Good morning, my name is Laurie, and I will be your conference facilitator today. At this time, I would like to welcome everyone to the Crawford & Company First Quarter 2020 Earnings Release Conference Call. In conjunction with this call, a supplementary financial presentation is available on our website at www.crawco.com under the Investor Relations section. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer period. Instructions will follow at that time. [Operator Instructions] As a reminder, ladies and gentlemen, this conference is being recorded today, Wednesday, May 6, 2020. 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 the impact of COVID-19 are 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. The company's actual results achieved in future quarters could differ materially from 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 events or circumstances occurring after the date of the call or to reflect the occurrence of unanticipated events. In addition, you're reminded that 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-Q. For the quarter ended March 31, 2020, 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 now like to introduce Mr. Harsha Agadi, President and Chief Executive Officer of Crawford & Company. Harsha, you may begin your conference.

Good morning and welcome to our first quarter 2020 earnings call. Joining me today is Bruce Swain, our Chief Financial Officer; Rohit Verma, our Global Chief Operating Officer and soon to be Chief Executive Officer of the company and Joseph Blanco, our General Counsel, and soon to be President. After our prepared remarks, we will open the call for your questions. Let me start by taking a moment to extend our sincerest condolences on behalf of the entire Crawford team to those individuals and families affected by the COVID-19 pandemic. In this challenging time, our thoughts and prayers are with you all. Before I provide a quick overview of our first quarter financial results for 2020. I would like to take a moment to congratulate Rohit Verma on his new role as Chief Executive Officer and Joseph Blanco as President of Crawford & Company. Rohit will take over the role of CEO on May 15 at the end of our Annual General Meeting, while I will return as a Non-Executive Director on the Company's Board. Rohit has served as the company's Global Chief Operating Officer for almost 3 years. His industry expertise, leadership, and client-centric vision makes him an excellent choice to lead Crawford into the future. I am equally excited with the appointment of Joseph Blanco as President of the company. Joseph joined as our General Counsel in 2016. And we look forward to watching his responsibilities expand as he takes on the additional role as President. On a personal note, I am extremely grateful for the nearly five years I've served as President and CEO of Crawford & Company. As I look back at our transformation journey, I'm proud of the robust platform we have built as well as our hardworking team and clearly defined vision, mission, and…

Thank you. Harsha. First I would like to thank Harsha for his leadership over the last five years. I'm looking forward to working closely with him as he returns back to the role of a Non-Executive Director. Harsha has been the lead architect of our mission, vision and, values. This has enabled Crawford to be established as a leader in the marketplace. Our global scale enabled by people and innovation will continue to drive client success leading to market leadership for us. Speaking of execution across our service lines, our TPA business continue to see robust new business activity with several new client wins in the first quarter. We saw double-digit increases in the U.K. and Australia business, small markets for us but essential for long-term growth. We continue to consolidate our U.S. position where revenues were slightly ahead of last year but below our expectations. This was driven by a large takeover of a new client being deferred to later in the year, as well as a delay in on-boarding a new client, due to a merger. Canada experienced lower claims volume in the auto appraisal segment, which was expected due to a client's decision to insource their auto appraisal business late last year. The TPA business will likely experience significant COVID-19 impact as evident in the last 2 weeks of March in the U.S. where volumes dropped significantly. Lack of economic activity will directly impact new claims and put pressure on the service line. The April employment statistics are expected to show that unemployment exceeded 16% in April, which would be a record. Our focus in CCS has been to onboard Allstate our most recent large client win. Our other area of focus was technology development and enablement for our adjusters. During the first quarter, we invested in…

Thank you, Rohit. Our management team remains focused on strengthening the company's cash generation while delivering value to shareholders through a disciplined capital allocation strategy. In the face of this unprecedented volatility, we are evaluating our capital expenditures and we have already implemented smart reductions, where we saw an opportunity to do so. Crawford will continue to make prudent investments in the business to attract, acquire and more seamlessly serve clients through the enhancement of our IT infrastructure as our scale will undoubtedly benefit our clients and our global sales teams now and in the future. Internally, we will continue to stabilize and strengthen our remote work infrastructure as the COVID-19 pandemic has proven this capability to be imperative in order to remain resilient in today's world. Additionally, we have decided to place a hold on our current share repurchase plans for the foreseeable future. While we have accumulated a large amount of Crawford & Company's shares through our repurchase program in the recent years. We believe it is in the best interest of the company if we pause this plan during this time of economic uncertainty in order to preserve capital and cash. We sat in a very strong liquidity position in excess of $180 million at the end of March. With that let me turn the call over to Bruce to review the financial results of the first quarter in more detail.

Thank you, Harsha. Company-wide revenues before reimbursements in the 2020 first quarter were $237.5 million compared with $247.1 million in the prior year's first quarter. On a non-GAAP basis, the company saw revenues before reimbursements of $238.8 million. Our net loss attributable to shareholders of Crawford & Company totaled $11.4 million in the 2020 first quarter, driven by a goodwill impairment and restructuring costs compared to net income of $6.1 million in the 2019 period. First quarter 2020 diluted loss per share was $0.21 for CRD-A and $0.23 for CRD-B compared with earnings per share of $0.12 for CRD-A and $0.10 for CRD-B in the 2019 period. During the 2020 first quarter, we recognized a non-cash goodwill impairment of $17.7 million related to our Crawford Claims Solutions segment. After-tax and non-controlling interest this equated to $0.18 per share. Also in the quarter we recorded restructuring cost of $5.7 million primarily related to severance costs in an effort to consolidate and streamline various functions of our workforce. After-tax, this charge was $0.06 per share. On a non-GAAP basis, excluding the goodwill impairment and restructuring costs, the first quarter 2020 diluted earnings per share were $0.03 for CRD-A and $0.01 for CRD-B as compared to 2019 diluted earnings per share of $0.12 for CRD-A and $0.10 for CRD-B. The Company's non-GAAP operating earnings totaled $7 million in the 2020 first quarter or 2.9% of revenues compared with $14.7 million or 5.9% of revenues in the prior year period. Consolidated adjusted EBITDA was $16.7 million in the 2020 first quarter were 7% of revenues compared to $21.1 million or 8.5% of revenues in the 2019 quarter. While none of our segments were materially impacted by COVID-19 in the 2020 first quarter, we estimate that on a consolidated basis, revenues and operating earnings were…

Thank you, Bruce. As you can see our first quarter financial performance, strong sales pipeline, and new business momentum demonstrates Crawford's resilience despite the softness seen due to weather, along with the significant challenges presented by COVID-19. We entered the crisis with low debt and a strong liquidity position relative to peers. As we emerge from this crisis, we remain confident in our strong market position and long-term strategy supported by Crawford's financial strength and flexibility. We believe we can come back quickly post COVID-19. As we enter the second quarter, we are focused on enhancing our competitive position in the market, providing excellent service to our clients and preserving long-term value for our shareholders. In doing so, we will continue to make prudent investments in technology to solidify Crawford's position as a leader within the industry. Due to the success of our strategic investments in the business, we continue to believe Crawford can achieve sustained revenue and earnings growth in the years to come. It has been an absolute honor to serve as the President and CEO of Crawford & Company and I look forward to watching the continued success of the company unfold as a member of the Board. I would like to thank each and every one of our employees for their hard work and dedication during my tenure. Crawford would not be the successful organization it is today without their contribution and commitment. I would like to thank the Chairman of the Board of Directors and the Crawford family for the opportunity to serve and lead Crawford. I extend my best wishes to Rohit and Joseph and hope you will join me in congratulating them in their new role. Thank you again for your time today. Operator, please open the call for questions.

Thank you. [Operator Instructions] At this time there are no questions. Mr. Agadi, are there any closing remarks?

Yes, thank you very much. I want to thank all of you for listening to the call and I wish the employees the best. I would like to just let all employees and investors know one thing that the era that has Rohit Verma, Joseph Blanco and, Bruce Swain going into the next generation leadership will be called the growth era of Crawford & Company. Thank you all.

Thank you for participating in today's Crawford & Company conference call. This call will be available for replay beginning at 11:30 AM today through 11:59 PM on June 6, 2020. The conference ID number for the replay is 337-72-43. The number to dial for the replay is 1(855)859-2056 or (404)537-3406. Thank you, you may now disconnect.