The Baldwin Insurance Group, Inc. · NASDAQ:BWIN
The Baldwin Insurance — Q4 2024 Earnings Presentation
26 slides from The Baldwin Insurance's earnings presentation, Feb 25, 2025
Slide 1: Q4 2024 Earnings Supplement
Q4 2024 EARNINGS SUPPLEMENT FEBRUARY 2025
Slide 2: Non-GAAP financial measures
Non-GAAP financial measures This presentation includes certain financial measures (organic revenue, organic revenue growth, adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted diluted EPS, adjusted free cash flow, pro forma revenue, pro forma adjusted EBITDA, and pro forma adjuste
Slide 3: Table of contents
Table of contents 04 12 Key performance metrics Pro forma adjusted EBITDA bridge 05 13 Actual disaggregated revenue and KPIs 2024 Adjusted EBITDA bridge by segment 07 14 Organic revenue growth reconciliation Partnership scorecard 10 16 Shareholder value creation Partnership adjusted EBITDA bridge 11
Slide 4: Key performance metrics
Key performance metrics AMOUNTS IN 000s Q4 2024 Q4 2023 % Growth YTD 2024 YTD 2023 % Growth CONSOLIDATED Total revenue $ 329,892 $ 284,648 16 % $ 1,389,037 $ 1,218,555 14 % (1) Organic revenue growth % 19 % 15 % 17 % 19 % Net loss $ (34,839) $ (62,496) (44)% $ (41,081) $ (164,019) (75)% (1) Adjusted
Slide 5: Actual disaggregated revenue and KPIs
Actual disaggregated revenue and KPIs 2024 AMOUNTS IN 000s Q1 Q2 Q3 Q4 YTD INSURANCE ADVISORY SOLUTIONS Q1 Commissions $ 185,971 $ 132,908 $ 123,468 $ 127,087 $ 569,434 Consulting and service fees 18,610 16,903 17,701 18,638 71,852 Profit-sharing 14,794 16,171 15,543 14,427 60,935 Other 1,705 787 82
Slide 6: Actual disaggregated revenue and KPIs
Actual disaggregated revenue and KPIs 2024 AMOUNTS IN 000s Q1 Q2 Q3 Q4 YTD MAINSTREET INSURANCE SOLUTIONS (1) Commissions $ 67,129 $ 63,859 $ 61,983 $ 57,854 $ 250,825 Profit-sharing 4,330 2,856 7,176 7,771 22,133 Other 241 349 1,499 6,201 8,290 Investment income — — — 35 35 Total Mainstreet Insuran
Slide 7: Organic revenue growth reconciliation
Organic revenue growth reconciliation Underwriting, Q1 2024 Insurance Advisory Capacity & Technology Mainstreet Insurance Corporate AMOUNTS IN 000s Solutions Solutions Solutions and Other Consolidated Commissions and fees $ 221,080 $ 103,000 $ 71,700 $ (17,684) $ 378,096 (1) Pass-through of retail c
Slide 8: Organic revenue growth reconciliation
Organic revenue growth reconciliation Underwriting, Q3 2024 Insurance Advisory Capacity & Technology Mainstreet Insurance Corporate AMOUNTS IN 000s Solutions Solutions Solutions and Other Consolidated Commissions and fees $ 157,535 $ 128,718 $ 70,658 $ (21,701) $ 335,210 (1) Pass-through of retail c
Slide 9: Organic revenue growth reconciliation
Organic revenue growth reconciliation Underwriting, FY 2024 Insurance Advisory Capacity & Technology Mainstreet Insurance Corporate AMOUNTS IN 000s Solutions Solutions Solutions and Other Consolidated Commissions and fees $ 706,157 $ 468,877 $ 281,248 $ (79,166) $ 1,377,116 (1) Pass-through of retai
Slide 10: Shareholder value creation
Shareholder value creation 2024 Q1 Q2 Q3 Q4 YTD Stock price at quarter end $ 28.94 $ 35.47 $ 49.80 $ 38.76 $ 38.76 (1) Weighted average Class A & B shares outstanding (000s) 117,308 118,220 118,516 118,384 117,949 Adjusted diluted EPS (fully vested and as-if converted) $ 0.56 $ 0.34 $ 0.33 $ 0.27 $
Slide 11: Treasury
Treasury As of December 31, 2024 Debt Available for (1) Interest Cash interest Instrument outstanding borrowing Borrowing rate rate Maturity paid in 2024 Amounts in 000s Senior Secured Notes $ 600,000 (2) $ — 7.125% 7.125% May 2031 $ 20,306 Term SOFR + 3.25%, step-down to Term SOFR + 3.00% at First
Slide 12: Pro forma consolidated adjusted EBITDA bridge
Pro forma consolidated adjusted EBITDA bridge 2024 AMOUNTS IN 000s Q1 Q2 Q3 Q4 YTD Revenues $ 380,367 $ 339,840 $ 338,938 $ 329,892 $ 1,389,037 (1) Less revenues from 2024 divestitures (6,201) (59) — — (6,260) Pro forma revenue $ 374,166 $ 339,781 $ 338,938 $ 329,892 $ 1,382,777 Net income (loss) $
Slide 13: 2024 adjusted EBITDA bridge by segment
2024 adjusted EBITDA bridge by segment Underwriting, Insurance Capacity & Mainstreet Advisory Technology Insurance Corporate AMOUNTS IN 000s Solutions Solutions Solutions and Other Total Revenues $ 711,936 $ 472,939 $ 281,283 $ (77,121) $ 1,389,037 Expenses: Outside commissions 11,009 260,204 77,782
Slide 14: Partnership scorecard
Partnership scorecard (1) 2021 Partnerships Quality of Earnings FY 2024 Avg. Annual Revenue Growth (2) During Earnout (3)(4) AMOUNTS IN 000s Gross Revenue AEBITDA AEBITDA Margin Gross Revenue AEBITDA AEBITDA Margin Period Platform Partnerships Partnership A (IAS) 38,766 13,025 33.6 % 59,453 22,347 3
Slide 15: Partnership scorecard
Partnership scorecard 2021 Partnerships Purchase Price Multiple Analysis Total Purchase (1) Upfront xQoE Total xFY2024 Upfront xQoE Total xFY2024 AMOUNTS IN 000s Price Revenue Revenue AEBITDA AEBITDA Platform Partnerships Partnership A (IAS) 209,666 4.9x 3.5x 14.6x 9.4x Partnership B (UCTS*) 312,492
Slide 16: Partnership adjusted EBITDA bridge
Partnership adjusted EBITDA bridge FY 2024 Partnership A Partnership B Partnership C Partnership D Total Platform AMOUNTS IN 000s (IAS) (UCTS*) (IAS) (IAS) Partnerships Revenues $ 59,453 $ 93,994 $ 53,607 $ 51,458 $ 258,512 Net income $ 13,335 $ 28,952 $ 524 $ 7,080 $ 49,891 Adjustments to net incom
Slide 17: Partnership adjusted EBITDA bridge
Partnership adjusted EBITDA bridge FY 2024 Other IAS Total Other IAS Total Other UCTS Total Other MIS AMOUNTS IN 000s Partnership E Partnership F Partnerships Partnerships Partnerships Partnerships Revenues $ 21,322 $ 32,393 $ 12,426 $ 66,141 $ 50,293 $ 3,614 Net income $ 3,406 $ 6,977 $ 1,073 $ 11,
Slide 18: Appendix
APPENDIX FEBRUARY 2025
Slide 19: Key performance metrics
Key performance metrics 2023 AMOUNTS IN 000s Q1 Q2 Q3 Q4 FY CONSOLIDATED Total revenue $ 330,446 $ 297,191 $ 306,270 $ 284,648 $ 1,218,555 (1) Pro forma revenue $ 323,099 287,231 296,447 $ 276,617 $ 1,183,394 (2) Total revenue growth 36 % 28 % 18 % 16 % 24 % (3) Organic revenue growth 23 % 22 % 19 %
Slide 20: Actual disaggregated revenue and KPIs
Actual disaggregated revenue and KPIs 2023 (1) (1) (1) (1) (1) AMOUNTS IN 000s Q1 Q2 Q3 Q4 FY INSURANCE ADVISORY SOLUTIONS (2) Commissions $ 167,497 $ 119,972 $ 113,864 $ 110,878 $ 512,211 Consulting and service fees 15,263 18,311 19,637 15,270 68,481 Profit-sharing 14,357 16,897 13,136 12,159 56,54
Slide 21: Actual disaggregated revenue and KPIs
Actual disaggregated revenue and KPIs 2023 AMOUNTS IN 000s Q1 Q2 Q3 Q4 FY MAINSTREET INSURANCE SOLUTIONS (1) Commissions $ 55,364 $ 50,648 $ 55,924 $ 55,364 $ 217,300 Profit-sharing 2,559 2,961 5,872 4,322 15,714 Other 217 68 501 897 1,683 Total Mainstreet Insurance Solutions revenue $ 58,140 $ 53,6
Slide 22: Organic revenue growth reconciliation
Organic revenue growth reconciliation Underwriting, Q1 2023 Insurance Advisory Capacity & Technology Mainstreet Insurance Corporate AMOUNTS IN 000s Solutions Solutions Solutions and Other Consolidated Commissions and fees $ 195,334 $ 89,972 $ 58,140 $ (13,923) $ 329,523 (1) Partnership commissions a
Slide 23: Organic revenue growth reconciliation
Organic revenue growth reconciliation Underwriting, Q3 2023 Insurance Advisory Capacity & Technology Mainstreet Insurance Corporate AMOUNTS IN 000s Solutions Solutions Solutions and Other Consolidated Commissions and fees $ 143,167 $ 117,669 $ 62,297 $ (18,901) $ 304,232 (1) Partnership commissions
Slide 24: Organic revenue growth reconciliation
Organic revenue growth reconciliation Underwriting, FY 2023 Insurance Advisory Capacity & Technology Mainstreet Insurance Corporate AMOUNTS IN 000s Solutions Solutions Solutions and Other Consolidated Commissions and fees $ 626,828 $ 418,014 $ 234,697 $ (67,711) $ 1,211,828 (1) Partnership commissio
Slide 25: Pro forma consolidated adjusted EBITDA bridge
Pro forma consolidated adjusted EBITDA bridge 2023 AMOUNTS IN 000s Q1 Q2 Q3 Q4 FY Revenues $ 330,446 $ 297,191 $ 306,270 $ 284,648 $ 1,218,555 (1) Less revenue from 2024 divestitures (7,347) (9,960) (9,823) (8,031) (35,161) Pro forma revenue $ 323,099 $ 287,231 $ 296,447 $ 276,617 $ 1,183,394 Net lo
Slide 26: Slide 26
The Baldwin Insurance Group — Q4 2024 Earnings Presentation on 6ix