BRP - Earnings call transcript Q1 2022 | The Baldwin Insurance Group, Inc.

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Operator

Greetings. And Welcome to the BRP Group, Inc.

First Quarter 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. reminder, is a recorded. As Instructions] this being conference [Operator conference to your of I like the Investor over Director would now Executive turn to Bishop, host, Relations. Bonnie go Please, ahead.

Bonnie Bishop

XXXX to recorded. Group’s Thank is the Operator. Today’s call Welcome first you, quarter earnings call. being BRP

financial ir.baldwinriskpartners.com. information and expectations, XXXX include remarks today Please earlier note were COVID-XX Form the on forward-looking supplemental of are management including today, and related projections are and may the and other that estimates afternoon available results, based statements, company’s quarter matters. XX-Q issued of First this website on expectations which at made as certain to

Forward-looking that results materially from statements uncertainties, factors are and difficult statements. risks those contemplated to to differ by which to are actual various such predict, assumptions, cause of and a variety and subject may

For SEC of a refer our are BRP website. company’s earnings factors, and including for XX-Q, on to the of filings, most Form our the please to more this recent all quarter discussion release recent available those detailed which most

today, call financial the the non-GAAP also discuss measures. company certain may During

of these on reconciliation at and earnings information, over measures SEC company’s announcement now can the of Trevor found will supplemental hand the been comparable GAAP most of call website Group. to measures, the please and a For Chief both have in the which company’s the BRP closely Officer company’s refer posted to to be Executive ir.baldwinriskpartners.com filings. I Baldwin,

Trevor Baldwin

and EBITDA We through XX%. want and the the and all of who will Kris XXXX select more beyond. Brad, us in I brief call. revenue take profitability more quarter expect and share technology innovation, public. XXX% Thank will and our you, generated I went Bonnie, and XXXX this of Brad, the while and questions. highlights alone, And the highest from with double-digit supported amazing the revenue the achieved as all financial of significantly followed firm transformation across in XXXX, for afternoon, during for our growth greater performance Adjusted organic of across good earnings growth cover by strong quarter we all we a I quarter, quarter XXXX than investing business four remarks, The highlight we for quarter have will our highlighted delivered you to for then everyone. and first first quarter years, broad-based these was of the by MGA BRP. thank total demonstrated IPO, we joining organic quarter. XXXX. by segments start drive in since record that the achieved year of rate growth we growth EBITDA recent colleagues by and To in XX%, organic first and earned growth of the have adjusted was of business, XXX% the people generated at a QX than accelerating partners thanking than will we XX% we of results the growth Future growth

million embedded dedicated of Insurance master team and products assume of six relationships largest BRP our we builder operation agreement multifamily, sourced with by of On execute administrator over the the roughly the transaction, book de states. through our seller April Main in we QBE, distribution while country. the entered into we product across as more with to partnership the X policies a and our growth summary, measured in to homeowners with renters by making business. of one certificates in preferred adding policies business. in homebuilders’ XXth, $XXX new and MGA to This Street live progress to-date in continued revenue, home is on serving aggregate continued many of across the industry’s new personal novo program We tracks ratio now agreement businesses Separately, now our closed homeowners’ America partnership segment fast MGA quarter. Future represents doubles with a force, book homeowners In outperforming a a strategic force, announced in through Westwood platform, the of loss million also Westwood performance. Future with of we and now Westwood of profitability brokerage buyers first MGA our than tech-enabled the lines top believe QBE’s and Agency leading

organic our XXXX, the into a being front. as reputation employer hiring destination validated on Looking is also

accelerate to hiring more colleagues. the of than welcoming continued XXX During new organic evidenced by our quarter,

Westwood. Our from total up the when X,XXX new at of headcount now X,XXX, from including colleagues stands over at end XXXX over

partnership On have our of million $XX annualized XXXX of to $XXX against approximately we of goal revenue million revenue. the front, million $XXX added acquired

firm, our culture, partnership BRP’s with to of for experience, premier recently Officer. the Our drive he for continues partnerships and where Communications marketing programs as our to Executive most team BRP. Rich our the years long-term closely communication Marketing industry’s Chubb, Vice elevate excited we topic, On designed professionals. as insurance growth pursue Rich deployed the top marketing enhance world-class to align will that home XX for lead brings over our are Rich addition announce Tallo of recognition capabilities Chief and reputation as that strategy our go-to-market profitable across and and communications delivering industry President, Marketing the programs.

position and the our early a resilient an and in financial and there while and last outlook this is performance having some extremely backdrop, took a which turn of currently call now informed With are Brad. world underlying I strength economic will will prepared our now business over year, growing environment the to been the market of enviable we franchise our And volatility Brad we place has recessionary industry. are for later growth our organic be broader to diversified fortunate Against of business in this the for XXXX that, call since March. Lastly, detail. certainly in increased

Brad Hale

everyone to afternoon today. good and us joining Trevor, Thanks,

million, hitting generated $XXX the quarter of the income we XX% of the of Adjusted in to to net quarter of in filed GAAP growth for or Adjusted million compensation, first XXXX, reconciling first quarter compared quarter million earnings for segments period. or found with Adjusted income four the with double-digit A quarter fully organic the income We and in share-based to the growth revenue diluted We share. organic million. be XX-Q one-time $X.XX SEC. all net net generated can quarter expenses per income per growth For was the reported XX%, quarter. of which XX% income to net $XX table for prior margin and of the share. excludes $XX in release XX% year other our period. XX% million XXXX, XXXX compared for our $XX first the of to GAAP amortization $XX rose diluted fully the for EBITDA first first EBITDA year was prior $X.XX first adjusted

closing as business integration Street QX from investments QX XXXX strongest does was decrease prior our year-over-year a The As adjusted our into result transaction shift as BRP. reminder, primary partnerships and seasonality nature Westwood and to of business completed certain a EBITDA being of of for the margins which of year, in driver the the seasonal Main the the planned margin quarter. with are XXXX, teams an as the during well acceleration into preparation technology in QX

includes website our for the Our quarterly organic by now growth earnings available supplement on segment IR quarter.

specific we achieve reminder, do as by the two last to on organic quarterly can run sometimes business XX% significantly long-term are and evidenced sustainable We a growth growth, which vary focused As not our quarter-to-quarter. double-digit of years’ XX%. results,

the capacity to million This XXXX. expanded additional $XXX well-positioned us ratio in maturity from our X our capital on $XXX $XXX and On our of leaves credit and million to extended margin of times facility XXXX. net leverage M&A gives we date the to million, and million increased front, X, to the an acquired revolving revenue in total April safety goal to execute achieve of us $XXX covenant

As as largest intrinsic do such an actual share price existed the raise believe gap to near-term. have currently has the since represents that quarter, not our equity we today our us you in heard and IPO, common between from and value appetite last

attractive approximately and to data with index providers few flow, and significant by full and our XX options major And and and selling shares float XXXX. for result. funds rebalancing public may certain late a we QX as that year cash to fund growth our think continue the at of created that dialog if in indices did April flow-through between look items through QX we track BRP will it to two expectations this months stock and down Also, leverage expansion. A of manage February regarding have the and million We year. a on debt margin responsibly as under-reported plan based preferred mistakenly is ETS, equity provider mentioning worth data for

First, to generate strong second in expect given XXXX, performance organic our quarter we growth for the the of high-teens. the business, across

quarter Additionally, of of the partnership, revenue of what Including million. second XXX of the approximately beyond pro XXX the of would changes XXX XXXX. we for provide points approximately activity as and of adjusted because points a initial QX than to for be our to and result is quarter revenue additional Westwood to margins be closing color higher business revenue for partnership we million $XXX in to provide LTM QX our $XXX the historical will we the XXXX Currently, some the XXXX pro as EBITDA seasonality expect and second XX% forma Westwood, basis projections. for normally basis forma

despite year believe business recessionary increasing to may of of year later this full last the back environment made organic to full in for be the on expectations the the and are we we into year, significant what mid- XXXX, a for high-teens. year growth our and For economic XXXX, investments

In With our the driving open carried Trevor’s call deploying large new we development. had I that teams colleagues be We Main point for our in the now will to with basis have new the and points on call Despite summary, an performance. important I concentration solutions your been businesses, Future March. last mentioned and results in new you and who XX to and call and for for still last above a primarily our increase full QX. XXXX $XX MGA million should in colleague additions us of These last seen the catalyst to XXXX investment positioning XX% strong growth. organic echo we create as us begun propelling we growth, investments XXX this margin in and thank investment basis earnings that, we have time up quarter in we additional the Street expect EBITDA key excited the Operator? with thank momentum teams contributors consistent and products technology we in an record to XXXX have the continued adjusted QX, are our organic in year about our the for force into for Q&A. you first expectation on year’s heights nearly

Operator

the And go Instructions] [Operator from first question you. ahead. from will Please Thank Fargo. Elyse come Wells Greenspan

Elyse Greenspan

some spend. Hi. you Thanks. question, of My Good guys tax acceleration evening. first your mentioned

quarter a accelerated the just year, but in first you think, reflected in in the was that’s much sense right, was margin seasonality mean, the a that I give think can the is you I actually us I sense, first margin. which for how give us quarter? of the Can embedded walk

Trevor Baldwin

do Yeah. one? want you that Good Elyse. take Brad, evening, to

Brad Hale

prepare We that did administration to accelerate closing conjunction agreement for investments to able certain program the be quarter on the to live in of in late evening, Westwood decision and both to Good flip a first the with Elyse. agreement in transaction. QBE the talent technology Hey. and Yeah. really make

contribute growth pay-back flat in these in we communicated which what confident both year kept will is to year full and margin are in a our EBITDA guidance We full why March. with we XXXX, margin have to investments

Trevor Baldwin

that it earns basically EBITDA on administrator effect, basically live, But flip into because you was margin quarters, agreement in productivity it while to about bridge XX% degradation up Elyse, as the the fully program yet. would we and hadn’t to immediately. goes margin that

Elyse Greenspan

your raised being pretty then you recession, second guys quarter. gave and guide also kind you And for mentioned a a Okay. positive the view for of prepared

that, us you your still just businesses? how still of about you double-digit into organic can of think give can all you recession So growth I you can would as impact your get a and businesses, thinking throughout you see think the sense could be and recession guess, you

Trevor Baldwin

Yeah. Great question, Elyse.

certain on we early clients some seeing based of are to waning feel kind see signs we are beginning having some slight with conversations consumer So and are demand. and that

been organic have the a as of we increased is investments and going We as our to we back expect to in result outlook that accelerating the certainly the we see the Despite balance that half year. of economic activity growth. habitational growth the going on through side making pull are the believe of by evidenced business, the back of in year,

organic will We business see our we expect broad this. despite growth based double-digit across

certainly is relative broadly we client think overcome an seeing to some et what payroll exposure where of relative expenses see that impact we but suspect I values, to units, at clients, will in will the and cetera. pockets be accounts, -- by increases there are rate increased underlying that

And are spending of advice clients thoughtful our that prepared provide so our we an ensuring are environment. teams time type during to that to

in open-minded consultants suggest those Our of kind we and be when would that markets. with and tend clients to types having economic new into providers we experience tend share backs, to insurance more enter pull of take to conversations

positioning to we about able to through be XXXX, how and stop true similar that fantastic pull to we for we a to provide perform feel be will really So stability serve like able during our beacon our of advice back able clients. good were and as feel we back

Elyse Greenspan

And And outlook M&A year and just one anything on Trevor. the pipeline? any update then tell to can thanks, last us full the then one, you --

Trevor Baldwin

I we one, rate announced announced Partners of were just recently, the lowest in somewhat things, a of capital. and since the couple surprising are amount last considering that few published data of we quarter transaction & that very considering economic year. down the data some seeing space first into But about deploy broader are environment, QX, transactions Optus brokerage got A XXXX. the provide we will Yeah. in Not the volatility thoughtful meaningfully M&A being overly kind M&A points. how [ph] pulled

of the and be to the probably going as will conditions, from transaction very both into our always long-term. And high-bar range have expect a near- business I end lower to a on over our an accretive and broader through expected perspective. us the continue those of result that had have We be of would M&A type to is

Elyse Greenspan

Trevor. Thanks, Okay.

Trevor Baldwin

Yeah.

Operator

James. will The come Raymond from Please, next question go Peters from Greg ahead.

Greg Peters

then for Market business nice about everyone. up more some in terms some environment for that business the afternoon, potential how include certainly also I Elyse’s you challenging macro us of And positive exposure to Good the to comments industries? environment. context Hey. your give like would follow question tailwind rate maybe a seems about too? a Middle Can to be on regarding probably

Trevor Baldwin

do Happy Greg. that, Yeah. to

Market when you broadly, business higher Middle So at and exposed higher are look to we industries overly our growth growth geographies.

technology, the with So areas estate, as largest healthcare, its particularly of you on its focus, think about focus construction, real a its its infrastructure.

And those well-positioned. some we sectors of we feel that kind our base, there is client pockets could across look as so industry while very of feel weakness

bit because a about to talked approach there’s mentioned with pull way exceeds that tend a earlier, open-minded we take the a more engage more an the conversation, or would a be process entertaining I having take in enables as our which Additionally, volatility prospective we highly in economic And experience past, environment provider. about back, where suggestion us we as rate new clients share, far tend to a industry. to win have the consultative prospective in go-to-market those service our clients

share broadly, this the client kind is up somewhat to nicely. only is industry really of So where take is type environment to business base our set defensible not relative but of our

Greg Peters

-- the cash Yeah. you and but last flow much but on talk detailed caught in XXXX? for results, get for too Thanks. flow maybe I about versus first detail, wondering questions, I up your or if in us the -- get but outlook talk to a variances a to could in up hung I couple free was about small year want us quarter’s free cash if as don’t quarter don’t

Brad Hale

Yeah. Good Hey, Greg. evening.

that in online reverse of in So investment margin the to the half, for on well to of growth and was well talent have question the serve do her us as closing to program get seeing order flow. Westwood. Elyse the mentioned quarters, we result this year, trend back investments been back decrease as that expect year-over-year initiatives conjunction in agreement of about in in and to I We contribute the speaking you the previous largely the as are over acceleration free technology margin, the to organic our administration in prior ready as cash the with half as

Greg Peters

Makes sense.

With the transaction your can big that are? was Westwood into all as of just that acquisition, on just, where us longer-term an to you, a for correct? debt-to-EBITDA remind in give you that’s go you Street, going and follow us because to Main are on terms is I where a targets know, update And

Trevor Baldwin

Hey, Yeah. excited could not end that. more or partnership to of transaction take April, one. The Westwood closed the Greg. at that Happy be we about

roadmap we Westwood As sheet business we the the it balance welcome in side our have embedded a the are mid family. of From to entire we past, Alan homeowners’ to in fives debt-to-EBITDA team our strategic perspective, the really accelerates are shared so the BRP a and on from and thrilled perspective.

we sheet of we years. cash the and delever the to continues past, course generation responsibly a through the the business, to that generate growth mentioned coming the As expect over flow have plan the and expansion business combination in free the balance margin of in

Greg Peters

it. Got

going a to or correct Street I follows clarification for all know into should assume are acquired Westwood, the about happy business, of but Main Just -- you that, most that’s the revenue that it? I

Trevor Baldwin

all correct. into will will the flow -- segment, Street acquired The Main revenue

administrator MGA the Westwood agreement is transaction. separately that from with has separate program the a Now but QBE,

Greg Peters

to Main does going Street? stay in Specialty that that Is or

Trevor Baldwin

Specialty. goes into That

Greg Peters

Got for you much very Thank answers. it. the

Trevor Baldwin

Greg. Thanks,

Operator

Please, UBS. ahead. from be go question from Bloomer next The will Weston

Weston Bloomer

the XXXX, through performed help sensitivity during you. of economic Can should how flows us Hi. that the is think million Good organic? Thank $XX acquired that model just it COVID how business, acquisition. of Westwood you on the it during before maybe or just revenue it we frame evening. about My first hits as question

Trevor Baldwin

Yeah. Hey, Weston.

talk history to that. economic about of One, environments. happy So a business multi-decade the significant stability has Westwood throughout

as the we tailwind inside and of the new escrowed that they think is as expect policies and and put it’s business is contracted overall a could of drive that many their on optional strong. the de while homes had down a least growth place chain trajectory just result of home, slow result to at that order increasing a have to ultimate of homebuilders today as the mortgage in in are you the another in that chain, part stability how fact, that XX% trail through relative payment home conversations, is to purchase, at mortgage, current need impact starts mix if product months, a we growth. and value impact policies. payments six a that to new very you on generally homebuilders buy building in Based an costs, may to existing continue supply premium not rate others minimis chew and policy, in a demand have. the and have are today, home that existing business In of you more orders that with the quit revenue taking about have they of flows homeowners got renewal oftentimes, than oftentimes for see that that book the a to would you business, required as environment, of in look something a additional homeowners when to get the In force also is it’s an so you renewal positive mortgage When rate

the about rate defensive perform of feel feel interest headed and that positioned particular, of are that But to good the type increasing streams how cycles. not is throughout revenue economic we we the environment nature about So good only into. business in

Weston Bloomer

$XX my XXXX curious I kind $XX you if around it. is to had remaining it did Thank accelerated, the investments program have quantify numbers? those I are on you but you that Got a next on you. where you in million of there announce And is to-date, from XQ stand the program. $XX and those business. the million your then million making know Is numbers way know

Trevor Baldwin

Yeah.

relative provided the haven’t impact. where rata being on can and of kind ahead I What we we in of that track So can disclosure slightly across you to specific Weston. broadly you areas it pro and we tell think the are is, accelerated year

million, program the you And example, million compared think as of so, of number acceleration to bridging investments year’s order million. the this million million. million to us balance QBE The $XX of forma as $XX $XX about of you about that year position pro annualized you and margin in EBITDA the the the an up agreement think administrator and $XX prior $XX to to combination $XX certain of catch bridges the

Weston Bloomer

implies on Got on math look total it. the and which at one the If hires there is you just And those and margin. numbers, then wage looks I the on like employee, made a that do last also rough commissions like the quarter comp two the between inflation. is in it a employee XX% higher delta take and

are kind you wage your just what that the the and in of forward impact curious inflation made? versus in had you investments how So, quarter projections baking

Trevor Baldwin

Yeah.

not new inside a are professionals productive tremendous that we system. I result have it’s on brought the that amount yet inflation. generators So wage become What would that you of revenue have seeing it’s a is of say direct not --

years as can on that typically have three we in the the on to long depending talked more be or And and past XX the year fast as as so side. two as about three business days as

as these where takes years a into would of you benefits that for and comp to see ratio so And earn it normalize. them on, productivity people couple come

half of revenue workforce roughly topline to variable compensation And we on that in nature, have you of because wage relative better over the As our are into peers their we the kind about organic positioned of think which the about and think system. our the with amount of hired our in feel positioned an to of to you our business. who people come the total how in tied relative are we is years basis inflation, we at they set of than relative significantly industry our comp recency been of across couple like market as came has population the past as many have

Weston Bloomer

Got the you. color. Appreciate it. Thank

Trevor Baldwin

Thanks, Yeah. Weston.

Operator

Kinar be Please The will Yaron from ahead. Jefferies. next from question go

Yaron Kinar

and you afternoon. Thank good

how First impacting acquisition you going to a that question, see just the do pipeline? environment, recessionary back potential

Trevor Baldwin

it’s a Right Yaron, timing. good pipeline So, makes have is question. tell just we being the what thoughtful we what in now meaningful you opportunities particularly of relative pretty a and about sense are we would that,

what market to we think to I know lag relative to months of is resetting. that the the tends XX kind private market pricing, months six public by

space And occurring, It slowdown commanding resilient. a was so, to continued the is oftentimes has course a to of to that said, may of over and relative pricing where kind as demand of of as And result see that, that’s grow in all has capitalized be two industry as now. of market the previously. investor you both what there through this outperforming economic incredibly history XXXX people being a most have the and is downturns our XX examples recent right that is in With XXXX. re-rationalize buyers

we prognosticate valuation. I and would are do drop-off approach have the to that a always see not quality taken. precipitous in And growing around material we filter so there I here sit and that’s will become or any think going relative that

Yaron Kinar

attractive be X further stretch debt looking I bit guess, times that times and would X.X covenant, mind, And you willing for have a with acquisitions how in at I ratio debt-to-adjusted the to that the in the near-term? guess, EBITDA you

Trevor Baldwin

to go We above X would not times. look

Yaron Kinar

Okay. you. Thank

Operator

from ahead. The will Phillips next Mike from question Morgan Stanley. go Please be

Unidentified Analyst

Phillips. This actually Virgadamo Hi. the of for Jeff on is [ph] Mike line

already level of I have questions been one guess high question. just I think asked. most my

on environment to view what one Any maybe like? for there? cost perhaps what on guys inflationary Just of are of is trends Just management’s and you seeing loss curious potential deceleration cost or pressure pricing pricing stall P&C reacceleration? them, the like

Trevor Baldwin

a trend product is a personal you likelihood that will think expect aspects as been growing of think traditional I inflation I lines Yeah. I certainly that’s to in around well. we Mike, in discussion has know on. I social auto. seeing homeowners going impact the see begin the systems there. they that I the that, there are mean flowing court occur. is insurance are to recent going commercial there And some there of turned back as

So, I sit the tell ebb think, that conviction inflation slow here wouldn’t rate of XXX% seen. I reverse that to and the we you kind that is while got have I have going

meaningful that there could the is months. the a think chance occur I that next over course of XX

Unidentified Analyst

Great. That my only question. was Thank you.

Trevor Baldwin

Thanks, Mike.

Operator

next Please Singzon the And Pablo question from is ahead. JPMorgan. go from

Pablo Singzon

Hi.

So, was growth contributed the and mid different lines offer any I think wondering where homeowners how on organic you numbers? perspective then, some Specialty could on I quarter, on revenue the lines that MGA, if flood to commentary ex-MSI business are this was specifically the newer And in the single-digit? Thanks.

Trevor Baldwin

we quarter provide you broadly, is a some for would turning quarter you Hey, on it’s remarks and mean kind look the first what and in the organic MGA you time I more that tell few the year-over-year and performance, organic and to growth with Kris that, specifics. I give of at first of ask accelerating first the the is level will really XXXX. there? the result it Pablo. Yeah. more Kris, high at multiple terrific been were growth are when going we comps states. the second will mastered it provide after million the for And we particularly the that progress we certain as We which rolling a we commentary seeing reached are results you $X to begun milestone in meaningfully be fantastic policy results having of But a the master some to quarter, HXX out and across believe by very side, success encouraged over contributing homeowners’ and has are contributing with want to force. on I

Kris Wiebeck

I indicating, QX. in Yeah. would is What last think adding for home on have entering turn Florida we the where say into we lot there turning look see now far going and Florida, as throughout we when so we sold is given expect and the the which it’s early out well. say to that think de we sell two XX% QX there new Sure. products and today pain We been and would starting QX six and yesterday, have can us as we was even building of that there. relatively having results, on terms the product we we and Trevor MGA, ramp that right, minimis QX can more home I at anecdotal is through what’s time of to non-QBE home, two kind we on turned were I for a week, to home are days this that and that the right on week is the for live, to in on, XX% so evidence timed QX. premiums and admitted in of Especially are would now up think of continue in market probably results accelerate market a to days

Pablo Singzon

Thanks for that.

question for is Trevor. Second

but wondering So same has balance the And how past, look slowly, you think picking I to might has of Market. if get factors was reported, have the you I are the the is for up and been guess what you been wondering quarter the of integrate balance the growth down then the in you through them year? unfold rates you those the exposure commercial in question talk the underwriters and at what I that, the relative seeing if context and could going expect the of first exposure the contribution if in to to you offered Middle was year. trend

Trevor Baldwin

great Pablo, Yeah. question.

growing to that, a of seeing impact continue will is in would a and on combined mid-to-low is exposure of that the rate the basis becoming slowing from X% expect year. inflation to would that tell to and the to rate quarter. result impact through the I a as that exposure and in a the combined I we rate and that the anecdotally results are we economy our you contributor is exposure of see tailwinds balance contributor What single-digit first is So primarily the of

Pablo Singzon

could wondering year as the or if of are but Got about have then questions it. And a along last us financing out. from two your me, seems give it’s to quickly that asked been of over you already, for was financial Thank year, a position lines we less couple It thinking XXXX I partnership a you X.X you. a you give and you -- this expect clear delever like of for look us but day? program sense beyond? are how

Trevor Baldwin

Yeah.

able to responsibly delever to expect of our the continue be to target term couple course the business over the range. next We to of years longer

Pablo Singzon

it. Thanks, Got Trevor.

Trevor Baldwin

Pablo. Thanks,

Operator

is [Operator Meyer from Shields from Instructions] question go Please next ahead. The KBW.

Meyer Shields

emerges in your Thanks. of comment Trevor, about GDP should slowdown. go earlier I think where if of a it the to sort revenues? How some and contraction anticipating actually we can timing

Trevor Baldwin

Meyer more guess, help I me the specifically on question. So,

and You to about pullback what timing the are revenue direct of the GDP asking in our streams? corollary is

Meyer Shields

on like three-month it up but Yeah. the where shows we thinking you six-month or with the something know to looks in and lag how I past assume would I impression a economic guess the am don’t between it if BRP revenues, broker inflection share I book? that

Trevor Baldwin

Yeah.

because the What pull-through see policies tell result that is out. would would a renewal full as and historically immediately, at see that that policy. that as as begin would more -- you cases say lag premiums what date in revenue you impact of come recognizing a accounting though, in to So are the I you are XXX of audited on the many is I policies you annual there

of through real as in that, slowdown flow programs a they and coming, as a soon to real-time and are time are a lower see GDP you result the with begin going your more would as expect, as result to I would so, direct that that And units impact. in see are clients you exposure see and renewing some we of

grow industry articulated had both a an positioned and in we result in sectors impact the that that of environment. type spend lot take to and a that we be expect broadly through I fully of client As business we able kind as that our of share will how is earlier, of to time

Meyer Shields

you. Okay. helpful. That’s very Thank

any question, M&A talked Second and as provide in update past have there wondering that? that I is the you as the can about if you of far timing was potential

Trevor Baldwin

continue specific somewhat over partnership announce balance updates new would the expect year. other us Meyer to opportunities, think to than No I I ratably of periodically the

Meyer Shields

Thank Perfect. Okay. you.

Trevor Baldwin

Meyer. Thanks,

Operator

like session Baldwin turn end Ladies the the I have the of back to remarks. for over we gentlemen, and reached closing to and call any Trevor question-and-answer would

Trevor Baldwin

provide us I for Thank our We of work shout to in their this particular forward care. amazing a helping thank joining out all today. clients speaking you and colleagues want results I want everyone you quarter. next you to to and look hard Take to quarter. and thank with all for serving our achieve us these

Operator

today’s concludes conference. This

for Thank may You time. you at participation. your lines disconnect your this

The Baldwin Insurance Group, Inc. (BWIN) 15 May 222022 Q1 Earnings call transcript