Latest news with #TheBaldwinInsuranceGroup
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27-05-2025
- Business
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The Baldwin Group to Participate in the William Blair Growth Stock Conference
TAMPA, Fla., May 27, 2025--(BUSINESS WIRE)--The Baldwin Group, the brand name for The Baldwin Insurance Group, Inc. ("Company") (NASDAQ: BWIN) and its affiliates, today announced that Trevor Baldwin, Chief Executive Officer, and Brad Hale, Chief Financial Officer, will be presenting at the William Blair Growth Stock Conference on Tuesday, June 3, 2025 at 9:40 am Eastern Time. A live webcast of the presentation can be accessed from the investor relations section on the Company's website at Following the conference, a replay will be made available at the same location. ABOUT THE BALDWIN GROUP The Baldwin Group, the brand name for The Baldwin Insurance Group, Inc. (NASDAQ: BWIN) and its affiliates, is an independent insurance distribution firm providing indispensable expertise and insights that strive to give our clients the confidence to pursue their purpose, passion and dreams. As a team of dedicated entrepreneurs and insurance professionals, we have come together to help protect the possible for our clients. We do this by delivering bespoke client solutions, services, and innovation through our comprehensive and tailored approach to risk management, insurance, and employee benefits. We support our clients, colleagues, insurance company partners, and communities through the deployment of vanguard resources and capital to drive our organic and inorganic growth. The Baldwin Group proudly represents more than three million clients across the United States and internationally. For more information, please visit View source version on Contacts INVESTOR RELATIONS Bonnie Bishop, Executive Director, Investor RelationsThe Baldwin Group813.259.8032 | IR@ MEDIA RELATIONS Anna Rozenich, Senior Director, Enterprise CommunicationsThe Baldwin Group630.561.5907 | Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
27-05-2025
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The Baldwin Insurance Group (BWIN) Grows Amid Positive Operating Trends and Stablility of Insurance Stocks
Baron Funds, an investment management company, released its 'Baron Small Cap Fund' first-quarter 2025 investor letter. A copy of the letter can be downloaded here. In the first quarter of 2025, the fund was down 9.07% (Institutional Shares) compared to the Russell 2000 Growth Index's (the Index) -11.12% return. Small-cap stocks continued to underperform larger market caps meaningfully, so the Fund lagged the Russell 3000 Index, which fell 4.72% in the quarter. In addition, please check the fund's top five holdings to know its best picks in 2025. In its first-quarter 2025 investor letter, Baron Small Cap Fund highlighted stocks such as The Baldwin Insurance Group, Inc. (NASDAQ:BWIN). The Baldwin Insurance Group, Inc. (NASDAQ:BWIN) is an independent insurance distribution firm that delivers insurance and risk management solutions. The one-month return of The Baldwin Insurance Group, Inc. (NASDAQ:BWIN) was -10.02%, and its shares gained 12.83% of their value over the last 52 weeks. On May 23, 2025, The Baldwin Insurance Group, Inc. (NASDAQ:BWIN) stock closed at $38.00 per share with a market capitalization of $2.684 billion. Baron Small Cap Fund stated the following regarding The Baldwin Insurance Group, Inc. (NASDAQ:BWIN) in its Q1 2025 investor letter: "Shares of insurance broker The Baldwin Insurance Group, Inc. (NASDAQ:BWIN) rebounded from weakness in the prior quarter due to favorable operating trends and the relative stability of insurance stocks in a risk-off market. In the most recent quarter, the company reported strong results with 16% revenue growth, 38% EBITDA growth, and net leverage moderating to 4.1x. For 2025, management expects continued double-digit organic growth and margin expansion, despite higher costs related to the California wildfires and the replacement of an insurance carrier for its homeowner's insurance business. Management reaffirmed the goal of achieving $3 billion of revenue and 30% EBITDA margins within five years, implying a near-tripling of earnings. Even coming close to those aspirations would lead to great stock performance from current levels." A successful independent agent or broker discussing the benefits of life and health insurance with a customer. The Baldwin Insurance Group, Inc. (NASDAQ:BWIN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 9 hedge fund portfolios held The Baldwin Insurance Group, Inc. (NASDAQ:BWIN) at the end of the first quarter, which was 14 in the previous quarter. While we acknowledge the potential of The Baldwin Insurance Group, Inc. (NASDAQ:BWIN) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the undervalued AI stock set for massive gains. In another article, we covered The Baldwin Insurance Group, Inc. (NASDAQ:BWIN) and shared Baron Small Cap Fund's views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q1 2025 page for more investor letters from hedge funds and other leading investors. READ NEXT: Michael Burry Is Selling These Stocks and A New Dawn Is Coming to US Stocks. Disclosure: None. This article is originally published at Insider Monkey.
Yahoo
06-05-2025
- Business
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The Baldwin Group Announces First Quarter 2025 Results
A webcast replay of the call will be available at for one year following the call. Baldwin will host a webcast and conference call to discuss first quarter 2025 results today at 5:00 PM ET. A live webcast and a slide presentation of the conference call will be available on Baldwin's investor relations website at . The dial-in number for the conference call is (877) 451-6152 (toll-free) or (201) 389-0879 (international). Please dial the number 10 minutes prior to the scheduled start time. As of March 31, 2025, cash and cash equivalents were $81.8 million and the Company had $586 million of borrowing capacity under its revolving credit facility. "The resilience and durability of our business and operating model was demonstrated in the first quarter as we continued to achieve double-digit organic revenue growth while increasing adjusted EBITDA by 12% and adjusted diluted EPS by 16%," said Trevor Baldwin, Chief Executive Officer of The Baldwin Group. "As we have reached a significant inflection point with the vast majority of our earnout obligations behind us, our growing financial flexibility leaves us well positioned to accelerate momentum across our strategic priorities." Adjusted EBITDA margin of 27.5%, expansion of 80 basis points compared to 26.7% in the prior-year period TAMPA, Fla., May 06, 2025 --( BUSINESS WIRE )--The Baldwin Group, the brand name for The Baldwin Insurance Group, Inc. ("Baldwin" or the "Company") (NASDAQ: BWIN), an independent insurance distribution firm delivering tailored insurance solutions to a wide range of personal and commercial clients, today announced its results for the first quarter ended March 31, 2025. — Adjusted EBITDA (3) Growth of 12% Year-Over-Year to $113.8 Million and Adjusted EBITDA Margin (3) of 28%; 80 Basis Point Expansion Compared to the Prior-Year Period — — Net Income of $24.9 Million and Diluted Earnings Per Share of $0.20; Adjusted Diluted EPS (2) Growth of 16% to $0.65 — Story Continues ABOUT THE BALDWIN GROUP The Baldwin Group, the brand name for The Baldwin Insurance Group, Inc. ("Baldwin") (NASDAQ: BWIN) and its affiliates, is an independent insurance distribution firm providing indispensable expertise and insights that strive to give our clients the confidence to pursue their purpose, passion and dreams. As a team of dedicated entrepreneurs and insurance professionals, we have come together to help protect the possible for our clients. We do this by delivering bespoke client solutions, services, and innovation through our comprehensive and tailored approach to risk management, insurance, and employee benefits. We support our clients, colleagues, insurance company partners, and communities through the deployment of vanguard resources and capital to drive our organic and inorganic growth. The Baldwin Group proudly represents more than three million clients across the United States and internationally. For more information, please visit FOOTNOTES (1) Organic revenue for the three months ended March 31, 2024 used to calculate organic revenue growth for the three months ended March 31, 2025 was $372.3 million, which is adjusted to exclude commissions and fees from divestitures that occurred during 2024 and 2025. Organic revenue and organic revenue growth are non-GAAP measures. Reconciliation of organic revenue and organic revenue growth to commissions and fees, the most directly comparable GAAP financial measure, is set forth in the reconciliation table accompanying this release. (2) Adjusted net income and adjusted diluted EPS are non-GAAP measures. Reconciliation of adjusted net income to net income attributable to Baldwin and reconciliation of adjusted diluted EPS to diluted earnings per share, the most directly comparable GAAP financial measures, is set forth in the reconciliation table accompanying this release. (3) Adjusted EBITDA and adjusted EBITDA margin are non-GAAP measures. Reconciliation of adjusted EBITDA and adjusted EBITDA margin to net income, the most directly comparable GAAP financial measure, is set forth in the reconciliation table accompanying this release. (4) Adjusted free cash flow is a non-GAAP measure. Reconciliation of adjusted free cash flow to net cash provided by (used in) operating activities, the most directly comparable GAAP financial measure, is set forth in the reconciliation table accompanying this release. NOTE REGARDING FORWARD-LOOKING STATEMENTS This press release may contain various "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, which represent Baldwin's expectations or beliefs concerning future events. Forward-looking statements are statements other than historical facts and may include statements that address Baldwin's future operating, financial or business performance or Baldwin's strategies or expectations. In some cases, you can identify these statements by forward-looking words such as "may," "might," "will," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "projects," "potential," "outlook" or "continue," or the negative of these terms or other comparable terminology. Forward-looking statements are based on management's current expectations and beliefs and involve significant risks and uncertainties that could cause actual results, developments and business decisions to differ materially from those contemplated by these statements. Factors that could cause actual results or performance to differ from the expectations expressed or implied in such forward-looking statements include, but are not limited to, those described under the caption "Risk Factors" in Baldwin's Annual Report on Form 10-K for the year ended December 31, 2024 and in Baldwin's other filings with the SEC, which are available free of charge on the SEC's website at: including those risks and other factors relevant to Baldwin's business, financial condition and results of operations. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated. All forward-looking statements and all subsequent written and oral forward-looking statements attributable to Baldwin or to persons acting on Baldwin's behalf are expressly qualified in their entirety by reference to these risks and uncertainties. You should not place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and Baldwin does not undertake any obligation to update them in light of new information, future developments or otherwise, except as may be required under applicable law. THE BALDWIN INSURANCE GROUP, INC. Condensed Consolidated Statements of Comprehensive Income (Unaudited) For the Three Months Ended March 31, (in thousands, except share and per share data) 2025 2024 Revenues: Commissions and fees $ 410,531 $ 378,096 Investment income 2,874 2,271 Total revenues 413,405 380,367 Operating expenses: Colleague compensation and benefits 198,020 201,055 Outside commissions 65,823 61,037 Other operating expenses 58,019 45,795 Amortization expense 25,882 24,041 Change in fair value of contingent consideration 8,061 12,676 Depreciation expense 1,583 1,505 Total operating expenses 357,388 346,109 Operating income 56,017 34,258 Other income (expense): Interest expense, net (29,976 ) (31,545 ) Gain on divestitures 1,401 36,516 Loss on extinguishment and modification of debt (2,394 ) — Other income (expense), net (150 ) 538 Total other income (expense), net (31,119 ) 5,509 Income before income taxes 24,898 39,767 Income tax expense — 667 Net income 24,898 39,100 Less: net income attributable to noncontrolling interests 10,959 17,522 Net income attributable to Baldwin $ 13,939 $ 21,578 Comprehensive income $ 24,898 $ 39,100 Comprehensive income attributable to noncontrolling interests 10,959 17,522 Comprehensive income attributable to Baldwin 13,939 21,578 Basic earnings per share $ 0.21 $ 0.35 Diluted earnings per share $ 0.20 $ 0.33 Weighted-average shares of Class A common stock outstanding - basic 66,067,143 61,856,147 Weighted-average shares of Class A common stock outstanding - diluted 69,327,694 65,314,248 THE BALDWIN INSURANCE GROUP, INC. Condensed Consolidated Balance Sheets (Unaudited) (in thousands, except share and per share data) March 31, 2025 December 31, 2024 Assets Current assets: Cash and cash equivalents $ 81,781 $ 90,045 Fiduciary cash 217,280 222,724 Assumed premiums, commissions and fees receivable, net 331,342 283,553 Fiduciary receivables 408,000 418,543 Prepaid expenses and other current assets 17,417 11,625 Total current assets 1,055,820 1,026,490 Property and equipment, net 22,332 21,972 Right-of-use assets 71,357 72,367 Other assets 49,217 48,041 Intangible assets, net 937,612 953,492 Goodwill 1,412,369 1,412,369 Total assets $ 3,548,707 $ 3,534,731 Liabilities, Mezzanine Equity and Stockholders' Equity Current liabilities: Fiduciary liabilities $ 625,280 $ 641,267 Commissions payable 87,463 73,126 Accrued expenses and other current liabilities 157,245 160,631 Related party notes payable — 5,635 Colleague earnout incentives 17,959 32,826 Current portion of contingent earnout liabilities 45,473 142,949 Total current liabilities 933,420 1,056,434 Long-term debt, less current portion 1,495,908 1,398,054 Contingent earnout liabilities, less current portion 2,761 2,610 Operating lease liabilities, less current portion 68,162 68,775 Other liabilities 61 61 Total liabilities 2,500,312 2,525,934 Commitments and contingencies Mezzanine equity: Redeemable noncontrolling interest 371 453 Stockholders' equity: Class A common stock, par value $0.01 per share, 300,000,000 shares authorized; 69,852,390 and 67,979,419 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively 699 680 Class B common stock, par value $0.0001 per share, 100,000,000 shares authorized; 48,292,594 and 49,552,686 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively 5 5 Additional paid-in capital 816,418 793,954 Accumulated deficit (197,484 ) (211,423 ) Total stockholders' equity attributable to Baldwin 619,638 583,216 Noncontrolling interest 428,386 425,128 Total stockholders' equity 1,048,024 1,008,344 Total liabilities, mezzanine equity and stockholders' equity $ 3,548,707 $ 3,534,731 THE BALDWIN INSURANCE GROUP, INC. Condensed Consolidated Statements of Cash Flows (Unaudited) For the Three Months Ended March 31, (in thousands) 2025 2024 Cash flows from operating activities: Net income $ 24,898 $ 39,100 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation and amortization 27,465 25,546 Change in fair value of contingent consideration 8,061 12,676 Share-based compensation expense 12,803 14,094 Payment of contingent earnout consideration in excess of purchase price accrual (78,193 ) (16,318 ) Gain on divestitures (1,401 ) (36,516 ) Amortization of deferred financing costs 1,422 1,552 Loss on interest rate caps 18 26 Other (gain) loss 708 (4 ) Changes in operating assets and liabilities: Assumed premiums, commissions and fees receivable, net (47,789 ) (32,835 ) Prepaid expenses and other current assets (6,708 ) (4,629 ) Right-of-use assets 3,775 4,186 Accounts payable, accrued expenses and other current liabilities 9,892 232 Colleague earnout incentives (14,854 ) (1,391 ) Operating lease liabilities (4,080 ) (2,712 ) Net cash provided by (used in) operating activities (63,983 ) 3,007 Cash flows from investing activities: Capital expenditures (8,933 ) (8,146 ) Proceeds from divestitures, net of cash transferred 1,401 54,448 Investments in and loans for business ventures (620 ) (3,189 ) Cash consideration paid for asset acquisitions (460 ) — Proceeds from repayment of related party loans — 1,500 Net cash provided by (used in) investing activities (8,612 ) 44,613 Cash flows from financing activities: Change in fiduciary receivables and liabilities, net (5,444 ) (113 ) Payment of contingent earnout consideration up to amount of purchase price accrual (32,841 ) (32,794 ) Proceeds from revolving line of credit 9,000 70,000 Payments on revolving line of credit (9,000 ) (77,000 ) Proceeds from refinancing of long-term debt 935,800 — Payments relating to extinguishment and modification of long-term debt (835,800 ) — Payments on long-term debt (2,340 ) (2,561 ) Proceeds from the settlement of interest rate caps — 2,300 Other financing activity (488 ) (98 ) Net cash provided by (used in) financing activities 58,887 (40,266 ) Net increase (decrease) in cash and cash equivalents and fiduciary cash (13,708 ) 7,354 Cash and cash equivalents and fiduciary cash at beginning of period 312,769 226,963 Cash and cash equivalents and fiduciary cash at end of period $ 299,061 $ 234,317 NON-GAAP FINANCIAL MEASURES Adjusted EBITDA, adjusted EBITDA margin, organic revenue, organic revenue growth, adjusted net income, adjusted diluted earnings per share ("EPS") and adjusted net cash provided by operating activities ("adjusted free cash flow") are not measures of financial performance under GAAP and should not be considered substitutes for GAAP measures, including commissions and fees (for organic revenue and organic revenue growth), net income (loss) (for adjusted EBITDA and adjusted EBITDA margin), net income (loss) attributable to Baldwin (for adjusted net income), diluted earnings (loss) per share (for adjusted diluted EPS) or net cash provided by (used in) operating activities (for adjusted free cash flow), which we consider to be the most directly comparable GAAP measures. These non-GAAP financial measures have limitations as analytical tools, and when assessing our operating performance, you should not consider these non-GAAP financial measures in isolation or as substitutes for commissions and fees, net income (loss), net income (loss) attributable to Baldwin, diluted earnings (loss) per share, net cash provided by (used in) operating activities or other consolidated income statement data prepared in accordance with GAAP. Other companies in our industry may define or calculate these non-GAAP financial measures differently than we do, and accordingly, these measures may not be comparable to similarly titled measures used by other companies. We define adjusted EBITDA as net income (loss) before interest, taxes, depreciation, amortization, change in fair value of contingent consideration and certain items of income and expense, including share-based compensation expense, transaction-related partnership and integration expenses, severance, and certain non-recurring items, including those related to raising capital. We believe that adjusted EBITDA is an appropriate measure of operating performance because it eliminates the impact of income and expenses that do not relate to business performance, and that the presentation of this measure enhances an investor's understanding of our financial performance. Adjusted EBITDA margin is adjusted EBITDA divided by total revenue. Adjusted EBITDA margin is a key metric used by management and our board of directors to assess our financial performance. We believe that adjusted EBITDA margin is an appropriate measure of operating performance because it eliminates the impact of income and expenses that do not relate to business performance, and that the presentation of this measure enhances an investor's understanding of our financial performance. We believe that adjusted EBITDA margin is helpful in measuring profitability of operations on a consolidated level. Adjusted EBITDA and adjusted EBITDA margin have important limitations as analytical tools. For example, adjusted EBITDA and adjusted EBITDA margin: do not reflect any cash capital expenditure requirements for the assets being depreciated and amortized that may have to be replaced in the future; do not reflect changes in, or cash requirements for, our working capital needs; do not reflect the impact of certain cash charges resulting from matters we consider not to be indicative of our ongoing operations; do not reflect the interest expense or the cash requirements necessary to service interest or principal payments on our debt; do not reflect share-based compensation expense and other non-cash charges; and exclude certain tax payments that may represent a reduction in cash available to us. We calculate organic revenue based on commissions and fees for the relevant period by excluding (i) the first twelve months of commissions and fees generated from new partners and (ii) commissions and fees from divestitures. Organic revenue growth is the change in organic revenue period-to-period, with prior period results adjusted to (i) include commissions and fees that were excluded from organic revenue in the prior period because the relevant partners had not yet reached the twelve-month owned mark, but which have reached the twelve-month owned mark in the current period, and (ii) exclude commissions and fees related to divestitures from organic revenue. For example, commissions and fees from a partner acquired on June 1, 2024 are excluded from organic revenue for 2024. However, after June 1, 2025, results from June 1, 2024 to December 31, 2024 for such partners are compared to results from June 1, 2025 to December 31, 2025 for purposes of calculating organic revenue growth in 2025. Organic revenue growth is a key metric used by management and our board of directors to assess our financial performance. We believe that organic revenue and organic revenue growth are appropriate measures of operating performance as they allow investors to measure, analyze and compare growth in a meaningful and consistent manner. We define adjusted net income as net income (loss) attributable to Baldwin adjusted for depreciation, amortization, change in fair value of contingent consideration and certain items of income and expense, including share-based compensation expense, transaction-related partnership and integration expenses, severance, and certain non-recurring costs that, in the opinion of management, significantly affect the period-over-period assessment of operating results, and the related tax effect of those adjustments. We believe that adjusted net income is an appropriate measure of operating performance because it eliminates the impact of income and expenses that do not relate to business performance. Adjusted diluted EPS measures our per share earnings excluding certain expenses as discussed above for adjusted net income and assuming all shares of Class B common stock were exchanged for Class A common stock on a one-for-one basis. Adjusted diluted EPS is calculated as adjusted net income divided by adjusted diluted weighted-average shares outstanding. We believe adjusted diluted EPS is useful to investors because it enables them to better evaluate per share operating performance across reporting periods. We calculate adjusted free cash flow because we incur substantial earnout liabilities in conjunction with our partnership strategy. Adjusted free cash flow is calculated as net cash provided by (used in) operating activities excluding the impact of: (i) the payment of contingent earnout consideration in excess of purchase price accrual, and (ii) the payment of colleague earnout incentives. We believe that adjusted free cash flow is an important measure of our ability to generate cash from our business operations. Beginning January 1, 2025, the Company is presenting its fiduciary assets and liabilities separately on the consolidated balance sheets. Previously, these assets and liabilities were comingled on the consolidated balance sheets and the net change in cash balances held to remit to insurance carriers was presented as cash flows from operating activities. The net change in fiduciary cash is now presented as cash flows from financing activities in the consolidated statements of cash flows. As a result, the change in premiums, commissions and fees receivable, net and the change in accounts payable, accrued expenses and other current liabilities are no longer excluded from net cash provided by (used in) operating activities in calculating adjusted free cash flow for the 2025 reporting period and comparable prior periods. However, because the change in fiduciary receivables and fiduciary liabilities previously was combined with the change in premiums, commissions and fees receivable, net and the change in accounts payable, accrued expenses and other current liabilities in the consolidated statements of cash flows, this change in presentation has resulted in a change in our previously reported adjusted free cash flow for previous periods. Reconciliation of guidance regarding adjusted EBITDA, organic revenue growth and adjusted diluted EPS to the most directly comparable GAAP measures is not available without unreasonable efforts on a forward-looking basis due to the high variability, complexity, and low visibility with respect to commissions and fees, net income (loss), diluted earnings (loss) per share or other consolidated income statement data prepared in accordance with GAAP. The Company is currently unable to predict with a reasonable degree of certainty the type and extent of items that would be expected to impact these GAAP financial measures for these periods. The unavailable information could have a significant impact on the non-GAAP measures. Adjusted EBITDA and Adjusted EBITDA Margin The following table reconciles adjusted EBITDA and adjusted EBITDA margin to net income, which we consider to be the most directly comparable GAAP financial measure: For the Three Months Ended March 31, (in thousands, except percentages) 2025 2024 Revenues $ 413,405 $ 380,367 Net income $ 24,898 $ 39,100 Adjustments to net income: Interest expense, net 29,976 31,545 Amortization expense 25,882 24,041 Share-based compensation 12,803 14,094 Change in fair value of contingent consideration 8,061 12,676 Colleague earnout incentives (3,269 ) 3,583 Loss on extinguishment and modification of debt 2,394 — Depreciation expense 1,583 1,505 Transaction-related partnership and integration expenses 1,533 4,904 Income and other taxes(1) 1,471 1,501 Gain on divestitures (1,401 ) (36,516 ) Severance 1,207 1,689 Loss on interest rate caps 18 26 Other(2) 8,639 3,538 Adjusted EBITDA $ 113,795 $ 101,686 Net income margin 6 % 10 % Adjusted EBITDA margin 27.5 % 26.7 % __________ (1) Income and other taxes include the Tax Receivable Agreement expense and other operating tax expense, such as state taxes, under GAAP. (2) Other addbacks to adjusted EBITDA include certain income and expenses that are considered to be non-recurring or non-operational, including certain recruiting costs, professional fees, litigation costs and bonuses. Organic Revenue and Organic Revenue Growth The following table reconciles organic revenue and organic revenue growth to commissions and fees, which we consider to be the most directly comparable GAAP financial measure: For the Three Months Ended March 31, (in thousands, except percentages) 2025 2024 Commissions and fees $ 410,531 $ 378,096 Partnership commissions and fees(1) — — Organic revenue $ 410,531 $ 378,096 Organic revenue growth(2) $ 38,219 $ 51,051 Organic revenue growth %(2) 10 % 16 % __________ (1) Includes the first twelve months of such commissions and fees generated from newly acquired partners. (2) Organic revenue for the three months ended March 31, 2024 used to calculate organic revenue growth for the three months ended March 31, 2025 was $372.3 million, which is adjusted to exclude commissions and fees from divestitures that occurred during 2024 and 2025. Adjusted Net Income and Adjusted Diluted EPS The following table reconciles adjusted net income to net income attributable to Baldwin and reconciles adjusted diluted EPS to diluted earnings per share, which we consider to be the most directly comparable GAAP financial measures: For the Three Months Ended March 31, (in thousands, except per share data) 2025 2024 Net income attributable to Baldwin $ 13,939 $ 21,578 Net income attributable to noncontrolling interests 10,959 17,522 Amortization expense 25,882 24,041 Share-based compensation 12,803 14,094 Change in fair value of contingent consideration 8,061 12,676 Colleague earnout incentives (3,269 ) 3,583 Loss on extinguishment and modification of debt 2,394 — Depreciation 1,583 1,505 Transaction-related partnership and integration expenses 1,533 4,904 Amortization of deferred financing costs 1,422 1,552 Gain on divestitures (1,401 ) (36,516 ) Severance 1,207 1,689 Income tax expense(1) 1,200 — Loss on interest rate caps, net of cash settlements 18 2,326 Other(2) 8,639 3,538 Adjusted pre-tax income 84,970 72,492 Adjusted income taxes(3) 8,412 7,177 Adjusted net income $ 76,558 $ 65,315 Weighted-average shares of Class A common stock outstanding - diluted 69,328 65,314 Exchange of Class B common stock(4) 49,045 51,994 Adjusted diluted weighted-average shares outstanding 118,373 117,308 Diluted earnings per share $ 0.20 $ 0.33 Effect of exchange of Class B common stock and net income attributable to noncontrolling interests per share 0.01 — Other adjustments to income per share 0.51 0.29 Adjusted income taxes per share (0.07 ) (0.06 ) Adjusted diluted EPS $ 0.65 $ 0.56 ___________ (1) Income tax expense includes the Tax Receivable Agreement expense. (2) Other addbacks to adjusted net income include certain income and expenses that are considered to be non-recurring or non-operational, including certain recruiting costs, professional fees, litigation costs and bonuses. (3) Represents corporate income taxes at an assumed effective tax rate of 9.9% applied to adjusted pre-tax income. (4) Assumes the full exchange of Class B common stock for Class A common stock pursuant to the Amended LLC Agreement. Adjusted Net Cash Provided by Operating Activities ("Adjusted Free Cash Flow") The following table reconciles adjusted free cash flow to net cash provided by (used in) operating activities, which we consider to be the most directly comparable GAAP financial measure: For the Three Months Ended March 31, (in thousands) 2025 2024 Net cash provided by (used in) operating activities $ (63,983 ) $ 3,007 Adjustments to net cash provided by (used in) operating activities: Payment of contingent earnout consideration in excess of purchase price accrual 78,193 16,318 Payment of colleague earnout incentives 11,599 4,974 Adjusted free cash flow $ 25,809 $ 24,299 COMMONLY USED DEFINED TERMS The following terms have the following meanings throughout this press release unless the context indicates or requires otherwise: Amended LLC Agreement Third Amended and Restated Limited Liability Company Agreement of The Baldwin Insurance Group Holdings, LLC (formerly Baldwin Risk Partners, LLC), as amended clients Our insureds colleagues Our employees GAAP Accounting principles generally accepted in the United States of America insurance company partners Insurance companies with which we have a contractual relationship partners Companies that we have acquired, or in the case of asset acquisitions, the producers partnerships Strategic acquisitions made by the Company SEC U.S. Securities and Exchange Commission View source version on Contacts MEDIA RELATIONS Anna Rozenich, Senior Director, Enterprise Communications The Baldwin Group 630.561.5907 | INVESTOR RELATIONS Bonnie Bishop, Executive Director, Investor Relations The Baldwin Group 813.259.8032 | IR@
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20-02-2025
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The Baldwin Group to Participate in the Raymond James Institutional Investor Conference
TAMPA, Fla., February 20, 2025--(BUSINESS WIRE)--The Baldwin Group, the brand name for The Baldwin Insurance Group, Inc. ("Baldwin" or the "Company") (NASDAQ: BWIN) announced today that Trevor Baldwin, Chief Executive Officer, and Brad Hale, Chief Financial Officer, will be presenting at the Raymond James Institutional Investor Conference on Monday, March 3, 2025 at 11:35 am Eastern Time. A link to the live webcast of the presentation will be accessible in the investor relations section of the Company's website at A replay will be accessible on the website via the same link following the conference. ABOUT THE BALDWIN GROUP The Baldwin Group, the brand name for The Baldwin Insurance Group, Inc. (NASDAQ: BWIN) and its affiliates, is an independent insurance distribution firm providing indispensable expertise and insights that strive to give our clients the confidence to pursue their purpose, passion, and dreams. As a team of dedicated entrepreneurs and insurance professionals, we have come together to help protect the possible for our clients. We do this by delivering bespoke client solutions, services, and innovation through our comprehensive and tailored approach to risk management, insurance, and employee benefits. We support our clients, colleagues, insurance company partners, and communities through the deployment of vanguard resources and capital to drive our organic and inorganic growth. The Baldwin Group proudly represents more than two million clients across the United States and internationally. For more information, please visit View source version on Contacts INVESTOR RELATIONS Bonnie Bishop, Executive Director, Investor RelationsThe Baldwin Group(813) 259-8032 | IR@ PRESS Anna Rozenich, Senior Director - Enterprise CommunicationsThe Baldwin Group(630) 561-5907 | Sign in to access your portfolio
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26-01-2025
- Business
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Baldwin Insurance Group's (NASDAQ:BWIN) investors will be pleased with their solid 168% return over the last five years
While The Baldwin Insurance Group, Inc. (NASDAQ:BWIN) shareholders are probably generally happy, the stock hasn't had particularly good run recently, with the share price falling 20% in the last quarter. But in stark contrast, the returns over the last half decade have impressed. Indeed, the share price is up an impressive 168% in that time. So while it's never fun to see a share price fall, it's important to look at a longer time horizon. Ultimately business performance will determine whether the stock price continues the positive long term trend. So let's assess the underlying fundamentals over the last 5 years and see if they've moved in lock-step with shareholder returns. View our latest analysis for Baldwin Insurance Group Given that Baldwin Insurance Group didn't make a profit in the last twelve months, we'll focus on revenue growth to form a quick view of its business development. When a company doesn't make profits, we'd generally hope to see good revenue growth. That's because fast revenue growth can be easily extrapolated to forecast profits, often of considerable size. In the last 5 years Baldwin Insurance Group saw its revenue grow at 41% per year. That's well above most pre-profit companies. Meanwhile, its share price performance certainly reflects the strong growth, given the share price grew at 22% per year, compound, during the period. So it seems likely that buyers have paid attention to the strong revenue growth. To our minds that makes Baldwin Insurance Group worth investigating - it may have its best days ahead. You can see below how earnings and revenue have changed over time (discover the exact values by clicking on the image). Balance sheet strength is crucial. It might be well worthwhile taking a look at our free report on how its financial position has changed over time. We're pleased to report that Baldwin Insurance Group shareholders have received a total shareholder return of 65% over one year. That's better than the annualised return of 22% over half a decade, implying that the company is doing better recently. Given the share price momentum remains strong, it might be worth taking a closer look at the stock, lest you miss an opportunity. If you would like to research Baldwin Insurance Group in more detail then you might want to take a look at whether insiders have been buying or selling shares in the company. If you like to buy stocks alongside management, then you might just love this free list of companies. (Hint: many of them are unnoticed AND have attractive valuation). Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on American exchanges. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
