部位總計 5,840 萬美元，而 2022 年底為 4,600 萬美元。我們的應收帳款總額較 2022 年底減少了 1,940 萬美元，主要是由於收回了與澳洲洪水和美國伊恩颶風相關的上一年應收帳款。

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.

截至2023年12月31日，該公司的未償債務總額為2.091億美元，低於截至2022年12月31日的2.389億美元。截至 2023 年 12 月 31 日，淨負債為 1.508 億美元，而信貸協議下的槓桿率為 EBITDA 的 1.6 倍。

Additionally, our US 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 US defined benefit pension plan during 2023, and we do not intend to make contributions during 2024.

此外，截至第四季末，我們的美國退休金負債為 2,230 萬美元，資金到位率為 92.1%。我們在 2023 年期間沒有向我們的美國固定福利退休金計劃進行任意供款，並且我們不打算在 2024 年期間進行供款。

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 and improvement in billed and unbilled receivables and other positive working capital changes.

2023 年營運現金流總計 1.038 億美元，自由現金流為 6,720 萬美元。相較之下，去年經營活動提供的現金為 2,760 萬美元，自由現金流為負 700 萬美元。現金流的顯著改善是由於收入增加、已開票和未開票應收帳款的改善以及其他積極的營運資本變化所推動的。

The first quarter of 2024 has shown a continuance of the decreased weather activity we saw in the back half of 2023. North American 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 Elliot.

2024 年第一季的天氣活動持續減少，與 2023 年下半年的情況相同。尤其是北美的損失調整和平台解決方案在 2024 年第一季面臨嚴峻的比較，因為颶風伊恩和冬季風暴埃利奧特的影響導致 2023 年期間與天氣相關的貢獻顯著。

With that in mind, in the first quarter of 2024, we do not expect to repeat between $25 million and $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 million and $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.

考慮到這一點，我們預計 2024 年第一季不會重複 2023 年第一季與災難結轉相關的 2,500 萬至 3,000 萬美元的收入。收入的減少將轉化為 2024 年期間 600 萬至 1000 萬美元的非重複收益。值得注意的是，我們預計到 2024 年，我們的非天氣相關業務將繼續保持成長勢頭，並且我們對執行和實現長期成長策略的能力仍然充滿信心。

With that, I'll turn the call back to Rohit for concluding remarks.

之後，我會將電話轉回給羅希特進行總結發言。

Thank you, Bruce. 2023 showcases 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.

謝謝你，布魯斯。 2023 年展示了我們營運策略的有效性。Crawford 展現了卓越的韌性和適應能力，培養了創新和高效的文化，繼續推動我們的永續成長並鞏固我們作為行業領導者的地位。

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 US 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.

我們穩健的財務表現和強大的流動性使我們能夠靈活地擴大市場份額，同時投資於使我們與眾不同的尖端能力。我們美國業務的強勁表現，以創紀錄的新客戶贏得為標誌，加上我們國際業務的重大進展，凸顯了我們以客戶為中心的方法的成功。我們仍致力於利用這些成就與客戶建立更深入、更持久的合作關係，並為股東提供價值。

Thank you for your time today. Leira, please open the call for questions.

感謝您今天抽出時間。Leira，請打開提問電話。

(Operator Instructions) Maxwell Fisher, Truist.

（操作員說明）Maxwell Fisher，Truist。

Hi, good morning. I'm calling in today for 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

早安.我今天打電話找馬克·休斯。國際市場又一個強勁的季度。我只是想知道您是否可以提供更多關於推動這種增長的因素的資訊？我假設它不像北美那樣依賴天氣

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.

嗨，馬克斯。這是羅希特。我希望你一切都好。馬克斯，我們的國際業務持續取得進步。我們曾討論過確保我們正在解決一些必須做出的結構性變革。我們還討論了確保我們在需要的地方推動定價。

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, UK, 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.

所有這些事情都已經到位，所以我想說這是我們實現的一些容易實現的目標。我們的國際業務顯然還有更多工作要做。但我們看到的是歐洲、英國、拉丁美洲等關鍵市場的吸引力。然後澳洲一直很強勁，但澳洲略低，主要是因為2022年我們在澳洲看到了史無前例的洪水，所以比較更加困難。

Got it. Thank you. And 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?

知道了。謝謝。在 Broadspire 上，您是否有任何詳細資訊——醫療案例管理的增加是否更多地是由頻率或嚴重程度推動的？您對工人補償線有什麼見解嗎？

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 at a decent -- by a decent number what we had seen in 2019 or Q4 of 2019, which I would call the last pre-pandemic quarter.

是的。我們看到的是醫療管理恢復到大流行前的水準。事實上，我想說，這是我們在 2019 年或 2019 年第四季（我稱之為大流行前的最後一個季度）中看到的一個相當大的數字。

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.

然後我們還看到的是，醫療管理與工人補償索賠活動的比率比我們在過去三年中看到的情況更符合我們在大流行前看到的情況。所以我們相信這種情況會回來，但我們需要密切注意。我們沒有看到頻率或嚴重程度有任何重大變化，這就是目前造成這種情況的原因。

Right. Thank you, and then any expectations on share repurchases in 2024?

正確的。謝謝，那麼對2024年的股票回購有什麼預期嗎？

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.

嘿，馬克斯。這是布魯斯。到 2024 年底，我們仍有 150 萬股股票有資格回購。因此，當我們考慮資本配置時，首要任務是對業務進行投資，我們將在 2024 年繼續這樣做。

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 on a continuous basis. We don't execute on very many. But what we're also always looking for, adjacencies and capabilities that we can add into our claims platform, and so we'll continue to look. We'll continue to look at that.

我們致力於支付豐厚的股息。去年我們增加了股息，我們希望為股東提供有意義的利益。我們也會關注併購。我們持續關注大量交易。我們不會執行很多。但我們也一直在尋找可以添加到我們的索賠平台中的鄰接和功能，因此我們將繼續尋找。我們將繼續關注這一點。

As far as repurchasing shares, we're not a buyer at any price, and so we'd 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.

就回購股票而言，我們不會以任何價格購買股票，因此我們希望以較內在價值大幅折扣的價格購買股票，並在這方面遵守紀律。因此，如果我們的股票交易價格比內在價值大幅折扣，我想你會在市場上看到我們。

Yes, that's very helpful. That's all for me. Thank you all.

是的，這非常有幫助。這就是我的全部。謝謝你們。

Thanks, Max

謝謝，麥克斯

Thank you, Max.

謝謝你，麥克斯。

(Operator Instructions) Kevin Steinke, Barrington Research.

（操作員說明）Kevin Steinke，Barrington Research。

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 am thinking specifically of Broadspire, and I guess maybe complex -- large and complex loss adjusting within North America loss adjusting. Any others you'd want to highlight?

嗨，早安。因此，您在評論中提到，預計 2024 年非天氣相關業務將繼續保持成長勢頭。您能談談您在那些讓您對這種勢頭充滿信心的企業中所看到的情況嗎？我特別想到了 Broadspire，我想這可能很複雜——北美損失調整中的大規模且複雜的損失調整。您還想強調其他什麼嗎？

Hi, Kevin. This is Rohit. I hope you're well. Kevin, we -- there are few things that give us confidence in that regard. First and foremost, I think you've seen three consecutive years of $100 million plus 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.

嗨，凱文。這是羅希特。我希望你很好。凱文，我們——在這方面沒有什麼能讓我們充滿信心。首先，我認為您已經看到我們連續三年投入了超過 1 億美元的新業務。您還看到我們在 Broadspire 領域的業務保留率在過去三年中持續超過 90%。

We believe that those factors will continue. We will continue to see new business activity. The investments that we 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.

我們相信這些因素將會持續下去。我們將繼續看到新的業務活動。我們專門在技術方面進行的投資確實幫助我們進入了 Broadspire 的替代細分市場，即 MGA、自保公司、專案管理員，甚至一些營運商。這給了我們前進的信心。

We've been investing also in training and people development, which is enabling us to deliver claim than a 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.

我們也一直在培訓和人員發展方面進行投資，這使我們能夠提供比我們認為在市場上看到的更高的品質。在大型和複雜的方面，我們繼續聘請專家並成為專家想要成為的地方，這使我們在公司、經紀人和承運人中具有很大的可信度，他們推薦我們承擔主要和複雜的損失選擇的調節器。

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.

我們正在建立一種文化，相信人們能夠展現真實的自我。他們可以成為自己，他們可以擁有真正的創業精神，我相信，所有這些都正在引導我們推動這兩個領域的成長。

Okay, great. Thank you. And I also wanted to ask about your efforts with capturing and penetrating strategic key accounts. Any update on the state of that effort? Any momentum that you're seeing on that front, perhaps?

好的，太好了。謝謝。我也想問一下你們在獲取和滲透策略關鍵客戶方面所做的努力。有關這項工作的最新進展嗎？也許您在這方面看到了任何動力？

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 in the past. Obviously, that segment, as you can imagine, is highly dependent on weather.

我們對我們在那裡所做的努力感到非常滿意。我們繼續深入一些最大的客戶，並獲得我們過去可能沒有參與的細分市場的份額。顯然，正如您可以想像的那樣，該部分高度依賴天氣。

So while we may see some benign activity in Q4 and 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.

因此，雖然我們可能會在第四季度看到一些良性活動並持續到第一季度，但我們相信基礎業務非常強勁。潛在的關係非常牢固。隨著天氣活動恢復或恢復到我所說的正常水平，我們應該會看到我們與市場上大型承運商的業務的成長勢頭。

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. Is that -- 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?

好的謝謝。您在準備好的評論中也提到，您的電信商客戶持續的人員短缺正在推動外包和索賠的增加。我猜既然你提到了這一點，這仍然是一個問題，但現在有所緩解了嗎？或者，當您考慮您的客戶群時，整個行業的人員配置狀況或尋找人員的能力如何？

Kevin, at a macro level, insurance continues to be a place where there's 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 that a number of corporations or a number of insurance corporations pull back on. And we saw something similar happened in 2020.

凱文，從宏觀層面來看，保險業仍然是一個勞動力老化的領域，其老化程度高於我們看到的其他一些行業群體。從結構上看，與銀行、諮詢、技術、製造或消費品等其他傳統行業相比，你不會看到那麼多大學畢業生跳槽加入。除此之外，2008 年至 2011 年期間，許多公司或保險公司都取消了培訓計畫。我們在 2020 年也看到了類似的事情發生。

So we believe that structurally, there's a dearth of qualified adjusters or qualified insurance professionals. And this is particularly pronounced on the claims side, which has -- even within the stacking of insurance, which we see less number of people joining from schools and colleges.

因此，我們認為，從結構上來說，缺乏合格的理賠員或合格的保險專業人員。這在理賠方面尤其明顯，即使在保險方面，我們也看到學校和學院的人數較少。

So we believe that because of us continuing our training programs in Broadspire, in loss adjusting, in countries like Canada and UK 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.

因此，我們相信，由於我們繼續在 Broadspire 的損失調整培訓計劃，在加拿大和英國等國家，甚至在某種程度上在澳大利亞，我們相信我們一直在這方面繼續投資，並建立了一支能夠使我們成為對顧客有吸引力的外包目的地。

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.

我相信我們的客戶也意識到了這一點，他們也會繼續從自己的角度進行投資。但同樣，在宏觀層面上，我們仍然看到該行業在需求和資源方面存在很大差距。

Okay, that's helpful. Thank you. I just wanted to ask a couple more here on. I recall that you discussed in the past looking to continue to diversify your international operations and maybe reduce dependence on the travel and entertainment sectors. Is that something you're continuing to work on and any thoughts on progress there?

好的，這很有幫助。謝謝。我只是想在這裡再問一些問題。我記得您過去曾討論過希望繼續實現國際業務多元化，並可能減少對旅行和娛樂產業的依賴。這是您正在繼續努力的事情嗎？對此進展有什麼想法嗎？

We actually we continue to do that. And 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. And we are seeing that -- I think we shared with you that we had made some management changes overall in international.

實際上我們會繼續這樣做。我可能只是稍微修改一下。我們並沒有說要減少我們的依賴。我們說過，我們希望發展其他行業，以便旅行和娛樂不再成為我們業務的主要部分。我們看到——我想我們與你們分享了我們在國際上整體上進行了一些管理變革。

We believe that those are yielding results, and we continue to do more of that as we head into this year. And we've had a renewed focus on new business activity. And that's why you saw continued growth in the international business. So that's moving well, but there's more work to do there.

我們相信這些正在產生成果，並且在進入今年時我們將繼續做更多的事情。我們重新專注於新的業務活動。這就是國際業務持續成長的原因。所以進展順利，但還有更多工作要做。

Okay. Thank you. And then lastly, just following up on capital allocation, now that you you've gotten to leverage below 2 times, what are your thoughts on debt reduction as you think about where to allocate your dollars?

好的。謝謝。最後，就資本配置而言，既然您的槓桿率已經低於 2 倍，那麼當您考慮將資金分配到哪裡時，您對減少債務有何看法？

Yeah, Kevin, hey. This is Bruce. So as I was talking to Max and -- our capital allocation framework -- in the absence of the investments and M&A or share repurchases, once we invest back in the business through CapEx if we have excess cash, it kind of automatically goes to reduce our revolver borrowings. So without a more compelling investment opportunity, we'll reduce leverage.

是的，凱文，嘿。這是布魯斯。因此，當我與 Max 和我們的資本配置框架交談時，在沒有投資、併購或股票回購的情況下，一旦我們透過資本支出投資回業務，如果我們有多餘的現金，它就會自動減少我們的左輪手槍借款。因此，如果沒有更具吸引力的投資機會，我們將降低槓桿。

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 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.

即使我們的比率為 1.6，並且已經達到了我們的目標，但如果沒有令人信服的併購機會，或者股票回購不會比內在價值大幅折扣，您會看到我們降低槓桿率，進一步增強財務實力當市場因素對我們有利時，無論是回購還是併購，我們都能夠靈活地進行交易並採取行動。

Okay. Thank you. That's helpful. Thanks for taking the questions.

好的。謝謝。這很有幫助。感謝您提出問題。

Thank you.

謝謝。

Thank you, Kevin.

謝謝你，凱文。

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.

目前沒有其他問題。我現在想將電話轉回維爾馬先生以徵求最後的總結意見。

Thank you, Leira, and thank you to all our employees, clients, and shareholders for your continued commitment to Crawford & Company. I'm excited about 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.

謝謝你，萊拉，也感謝我們所有的員工、客戶和股東對克勞福德公司的持續承諾。我對 2024 年的前景感到興奮，我們將利用我們的專業知識並抓住新興機遇，推動持續成功並促進未來成長。感謝您今天抽出時間，願上帝保佑。

Thank you for participating in today's Crawford & Company conference call. This call will be available for replay beginning at 11:30 AM EST today, through 11:59 PM EST on April 5, 2024. The conference ID number for the replay is 186255#. The number to dial for the replay is 877-674-7070 or 416-764-8692. Thank you. You may now disconnect.

感謝您參加今天的克勞福德公司電話會議。本次電話會議將於美國東部標準時間今天上午 11:30 至 2024 年 4 月 5 日晚上 11:59 進行重播。回放的會議ID號為186255#。重播的號碼是 877-674-7070 或 416-764-8692。謝謝。您現在可以斷開連線。