Brown & Brown Inc (BRO) 2023 Q1 法說會逐字稿

Good morning, and welcome to the Brown & Brown, Inc. First Quarter Earnings Call. Today's call is being recorded. Please note that certain information discussed during this call, including information contained in the slide presentation posted in connection with this call and including answers given in response to your questions may relate to future results and events or otherwise be forward-looking in nature. Such statements reflect our current views with respect to future events, including those relating to the company's anticipated financial results for the first quarter and are intended to fall within the safe harbor provisions of the security laws.

早上好，歡迎來到 Brown & Brown, Inc. 第一季度財報電話會議。今天的通話正在錄音中。請注意，本次電話會議期間討論的某些信息，包括與本次電話會議相關的幻燈片演示中包含的信息，以及對您問題的回答，可能與未來的結果和事件有關，或者在其他方面具有前瞻性。此類陳述反映了我們目前對未來事件的看法，包括與公司第一季度預期財務業績相關的看法，旨在符合證券法的安全港條款。

Actual results or events in the future are subject to a number of risks and uncertainties and may differ materially from those currently anticipated or desired or referenced in any forward-looking statements made as a result of a number of factors. Such factors include the company's determination as it finalizes its financial results for the first quarter that its financial results differ from the current preliminary and audited numbers set forth in the press release issued yesterday. Other factors that the company may not have currently identified or quantified and those risks and uncertainties identified from time to time in the company's reports filed with the Securities and Exchange Commission.

未來的實際結果或事件受到許多風險和不確定性的影響，並且可能與當前預期或希望的或由於許多因素而做出的任何前瞻性陳述中引用的結果或事件存在重大差異。這些因素包括公司在確定其第一季度財務業績時確定其財務業績與昨天發布的新聞稿中列出的當前初步和經審計的數字不同。公司目前可能尚未確定或量化的其他因素，以及公司向美國證券交易委員會提交的報告中不時確定的風險和不確定性。

Additional discussion of these and other factors affecting the company's business and prospects as well as additional information regarding forward-looking statements is contained in the slide presentation posted in connection with this call and in the company's filings with the Securities and Exchange Commission. We disclaim any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

有關影響公司業務和前景的這些因素和其他因素的更多討論以及有關前瞻性陳述的更多信息，包含在與本次電話會議相關的幻燈片演示以及公司向美國證券交易委員會提交的文件中。我們不承擔更新或修改任何前瞻性陳述的任何意圖或義務，無論是由於新信息、未來事件或其他原因。

In addition, there are certain non-GAAP financial measures used in this conference call. A reconciliation of any non-GAAP financial measures to the most comparable GAAP financial measure can be found in the company's earnings press release or in the investor presentation for this call on the company's website at www.bbinsurance.com by clicking on Investor Relations and then Calendar of Events.

此外，本次電話會議還使用了某些非 GAAP 財務指標。任何非 GAAP 財務指標與最可比的 GAAP 財務指標的對賬可以在公司的收益新聞稿中找到，也可以在公司網站 www.bbinsurance.com 上的投資者介紹中找到，方法是點擊投資者關係，然後活動日曆。

With that said, I will now turn the call over to Mr. Powell Brown, President and Chief Executive Officer. You may begin.

話雖如此，我現在將把電話轉交給總裁兼首席執行官鮑威爾布朗先生。你可以開始了。

Good morning, everybody, and welcome to our Q1 2023 earnings call. Before we get into any detail, Q1 was an outstanding and we're very pleased with our results. I'll provide some high-level comments around our performance for the quarter, along with some updates on the insurance market and M&A landscape, then Andy will discuss our financial results in more detail. And lastly, I'll wrap up with some closing thoughts before we open it up to Q&A.

大家早上好，歡迎來到我們的 2023 年第一季度財報電話會議。在我們進入任何細節之前，Q1 非常出色，我們對我們的結果非常滿意。我將就我們本季度的業績提供一些高層評論，以及保險市場和併購領域的一些最新情況，然後安迪將更詳細地討論我們的財務業績。最後，在我們開始進行問答之前，我將總結一些結束語。

I'm now on Slide #4. We delivered over $1.1 billion of revenue, growing 23% in total and 12.6% organically. To put this in perspective, 11 years ago, our total annual revenues were $1.1 billion. Our adjusted EBITDAC margin remained strong for the quarter at 35.7%. We delivered earnings per share of $0.83, growing 7.8% over the first quarter of '22. On the M&A front, we completed seven acquisitions with estimated annual revenues of $11 million. We're very pleased to have delivered another outstanding quarter of good profitable growth.

我現在在幻燈片 #4 上。我們實現了超過 11 億美元的收入，總收入增長 23%，有機增長 12.6%。從這個角度來看，11 年前，我們的年總收入為 11 億美元。我們調整後的 EBITDAC 利潤率在本季度保持強勁，為 35.7%。我們的每股收益為 0.83 美元，比 22 年第一季度增長 7.8%。在併購方面，我們完成了七項收購，估計年收入為 1100 萬美元。我們很高興又一個出色的季度實現了良好的盈利增長。

I'm on Slide #5. From an economic standpoint, most businesses continue to grow and companies are still looking to hire employees. Overall, business leaders are generally cautious about the future while managing the impacts of inflation and higher interest rates. We would say there's not been a material change for what we heard from our customers in the fourth quarter of 2022.

我在幻燈片 #5 上。從經濟角度來看，大多數企業都在繼續增長，公司仍在招聘員工。總體而言，商界領袖在管理通貨膨脹和利率上升的影響時，普遍對未來持謹慎態度。我們可以說，我們在 2022 年第四季度從客戶那裡聽到的信息沒有發生重大變化。

The insurance marketplace is very challenging for customers in the first quarter. Across most lines of coverage, rate increases were similar to prior quarters with admitted markets up 5% to 7% and excess and surplus markets up 10% to 20%. However, there are exceptions. Workers' compensation rates continue to decline. E&S professional liability rates, primarily public company D&O, continued to moderate with rates down 10% or more and in some cases, they're up slightly.

第一季度，保險市場對客戶來說非常具有挑戰性。在大多數覆蓋範圍內，利率漲幅與前幾個季度相似，准入市場上漲 5% 至 7%，過剩和過剩市場上漲 10% 至 20%。但是，也有例外。工傷賠償率繼續下降。 E&S 專業責任率（主要是上市公司 D&O）繼續放緩，下降了 10% 或更多，在某些情況下，它們還略有上升。

The areas that remain most challenging are E&S property and excess liability due to losses and increased insured values. Carriers continue to elevate their coastal -- evaluate their coastal property portfolios. These actions result in more participants generally on a property placement. We continue to see underwriters increase insured values per square foot, thus, customers are seeing premiums rise based on rates and higher values. As a result, buyers are feeling exhausted with the premium increases and more customers are purchasing loss limits, increased deductibles and decreasing overall limits.

仍然最具挑戰性的領域是 E&S 財產以及因損失和保險價值增加而導致的超額責任。承運人繼續提升他們的沿海資產——評估他們的沿海資產組合。這些行動通常會導致更多參與者參與財產配售。我們繼續看到承銷商增加每平方英尺的保險價值，因此，客戶看到保費根據費率和更高的價值而上漲。結果，買家對保費上漲感到疲憊不堪，越來越多的客戶購買了損失限額、增加的免賠額和降低的總限額。

Pertaining to the Florida insurance market, everyone's watching to see the impact of the legal reforms late last year. Long term, we believe the changes will be positive. However, we think it will take some time to see improvement related to the legal changes. In the interim, more policies will continue to move into Citizens. Please remember Citizens was created to be the market of last resort for residential homes, condominiums and apartments. Right now, it's one of the most competitive and at times, one of the only solutions for insureds.

關於佛羅里達保險市場，每個人都在關注去年底法律改革的影響。從長遠來看，我們相信這些變化將是積極的。但是，我們認為需要一些時間才能看到與法律變更相關的改進。在此期間，更多政策將繼續轉移到公民身上。請記住，Citizens 的創建是為了成為住宅、公寓和公寓的最後選擇市場。現在，它是最具競爭力的解決方案之一，有時也是為被保險人提供的唯一解決方案之一。

As it relates to the overall M&A market, the level of deals primarily from financial backers has slowed. That does not mean high-quality businesses don't trade at similar multiples to what we've seen over the past year. But from our perspective, we remain active, and GRP had another solid quarter of M&A transactions. We're very pleased with their success and the quality of the businesses they're adding to the Brown & Brown team. Our disciplined approach remains centered on identifying high-quality companies that fit culturally and make sense financially.

由於涉及到整個併購市場，主要來自金融支持者的交易水平已經放緩。這並不意味著高質量企業的市盈率不會與我們在過去一年中看到的相似。但從我們的角度來看，我們仍然活躍，GRP 的併購交易又是一個穩定的季度。我們對他們的成功以及他們加入 Brown & Brown 團隊的業務質量感到非常滿意。我們紀律嚴明的方法仍然集中於識別在文化上適合且在財務上有意義的高質量公司。

I'm now on Slide #6. Our Retail segment delivered impressive organic growth of 8.8%. The growth across all lines of business were driven by strong new business, good retention and continued rate increases. In addition, our employee benefits businesses performed really well in Q1.

我現在在幻燈片 #6 上。我們的零售部門實現了令人印象深刻的 8.8% 有機增長。所有業務線的增長都受到強勁的新業務、良好的保留率和持續的利率增長的推動。此外，我們的員工福利業務在第一季度表現非常出色。

Our Program segment delivered another outstanding quarter of double-digit organic growth of nearly 34% fueled by new business, rate increases, good retention and claims processing revenue from Hurricane Ian. This growth was driven primarily by strong performance from our lender-placed business, our diverse group of wind and quake programs and our captives.

在颶風伊恩帶來的新業務、費率上漲、良好的保留率和索賠處理收入的推動下，我們的計劃部門又實現了近 34% 的兩位數有機增長。這一增長主要是由我們的貸方業務、我們多樣化的風力和地震項目組以及我們的自保業務的強勁表現推動的。

Wholesale Brokerage delivered another solid quarter with organic growth of 7%, driven by good new business and retention, along with continued rate increases. The rate of growth for open brokerage slowed somewhat while the growth of our delegated authority business improved.

在良好的新業務和保留率以及持續的利率增長的推動下，批發經紀業務又一個穩健的季度實現了 7% 的有機增長。公開經紀業務的增長率有所放緩，而我們的授權業務增長有所改善。

Organic growth for the Services segment was 1.6% for the quarter, driven by claims processing revenue primarily related to the winter storms.

受主要與冬季風暴相關的理賠處理收入的推動，本季度服務部門的有機增長為 1.6%。

I'd like to thank our 15,000-plus teammates throughout the world for delivering these strong results. Now I'd like to turn it over to Andy to discuss our financial results in more detail.

我要感謝我們在世界各地的 15,000 多名隊友取得了這些出色的成績。現在我想把它交給安迪來更詳細地討論我們的財務結果。

Great. Thanks, Powell, and good morning, everyone. Since Powell discussed our GAAP results earlier in the presentation, I'll review our consolidated financial results on an adjusted basis.

偉大的。謝謝，鮑威爾，大家早上好。由於鮑威爾在演講的早些時候討論了我們的 GAAP 結果，我將在調整後的基礎上審查我們的綜合財務結果。

We're over on Slide #7. As a reminder, our adjusted measures exclude the change in estimated earn-out payables, onetime acquisition costs associated with our acquisition of GRP, Orchid and BdB last year and gains or losses on business divestitures. This quarter it also excludes $11 million related to resolving a business matter, which is considered onetime in nature. The charge relates to a pre-acquisition event from a business we bought over 10 years ago. We believe isolating the above items gives a better reflection of the performance of the business and provides enhanced comparability. The reconciliation of these amounts -- adjusted amounts to the most closely comparable GAAP amounts can be found in the appendix to this presentation.

我們在幻燈片 #7 上結束了。提醒一下，我們調整後的衡量指標不包括估計的盈利性應付賬款的變化、與我們去年收購 GRP、Orchid 和 BdB 相關的一次性收購成本以及業務剝離的損益。本季度還不包括與解決業務問題相關的 1100 萬美元，這在性質上被認為是一次性的。該費用與我們 10 多年前收購的一家企業的收購前事件有關。我們認為，將上述項目分開可以更好地反映業務績效，並提供增強的可比性。這些金額的對賬 - 調整後的金額與最接近可比的 GAAP 金額可以在本演示文稿的附錄中找到。

Total revenues were $1.1 billion for the first quarter, a new record for us, growing 23.5% as compared to the prior year. Income before income taxes increased by 13.2% and EBITDAC grew by 23.2%. We had good leverage across the business even with a few moving parts this quarter that included some additional onetime costs that substantially offset the benefit of incremental investment income. In addition, the margins for GRP, as we've mentioned before, are more evenly weighted throughout the year versus our seasonally higher margin in the first quarter for the company. This means it negatively impacted the first quarter margin by approximately 40 basis points. As a result, GRP will benefit our margins in future quarters.

第一季度的總收入為 11 億美元，創下我們的新紀錄，與去年同期相比增長 23.5%。所得稅前收入增長 13.2%，EBITDAC 增長 23.2%。即使本季度有一些移動部分，我們在整個業務中都有良好的槓桿作用，其中包括一些額外的一次性成本，這些成本大大抵消了增量投資收入的好處。此外，正如我們之前提到的，與公司第一季度季節性較高的利潤率相比，GRP 的利潤率在全年的權重更為均衡。這意味著它對第一季度利潤率產生了大約 40 個基點的負面影響。因此，GRP 將有利於我們未來幾個季度的利潤率。

Income before income taxes grew at a slower rate than total revenues due to the incremental interest and amortization expense associated with acquisitions we completed last year. The effective tax rate came in at 20%, which is in line with our expectations and compares to 16.8% in the first quarter of last year. The higher tax rate is due to a lower benefit from the vesting of incentive stock shares that traditionally occur in the first quarter of the year. Our diluted net income per share increased by 7.7% from last year to $0.84.

由於與我們去年完成的收購相關的增量利息和攤銷費用，所得稅前收入的增長速度低於總收入。有效稅率為 20%，符合我們的預期，而去年第一季度為 16.8%。較高的稅率是由於傳統上發生在今年第一季度的激勵股票歸屬帶來的收益較低。我們攤薄後的每股淨收入比去年增長 7.7%，達到 0.84 美元。

Due to the changes in the liabilities and assets associated with our deferred compensation plan, salaries and related expenses as a percentage of revenue were negatively impacted year-over-year by 150 basis points. There's an offsetting benefit within other operating expenses. Lastly, our weighted average share count increased slightly and dividends paid increased about 12%, both as compared to the first quarter of last year.

由於與我們的遞延補償計劃相關的負債和資產的變化，工資和相關費用佔收入的百分比同比下降了 150 個基點。在其他運營費用中有一個抵消的好處。最後，與去年第一季度相比，我們的加權平均股數略有增加，支付的股息增加了約 12%。

We're on Slide #8. The Retail segment had an outstanding quarter, delivering organic growth of 8.8%. The adjusted EBITDAC margin contracted slightly to 37% for the quarter. While the margin remained strong, it was impacted about 100 basis points by the level phasing of revenue and profit from GRP as compared to our higher Q1 margin in the United States, driven by our employee benefits business. We expect this will reverse and provide a positive impact to our margins in future quarters. We also realized some year-over-year headwinds associated with higher travel and related expenses, which we expect these headwinds to lessen as the year continues.

我們在幻燈片 #8 上。零售部門本季度表現出色，實現了 8.8% 的有機增長。本季度調整後的 EBITDAC 利潤率略微收縮至 37%。雖然利潤率仍然強勁，但與我們在員工福利業務推動下在美國較高的第一季度利潤率相比，GRP 的收入和利潤水平階段影響了約 100 個基點。我們預計這將扭轉並在未來幾個季度對我們的利潤率產生積極影響。我們還意識到與更高的旅行和相關費用相關的一些同比逆風，我們預計這些逆風會隨著今年的繼續而減少。

We're over on Slide #9. National Programs had another very strong quarter with organic growth of 33.8% and adjusted EBITDAC margin expansion of 610 basis points. The margin improvement was driven by leveraging our expense base along with the strong organic growth. Keep in mind that revenue for the quarter includes approximately $8 million of claims processing revenue associated with Hurricane Ian. In addition, our captive facilities that we started last year are expected to deliver $30 million to $35 million of revenue this year. We recognized approximately $10 million of revenue in the first quarter of this year as compared to approximately $1 million of revenue in the first quarter of last year. The positive impact to organic growth from these captives will diminish in each subsequent quarter and will be negligible by the fourth quarter as we will be on a more comparative basis.

我們在幻燈片 #9 上結束了。國家計劃有另一個非常強勁的季度，有機增長 33.8%，調整後的 EBITDAC 利潤率擴大 610 個基點。利潤率的提高是通過利用我們的費用基礎以及強勁的有機增長推動的。請記住，本季度的收入包括約 800 萬美元的與颶風伊恩相關的索賠處理收入。此外，我們去年啟動的專屬設施預計今年將帶來 3000 萬至 3500 萬美元的收入。我們在今年第一季度確認了大約 1000 萬美元的收入，而去年第一季度的收入約為 100 萬美元。這些俘虜對有機增長的積極影響將在隨後的每個季度減少，到第四季度將可以忽略不計，因為我們將在更具比較性的基礎上。

While we anticipate National Programs will have a good 2023, we do expect lower organic growth in the second half of this year as compared to the second half of last year. This is due to the fact that the captives will be on a more comparative basis. We had a onetime nonrecurring growth bonus of $7 million in the fourth quarter of last year, and we realized approximately $8 million of revenue associated with Hurricane Ian in the fourth quarter of last year.

雖然我們預計國家計劃將在 2023 年取得良好進展，但我們確實預計今年下半年的有機增長將低於去年下半年。這是因為俘虜將處於更具比較性的基礎上。去年第四季度，我們獲得了 700 萬美元的一次性非經常性增長獎金，去年第四季度，我們實現了約 800 萬美元與颶風伊恩相關的收入。

We're moving over to Slide #10. Our wholesale segment delivered another good quarter with organic growth of 7%, and the adjusted EBITDAC margin contracted slightly. The driver of the margin decrease was higher salaries and related costs due to incremental hiring as well as salary inflation.

我們將轉到幻燈片 #10。我們的批發部門又迎來了一個不錯的季度，有機增長達到 7%，調整後的 EBITDAC 利潤率略有收縮。利潤率下降的驅動因素是由於增加招聘以及工資通脹而導致的更高的工資和相關成本。

We're on Slide #11. The Services segment grew by 1.6% organically for the quarter and the adjusted EBITDAC margin decreased by 390 basis points. The primary drivers of the margin decrease with the volume of claims revenues for certain businesses, higher salary and related costs as well as some onetime expense items.

我們在幻燈片 #11 上。服務部門本季度有機增長 1.6%，調整後的 EBITDAC 利潤率下降 390 個基點。利潤率下降的主要驅動因素是某些業務的索賠收入量、更高的工資和相關成本以及一些一次性費用項目。

A few comments regarding cash generation and capital allocation. We generated approximately $60 million of cash flow from operations in the first quarter of this year, which was impacted by higher interest and paying taxes for last year that were deferred as a result of Hurricane Ian relief. We are continuing to expect another strong year of cash generation and disciplined deployment. We ended the quarter with approximately $564 million of operating cash. We are planning further debt repayments during the year as we've done following larger deployments of capital. We are very proud of our industry-leading ratio of cash flow from operations to total revenues and believe we are in a strong capital position to invest in the business and help drive further growth in the future.

關於現金產生和資本配置的一些評論。今年第一季度，我們從運營中產生了大約 6000 萬美元的現金流，這是受到去年因颶風伊恩救濟而推遲的更高利息和納稅的影響。我們繼續期待又一個強勁的現金產生和紀律部署的一年。本季度結束時，我們的運營現金約為 5.64 億美元。我們正計劃在年內進一步償還債務，正如我們在更大規模的資本配置之後所做的那樣。我們對我們行業領先的運營現金流與總收入的比率感到非常自豪，並相信我們擁有強大的資本實力來投資該業務並幫助推動未來的進一步增長。

Lastly, we want to update our full year guidance regarding margins. Based on the good results for the first quarter and what we can see over the coming quarters, we are raising our outlook. And as a result, our margin should be up slightly for the full year versus our previous guidance of flat.

最後，我們想更新我們關於利潤率的全年指導。基於第一季度的良好業績以及我們在未來幾個季度可以看到的情況，我們正在上調前景。因此，與我們之前持平的指導相比，我們全年的利潤率應該會略有上升。

With that, let me turn it back over to Powell for closing comments.

有了這個，讓我把它轉回鮑威爾結束評論。

Thanks, Andy, for a great report. We continue to watch the impact of inflation and increases in interest rates on the economies in which we operate. As a result, we expect business leaders will continue to be cautious regarding the pace of their hiring and investing over the coming quarters. With that said, most of our customers are prospering.

安迪，謝謝你的精彩報告。我們繼續關注通貨膨脹和利率上升對我們經營所在經濟體的影響。因此，我們預計企業領導者將在未來幾個季度繼續對招聘和投資的步伐持謹慎態度。話雖如此，我們的大多數客戶都在繁榮發展。

In the marketplace, buyers have pricing fatigue due to increases delivered over the last several years. We anticipate similar rate increases in coastal property in the near to intermediate term. As a result, we're seeing buyers either decrease limits, increase deductibles or possibly opt for loss limits. In some instances, we're seeing personal lines customers paying off their mortgage and going without wind coverage in their personal policies.

在市場上，由於過去幾年的交付量增加，買家對定價感到疲倦。我們預計在中短期內沿海房地產的利率會出現類似的增長。因此，我們看到買家要么降低限額，增加免賠額，要么可能選擇損失限額。在某些情況下，我們看到個人專線客戶還清了抵押貸款，並且他們的個人保單中沒有風力保險。

We continue to talk with our carrier partners about capacity, the flight equality and diversification. Our MGAs and MGUs have delivered good underwriting results over many years due to our disciplined approach. As a result, this positions us well to retain and/or increase our capacity that will help deliver incremental organic growth from our programs.

我們繼續與我們的承運商合作夥伴討論運力、航班平等和多樣化的問題。由於我們嚴謹的方法，多年來我們的 MGA 和 MGU 取得了良好的承保業績。因此，這使我們能夠很好地保留和/或增加我們的能力，這將有助於從我們的計劃中實現增量有機增長。

We are pleased with the performance of our recent international acquisitions of GRP and BdB. They're growing nicely, winning new business and retaining customers. In the case of GRP, they're also completing high-quality acquisitions and adding to our capabilities and geographic footprint. Many of you have seen that we completed our first Canadian retail acquisition of Highcourt Breckles on April 1. They're located in Toronto with approximately 110 teammates and will add to our capabilities in the Canadian marketplace. We'd like to welcome all teammates that have joined us over the past few months. And lastly, we're in a strong position with a good M&A pipeline.

我們對最近對 GRP 和 BdB 的國際收購的表現感到滿意。他們發展得很好，贏得了新業務並留住了客戶。就 GRP 而言，他們還完成了高質量的收購，並增加了我們的能力和地理足跡。你們中的許多人已經看到，我們於 4 月 1 日完成了對 Highcourt Breckles 的首次加拿大零售收購。他們位於多倫多，擁有大約 110 名隊友，將增加我們在加拿大市場的能力。我們歡迎過去幾個月加入我們的所有隊友。最後，我們在併購渠道方面處於有利地位。

Overall, we feel really positive about our business and how our team is executing. We're winning more new business and doing a good job of retaining our customers. Our focus is on leveraging the total capabilities of Brown & Brown for the benefit of our customers, both domestically and internationally. We're looking forward to having a good 2023 and have a lot of momentum coming out of the first quarter.

總的來說，我們對我們的業務以及我們團隊的執行方式感到非常積極。我們正在贏得更多新業務，並且在留住客戶方面做得很好。我們的重點是利用 Brown & Brown 的整體能力來造福我們的國內外客戶。我們期待 2023 年有一個美好的一年，並且第一季度會出現很多勢頭。

With that, we'll turn it back over to Mikee and open the lines for Q&A.

有了這個，我們將把它轉回 Mikee 並打開問答線。

(Operator Instructions) Your first question comes from the line of Weston Bloomer from UBS.

（操作員說明）您的第一個問題來自瑞銀的 Weston Bloomer。

My first question is on the outlook for now, margin expansion for the full year. I was hoping you could break out maybe by segment, where you're expecting to see margin expansion. I'm more focused on Retail there where in the 1Q, the margin was still down ex-GRP. So if you could maybe break out the pluses and minuses there, that'd be great.

我的第一個問題是關於目前的前景，全年的利潤率擴張。我希望你可以按細分市場突破，你希望看到利潤率擴張。我更關注那裡的零售業，在第一季度，利潤率仍然下降（不包括 GRP）。因此，如果您可以列出其中的優點和缺點，那就太好了。

Andy here. So we don't provide that level of granularity on outlook by the segments and everything, but just a couple of things maybe to take into consideration. Our comments earlier is we had about 100 basis points of headwinds for GRP in Retail for the quarter. That will reverse itself over the coming quarters and will be a benefit. And as we mentioned, the cost around travel and entertainment, some of the inflation side of it, that will continue to lessen as the year comes along and we're on a more comparative basis. So hopefully, that kind of gives you an idea of what it should look like.

安迪在這裡。因此，我們不會按細分市場和所有內容提供這種粒度的前景，但可能只需要考慮幾件事。我們之前的評論是，本季度零售業 GRP 面臨約 100 個基點的阻力。這將在未來幾個季度逆轉，並將帶來好處。正如我們所提到的，旅行和娛樂的成本，其中一些是通貨膨脹方面的成本，隨著時間的推移將繼續減少，而且我們處於更具比較性的基礎上。所以希望這能讓你知道它應該是什麼樣子。

Got it. And was there any impact in Retail from wage inflation and hiring as well? I know you called that out in a couple of other segments.

知道了。工資上漲和招聘對零售業是否也有影響？我知道你在其他幾個部分提到了這一點。

Yes. We had some of it. We didn't call it out specifically, but I mean we've got it in all -- I mean, we have in a number of our segments because we're always investing in the business. So you can always have some up and downs by the quarters based upon time hiring and growth.

是的。我們有一些。我們沒有具體說出來，但我的意思是我們已經掌握了它——我的意思是，我們在很多領域都有，因為我們一直在投資業務。因此，根據時間的招聘和增長，你總是可以在季度中有一些起伏。

And last one, I know you haven't guided to FX in the past, but is there an FX headwind that's kind of built into that margin guide as well for maybe the second quarter?

最後一個，我知道你過去沒有指導過 FX，但是在第二季度的保證金指南中是否也存在外匯逆風？

No, sir.

不，先生。

Your next question is from the line of Elyse Greenspan from Wells Fargo.

你的下一個問題來自富國銀行的 Elyse Greenspan。

My first question was also on the margin side. So first of all, I just want to understand, I guess the only thing you're calling out, I guess, from having a significant impact on margins in the quarter is that 40 basis points -- all from GRP. And then as we think about that reversing over the course of the year, does that get better in all other quarters? I just want to think about the seasonality of that. And then also, would you expect in that updated guidance that your margins will expand in the other 3 quarters of the year?

我的第一個問題也是關於保證金方面的。所以首先，我只想了解，我想你唯一要說的是，我想，對本季度利潤率產生重大影響的是 40 個基點——全部來自 GRP。然後，當我們考慮這一年的逆轉時，所有其他季度的情況是否會好轉？我只想考慮它的季節性。然後，您是否期望在更新後的指導中您的利潤率會在今年的其他三個季度擴大？

Let's see if we can take a few of those pieces there. Let's see, so on the first one on the GRP and the 40 basis points is yes, that will reverse in the back end of the year, and it's relatively evenly spread, not perfect. So it's not 25% each quarter, but pretty even through the year consistent with what we've communicated in the past in there.

讓我們看看我們是否可以在那裡拿走其中的一些作品。讓我們看看，關於 GRP 的第一個和 40 個基點是肯定的，這將在今年年底逆轉，而且分佈相對均勻，並不完美。所以它不是每個季度 25%，而是全年都與我們過去在那里傳達的一致。

Other thing to keep in mind, and we had mentioned it is we did have some onetime items in the quarter that are in our numbers that offset the benefit from our investment income. So again, we'd not envision that those would recur in future quarters that are out there.

另一件事要記住，我們已經提到過，我們在這個季度確實有一些一次性項目，這些項目在我們的數字中抵消了我們投資收入的收益。再次重申，我們預計這些情況不會在未來幾個季度再次出現。

And then is the Q1 investment income, right, I think it's trending better than what you guys had provided last quarter. I think you had said $14 million to $17 million for the full year. Is the Q1 a good run rate level for investment income?

然後是第一季度的投資收入，對吧，我認為它的趨勢比你們上個季度提供的要好。我想你說的是全年 1400 萬到 1700 萬美元。 Q1 是投資收益的良好運行率水平嗎？

Yes, probably somewhere in that range, all depends upon what the balances are on cash, which can move up and down but that's probably a reasonable number. When you think about it from an absolute, what you wouldn't want to do is put that on incremental year-over-year, remember, because rates were going up last year as the year was coming along. So think about it on a run rate basis when you model it, okay?

是的，可能在這個範圍內的某個地方，一切都取決於現金餘額，它可以上下移動，但這可能是一個合理的數字。當你從絕對的角度考慮它時，你不想做的是將其放在逐年遞增的情況下，請記住，因為隨著這一年的到來，去年的利率在上升。因此，在建模時以運行率為基礎考慮一下，好嗎？

Yes. Great. And then last one, Retail. You guys both highlighted, it seems like a good environment there, both on the core brokerage and the benefits business. I guess, good growth in both in the Q1. Anything one-off or anything you guys want to highlight as we think about just the go-forward organic growth of that segment?

是的。偉大的。然後是最後一個，零售。你們都強調，無論是在核心經紀業務還是在福利業務方面，那裡的環境似乎都很好。我想，第一季度兩者都有良好的增長。當我們考慮該細分市場的前瞻性有機增長時，有什麼一次性的或你們想要強調的嗎？

No, I wouldn't say anything that we haven't said, Elyse. We're really pleased with how retail is performing. And as I like to say, we continue to hire talented teammates to help us service the market and producing the business that we're bringing on, and that those customers that we already have, our existing customer base. So nothing out of the ordinary about growth itself.

不，我不會說我們沒有說過的話，Elyse。我們對零售業的表現非常滿意。正如我想說的那樣，我們繼續聘請有才華的隊友來幫助我們服務市場並開展我們正在開展的業務，以及我們已經擁有的那些客戶，即我們現有的客戶群。因此，增長本身並沒有什麼異常。

But I would just tell you, we are very pleased with where the Retail business is positioned, both domestically and with our new acquisitions, not just like last year in GRP, but in Ireland and excited about Canada as well.

但我只想告訴你，我們對零售業務在國內的定位和我們的新收購感到非常滿意，不僅像去年在 GRP 中，而且在愛爾蘭也對加拿大感到興奮。

Your next question is from the line of Gregory Peters from Raymond James.

你的下一個問題來自 Raymond James 的 Gregory Peters。

I guess I'm going to go back, Powell, to your comments about the impact of all the challenges in Florida. It's my impression that if there's a migration to Citizens, that might be some pressure on commission rates for the company. And so maybe you could spend a minute and just talk to us about the economic conditions in Florida, considering what's going on in the property insurance market. Are you seeing any other pressures economically with any of the business developments, et cetera? And then talk about the migration of Citizens and its impact on your business.

鮑威爾，我想我要回到你對佛羅里達州所有挑戰的影響的評論。我的印像是，如果遷移到 Citizens，這可能會給公司的佣金率帶來一些壓力。所以也許你可以花一分鐘時間和我們談談佛羅里達州的經濟狀況，考慮到財產保險市場的情況。您是否在任何業務發展等方面看到任何其他經濟壓力？然後談談公民的遷移及其對您業務的影響。

Sure. So first of all, I'd like to clarify that in a business that's $2-plus billion of revenue, the impact of Florida today versus the impact of Florida 15 years ago is much different. So I think it's important to start there.

當然。所以首先，我想澄清的是，在一個收入超過 20 億美元的企業中，今天佛羅里達的影響與 15 年前佛羅里達的影響大不相同。所以我認為從這裡開始很重要。

The second thing that I would tell you is that from an economic standpoint, generally speaking, in our -- with our customer base in Florida, they seem to be doing quite well. And what I mean by that is the construction is booming, people are growing. That does not mean that their margins are necessarily growing because they -- different industries are having different levels of inflation and impact on cost into their P&Ls. But I would tell you that -- and if you go to dinner, if you go out to dinner, it's packed. So it's still -- the economy is doing well in Florida.

我要告訴你的第二件事是，從經濟的角度來看，一般來說，在我們 - 我們在佛羅里達州的客戶群中，他們似乎做得很好。我的意思是建築在蓬勃發展，人口在增長。這並不意味著他們的利潤率一定會增長，因為他們 - 不同的行業有不同程度的通貨膨脹和對損益成本的影響。但我會告訴你——如果你去吃晚飯，如果你出去吃晚飯，那裡已經擠滿了人。所以它仍然 - 佛羅里達州的經濟表現良好。

As it relates to Citizens, I'd like to talk about kind of two scenarios because this is -- there are some similarities and some differences for those of you that have been around since 2007. I'd like to talk about that. So here's basically the parallels. In 2007, and today, Citizens is deemed as the market of last resort, okay? So let's start there, and we're going to start in Retail and that's where the sort of similarities end.

關於公民，我想談談兩種情況，因為這是 - 自 2007 年以來一直存在的那些人有一些相似之處和一些不同之處。我想談談這個。所以這基本上是相似之處。在 2007 年和今天，Citizens 被視為不得已的市場，好嗎？所以讓我們從那裡開始，我們將從零售業開始，這就是相似之處結束的地方。

So in 2007, if, in fact -- and these are just examples. This is not -- it's a hypothetical example, so just bear with me. If the market was bearing an $0.85 rate on a condominium and Citizens being the market of last resort was quoting a dollar rate and the then Governor implemented wind mitigation credits, that took that rate from $1 in Citizens down to $0.50. So effectively, the buyer was going from $0.85 to $0.50 per -- in terms of insured values. That action in and of itself took us to negative organic growth in 2007 as an organization, much different concentration in Florida, all that stuff.

所以在 2007 年，如果，事實上——這些只是例子。這不是 - 這是一個假設的例子，所以請耐心等待。如果市場對共管公寓的利率為 0.85 美元，而 Citizens 作為最後手段的市場報價為美元利率，而當時的州長實施了防風信貸，則該利率從 Citizens 的 1 美元降至 0.50 美元。如此有效，就保險價值而言，買方從 0.85 美元漲到 0.50 美元。這一行動本身使我們在 2007 年作為一個組織出現負有機增長，在佛羅里達州的集中度大不相同，所有這些。

The final thing is Citizens was the market of last resort. They would write anything, anything, okay? So now fast forward to 2023 and Citizens has underwriting guidelines and there's not a rate cut. So if, in fact, I'm just going to use the same scenario that we just had there. If they were at $0.85 and Citizens was $1 or $1.25, and the general market is at $1.75 or $1.50, then there are underwriting criteria, roof construction, all kinds of things where Citizens is actually trying to qualify accounts. So remember, it's much different. It doesn't mean it's not complex. It is complex. So it takes a lot of time to get through a government entity to get the -- but that's the difference now.

最後一件事是公民是不得已的市場。他們會寫任何東西，任何東西，好嗎？所以現在快進到 2023 年，Citizens 有了承保指南並且沒有降息。所以，事實上，如果我只是要使用我們剛才遇到的相同場景。如果它們的價格為 0.85 美元，而 Citizens 的價格為 1 美元或 1.25 美元，而一般市場的價格為 1.75 美元或 1.50 美元，那麼就會有承保標準、屋頂建設以及 Citizens 實際上試圖對賬戶進行資格認證的各種事情。所以請記住，這是非常不同的。這並不意味著它不復雜。這很複雜。因此，需要花費大量時間通過政府實體才能獲得——但這就是現在的不同之處。

In Retail, if you take an account that's from the E&S market and you bring it over into Citizens, the commission level would be, let's say, flat to down slightly to up slightly. But let's just call it flattish, but it has a lot more work. That said, in the wholesale segment, it has the potential to, one, an account can move. So you could go in the E&S market and they lose the entire account because it goes to Citizens with the retailer, or you can have a scenario where Citizens quotes the wind-only and we quote an ex-wind quote. And remember, the example is it was $0.85 on -- and its superior construction, the wind-only rate -- I mean, the ex-wind rate might be $0.07 or $0.10. So all of a sudden, the premium has gone down substantially, and we get paid commission on that much lower rate.

在 Retail 中，如果你從 E&S 市場拿一個賬戶，然後把它帶到 Citizens，比方說，佣金水平會持平到略微下降到略微上升。但我們就稱它為扁平化，但它還有很多工作要做。也就是說，在批發領域，它有可能，一個，一個賬戶可以移動。所以你可以進入 E&S 市場，他們會失去整個賬戶，因為它與零售商一起轉到了 Citizens，或者你可以有這樣一種情況，Citizens 只引用風，而我們引用風前報價。請記住，這個例子是它的價格為 0.85 美元——其卓越的結構，僅風率——我的意思是，除風率可能為 0.07 美元或 0.10 美元。所以突然間，保費大幅下降，我們以低得多的費率獲得佣金。

So that's how it manifests itself, Greg. And maybe a little more than you wanted, but I think it's important for people to understand the difference today between 2007 because it's a big difference. And it's important you understand that.

這就是它表現出來的方式，格雷格。也許比你想要的多一點，但我認為人們了解今天與 2007 年之間的差異很重要，因為這是一個很大的差異。你明白這一點很重要。

Yes. That's great color. Just a point of clarification. Is it fair to sort of -- I'm guessing right now, but is it -- when I look at your Florida residential book of property, is it fair to say that Citizens is about 20% of that book? Or do you think it is a lower or higher percentage?

是的。那是很棒的顏色。只是澄清一點。這是否公平——我現在正在猜測，但它是——當我查看你的佛羅里達州住宅財產簿時，說公民約佔該簿的 20% 是否公平？或者你認為它是更低還是更高的百分比？

I think now I want to make sure that you -- when you say residential, are you talking about residential homes? Or you talking about condos and apartments as well?

我想現在我想確定你 - 當你說住宅時，你是在談論住宅嗎？或者你也在談論公寓和公寓？

Yes. Residential homes, condos and apartments.

是的。住宅、公寓和公寓。

Okay. So the short answer is no, I don't think it's 20% presently. And what you find is there's a lot of activity in the residential, specifically condos and apartments in the first half of the year. So there's a lot of activity right now going on. And as I said, there are properties, not only where you live, but up and down the West Coast and the East Coast that are currently in the E&S market that have been submitted to Citizens, but we don't know yet if they're going to qualify. So how that ultimately plays out this year is yet to be determined.

好的。所以簡短的回答是否定的，我認為目前不是 20%。你會發現住宅區有很多活動，特別是今年上半年的公寓和公寓。所以現在有很多活動正在進行。正如我所說，有一些房產，不僅是你住的地方，還有西海岸和東海岸上下的房產，目前在 E&S 市場上，已經提交給公民，但我們還不知道他們是否”重新獲得資格。因此，今年的最終結果如何還有待確定。

Yes, Greg, keep in mind that the limitation that Powell talks about, on the homeowners side, if you go down into Tri-County, I think the limit -- I might be off on this just by a little bit, I think the line is $999,000, I believe, is the number. So if you think about how many homes are below $900,000 or $999,000 in Tri-County, not a lot of them. It's a very expensive real estate market down there. And then the rest of the state, I believe it's $700,000 is the limit. So not everything can actually go into Citizens. So there's a lot of press around all of it. But only certain things go into that box. And then there's a lot of limitations as to what they will take in the way of quality.

是的，格雷格，請記住鮑威爾談到的限制，在房主方面，如果你進入三縣，我認為限制——我可能會稍微偏離這個，我認為線是 999,000 美元，我相信，就是這個數字。因此，如果您考慮在三縣有多少房屋價格低於 900,000 美元或 999,000 美元，那麼數量並不多。那裡的房地產市場非常昂貴。然後是該州的其他地區，我相信 700,000 美元是極限。所以並不是所有的東西都能真正進入公民。因此，所有這一切都有很多媒體報導。但只有某些東西會進入那個盒子。然後對於他們將採取的質量方式有很多限制。

So the reason why we added all that color is the market is very different today than what it was in '07. So there's been a lot of speculation regarding what this does to our numbers. And we've talked a lot about diversification of our organization and that we're not a Florida-based organization the way we were at least weighted 15, 20 years ago. But our Florida businesses performed really well in the first quarter. We're very, very pleased both in Retail as well as Wholesale and Programs.

所以我們添加所有顏色的原因是今天的市場與 07 年的市場大不相同。所以有很多關於這對我們的數字有什麼影響的猜測。我們已經談了很多關於我們組織多元化的問題，我們不是佛羅里達州的組織，就像我們至少在 15、20 年前那樣加權。但我們在佛羅里達州的業務在第一季度表現非常出色。我們對零售以及批發和計劃都非常非常滿意。

Got it. That's excellent detail. And I feel like we could probably have an hour-long conversation just on this topic alone. But I'm going to pivot and my last question, just will focus on inside your commentary around GRP, you commented about how they're making acquisitions, and I guess I haven't really seen any press releases come out from Brown. So how are -- how is that coming through in the reported numbers? Or where are we -- where do we see the acquisition activity inside GRP as is reported through Brown & Brown's consolidated statements?

知道了。那是極好的細節。而且我覺得我們可能僅就這個話題進行一個小時的對話。但我要轉一轉，我的最後一個問題，只是關注你對 GRP 的評論，你評論了他們如何進行收購，我想我還沒有真正看到布朗發布任何新聞稿。那麼——報告的數字是如何體現的呢？或者我們在哪裡——我們在哪裡可以看到 GRP 內部的收購活動，正如 Brown & Brown 的合併報表所報告的那樣？

Yes, Greg, you should see those on our IR website. We tag them inside there. They come out underneath of a GRP press release that's got Brown & Brown in the footer, but we pull all those over into our normal IR website. So they should all be there.

是的，格雷格，你應該在我們的 IR 網站上看到那些。我們在裡面標記它們。它們出現在頁腳有 Brown & Brown 的 GRP 新聞稿下方，但我們將所有這些都拉到我們的正常 IR 網站上。所以他們應該都在那裡。

Got it. And then just on that point, your approach to organic has been pretty -- well, you've set a benchmark on trying to not include acquisitions as part of organic. I assume you're taking the same conservative approach in applying it to how you count in GRP organic. Is that correct?

知道了。然後就在這一點上，你的有機方法非常好——好吧，你已經設定了一個基準，試圖不將收購作為有機的一部分。我假設您在將其應用於有機 GRP 的計算方式時採用了相同的保守方法。那是對的嗎？

Correct.

正確的。

Yes.

是的。

Your next question comes from the line of Robert Cox from Goldman Sachs.

你的下一個問題來自高盛的羅伯特考克斯。

So broadly across the business and maybe specifically to employee benefits, I was curious on your expectations for exposure growth for the duration of the year, just considering your outlook for the economy to continue to moderate.

因此，在整個業務範圍內，也許特別是在員工福利方面，我很好奇你對今年期間風險增長的預期，只是考慮到你對經濟繼續放緩的前景。

Yes. So I think the way we look at it is we still have a positive outlook on exposure growth, not so much inside of existing clients, but the growth in number of clients. So we do believe that our customer base on a net basis will actually expand in terms of adding new people to their plans, but the biggest part of the growth will be new benefits plans where we're helping people manage their costs and the delivery of what they want to their employee base.

是的。所以我認為我們看待它的方式是我們仍然對風險增長持樂觀態度，而不是現有客戶內部，而是客戶數量的增長。因此，我們確實相信我們的客戶群在淨基礎上實際上會在增加新人到他們的計劃方面擴大，但增長的最大部分將是新的福利計劃，我們正在幫助人們管理他們的成本和交付他們想要他們的員工基礎。

Great. And just as a follow-up, the pressure in professional lines, did the D&O pressure, which I think is most acute in the E&S market, accelerate this quarter? And do you see any signs of stabilization in D&O rates?

偉大的。作為後續行動，專業領域的壓力，我認為在 E&S 市場中最嚴重的 D&O 壓力，是否在本季度加速？您是否看到 D&O 利率有任何穩定的跡象？

Yes. The short answer is, did we see an acceleration in the decline? And yes, we saw a little bit. That's correct. And remember, I would -- and I don't have this right off the tip of my tongue, but remember, D&O rates were going up more quickly and sooner than this property trend. So they had gotten to a level that the marketplace felt as though it was appropriate or high and then people started piling back in.

是的。簡短的回答是，我們是否看到下降加速？是的，我們看到了一點。這是正確的。請記住，我會——我不會說出口，但請記住，D&O 利率的上升速度比這種房地產趨勢更快。所以他們已經達到了市場認為合適或高的水平，然後人們開始重新湧入。

Now one, Robert, could make the argument, I am not making this argument, but I'm pointing it out, that if someone on the risk-bearing side is -- volatility in their earnings and doing that by looking closely at their cat property portfolio, they have to redeploy that -- those assets and they're redeploying those assets in a place like professional liability. Thus, we're having price decreases or continued price decreases in professional liability. So some people have taken that position. I'm not necessarily trying to imply that. I'm just trying to give that to you so you can kind of chew on it.

現在，羅伯特，可以提出論點，我不是在提出這個論點，但我要指出的是，如果承擔風險的人是——他們收入的波動性，並通過仔細觀察他們的貓來做到這一點財產組合，他們必須重新部署那些資產，他們正在將這些資產重新部署在專業責任等地方。因此，我們的專業責任價格正在下降或持續下降。所以有些人採取了那個立場。我不一定要暗示這一點。我只是想把它給你，這樣你就可以咀嚼它了。

(Operator Instructions) Your next question is from the line of Yaron Kinar from Jefferies.

（操作員說明）您的下一個問題來自 Jefferies 的 Yaron Kinar。

My first question goes to the Retail segment and employee benefits. I think the last couple of quarters, you'd called out the potential for some pressure on growth from employee benefits and yet I think numbers actually came in quite strong. Can you maybe talk about what changed or what actually happened this quarter relative to your expectations there? And would that then create a headwind for 1Q '24?

我的第一個問題涉及零售部門和員工福利。我認為在過去的幾個季度中，您已經指出員工福利可能會對增長造成一些壓力，但我認為數字實際上非常強勁。您能否談談本季度相對於您在那裡的期望發生了什麼變化或實際發生了什麼？那會不會給 24 年第一季度帶來不利影響？

So do we think it's a headwind for 1Q '24? No, not really as we sit here today. That's the first part. But you're on it. If you go back to what we said, there was one particular business that had an impact in Q4 in terms of a headwind. And that individual business still actually was encouraging headwinds in Q1. But the other businesses performed really, really well. And as Andy has said before, remember, we have a front-end loaded from a 606 revenue recognition standpoint in Q1 because of employee benefits, but that's a function of us writing a lot of new employee benefits business and all the other businesses performing that much better relative to -- and offsetting of that little bit of a headwind in that one particular business.

那麼我們認為這是 24 年第一季度的逆風嗎？不，不是我們今天坐在這裡。這是第一部分。但你在上面。如果你回到我們所說的，就不利因素而言，有一項特定業務對第四季度產生了影響。而那個個體業務實際上在第一季度仍然是令人鼓舞的逆風。但其他業務表現得非常非常好。正如安迪之前所說，請記住，由於員工福利，我們在第一季度從 606 收入確認的角度加載了一個前端，但這是我們編寫大量新員工福利業務以及所有其他執行該業務的業務的功能相對於 - 並且抵消了那個特定業務中的一點逆風要好得多。

So we feel good about -- I mean I don't want to give you the impression that we only feel good about employee benefits. Please don't take that out of my -- out of our comments. We feel really good about our P&C, and we feel really good about our personal lines businesses too in Retail. But I just mentioned it because there were people on the call in Q4 that felt like the organic growth was a trend which is not, and we said that. But we just wanted to kind of clarify that. And we also clarified it because we did talk about a business that had a significant impact on the revenues in Q4, and there's still a bit of a headwind there, but we've overcome that.

所以我們對 - 我的意思是我不想給你留下我們只對員工福利感覺良好的印象。請不要從我的評論中刪除它。我們對我們的 P&C 感覺非常好，我們對我們在零售領域的個人保險業務也感覺非常好。但我剛才提到它是因為在第四季度的電話會議上有人覺得有機增長是一種趨勢，但事實並非如此，我們就是這麼說的。但我們只是想澄清一下。我們還澄清了這一點，因為我們確實談到了一項對第四季度收入產生重大影響的業務，那裡仍然存在一些不利因素，但我們已經克服了這一點。

Yaron, and I think we also -- we made mention in the fourth quarter, one of our specialty aligned businesses also had headwinds in the fourth quarter. And we anticipated some headwinds in the first quarter. We did see those. So that came through. But I think our commentary back at the time on the earnings, as we said, we thought it would be modest in the first quarter. That's pretty much kind of what we saw through. So we were very, very pleased with 8.8 organic still with those modest headwinds. And we don't see those headwinds as a material issue on those businesses on the future quarters.

Yaron，我想我們也——我們在第四季度提到過，我們的一項專業業務在第四季度也遇到了不利因素。我們預計第一季度會遇到一些不利因素。我們確實看到了那些。這樣就通過了。但我認為我們當時對收益的評論，正如我們所說，我們認為第一季度的收益會適度。這幾乎就是我們所看到的。因此，我們對 8.8 的有機率仍然非常非常滿意，但仍然存在那些適度的逆風。而且我們認為這些不利因素不會成為未來幾個季度這些業務的重大問題。

Got it. And then my second question is with regards to the captive revenues. Is it fair to think of them as kind of full margin revenues, at least in kind of the first half of the year until we hit storm season barring an earthquake?

知道了。然後我的第二個問題是關於專屬收入。將它們視為一種全額利潤收入是否公平，至少在今年上半年，直到我們進入暴風雨季節，除非發生地震？

Yes, I wouldn't call it full margin because we do have some operating expenses in there, but they are much higher margin in non-storm periods when we have claim cost, yes.

是的，我不會稱之為全額保證金，因為我們確實有一些運營費用，但在我們有索賠成本的非風暴時期，它們的保證金要高得多，是的。

And that's wind and quake you're on, make sure -- I want to make sure you knew it.

那就是你所經歷的風和地震，確保——我想確保你知道這一點。

Your next question is from the line of Michael Ward from Citigroup.

你的下一個問題來自花旗集團的 Michael Ward。

Maybe just following up on that last one. I think you mentioned you had $10 million of earned premium for the captives in the quarter, but the -- I think the guidance was $30 million to $35 million. So I was just wondering what's in that guide for the year, assume some level of losses?

也許只是跟進最後一個。我想你提到你在本季度為俘虜賺取了 1000 萬美元的保費，但我認為指導是 3000 萬到 3500 萬美元。所以我只是想知道今年的指南中有什麼，假設有一定程度的損失？

Yes, I think we're just trying to estimate right now, it will -- we're anticipating to move back and forth a little bit. The other thing is in the third quarter of last year when we recognized the claim cost on Ian's, we also had some accelerated premiums during that time period. So it will move a little around a little bit by the quarter. That's how we took that into consideration. So you won't probably see it be exactly perfect by each of the quarters on an earned basis. It will be down a little bit in the third quarter.

是的，我想我們現在只是想估計，它會——我們預計會來回移動一點。另一件事是去年第三季度，當我們確認 Ian 的索賠成本時，我們在那個時期也有一些加速的保費。所以它會在本季度左右移動一點點。這就是我們考慮到這一點的方式。因此，您可能不會看到每個季度在賺取的基礎上都非常完美。第三季度會有所下降。

Okay. That's helpful. And then thinking about capital deployment, how much -- or management, how much debt paydown do you anticipate doing from here? And do you have a targeted leverage ratio that you're looking to get to?

好的。這很有幫助。然後考慮資本部署，多少 - 或管理，你預計從這裡做多少債務償還？您是否有想要達到的目標槓桿率？

Why don't we tackle the last one first. So what we have said publicly is on a gross basis, 0 to 3. We're very comfortable with that range, and 0 to 2.5 on a net basis. Michael, if you look back over time, we traditionally will move on the higher end of that range around acquisitions and then we trend back down. And we normally kind of operate in kind of that middle part of the range in both net and gross, if you look at it over a longer period of time. And that's probably not unreasonable for our business.

為什麼我們不先處理最後一個。因此，我們公開所說的是在毛基礎上，0 到 3。我們對這個範圍非常滿意，在淨基礎上是 0 到 2.5。邁克爾，如果你回顧過去，我們傳統上會圍繞收購在該範圍的高端移動，然後我們趨向回落。如果您從較長的時間來看，我們通常會在淨值和毛值範圍的中間部分進行操作。這對我們的業務來說可能並非不合理。

That will kind of continue to go down. One is we repay debt normal maturities that are coming along on a quarterly basis and then as we just continue to grow the organization. If you look back, we normally will delever about 0.25 to 0.5 turn per year is a pretty decent amount.

這將繼續下降。一是我們按季度償還正常到期的債務，然後隨著我們繼續發展組織。如果你回頭看，我們通常每年會減少 0.25 到 0.5 週，這是一個相當不錯的數額。

And that's also assuming if we're going to continue to invest in the business, and we have to continue to weigh and measure M&A opportunities as they come along. But yes.

這也是假設我們是否要繼續投資於該業務，並且我們必須在併購機會出現時繼續權衡和衡量它們。但是，是的。

Your next question is from the line of Meyer Shields from Keefe, Bruyette, & Woods.

您的下一個問題來自 Keefe、Bruyette 和 Woods 的 Meyer Shields 系列。

One, I guess, small question. When we look at the international acquisitions, do they have a different fiduciary investment income profile than the legacy domestic business? Is there more investment income associated with their placements than the direct build test we have in the U.S?

我想，一個小問題。當我們審視國際收購時，它們的受託投資收入狀況是否與傳統的國內業務不同？與我們在美國進行的直接構建測試相比，與他們的安置相關的投資收益是否更多？

No, we don't earn as much on a fiduciary income internationally as what we do in the U.S. And again, keep in mind in the U.S. that there's still limitations even here, where you have trust restricted states that only allow you to earn interest up to your bank fees and then where we have relationships also with our carrier partners. Some of those also will only allow us on banks. So you don't see everything move on a linear basis.

不，我們在國際上賺取的受託收入不如我們在美國賺得那麼多。再一次，請記住，在美國，即使在這裡，您的信託受限州也仍然存在局限性，這些州只允許您賺取利息高達您的銀行費用，然後我們還與我們的運營商合作夥伴有關係。其中一些也只允許我們在銀行。所以你看不到一切都在線性基礎上移動。

Okay. But this -- like the year-over-year improvement, that seems like you're saying it's just a function of interest rates as opposed to mix.

好的。但這——就像同比改善一樣，你似乎在說這只是利率的函數，而不是混合函數。

Correct. Yes, yes. Don't read that, that was all benefit of GRP and or anything of that nature now.

正確的。是的是的。不要讀那個，那是 GRP 和/或任何類似性質的所有好處。

Okay. And then I just wanted to confirm something. I think you mentioned this in your recent comments, but one of the LPI insurers has significant catastrophe losses in the quarter and you're saying that, that -- there were no losses in the captive reinsurance component.

好的。然後我只是想確認一些事情。我想你在最近的評論中提到了這一點，但其中一家 LPI 保險公司在本季度出現了重大災難損失，你是說，專屬再保險部分沒有損失。

Repeat that one more time please.

請再重複一次。

Yes, repeat the first part of that question. You were breaking up or I didn't hear it exactly.

是的，重複該問題的第一部分。你分手了，要不我沒聽清楚。

Sorry, I just want to confirm that there were no losses in the layer of reinsurance that you funded for captive. The reason I'm asking is because we did see some significant storm losses that impacted the lender-placed market.

抱歉，我只想確認您為自保公司提供的再保險層沒有損失。我問的原因是因為我們確實看到了一些影響貸方市場的重大風暴損失。

No. No, there isn't. But keep in mind, the captives that we have are not -- they're not linked with our lender-placed business. They're on large condominiums as well as on the quake side. So wind and quake in there. And no, we did not have any storm-related claim cost in the first quarter.

不，不，沒有。但請記住，我們擁有的俘虜不是——他們與我們的貸方業務無關。它們位於大型公寓以及地震側。所以那裡有風和地震。不，我們在第一季度沒有任何與風暴相關的索賠成本。

Your next question is from the line of Mark Hughes from Truist Companies.

你的下一個問題來自 Truist Companies 的 Mark Hughes。

I wanted to be a little more optimistic around capacity, the capacity for our programs. And I wonder, I think last quarter, you had suggested that might be a -- something you'd be keeping an eye on and that would be potentially a gating factor for organic. Have you seen that change over the last 3 months?

我想對容量、我們項目的容量更加樂觀。我想知道，我認為上個季度，你曾建議這可能是一個 - 你會密切關注的事情，這可能是有機的一個門控因素。您是否看到過去 3 個月的變化？

No. I don't want to give you the impression that there's some like found new capacity. I wish we could say that. But I think the issue is this, every carrier or market participants is evaluating how they want to deploy their capacity. As I said earlier, carriers are looking for more protection against earnings volatility, nothing new. They're looking for balance of risk to the extent possible, where we have a very large group of programs that are not just CAT. So we're able to balance those with people, and so that's a very positive, and we've had really good results over a long period of time.

不，我不想給你這樣的印象，即發現了一些新容量。我希望我們能這麼說。但我認為問題在於，每個運營商或市場參與者都在評估他們希望如何部署他們的容量。正如我之前所說，運營商正在尋求更多保護以防止收益波動，這並不是什麼新鮮事。他們正在盡可能地尋求風險平衡，我們有大量的程序，而不僅僅是 CAT。所以我們能夠平衡人與人之間的關係，這是非常積極的，而且我們在很長一段時間內取得了非常好的結果。

So we feel like as I've said before, that we are effectively an outsourced insurance company. We can do everything other than bear the risk. And as a result of that and the results that we have delivered if, in fact, someone is considering expanding or repositioning, which is a better thing. I don't think of it as expanding but repositioning capacity, then we typically like to think that we're going to be near the top of that list because they've seen our results, and they've seen the growth that we've had in the past.

所以我們覺得就像我之前說過的那樣，我們實際上是一家外包保險公司。除了承擔風險，我們什麼都可以做。因此，如果有人正在考慮擴展或重新定位，那麼我們已經交付了結果，這是一件更好的事情。我不認為它是在擴展，而是在重新定位容量，然後我們通常會認為我們將接近該列表的首位，因為他們已經看到了我們的結果，並且他們已經看到了我們的增長。過去有過。

So there's no found bucket of gold under the rainbow. It's not that kind of deal. But I do feel like there's some really good discussions around us being able to keep capacity, which is as equally as important. I view that as a win, Mark, not just cutting capacity because a lot of people have had a lot of capacity cuts. And if we can keep our capacity that to wind, and then we might get cut a little bit somewhere, but we get a little new. And so on a net basis, we're about even or maybe up just slightly.

所以在彩虹下沒有發現一桶金。這不是那種交易。但我確實覺得我們周圍有一些非常好的討論能夠保持容量，這同樣重要。我認為這是一次勝利，馬克，不僅僅是削減產能，因為很多人都削減了很多產能。如果我們能保持我們的能力，那麼我們可能會在某個地方被削減一點，但我們會得到一些新的。因此，在淨基礎上，我們幾乎持平或略有上升。

And then you mentioned that Florida construction sounds like it's good. How about nationally?

然後你提到佛羅里達州的建築聽起來不錯。國內呢？

Yes. What I would tell you, Mark, is if we go around the system, and you look in places, it's remarkable. I mean, places that come to mind, I'll give you an example, Nashville, Tennessee, Atlanta. You get up in the Northeast in several areas, Boston. You get in Colorado. I mean, Phoenix. You get in all these places all around and you just got a lot going. And so if you think about it, the industry -- the one industry that we're in that has got a headwind as a higher level in a specialty lines business is auto dealers.

是的。馬克，我要告訴你的是，如果我們繞過這個系統，你看看各個地方，就會發現它非常了不起。我的意思是，想到的地方，我會給你舉個例子，納什維爾，田納西州，亞特蘭大。你在波士頓的幾個地區起床。你進入科羅拉多州。我是說，鳳凰。你進入所有這些地方，你就得到了很多東西。因此，如果您考慮一下，這個行業——我們所處的一個行業遇到了阻力，因為專業線業務的更高層次是汽車經銷商。

We do some auto dealer work and auto dealer units are down. So think about it. Their pricing is coming back down to MSRP levels or below. There's an impact on used cars. And so that's a direct relation to our interest rate increases. So having said that, at some point, that's going to turn as well. So that's a slight headwind in our -- but if you think about other industries, there's a lot of businesses that are looking for people.

我們做了一些汽車經銷商工作，汽車經銷商部門倒閉了。所以想一想。他們的定價正在回落到廠商建議零售價水平或更低。對二手車有影響。因此，這與我們的利率上升有直接關係。所以話雖如此，在某個時候，這也會發生轉變。所以這對我們來說是一個輕微的逆風 - 但如果你考慮其他行業，有很多企業都在尋找人才。

I think the restaurant business is tough, particularly anything that is not defined as seated. It doesn't have to be fine dining, but like a nicer restaurant, they're having a hard time in terms of getting people to work because if it's fast food, it's just tough.

我認為餐廳業務很艱難，尤其是任何沒有被定義為就座的業務。它不一定是美食，但就像一家更好的餐廳，他們很難讓人們工作，因為如果是快餐，那就太難了。

Yes. Yes. And then one final question. Andy, I don't know if you gave the revenue impacts from the winter storm claims.

是的。是的。然後是最後一個問題。安迪，我不知道你是否給出了冬季風暴索賠對收入的影響。

No, we didn't break it out, but we did mention it, Mark, in the commentary on Services. And yes, we did pick up some claims from the winter storms, again, nothing really, really material in there, but a few.

不，我們沒有將其分解，但我們確實在對服務的評論中提到了它，馬克。是的，我們確實從冬季風暴中獲得了一些說法，同樣，那裡沒有什麼真正、真正重要的東西，只有一些。

Okay. Great.

好的。偉大的。

Yes. And just for clarity, those sit in Services, okay?

是的。為了清楚起見，那些坐在服務中，好嗎？

Yes, understood.

是的，明白了。

Your next question is from the line of Elyse Greenspan from Wells Fargo.

你的下一個問題來自富國銀行的 Elyse Greenspan。

Sorry, I was on mute. I just had a follow-up question. So just thinking through some of the stuff that came up earlier in the call in terms of just the captive and Ian revenue and the margin. So I know you said the captive isn't 100% margin. So if I assume Ian and the captive, right, which I think was $18 million revenue is 75% margin, and I adjust the overall margin for that and I add back the 40 basis point headwind from GRP, I still get that you're about a 35.4% margin for the quarter. So will it still would have been down a little bit year-over-year, right? And you did have the NII tailwind. What am I missing, I guess, in thinking about this math and then tying it back to your guide for margin improvement over the balance of the year?

對不起，我是靜音的。我剛剛有一個後續問題。因此，就俘虜和伊恩收入以及利潤率而言，只需考慮電話會議早些時候提出的一些問題。所以我知道你說過俘虜不是 100% 的保證金。因此，如果我假設 Ian 和俘虜，對，我認為 1800 萬美元的收入是 75% 的利潤率，並且我為此調整了總體利潤率，並從 GRP 中加回 40 個基點的逆風，我仍然知道你是本季度利潤率約為 35.4%。那麼它仍然會比去年同期下降一點，對嗎？你確實有 NII 順風。我想我錯過了什麼，在考慮這個數學，然後將它與你的指南聯繫起來，以提高今年餘下的利潤率？

So I think maybe a couple of things to think about, and we mentioned in the comments is there are some moving parts in there. We thought it was easier just to give everybody guidance on the full year, right? Because otherwise, there's always puts and takes. There's business mix inside everything else. It's just -- it's not as easy as just adding up a couple of items. So what we're trying to do is just keep it relatively simple for everybody and give an idea as to what the full year would look like for the organization.

所以我認為可能有幾件事需要考慮，我們在評論中提到其中有一些活動部件。我們認為給每個人全年的指導會更容易，對吧？因為否則，總會有放和放。其他一切都有業務組合。只是 - 它不像將幾個項目相加那麼容易。所以我們要做的只是讓每個人都相對簡單，並給出一個關於組織全年會是什麼樣子的想法。

Okay. And then when thinking from here, I guess the only I guess, one-off items embedded within the updated full year guide is just, right, programs will be some stronger revenue from the captive, right, until we kind of annualize that later in the year. So that could help margins, I guess, in the second quarter and then also just the higher investment income. Are there any other like headwinds or tailwinds in that updated full year guide for the rest of the 3 quarters?

好的。然後從這裡開始思考時，我想我猜唯一的，嵌入在更新的全年指南中的一次性項目只是，對的，計劃將從俘虜那裡獲得更多的收入，對，直到我們稍後將其年化那一年。因此，我猜這可能有助於提高第二季度的利潤率，然後還有更高的投資收入。在 3 個季度剩餘時間的更新後的全年指南中是否還有其他逆風或順風？

Well, so I think in the second quarter, yes, I think your comment would be fair. Now keep in mind that the revenue from the captives, right, will start to level out. So we're not going to get the benefit of organic lift each quarter going forward, like what we saw in the first quarter, okay? Because we'll be -- we're writing basically a specific amount of premium, right, is what we committed to do inside of the captive. So that's limited in nature. That's why you get basically to a level amount of revenue by the back end of the year.

好吧，所以我認為在第二季度，是的，我認為你的評論是公平的。現在請記住，來自俘虜的收入將開始趨於平穩。因此，我們不會像第一季度看到的那樣，在每個季度都獲得有機提升的好處，好嗎？因為我們將 - 我們基本上寫了特定數量的保費，對，這就是我們承諾在俘虜內部做的事情。所以這在本質上是有限的。這就是為什麼到年底你基本上會獲得一定數量的收入。

Keep in mind also, we mentioned the onetime bonus in programs that we had in the fourth quarter of last year and also the $8 million of Ian claims. Just take those into consideration when you're thinking about organic in the back end of the year and what that might mean on margins.

還要記住，我們提到了去年第四季度我們在項目中獲得的一次性獎金以及 Ian 索賠的 800 萬美元。當你在年底考慮有機產品時，只需考慮這些因素，以及這對利潤率可能意味著什麼。

Okay. And then one last one, the $30 million to $35 million of captive revenue this year, what was that last year in your full year...

好的。然後是最後一個，今年 3000 萬到 3500 萬美元的專屬收入，你全年的最後一年是多少......

Yes, we said it was about $25 million last year.

是的，我們說去年大約是 2500 萬美元。

There are no further questions at this time. I'd turn the call over back to our speakers for closing remarks.

目前沒有其他問題。我會把電話轉回給我們的發言人作結束語。

Thank you very much, Mikee. We appreciate everybody's time, and we look forward to talking to you next quarter. Very pleased with the outcome and look forward to talking to you then. Thank you.

非常感謝你，邁基。感謝大家的寶貴時間，我們期待在下個季度與您交談。對結果非常滿意，期待屆時與您交談。謝謝。

This concludes today's conference call. Thank you all for participating. You may now disconnect.

今天的電話會議到此結束。謝謝大家的參與。您現在可以斷開連接。