← Baldwin Insurance Group, Inc.
| Annual Trend | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation and amortization | $3.1m | $10.5m | $20.2m | $51.5m | $86.4m | $98.4m | $108.9m | $127.8m | |
| Amortization of deferred financing costs | $118k | $1.3m | $1.0m | $3.5m | $5.1m | $5.1m | $5.8m | $5.7m | |
| Share-based compensation expense | $1.2m | $3.2m | $7.7m | $19.2m | $47.4m | $60.0m | $65.5m | $71.1m | |
| Gain on divestitures | — | — | — | — | $0 | $0 | ($39.0m) | ($290k) | |
| Loss on extinguishment of debt | $0 | $6.7m | $0 | $0 | $0 | $0 | $1.0m | $26k | |
| Operating lease liabilities | — | $0 | $0 | $83.9m | $16.5m | ($13.2m) | ($13.8m) | ($16.1m) | |
| Right-of-use assets obtained in exchange for operating lease liabilities | — | $0 | $0 | $86.5m | $24.9m | $6.4m | $2.8m | $3.2m | |
| Net loss | $2.7m | ($22.5m) | ($29.9m) | ($58.1m) | ($76.7m) | ($164.0m) | ($41.1m) | ($54.2m) | |
| Payment of contingent earnout consideration in excess of purchase price accrual | $0 | ($8k) | ($1.7m) | ($4.8m) | ($49.9m) | ($24.3m) | ($23.4m) | $85.8m | |
| Change in fair value of contingent consideration | $1.2m | $10.8m | $20.5m | $45.2m | $32.3m | $61.1m | ($4.9m) | $5.6m | |
| Other operating activity | — | — | — | $311k | $135k | $361k | $665k | ($602k) | |
| Assumed premiums, commissions and fees receivable, net | $663k | ($6.0m) | ($6.8m) | ($64.5m) | ($183.0m) | ($132.3m) | ($73.8m) | ($45.1m) | |
| Prepaid expenses and other current assets | ($1.3m) | ($2.6m) | ($1.6m) | ($8.0m) | ($11.3m) | ($6.8m) | ($7.2m) | ($9.7m) | |
| Right-of-use assets | — | $0 | $0 | ($81.6m) | ($13.5m) | $18.0m | $16.7m | $16.0m | |
| Accounts payable, accrued expenses and other current liabilities | $1.3m | $9.0m | $27.3m | $55.2m | $173.4m | $140.7m | $81.6m | ($11.2m) | |
| Colleague earnout incentives | — | — | — | — | $0 | $8.0m | $24.8m | ($32.8m) | |
| Cash consideration paid for business combinations, net of cash received | ($35.1m) | ($98.4m) | ($669.2m) | ($668.0m) | ($387.9m) | $0 | $0 | ($85.5m) | |
| Investments in and loans to business ventures | $0 | ($200k) | ($1.2m) | ($1.9m) | ($1.1m) | ($1.7m) | ($3.9m) | ($16.7m) | |
| Cash consideration paid for asset acquisitions | — | — | ($1.9m) | ($3.2m) | ($3.4m) | ($2.1m) | ($268k) | ($460k) | |
| Proceeds from repayment of loans to business ventures | — | — | — | — | $0 | $0 | $1.5m | $0 | |
| Change in fiduciary assets and liabilities, net | — | — | — | — | — | $44.6m | $50.7m | $504k | |
| Payment of contingent earnout consideration up to amount of purchase price accrual | ($2.9m) | ($167k) | ($1.2m) | ($7.7m) | ($48.3m) | ($27.9m) | ($98.7m) | ($66.2m) | |
| Proceeds from revolving line of credit | $24.5m | $69.6m | $385.6m | $420.2m | $512.0m | $111.0m | $106.0m | $263.0m | |
| Payments on revolving line of credit | $0 | ($66.2m) | ($325.0m) | ($385.2m) | ($42.0m) | ($275.0m) | ($447.0m) | ($156.0m) | |
| Payments of deferred financing costs | ($356k) | ($481k) | ($4.5m) | ($1.1m) | ($1.8m) | ($5.0m) | ($18.0m) | ($164k) | |
| Proceeds from the sale and settlement of interest rate caps | — | — | $0 | $0 | $21.2m | $10.9m | $2.3m | $0 | |
| Tax distributions to Baldwin Holdings' LLC Members | — | — | $0 | $0 | ($9.4m) | ($482k) | ($11.1m) | $0 | |
| Deferred payment obligations recognized in business combinations | — | — | — | — | — | $0 | $0 | $32.3m | |
| Right-of-use assets increased through lease modifications and reassessments | — | $0 | $0 | $6.1m | $5.9m | $1.1m | $767k | $2.7m | |
| Equity interest issued in business combinations | — | — | — | — | $4.8m | $0 | $0 | $863k | |
| Contingent earnout liabilities assumed in business combinations and asset acquisitions | — | $29.1m | $98.5m | $127.4m | $14.9m | $723k | $224k | $18.4m | |
| Conversion of contingent earnout liability to related party notes payable | — | $0 | $0 | $61.5m | $2.1m | $0 | $5.6m | $0 | |
| Decrease in goodwill resulting from measurement period adjustments for prior year business combinations | — | — | $0 | ($2.2m) | $5.5m | ($211k) | $0 | $0 | |
| Net cash provided by (used in) operating activities | $11.8m | $12.0m | $36.8m | $40.1m | ($2.5m) | $44.6m | $102.2m | ($29.4m) | |
| Capital expenditures | ($525k) | ($1.7m) | ($5.5m) | ($5.3m) | ($22.0m) | ($21.4m) | ($41.0m) | ($39.5m) | |
| Capital expenditures incurred but not yet paid | — | $0 | $301k | $350k | $855k | $3.6m | $2.8m | $3.3m | |
| Noncontrolling interest acquired in business combinations | — | — | — | — | — | $0 | $0 | $97.9m | |
| Proceeds from divestitures, net of cash transferred | — | — | — | — | $0 | $3.3m | $57.0m | $1.9m | |
| Net cash provided by (used in) investing activities | ($42.5m) | ($101.0m) | ($677.8m) | ($678.5m) | ($414.4m) | ($21.9m) | $13.3m | ($140.3m) | |
| Proceeds from refinancing of long-term debt | — | $0 | $286.3m | $441.4m | $0 | $170.0m | $1.4b | $1.9b | |
| Payments relating to extinguishment and modification of long-term debt | — | — | — | — | $0 | $0 | ($996.2m) | ($1.8b) | |
| Payments on long-term debt | — | ($204k) | ($1.0m) | ($5.6m) | ($8.5m) | ($9.4m) | ($6.8m) | ($7.2m) | |
| Other financing activity | — | $1.8m | $19k | $0 | $0 | ($343k) | ($264k) | ($5.2m) | |
| Net cash provided by financing activities | $35.6m | $152.1m | $711.9m | $724.1m | $419.6m | ($26.2m) | ($29.6m) | $203.8m | |
| Net increase (decrease) in cash and cash equivalents and fiduciary cash | $4.9m | $63.1m | $71.0m | $85.7m | $2.7m | ($3.5m) | $85.8m | $34.1m | |
| Cash and cash equivalents and fiduciary cash at beginning of period | $8.0m | $71.1m | $142.0m | $227.7m | $230.5m | $227.0m | $312.8m | $346.9m | |
| Cash paid for interest | $3.4m | $9.5m | $6.0m | $22.1m | $62.7m | $105.4m | $111.4m | $115.3m | |
| Cash paid for taxes | — | — | $0 | $0 | $1.4m | $1.4m | $2.7m | $1.7m |
Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.