Baldwin Insurance Group Inc
For the period ended Dec 31, 2024. Filed Feb 25, 2025.
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FY2024 · Filed Feb 25, 2025
BWIN$32.18+0.1%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows
| For the Years Ended December 31, | |||
|---|---|---|---|
| (in thousands) | 2024 | 2023 | 2022 |
| Cash flows from operating activities: | |||
| Net loss | $(41,081) | $(164,019) | $(76,748) |
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||
| Depreciation and amortization | 108,924 | 98,402 | 86,358 |
| Change in fair value of contingent consideration | (4,949) | 61,083 | 32,307 |
| Share-based compensation expense | 65,503 | 60,008 | 47,389 |
| Payment of contingent earnout consideration in excess of purchase price accrual | (23,395) | (24,326) | (49,926) |
| Gain on divestitures | (38,953) | — | — |
| Loss on extinguishment of debt | 1,034 | — | — |
| Amortization of deferred financing costs | 5,841 | 5,129 | 5,120 |
| (Gain) loss on interest rate caps | 244 | 1,670 | (26,220) |
| Other loss | 665 | 361 | 135 |
| Changes in operating assets and liabilities, net of effect of acquisitions and divestitures: | |||
| Premiums, commissions and fees receivable, net | (73,762) | (132,269) | (183,006) |
| Prepaid expenses and other current assets | (7,213) | (6,849) | (10,383) |
| Right-of-use assets | 16,703 | 17,963 | (13,492) |
| Accounts payable, accrued expenses and other current liabilities | 81,561 | 132,655 | 173,362 |
| Colleague earnout incentives | 24,806 | 8,020 | — |
| Operating lease liabilities | (13,777) | (13,184) | 16,531 |
| Other liabilities | — | — | (3,889) |
| Net cash provided by (used in) operating activities | 102,151 | 44,644 | (2,462) |
| Cash flows from investing activities: | |||
| Proceeds from divestitures, net of cash transferred | 56,977 | 3,259 | — |
| Capital expenditures | (41,049) | (21,376) | (21,979) |
| Cash consideration paid for asset acquisitions | (268) | (2,118) | (3,356) |
| Investments in and loans to business ventures | (3,861) | (1,687) | (1,103) |
| Proceeds from repayment of loans to business ventures | 1,500 | — | — |
| Cash consideration paid for business combinations, net of cash received | — | — | (387,919) |
| Net cash provided by (used in) investing activities | 13,299 | (21,922) | (414,357) |
| Cash flows from financing activities: | |||
| Payment of contingent earnout consideration up to amount of purchase price accrual | (98,678) | (27,949) | (48,309) |
| Proceeds from revolving line of credit | 106,000 | 111,000 | 512,000 |
| Payments on revolving line of credit | (447,000) | (275,000) | (42,000) |
| Proceeds from refinancing of long-term debt | 1,440,000 | 170,000 | — |
| Payments relating to extinguishment and modification of long-term debt | (996,177) | — | — |
| Payments on long-term debt | (6,761) | (9,376) | (8,509) |
| Payments of deferred financing costs | (17,988) | (4,998) | (1,821) |
| Proceeds from the sale and settlement of interest rate caps | 2,300 | 10,918 | 21,246 |
| Purchase of interest rate caps | — | — | (3,838) |
| Tax distributions to Baldwin Holdings' LLC Members | (11,076) | (482) | (9,393) |
| Proceeds from repayment of stockholder notes receivable | — | 42 | 177 |
| Distributions to variable interest entities | (264) | (385) | — |
| Net cash provided by (used in) financing activities | (29,644) | (26,230) | 419,553 |
| Net increase (decrease) in cash and cash equivalents and restricted cash | 85,806 | (3,508) | 2,734 |
| Cash and cash equivalents and restricted cash at beginning of year | 226,963 | 230,471 | 227,737 |
| Cash and cash equivalents and restricted cash at end of year | $312,769 | $226,963 | $230,471 |
Consolidated Statements of Cash Flows (Continued)
| For the Years Ended December 31, | ||||
|---|---|---|---|---|
| (in thousands) · 2024 · 2023 · 2022 | ||||
| Supplemental schedule of cash flow information: | ||||
| Cash paid for interest | $111,397 | $105,386 | $62,702 | |
| Cash paid for taxes | 2,745 | 1,430 | 1,419 | |
| Disclosure of non-cash investing and financing activities: | ||||
| Conversion of contingent earnout liability to related party notes payable and to settle related party notes receivable | $5,636 | $— | $2,143 | |
| Right-of-use assets obtained in exchange for operating lease liabilities | 2,794 | 6,414 | 24,910 | |
| Capital expenditures incurred but not yet paid | 2,804 | 3,583 | 855 | |
| Right-of-use assets increased through lease modifications and reassessments | 767 | 1,063 | 5,905 | |
| Contingent earnout liabilities assumed in business combinations and asset acquisitions | 224 | 723 | 14,918 | |
| Increase (decrease) in goodwill resulting from measurement period adjustments for prior year business combinations | — | (211) | 5,534 | |
| Equity interest issued in business combinations and asset acquisitions | — | — | 4,809 | |
| Equity issued in satisfaction of a liability | — | — | 711 | |
| Reconciliation of cash and cash equivalents and restricted cash: | ||||
| Cash and cash equivalents and restricted cash per consolidated balance sheet | $221,033 | |||
| Restricted cash included in assets held for sale | 5,930 | |||
| Cash and cash equivalents and restricted cash at end of year per consolidated statements of cash flows | $226,963 | |||
Notes to Consolidated Financial Statements
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