Q2 2024 Baldwin Insurance Group Inc Earnings Call Transcript
Key Points
- The Baldwin Insurance Group Inc (BWIN) achieved organic revenue growth of 19% in Q2 2024, up from 16% in Q1.
- Adjusted EBITDA grew 22% year-over-year, with a margin expansion of 130 basis points to 22%.
- Free cash flow increased by 10% to $18.1 million, and would have expanded 93% excluding one-time refinancing costs.
- The UCTS segment delivered robust organic revenue growth of 37% and commissions and fees growth of 46%.
- The MIS segment showed strong momentum with organic revenue growth of 25%, signing up two new leading builders in the quarter.
- The company recorded a GAAP net loss of $30.9 million for Q2 2024.
- IAS segment saw some timing-related contingent softness and negative rate and exposure, particularly from real estate portfolio clients.
- Net leverage stood at 4.4 times, which is still above the long-term target range of 3 to 4 times.
- The company incurred $13.6 million in one-time third-party refinancing costs during the quarter.
- Adjusted EBITDA margin, while improved, still reflects a need for further operational efficiency to match industry peers.
Good afternoon, ladies and gentlemen, and welcome to the Baldwin Group second-quarter 2024 earnings call. (Operator Instructions) Please note this event is being recorded. I'd now like to turn the conference over to the Executive Director of Investor Relations, Bonnie Bishop. Please go ahead.
Thank you, and welcome to the Baldwin Group's second-quarter 2024 earnings call. Today's call is being recorded. Second quarter financial results, supplemental Information, and Form 10-Q, were issued earlier this afternoon and are available on the company's website at ir.baldwin.com.
Please note that remarks made today may include forward-looking statements subject to various assumptions, risks, and uncertainties. The company's actual results may differ materially from those contemplated by such statements. For a more detailed discussion, please refer to the note regarding forward-looking statements in the company's earnings release and our most recent Form 10-Q, both of which are
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
