Business
The Baldwin Group Announces Second Quarter 2024 Results
- Total Revenue Growth of 14% to $339.8 Million; Organic Revenue Growth(1) of 19% - - Net Loss of $30.9 Million and Diluted Loss Per Share of $0.28; Adjusted
About this update from The Baldwin Insurance Group, Inc.
[{"type":"text","content":"\n- Total Revenue Growth of 14% to $339.8 Million; Organic Revenue Growth(1) of 19% -\n\n\n- Net Loss of $30.9 Million and Diluted Loss Per Share of $0.28; Adjusted Diluted EPS(2) Growth of 26% to $0.34 -\n\n\n- Adjusted EBITDA(3) Growth of 22% Year-Over-Year to $74.9 Million and Adjusted EBITDA Margin(3) of 22%; 130 Basis Point Expansion Compared to the Prior-Year Period -\n\n\n TAMPA, Fla.--(BUSINESS WIRE)--\nThe Baldwin Group, the go-to-market 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 second quarter ended June 30, 2024.\n\n\nSECOND QUARTER 2024 HIGHLIGHTS\n\n\n\nTotal revenue increased 14% year-over-year to $339.8 million\n\n\n\n\nOrganic revenue growth of 19% year-over-year\n\n\n\n\nGAAP net loss of $30.9 million and GAAP diluted loss per share of $0.28\n\n\n\n\nAdjusted net income(2) of $40.3 million\n\n\n\n\nAdjusted diluted EPS grew 26% year-over-year to $0.34\n\n\n\n\nAdjusted EBITDA grew 22% year-over-year to $74.9 million\n\n\n\n\nAdjusted EBITDA margin of 22%, a 130 basis point expansion compared to 21% in the prior-year period\n\n\n\n“It was another fantastic quarter for Baldwin, as we continue to execute well in all facets of our operations,” said Trevor Baldwin, Chief Executive Officer of The Baldwin Group. “We delivered industry-leading double-digit organic growth with strength across our platform, driven primarily by significant net new Client wins. Our continued adjusted EBITDA margin expansion reflects the meaningful enhancements in operational effectiveness we have begun realizing from the intense integration efforts and technology backbone build-out we have executed on over the past several years. Our continued industry-leading growth in top and bottom-line financial metrics combined with rapidly growing free cash flow, which was up 38% compared to the prior-year period, are all contributing to a rapidly approaching inflection of our financial profile. As we proceed through the back half of 2024, we believe we are in our strongest position yet to deliver outsized value to our Clients, continue to build on our status as the destination for our industry’s leading professionals and expect to c...