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The Baldwin Group Announces First Quarter 2024 Results
--- Adjusted EBITDA(3) Growth of 29% Year Over Year to $101.7 Million and Adjusted EBITDA Margin(3) of 27%, a 280 Basis Point Expansion Compared to the Prior-Year Period -
The Baldwin Group, the go-to-market brand name for The Baldwin Insurance Group, Inc. (formerly BRP Group, Inc.) ("Baldwin" or the "Company") (NASDAQ: BRP), an independent insurance distribution firm delivering tailored insurance solutions to a wide range of personal and commercial Clients, today announced its results for the first quarter ended March 31, 2024.
FIRST QUARTER 2024 HIGHLIGHTS
Total revenue increased 15% year over year to $380.4 million Organic revenue growth of 16% year over year GAAP net income of $39.1 million and GAAP diluted earnings per share of $0.33 Adjusted net income(2) of $65.3 million Adjusted diluted EPS grew 33% year over year to $0.56 Adjusted EBITDA grew 29% year over year to $101.7 million Adjusted EBITDA margin of 27%, a 280 basis point expansion compared to 24% in the prior-year period Net cash provided by operating activities of $2.9 million Free cash flow(4) grew 51% year over year to $53.3 million
"We are thrilled with our start to 2024, as we delivered another quarter of strong, double-digit organic growth and significantly expanded our adjusted EBITDA margin, profitability and free cash flow generation--a significant testament to the scalability and earnings power of our business model," said Trevor Baldwin, Chief Executive Officer of The Baldwin Group. "Notably, our growth was broad-based across our platform, led by strong net new Client growth generated through the innovative advice, proprietary products, and unique solutions our Colleagues continue to develop and deliver into the marketplace, all while we continue to thoughtfully expand our footprint, including recently entering the multifamily insurance market in Canada. Additionally, in concert with our integration efforts over the past couple of years, we were excited last week to announce our official rebranding to The Baldwin Group, which we believe better reflects our legacy and aligns with how we are most prominently identified in the marketplace. Looking ahead, we remain very well-positioned to successfully deliver on our strategic priorities and generate continued long-term value for our shareholders."
TICKER SYMBOL CHANGE
In concert with the Company's rebranding to The Baldwin Group, the Company will be changing its ticker symbol to BWIN. The ticker symbol change will not take effect until the beginning of trading on NASDAQ on May 20, 2024.
LIQUIDITY AND CAPITAL RESOURCES
As of March 31, 2024, cash and cash equivalents were $112.1 million and the Company had $266.0 million of borrowing capacity under its revolving credit facility.
WEBCAST AND CONFERENCE CALL INFORMATION
Baldwin will host a webcast and conference call to discuss first quarter 2024 results today at 5:00 PM ET. A live webcast and a slide presentation of the conference call will be available on Baldwin's investor relations website at ir.baldwin.com. The dial-in number for the conference call is (877) 451-6152 (toll-free) or (201) 389-0879 (international). Please dial the number 10 minutes prior to the scheduled start time.
A webcast replay of the call will be available at ir.baldwin.com for one year following the call.
ABOUT THE BALDWIN GROUP
The Baldwin Group, the go-to-market brand name for The Baldwin Insurance Group, Inc. (NASDAQ: BRP) and its affiliates, is an independent insurance distribution firm providing indispensable expertise and insights that strive to give our Clients the confidence to pursue their purpose, passion and dreams. As a team of dedicated entrepreneurs and insurance professionals, we have come together to help protect the possible for our Clients. We do this by delivering bespoke Client solutions, services, and innovation through our comprehensive and tailored approach to risk management, insurance, and employee benefits. We support our Clients, Colleagues, Insurance Company Partners, and communities through the deployment of vanguard resources and capital to drive our organic and inorganic growth. The Baldwin Group proudly represents more than two million Clients across the United States and internationally. For more information, please visit www.baldwin.com.
FOOTNOTES
(1) Organic revenue for the three months ended March 31, 2023 used to calculate organic revenue growth for the three months ended March 31, 2024 was $327.0 million, which is adjusted to exclude commissions and fees from divestitures. Organic revenue and organic revenue growth are non-GAAP measures. Reconciliation of organic revenue and organic revenue growth to commissions and fees, the most directly comparable GAAP financial measure, is set forth in the reconciliation table accompanying this release. Organic revenue for the three months ended March 31, 2023 used to calculate organic revenue growth for the three months ended March 31, 2024 was $327.0 million, which is adjusted to exclude commissions and fees from divestitures. Organic revenue and organic revenue growth are non-GAAP measures. Reconciliation of organic revenue and organic revenue growth to commissions and fees, the most directly comparable GAAP financial measure, is set forth in the reconciliation table accompanying this release.
(2) Adjusted net income and adjusted diluted EPS are non-GAAP measures. Reconciliation of adjusted net income to net income (loss) attributable to Baldwin and reconciliation of adjusted diluted EPS to diluted earnings (loss) per share, the most directly comparable GAAP financial measures, is set forth in the reconciliation table accompanying this release. Adjusted net income and adjusted diluted EPS are non-GAAP measures. Reconciliation of adjusted net income to net income (loss) attributable to Baldwin and reconciliation of adjusted diluted EPS to diluted earnings (loss) per share, the most directly comparable GAAP financial measures, is set forth in the reconciliation table accompanying this release.
(3) Adjusted EBITDA and adjusted EBITDA margin are non-GAAP measures. Reconciliation of adjusted EBITDA and adjusted EBITDA margin to net income (loss), the most directly comparable GAAP financial measure, is set forth in the reconciliation table accompanying this release. Adjusted EBITDA and adjusted EBITDA margin are non-GAAP measures. Reconciliation of adjusted EBITDA and adjusted EBITDA margin to net income (loss), the most directly comparable GAAP financial measure, is set forth in the reconciliation table accompanying this release.
NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release may contain various "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, which represent Baldwin's expectations or beliefs concerning future events. Forward-looking statements are statements other than historical facts and may include statements that address future operating, financial or business performance or Baldwin's strategies or expectations. In some cases, you can identify these statements by forward-looking words such as "may," "might," "will," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "projects," "potential," "outlook" or "continue," or the negative of these terms or other comparable terminology. Forward-looking statements are based on management's current expectations and beliefs and involve significant risks and uncertainties that could cause actual results, developments and business decisions to differ materially from those contemplated by these statements.
Factors that could cause actual results or performance to differ from the expectations expressed or implied in such forward-looking statements include, but are not limited to, those described under the caption "Risk Factors" in Baldwin's Annual Report on Form 10-K for the year ended December 31, 2023 and in Baldwin's other filings with the SEC, which are available free of charge on the SEC's website at: www.sec.gov, including those risks and other factors relevant to the business, financial condition and results of operations of Baldwin. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated. All forward-looking statements and all subsequent written and oral forward-looking statements attributable to Baldwin or to persons acting on behalf of Baldwin are expressly qualified in their entirety by reference to these risks and uncertainties. You should not place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and Baldwin does not undertake any obligation to update them in light of new information, future developments or otherwise, except as may be required under applicable law.
THE BALDWIN INSURANCE GROUP, INC.
Condensed Consolidated Statements of Comprehensive Income (Loss)
(Unaudited)
For the Three Months
Ended March 31,
----------------------------------------------------------------------------------------------------------------------------
(in thousands, except share and per share data) 2024 2023
-------------------------------------------------- ------------------------------------------------------
Revenues:
$ 378,096 $ 329,523
Commissions and fees
2,271 923
Investment income
-------------------- ---------- -------------------- -------------------- -------------- --------------------
380,367 330,446
Total revenues
Operating expenses:
262,092 230,954
Commissions, employee compensation and benefits
45,795 46,604
Other operating expenses
24,041 23,163
Amortization expense
12,676 24,758
Change in fair value of contingent consideration
1,505 1,348
Depreciation expense
-------------------- ---------- -------------------- -------------------- -------------- --------------------
346,109 326,827
Total operating expenses
Operating income 34,258 3,619
Other income (expense):
(31,545 ) (27,884 )
Interest expense, net
36,516 --
Gain on divestitures
538 (1,511 )
Other income (expense), net
-------------------- ---------- -------------------- -------------------- -------------- --------------------
5,509 (29,395 )
Total other income (expense), net
-------------------- ---------- -------------------- -------------------- -------------- --------------------
Income (loss) before income taxes 39,767 (25,776 )
667 78
Income tax expense
-------------------- ---------- -------------------- -------------------- -------------- --------------------
Net income (loss) 39,100 (25,854 )
17,522 (11,722 )
Less: net income (loss) attributable to noncontrolling interests
-------------------- ---------- -------------------- -------------------- -------------- --------------------
Net income (loss) attributable to Baldwin $ 21,578 $ (14,132 )
==================== ========== ==================== ==================== ============== ====================
Comprehensive income (loss) $ 39,100 $ (25,854 )
Comprehensive income (loss) attributable to noncontrolling interests 17,522 (11,722 )
Comprehensive income (loss) attributable to Baldwin 21,578 (14,132 )
Basic earnings (loss) per share $ 0.35 $ (0.24 )
Diluted earnings (loss) per share $ 0.33 $ (0.24 )
Weighted-average shares of Class A common stock outstanding - basic 61,856,147 58,711,798
THE BALDWIN INSURANCE GROUP, INC.
Condensed Consolidated Balance Sheets
(Unaudited)
(in thousands, except share and per share data) March 31, 2024 December 31, 2023
------------------------------------------------------ -------------------------------------------------
Assets
Current assets:
$ 112,113 $ 116,209
Cash and cash equivalents
122,204 104,824
Restricted cash
701,892 627,791
Premiums, commissions and fees receivable, net
14,909 12,730
Prepaid expenses and other current assets
-- 64,351
Assets held for sale
-------------------- -------------- -------------------- -------------------- --------- --------------------
951,118 925,905
Total current assets
Property and equipment, net 22,994 22,713
Right-of-use assets 83,461 85,473
Other assets 39,777 38,134
Intangible assets, net 1,000,274 1,017,343
Goodwill 1,412,369 1,412,369
-------------------- -------------- -------------------- -------------------- --------- --------------------
$ 3,509,993 $ 3,501,937
Total assets
==================== ============== ==================== ==================== ========= ====================
Liabilities, Mezzanine Equity and Stockholders' Equity
Current liabilities:
$ 599,828 $ 555,569
Premiums payable to insurance companies
85,687 64,304
Producer commissions payable
132,234 152,954
Accrued expenses and other current liabilities
5,691 1,525
Related party notes payable
229,529 215,157
Current portion of contingent earnout liabilities
-- 43,931
Liabilities held for sale
-------------------- -------------- -------------------- -------------------- --------- --------------------
1,052,969 1,033,440
Total current liabilities
Revolving line of credit 334,000 341,000
Long-term debt, less current portion 966,962 968,183
Contingent earnout liabilities, less current portion 6,336 61,310
Operating lease liabilities, less current portion 77,830 78,999
Other liabilities 123 123
-------------------- -------------- -------------------- -------------------- --------- --------------------
2,438,220 2,483,055
Total liabilities
-------------------- -------------- -------------------- -------------------- --------- --------------------
Commitments and contingencies
Mezzanine equity:
455 394
Redeemable noncontrolling interest
Stockholders' equity:
Class A common stock, par value $0.01 per share, 300,000,000 shares authorized; 65,205,532 and 64,133,950 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively 652 641
Class B common stock, par value $0.0001 per share, 100,000,000 shares authorized; 51,622,192 and 52,422,494 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively 5 5
762,609 746,671
Additional paid-in capital
(165,327 ) (186,905 )
Accumulated deficit
-------------------- -------------- -------------------- -------------------- --------- --------------------
597,939 560,412
Total stockholders' equity attributable to Baldwin
473,379 458,076
Noncontrolling interest
-------------------- -------------- -------------------- -------------------- --------- --------------------
1,071,318 1,018,488
Total stockholders' equity
-------------------- -------------- -------------------- -------------------- --------- --------------------
THE BALDWIN INSURANCE GROUP, INC.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
For the Three Months
Ended March 31,
--------------------------------------------------------------------------------------------------------------------------------
(in thousands) 2024 2023
------------------------------------------------------ ------------------------------------------------------
Cash flows from operating activities:
$ 39,100 $ (25,854 )
Net income (loss)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
25,546 24,511
Depreciation and amortization
12,676 24,758
Change in fair value of contingent consideration
14,094 13,281
Share-based compensation expense
(16,318 ) (857 )
Payment of contingent earnout consideration in excess of purchase price accrual
(36,516 ) --
Gain on divestitures
1,552 1,239
Amortization of deferred financing costs
26 1,407
Loss on interest rate caps
(4 ) 100
Other (gain) loss
Changes in operating assets and liabilities:
(73,558 ) (48,351 )
Premiums, commissions and fees receivable, net
(4,629 ) (4,860 )
Prepaid expenses and other current assets
4,186 1,149
Right-of-use assets
39,451 (163 )
Accounts payable, accrued expenses and other current liabilities
(2,712 ) (468 )
Operating lease liabilities
-- 77
Other liabilities
-------------------- -------------- -------------------- -------------------- -------------- --------------------
2,894 (14,031 )
Net cash provided by (used in) operating activities
-------------------- -------------- -------------------- -------------------- -------------- --------------------
Cash flows from investing activities:
54,448 --
Proceeds from divestitures, net of cash transferred
(8,146 ) (3,499 )
Capital expenditures
(3,189 ) (100 )
Investments in and loans for business ventures
1,500 --
Proceeds from repayment of related party loans
-- (1,500 )
Cash consideration paid for asset acquisitions
-------------------- -------------- -------------------- -------------------- -------------- --------------------
44,613 (5,099 )
Net cash provided by (used in) investing activities
-------------------- -------------- -------------------- -------------------- -------------- --------------------
Cash flows from financing activities:
(32,794 ) (4,680 )
Payment of contingent earnout consideration up to amount of purchase price accrual
70,000 50,000
Proceeds from revolving line of credit
(77,000 ) (70,000 )
Payments on revolving line of credit
(2,561 ) (2,127 )
Payments on long-term debt
2,300 2,275
Proceeds from the settlement of interest rate caps
(98 ) (11 )
Tax distributions to Baldwin Holdings LLC members
-- 21
Proceeds from repayment of stockholder notes receivable
-------------------- -------------- -------------------- -------------------- -------------- --------------------
(40,153 ) (24,522 )
Net cash used in financing activities
-------------------- -------------- -------------------- -------------------- -------------- --------------------
Net increase (decrease) in cash and cash equivalents and restricted cash 7,354 (43,652 )
Cash and cash equivalents and restricted cash at beginning of period 226,963 230,471
-------------------- -------------- -------------------- -------------------- -------------- --------------------
NON-GAAP FINANCIAL MEASURES
Adjusted EBITDA, adjusted EBITDA margin, organic revenue, organic revenue growth, adjusted net income, adjusted diluted earnings per share ("EPS") and adjusted net cash provided by operating activities ("free cash flow") are not measures of financial performance under GAAP and should not be considered substitutes for GAAP measures, including commissions and fees (for organic revenue and organic revenue growth), net income (loss) (for adjusted EBITDA and adjusted EBITDA margin), net income (loss) attributable to Baldwin (for adjusted net income), diluted earnings (loss) per share (for adjusted diluted EPS) or net cash provided by (used in) operating activities (for free cash flow), which we consider to be the most directly comparable GAAP measures. These non-GAAP financial measures have limitations as analytical tools, and when assessing our operating performance, you should not consider these non-GAAP financial measures in isolation or as substitutes for commissions and fees, net income (loss), net income (loss) attributable to Baldwin, diluted earnings (loss) per share, net cash provided by (used in) operating activities or other consolidated income statement data prepared in accordance with GAAP. Other companies in our industry may define or calculate these non-GAAP financial measures differently than we do, and accordingly, these measures may not be comparable to similarly titled measures used by other companies.
We define adjusted EBITDA as net income (loss) before interest, taxes, depreciation, amortization, change in fair value of contingent consideration and certain items of income and expense, including share-based compensation expense, transaction-related Partnership and integration expenses, severance, and certain non-recurring items, including those related to raising capital. We believe that adjusted EBITDA is an appropriate measure of operating performance because it eliminates the impact of income and expenses that do not relate to business performance, and that the presentation of this measure enhances an investor's understanding of our financial performance.
Adjusted EBITDA margin is adjusted EBITDA divided by total revenue. Adjusted EBITDA margin is a key metric used by management and our board of directors to assess our financial performance. We believe that adjusted EBITDA margin is an appropriate measure of operating performance because it eliminates the impact of income and expenses that do not relate to business performance, and that the presentation of this measure enhances an investor's understanding of our financial performance. We believe that adjusted EBITDA margin is helpful in measuring profitability of operations on a consolidated level.
Adjusted EBITDA and adjusted EBITDA margin have important limitations as analytical tools. For example, adjusted EBITDA and adjusted EBITDA margin:
do not reflect any cash capital expenditure requirements for the assets being depreciated and amortized that may have to be replaced in the future; do not reflect changes in, or cash requirements for, our working capital needs; do not reflect the impact of certain cash charges resulting from matters we consider not to be indicative of our ongoing operations; do not reflect the interest expense or the cash requirements necessary to service interest or principal payments on our debt; do not reflect share-based compensation expense and other non-cash charges; and exclude certain tax payments that may represent a reduction in cash available to us.
We calculate organic revenue based on commissions and fees for the relevant period by excluding (i) the first twelve months of commissions and fees generated from new Partners and (ii) commissions and fees from divestitures. Organic revenue growth is the change in organic revenue period-to-period, with prior period results adjusted to (i) include commissions and fees that were excluded from organic revenue in the prior period because the relevant Partners had not yet reached the twelve-month owned mark, but which have reached the twelve-month owned mark in the current period, and (ii) exclude commissions and fees related to divestitures from organic revenue. For example, commissions and fees from a Partner acquired on June 1, 2023 are excluded from organic revenue for 2023. However, after June 1, 2024, results from June 1, 2023 to December 31, 2023 for such Partners are compared to results from June 1, 2024 to December 31, 2024 for purposes of calculating organic revenue growth in 2024. Organic revenue growth is a key metric used by management and our board of directors to assess our financial performance. We believe that organic revenue and organic revenue growth are appropriate measures of operating performance as they allow investors to measure, analyze and compare growth in a meaningful and consistent manner.
We define adjusted net income as net income (loss) attributable to Baldwin adjusted for depreciation, amortization, change in fair value of contingent consideration and certain items of income and expense, including share-based compensation expense, transaction-related Partnership and integration expenses, severance, and certain non-recurring costs that, in the opinion of management, significantly affect the period-over-period assessment of operating results, and the related tax effect of those adjustments. We believe that adjusted net income is an appropriate measure of operating performance because it eliminates the impact of income and expenses that do not relate to business performance.
Adjusted diluted EPS measures our per share earnings excluding certain expenses as discussed above for adjusted net income and assuming all shares of Class B common stock were exchanged for Class A common stock on a one-for-one basis. Adjusted diluted EPS is calculated as adjusted net income divided by adjusted diluted weighted-average shares outstanding. We believe adjusted diluted EPS is useful to investors because it enables them to better evaluate per share operating performance across reporting periods.
We calculate free cash flow because we hold fiduciary cash designated for our Insurance Company Partners on behalf of our Clients and incur substantial earnout liabilities in conjunction with our Partnership strategy. Free cash flow is calculated as net cash provided by (used in) operating activities excluding the impact of: (i) the change in premiums, commissions and fees receivable, net; (ii) the change in accounts payable, accrued expenses and other current liabilities; and (iii) the payment of contingent earnout consideration in excess of purchase price accrual. We believe that free cash flow is an important financial measure for use in evaluating financial performance because it measures our ability to generate additional cash from our business operations.
Reconciliation of guidance regarding adjusted EBITDA, organic revenue growth, adjusted diluted EPS and free cash flow to the most directly comparable GAAP measures is not available without unreasonable efforts on a forward-looking basis due to the high variability, complexity, and low visibility with respect to commissions and fees, net income (loss), diluted earnings (loss) per share or other consolidated income statement data prepared in accordance with GAAP. The Company is currently unable to predict with a reasonable degree of certainty the type and extent of items that would be expected to impact these GAAP financial measures for these periods. The unavailable information could have a significant impact on the non-GAAP measures.
Adjusted EBITDA and Adjusted EBITDA Margin
The following table reconciles adjusted EBITDA and adjusted EBITDA margin to net income (loss), which we consider to be the most directly comparable GAAP financial measure:
For the Three Months
Ended March 31,
-------------------------------------------------------------------------------------------------------------------------
(in thousands, except percentages) 2024 2023
----------------------------------------------- ------------------------------------------------------
Revenues $ 380,367 $ 330,446
Net income (loss) $ 39,100 $ (25,854 )
Adjustments to net income (loss):
(36,516 ) --
Gain on divestitures
31,545 27,884
Interest expense, net
24,041 23,163
Amortization expense
14,094 13,281
Share-based compensation
12,676 24,758
Change in fair value of contingent consideration
4,904 5,432
Transaction-related Partnership and integration expenses
3,583 --
Colleague earnout incentives
1,689 167
Severance
1,505 1,348
Depreciation expense
1,501 78
Income and other taxes
26 1,407
Loss on interest rate caps
3,538 7,342
Other(1)
-------------------- ------- -------------------- -------------------- -------------- --------------------
$ 101,686 $ 79,006
Adjusted EBITDA
==================== ======= ==================== ==================== ============== ====================
___________________
Organic Revenue and Organic Revenue Growth
The following table reconciles organic revenue and organic revenue growth to commissions and fees, which we consider to be the most directly comparable GAAP financial measure:
For the Three Months
Ended March 31,
-------------------------------------------------------------------------------------------------------------------------
(in thousands, except percentages) 2024 2023
------------------------------------------------------ -----------------------------------------------
Commissions and fees $ 378,096 $ 329,523
Partnership commissions and fees(1) -- (30,871 )
-------------------- -------------- -------------------- -------------------- ------- --------------------
$ 378,096 $ 298,652
Organic revenue
==================== ============== ==================== ==================== ======= ====================
Organic revenue growth(2) $ 51,051 $ 55,804
___________________ (1) Includes the first twelve months of such commissions and fees generated from newly acquired Partners. Includes the first twelve months of such commissions and fees generated from newly acquired Partners.
Adjusted Net Income and Adjusted Diluted EPS
The following table reconciles adjusted net income to net income (loss) attributable to Baldwin and reconciles adjusted diluted EPS to diluted earnings (loss) per share, which we consider to be the most directly comparable GAAP financial measures:
For the Three Months
Ended March 31,
--------------------------------------------------------------------------------------------------------------------------------
(in thousands, except per share data) 2024 2023
------------------------------------------------------ ------------------------------------------------------
Net income (loss) attributable to Baldwin $ 21,578 $ (14,132 )
Net income (loss) attributable to noncontrolling interests 17,522 (11,722 )
(36,516 ) --
Gain on divestitures
24,041 23,163
Amortization expense
14,094 13,281
Share-based compensation
12,676 24,758
Change in fair value of contingent consideration
4,904 5,432
Transaction-related Partnership and integration expenses
3,583 --
Colleague earnout incentives
2,326 3,682
Loss on interest rate caps, net of cash settlements
1,689 167
Severance
1,552 1,239
Amortization of deferred financing costs
1,505 1,348
Depreciation
3,538 7,342
Other(1)
-------------------- -------------- -------------------- -------------------- -------------- --------------------
Adjusted pre-tax income 72,492 54,558
7,177 5,401
Adjusted income taxes(2)
-------------------- -------------- -------------------- -------------------- -------------- --------------------
Adjusted net income $ 65,315 $ 49,157
==================== ============== ==================== ==================== ============== ====================
Weighted-average shares of Class A common stock outstanding - diluted 65,314 58,712
-- 3,603
Dilutive weighted-average shares of Class A common stock
51,994 54,094
Exchange of Class B common stock(3)
-------------------- -------------- -------------------- -------------------- -------------- --------------------
Adjusted diluted weighted-average shares outstanding 117,308 116,409
==================== ============== ==================== ==================== ============== ====================
Adjusted diluted EPS $ 0.56 $ 0.42
==================== ============== ==================== ==================== ============== ====================
Diluted earnings (loss) per share $ 0.33 $ (0.24 )
-- 0.02
Effect of exchange of Class B common stock and net income (loss) attributable to noncontrolling interests per share
0.29 0.69
Other adjustments to earnings (loss) per share
(0.06 ) (0.05 )
Adjusted income taxes per share