The Board’s long-term succession plan was developed with external experts to ensure that our process was complete and thorough. Doug’s promotion is well deserved and reflects the important role he has had at NFP for a number of years.
We are all confident that Doug, along with our very talented senior management team, principals and employees will continue to build on NFP’s strength, provide outstanding service to clients and enhance value for our shareholder, and lead NFP successfully into the future.
With that, I’d like to turn your attention to our first quarter.
Turning to Slide 7, the first quarter 2012 included solid contributions from each of our business segments. For the quarter, we reported revenue growth of 8.9% and organic revenue growth of 5.9%, and adjusted EBITDA over 30% and margin expansion.Now turning to Slide 8. We plan to continue executing on our balanced capital allocation strategy in 2012, which includes acquisitions, a repurchase program beginning in May and investments in our company. We believe these actions will continue to enhance shareholder value and NFP’s client value proposition as well as our leadership position in our core market of benefits, insurance and wealth management. We remain committed to our strategy, which is to continue to build shareholder value by delivering the highest quality client service, expanding our offering, maintaining our financial flexibility and growing recurring revenue and profitability. Strategic acquisitions complement our existing businesses, especially in P&C, Corporate Benefits and Wealth Management. With these transactions, we are growing and strengthening our client offerings and the NFP brand by adding management strength and diversification of products and geographies. We are focused on regional consolidation. Our pipeline for acquisitions is strong and continues to build. Based on our current stock price, we expect to continue to use cash for acquisition. Turning to Slide 9, a key focus of ours over the last several years has been to enhance the stability of our revenues and earnings. For the first quarter 2012, recurring revenue accounted for 65.8% of total revenue, an increase from 63% in 2011. For 2012, we are reiterating our guidance and expectations for our businesses. Read the rest of this transcript for free on seekingalpha.com