The Baldwin Insurance Group, Inc.

Greetings, and welcome to the BRP Group and Fourth Quarter 2022 Earnings Call. At this time, all participants are in listen-only mode. A brief question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. It is now my pleasure to introduce your host, Bonnie Byshop, Executive Director of Investor Relations. Thank you. You may begin.

Thank you, Operator. Welcome to the BRP Group's fourth quarter 2022 earnings call. Today's call is being recorded. Fourth quarter and full year financial results, supplemental information, and Form 10-K were issued earlier this afternoon and are available on the company's website at ir.baldwinriskpartners.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 to our 2022 Form 10-K, both of which are available on the BRP website. During the call today, the company may also discuss certain non-GAAP financial measures. For a more detailed discussion of these non-GAAP financial measures and historical reconciliation, to the most closely comparable gap measures, please refer to the company's earnings release and supplemental information, both of which have been posted on the company's website at ir.baldwinriskpartners.com. I will now turn the call over to Trevor Baldwin, Chief Executive Officer of BRP Group.

Thanks, Bonnie, and good afternoon, everyone, and thank you for joining us on our fourth quarter earnings call. I will start with a few remarks, followed by Brad, who will address financial and business highlights from the quarter and for the year. Then Brad, Chris, and I will take questions. 2022 was a record year for BRP, a year of transformative growth and broad-based execution across our business. We achieved total revenue growth of 73%, industry pacing organic growth of 23%, a new record for BRP, since our IPO, and achieved double-digit organic growth across all of our operating groups, showcasing the value our clients place in the advice, solutions, and relationships we deliver across our enterprise. Adjusted EBITDA in 2022 grew 74%, and 2022 adjusted net income was $1.03 per share, up 29% for the year. I am particularly pleased with these results as we continue to absorb the meaningful investments made over the past few years at the confluence of talent and technology in our business. As these investments continue to season, I believe they will drive continued outsized organic growth and accelerating efficiency and productivity across our business. Given the financial performance we delivered during the fourth quarter and full year, We are encouraged by the positive underlying momentum we're seeing across all of our business segments. In middle market, sales execution and new client wins accelerated through the year as a result of our investments in advisor talent, go-to-market capabilities, and product and industry expertise across our national footprint. Our MGA the Future platform again delivered outsized growth as we continue to take market share and execute on building and launching new products. In Main Street, we saw organic growth of 24% in the fourth quarter, driven by the continued early success of our national expansion strategy. Westwood, our homeowners-focused business embedded in the new HomeBuilder channel, is not yet included on our organic results, but grew revenue over 32% during the fourth quarter and 25% for the full year, showing exceptional durability amid accelerating challenges in the U.S. housing market during the year. In Medicare, we saw a solid annual enrollment period as a result of growth in agent count and increased productivity, though results of the fourth quarter selling season will largely be recognized in the first quarter of 2023 due to the effective date of policies. In summary, 2022 was an exceptional year for our business. a direct result of the value our colleagues continue to deliver clients and our stakeholders more broadly. We showed up when it mattered for clients, providing advice and solutions that simplify the complex, help navigate uncertainty, and manage risk amidst volatility, enabling them to continue pursuing their business aspirations and personal dreams. In addition to recognizing the close of a record year for BRP, 2022 marks our third full year as a public company since our IPO in October of 2019. During that time, we have transformed our business and continued to accelerate towards our goal of building a top 10 global insurance brokerage and advisory organization. We transformed the scale of our business from approximately $140 million of revenue in the year of our IPO to to over $980 million of revenue today, evolving from a regional business to a national platform. We have grown to nearly 4,000 colleagues from approximately 500 at the time of our IPO, all while continuing to cultivate and enhance our distinctive culture, which has attracted leading talent and served as a critical alignment point for partnering with exceptional businesses that share our vision of building the insurance distribution and advisory firm of the future. During this time, since our IPO, a period of intense internal and external investment to support our rapid growth and innovation, we have delivered a compound annual growth rate and adjusted earnings per share of 54%. For all of these reasons, I am immensely proud of the team we've assembled. the magnitude of what we've collectively accomplished in a very short amount of time, and the position we've put our business in to thrive for many years to come. As I look forward to 2023, while economic uncertainty and stress in large parts of the insurance marketplace remain elevated, I am confident that our business continues to be incredibly well positioned to deliver for our clients, colleagues, communities, insurance company trading partners, and investors. I want to thank our valued colleagues for their grit, tenacity, and commitment that have enabled the results we delivered to our stakeholders during 2022. You all are the reason that BRP's best years continue to be ahead. With that, I will hand the call to Brad for a more detailed review of our financial results.