The Baldwin Insurance Group, Inc.

in a 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 and zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Bonnie Bishop, Executive Director, Investor Relations. Please go ahead.

Thank you, Operator. Welcome to the Baldwin Group's first quarter 2024 earnings call. Today's call is being recorded. First quarter financial results, supplemental information, and Form 10Q 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 on our most recent form 10-Q, both of which are available on the Baldwin 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.baldwin.com. I will now turn the call over to Trevor Baldwin, Chief Executive Officer of the Baldwin Group.

Good afternoon and thank you for joining us to discuss our first quarter results reported earlier this afternoon. I'm joined this afternoon by Brad Hale, Chief Financial Officer, and Bonnie Bishop, Executive Director of Investor Relations. Our first quarter 2024 results represented one of the most complete performances we've seen across the business since going public, showcasing broad-based revenue momentum in tandem with robust margin expansion and improved free cash flow generation in the wake of the expense rationalization initiatives completed in 2023. All three of our segments achieved double digit organic revenue growth, resulting in overall organic revenue growth of 16%. Adjusted EBITDA grew 29% year over year, resulting in an adjusted EBITDA margin of 26.7%, a 280 basis point expansion over the first quarter of 2023. and free cash flow from operations grew 51% in the quarter to $53 million. As we discussed on our last earnings call, the business is rapidly approaching a real inflection point. We are four quarters away from satisfying substantially all our outstanding earn-out obligations, the result of which will be a step function increase of our free cash flow profile. we generated organic revenue growth of 11% in the first quarter. This was largely fueled by record new client wins, which were up nearly 90% over the first quarter of 2023, driven by increased collaboration across the firm, made possible by our integrated platform that enables broad-based accessibility to expertise, tools, and resources. We also saw rate and exposure which had been a headwind in the fourth quarter, return to more normalized levels and serve as a slight tailwind for the quarter, albeit down meaningfully from what we saw in the first quarter of 2023. Our UCTF segment grew organic revenue 21% in the first quarter, driven by continued strength in our multifamily and home products, which has persisted into the second quarter, and growing contribution from the commercial property and high net worth homeowners products we launched in late 2023. Our MIS segment had a strong quarter with organic revenue growth of 24%. The durability of our embedded home builder distribution strategy via our Westwood platform delivered superior new business and retention results despite continued weakness in housing sales. And our national mortgage and real estate operation continuing to scale rapidly. As we have discussed over the last few quarters, we have implemented strategies and procedures to deepen our focus on efficiency and to simplify and optimize our operating model. On May 1st, we took another meaningful step towards accomplishing that goal with the announcement of our brand transition to the Baldwin Group, in connection with which our public entity changed its name from BRP Group, Inc. to the Baldwin Insurance Group, Inc. With our partnership integration work largely complete, a unified go-to-market brand that enables us to more clearly and efficiently convey the capabilities of our firm to all of our stakeholders is a natural evolution. Importantly, we believe the combined brand will yield revenue, cost, and cultural synergies going forward. As part of our rebranding strategy, we're also changing our NASDAQ ticker symbol to BWIN. The ticker symbol change will take effect on May 20. In summary, we are extremely pleased with our results for the first quarter and for the exciting opportunities that lie ahead for the Baldwin Group. Our largely completed integration work will now enable us to increasingly leverage the full value of our talent and technology advantages which have driven our continued industry leading organic growth and accelerating margin and free cash flow expansion. I want to thank our nearly 4,000 colleagues for their tireless dedication and commitment to all of our stakeholders as they manage a dynamic insurance marketplace and transformative period for our firm. As the economy remains resilient by many measures, There are still challenges for many of our clients as they navigate economic uncertainty. We are grateful for our clients who place their trust in us for advice and solutions which deliver the insurance protection and risk mitigation vital to their businesses and livelihoods. We continue to work tirelessly on your behalf, simplifying complexity to protect what's possible. With that, I will turn it over to Brad, who will detail our financial results.