- Second Quarter 2023 Revenue Grew 28%
Year-Over-Year to $297.2 Million -
- Second Quarter 2023 Organic Revenue Growth(1)
of 22% -
BRP Group, Inc. (“BRP Group” 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 second quarter ended
June 30, 2023.
SECOND QUARTER 2023 HIGHLIGHTS
- Revenue increased 28% year-over-year to $297.2 million
- Organic Revenue Growth was 22% year-over-year
- GAAP net loss of $43.7 million and GAAP diluted loss per share
of $0.40
- Adjusted Net Income(2) of $32.0 million, or $0.27(2) per fully
diluted share
- Adjusted EBITDA(3) grew 45% to $61.6 million
- Adjusted EBITDA Margin(3) of 21%
“The strength of our colleague and client franchise was
highlighted by organic growth of 22%, showcasing leading execution
on behalf of our clients,” said Trevor Baldwin, Chief Executive
Officer of BRP Group. “Additionally, we made progress in
de-levering our balance sheet, which further positions us to take
advantage of future opportunities. The deep investments we made
over the past three years to scale the business are clearly
beginning to bear fruit, and we believe they will become more
evident in our margin and earnings profile in the second half of
the year and beyond.”
LIQUIDITY AND CAPITAL RESOURCES
As of June 30, 2023, cash and cash equivalents were $105.5
million and the Company had $130.0 million of borrowing capacity
under its revolving credit facility.
SIX MONTHS 2023 RESULTS
- Revenue increased 32% year-over-year to $627.6 million
- Organic Revenue Growth of 22% year-over-year
- GAAP net loss of $69.5 million and GAAP diluted loss per share
of $0.64
- Adjusted Net Income of $81.2 million, or $0.69 per fully
diluted share
- Adjusted EBITDA grew 22% to $140.6 million
- Adjusted EBITDA Margin of 22%
WEBCAST AND CONFERENCE CALL INFORMATION
BRP Group will host a webcast and conference call to discuss
second quarter 2023 results today at 5:00 PM ET. A live webcast and
a slide presentation of the conference call will be available on
BRP Group’s investor relations website at
ir.baldwinriskpartners.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.baldwinriskpartners.com for one year following the call.
ABOUT BRP GROUP, INC.
BRP Group (NASDAQ: BRP) is an independent insurance distribution
firm delivering tailored insurance and risk management insights and
solutions that give our Clients the peace of mind to pursue their
purpose, passion and dreams. We are innovating the industry by
taking a holistic and tailored approach to risk management,
insurance and employee benefits, and support our Clients,
Colleagues, Insurance Company Partners and communities through the
deployment of vanguard resources and capital to drive our growth.
BRP Group represents over 1.3 million Clients across the United
States and internationally. For more information, please visit
www.baldwinriskpartners.com.
FOOTNOTES
(1)
Organic Revenue for the three and six
months ended June 30, 2022 used to calculate Organic Revenue Growth
for the three and six months ended June 30, 2023 was $232.3 million
and $475.1 million, respectively, which is adjusted to reflect
revenues from Partnerships that have reached the twelve-month owned
mark during the three and six months ended June 30, 2023. 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 BRP Group 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.
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 BRP Group’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
BRP Group’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 BRP Group’s Annual Report on Form
10-K for the year ended December 31, 2022, and in BRP Group’s other
filings with the SEC, which are available free of charge on the
SEC's website at: www.sec.gov. 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 BRP Group or to persons
acting on behalf of BRP Group 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 BRP Group 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.
BRP GROUP, INC.
Condensed Consolidated
Statements of Comprehensive Income (Loss)
(Unaudited)
For the Three Months
Ended June 30,
For the Six Months
Ended June 30,
(in thousands, except share and per
share data)
2023
2022
2023
2022
Revenues:
Commissions and fees
$
297,191
$
232,460
$
627,637
$
475,308
Operating expenses:
Commissions, employee compensation and
benefits
225,236
172,848
456,190
326,598
Other operating expenses
47,485
40,770
94,089
77,212
Amortization expense
23,159
19,170
46,322
36,732
Change in fair value of contingent
consideration
16,393
(26,872
)
41,151
(32,504
)
Depreciation expense
1,449
1,105
2,797
2,093
Total operating expenses
313,722
207,021
640,549
410,131
Operating income (loss)
(16,531
)
25,439
(12,912
)
65,177
Other income (expense):
Interest expense, net
(29,136
)
(14,632
)
(57,020
)
(24,982
)
Other income, net
2,669
5,786
1,158
21,237
Total other expense
(26,467
)
(8,846
)
(55,862
)
(3,745
)
Income (loss) before income taxes
(42,998
)
16,593
(68,774
)
61,432
Income tax expense
665
—
743
—
Net income (loss)
(43,663
)
16,593
(69,517
)
61,432
Less: net income (loss) attributable to
noncontrolling interests
(19,766
)
7,951
(31,488
)
29,921
Net income (loss) attributable to BRP
Group
$
(23,897
)
$
8,642
$
(38,029
)
$
31,511
Comprehensive income (loss)
$
(43,663
)
$
16,593
$
(69,517
)
$
61,432
Comprehensive income (loss) attributable
to noncontrolling interests
(19,766
)
7,951
(31,488
)
29,921
Comprehensive income (loss) attributable
to BRP Group
(23,897
)
8,642
(38,029
)
31,511
Basic earnings (loss) per share
$
(0.40
)
$
0.15
$
(0.64
)
$
0.56
Diluted earnings (loss) per share
$
(0.40
)
$
0.14
$
(0.64
)
$
0.53
Weighted-average shares of Class A common
stock outstanding - basic
60,093,228
56,270,491
59,406,331
55,996,668
Weighted-average shares of Class A common
stock outstanding - diluted
60,093,228
59,858,816
59,406,331
59,354,168
BRP GROUP, INC.
Condensed Consolidated Balance
Sheets
(Unaudited)
(in thousands, except share and per
share data)
June 30, 2023
December 31, 2022
Assets
Current assets:
Cash and cash equivalents
$
105,546
$
118,090
Restricted cash
107,350
112,381
Premiums, commissions and fees receivable,
net
593,858
531,992
Prepaid expenses and other current
assets
11,654
9,936
Total current assets
818,408
772,399
Property and equipment, net
24,402
25,405
Right-of-use assets
92,921
96,465
Other assets
44,582
45,935
Intangible assets, net
1,062,969
1,099,918
Goodwill
1,421,849
1,422,060
Total assets
$
3,465,131
$
3,462,182
Liabilities, Mezzanine Equity
and Stockholders’ Equity
Current liabilities:
Premiums payable to insurance
companies
$
534,887
$
471,294
Producer commissions payable
64,548
53,927
Accrued expenses and other current
liabilities
110,106
125,743
Related party notes payable
1,525
1,525
Current portion of contingent earnout
liabilities
116,228
46,717
Total current liabilities
827,294
699,206
Revolving line of credit
470,000
505,000
Long-term debt, less current portion
807,666
809,862
Contingent earnout liabilities, less
current portion
178,084
220,219
Operating lease liabilities, less current
portion
84,584
87,692
Other liabilities
241
164
Total liabilities
2,367,869
2,322,143
Commitments and contingencies
Mezzanine equity:
Redeemable noncontrolling interest
495
487
Stockholders’ equity:
Class A common stock, par value $0.01 per
share, 300,000,000 shares authorized; 63,696,680 and 61,447,368
shares issued and outstanding at June 30, 2023 and December 31,
2022, respectively
637
614
Class B common stock, par value $0.0001
per share, 100,000,000 shares authorized; 53,024,504 and 54,504,918
shares issued and outstanding at June 30, 2023 and December 31,
2022, respectively
5
5
Additional paid-in capital
732,673
704,291
Accumulated deficit
(134,793
)
(96,764
)
Stockholder notes receivable
—
(42
)
Total stockholders’ equity attributable to
BRP Group
598,522
608,104
Noncontrolling interest
498,245
531,448
Total stockholders’ equity
1,096,767
1,139,552
Total liabilities, mezzanine equity and
stockholders’ equity
$
3,465,131
$
3,462,182
BRP GROUP, INC.
Condensed Consolidated
Statements of Cash Flows
(Unaudited)
For the Six Months
Ended June 30,
(in thousands)
2023
2022
Cash flows from operating activities:
Net income (loss)
$
(69,517
)
$
61,432
Adjustments to reconcile net income (loss)
to net cash provided by (used in) operating activities:
Depreciation and amortization
49,119
38,825
Change in fair value of contingent
consideration
41,151
(32,504
)
Share-based compensation expense
32,039
17,677
Gain on interest rate caps
(329
)
(21,269
)
Payment of contingent earnout
consideration in excess of purchase price accrual
(6,140
)
(47,803
)
Amortization of deferred financing
costs
2,333
2,474
Other loss
230
—
Changes in operating assets and
liabilities:
Premiums, commissions and fees receivable,
net
(61,866
)
(78,365
)
Prepaid expenses and other current
assets
(4,751
)
(10,108
)
Right-of-use assets
3,544
(4,116
)
Accounts payable, accrued expenses and
other current liabilities
51,647
63,763
Operating lease liabilities
(2,032
)
5,353
Net cash provided by (used in) operating
activities
35,428
(4,641
)
Cash flows from investing activities:
Capital expenditures
(8,624
)
(8,565
)
Cash consideration paid for asset
acquisitions
(1,611
)
(3,356
)
Investment in business ventures
(359
)
(675
)
Cash consideration paid for business
combinations, net of cash received
—
(377,299
)
Net cash used in investing activities
(10,594
)
(389,895
)
Cash flows from financing activities:
Payment of contingent earnout
consideration up to amount of purchase price accrual
(7,635
)
(43,184
)
Proceeds from revolving line of credit
60,000
495,000
Payments on revolving line of credit
(95,000
)
(5,000
)
Payments on long-term debt
(4,254
)
(4,254
)
Payments of debt issuance costs
—
(1,565
)
Proceeds from the sale and settlement of
interest rate caps
4,940
19,038
Tax distributions to BRP LLC members
(361
)
(9,393
)
Proceeds from repayment of stockholder
notes receivable
42
88
Distributions to VIEs
(141
)
—
Net cash provided by (used in) financing
activities
(42,409
)
450,730
Net increase (decrease) in cash and cash
equivalents and restricted cash
(17,575
)
56,194
Cash and cash equivalents and restricted
cash at beginning of period
230,471
227,737
Cash and cash equivalents and restricted
cash at end of period
$
212,896
$
283,931
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 BRP Group (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 BRP Group, 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 commissions
and fees. 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 investment income and the first
twelve months of commissions and fees generated from new Partners.
Organic Revenue Growth is the change in Organic Revenue
period-to-period, with prior period results adjusted to include
commissions and fees that were excluded 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. For example, revenues from a Partner acquired on
June 1, 2022 are excluded from Organic Revenue for 2022. However,
after June 1, 2023, results from June 1, 2022 to December 31, 2022
for such Partners are compared to results from June 1, 2023 to
December 31, 2023 for purposes of calculating Organic Revenue
Growth in 2023. 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 BRP Group 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 expenses that do not relate to business performance.
Adjusted Diluted EPS measures our per share earnings excluding
certain expenses as discussed above and assuming all shares of
Class B common stock were exchanged for Class A common stock.
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 Margin,
Organic Revenue Growth and Adjusted Diluted EPS 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 June 30,
For the Six Months
Ended June 30,
(in thousands, except
percentages)
2023
2022
2023
2022
Commissions and fees
$
297,191
$
232,460
$
627,637
$
475,308
Net income (loss)
$
(43,663
)
$
16,593
$
(69,517
)
$
61,432
Adjustments to net income (loss):
Interest expense, net
29,136
14,632
57,020
24,982
Amortization expense
23,159
19,170
46,322
36,732
Change in fair value of contingent
consideration
16,393
(26,872
)
41,151
(32,504
)
Share-based compensation
18,758
10,113
32,039
17,677
Transaction-related Partnership and
integration expenses
8,801
9,208
14,233
17,424
Depreciation expense
1,449
1,105
2,797
2,093
Severance
2,331
653
2,498
875
Income tax provision
665
—
743
—
Gain on interest rate caps
(1,736
)
(5,459
)
(329
)
(21,269
)
Other(1)
6,288
3,341
13,630
7,974
Adjusted EBITDA
$
61,581
$
42,484
$
140,587
$
115,416
Adjusted EBITDA Margin
21
%
18
%
22
%
24
%
__________ (1)
Other addbacks to Adjusted EBITDA include
certain expenses that are considered to be non-recurring or
non-operational, including certain recruiting costs, professional
fees, litigation costs and bonuses. In 2022, these addbacks also
included certain expenses related to remediation efforts.
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 June 30,
For the Six Months
Ended June 30,
(in thousands, except
percentages)
2023
2022
2023
2022
Commissions and fees
$
297,191
$
232,460
$
627,637
$
475,308
Partnership commissions and fees(1)
(12,840
)
(84,186
)
(43,711
)
(148,963
)
Investment income
(1,640
)
—
(2,563
)
—
Organic Revenue
$
282,711
$
148,274
$
581,363
$
326,345
Organic Revenue Growth(2)
$
50,440
$
28,630
$
106,244
$
53,811
Organic Revenue Growth %(2)
22
%
24
%
22
%
20
%
__________
(1)
Includes the first twelve months of such
commissions and fees generated from newly acquired Partners.
(2)
Organic Revenue for the three and six
months ended June 30, 2022 used to calculate Organic Revenue Growth
for the three and six months ended June 30, 2023 was $232.3 million
and $475.1 million, respectively, which is adjusted to reflect
revenues from Partnerships that have reached the twelve-month owned
mark during the three and six months ended June 30, 2023.
Adjusted Net Income and Adjusted Diluted EPS
The following table reconciles Adjusted Net Income to net income
(loss) attributable to BRP Group 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 June 30,
For the Six Months
Ended June 30,
(in thousands, except per share
data)
2023
2022
2023
2022
Net income (loss) attributable to BRP
Group
$
(23,897
)
$
8,642
$
(38,029
)
$
31,511
Net income (loss) attributable to
noncontrolling interests
(19,766
)
7,951
(31,488
)
29,921
Amortization expense
23,159
19,170
46,322
36,732
Change in fair value of contingent
consideration
16,393
(26,872
)
41,151
(32,504
)
Share-based compensation
18,758
10,113
32,039
17,677
Transaction-related Partnership and
integration expenses
8,801
9,208
14,233
17,424
(Gain) loss on interest rate caps, net of
cash settlements
929
(5,459
)
4,611
(21,269
)
Depreciation
1,449
1,105
2,797
2,093
Severance
2,331
653
2,498
875
Amortization of deferred financing
costs
1,094
1,188
2,333
2,474
Other(1)
6,288
3,341
13,630
7,974
Adjusted pre-tax income
35,539
29,040
90,097
92,908
Adjusted income taxes(2)
3,519
2,875
8,920
9,198
Adjusted Net Income
$
32,020
$
26,165
$
81,177
$
83,710
Weighted-average shares of Class A common
stock outstanding - diluted
60,093
59,859
59,406
59,354
Dilutive effect of unvested stock
awards
4,119
—
3,925
—
Exchange of Class B common stock(3)
53,159
55,864
53,624
56,065
Adjusted diluted weighted-average shares
outstanding
117,371
115,723
116,955
115,419
Adjusted Diluted EPS
$
0.27
$
0.23
$
0.69
$
0.73
Diluted earnings (loss) per share
$
(0.40
)
$
0.14
$
(0.64
)
$
0.53
Effect of exchange of Class B common stock
and net income (loss) attributable to noncontrolling interests per
share
0.03
—
0.05
—
Other adjustments to earnings (loss) per
share
0.67
0.11
1.36
0.28
Adjusted income taxes per share
(0.03
)
(0.02
)
(0.08
)
(0.08
)
Adjusted Diluted EPS
$
0.27
$
0.23
$
0.69
$
0.73
__________
(1)
Other addbacks to Adjusted Net Income
include certain expenses that are considered to be non-recurring or
non-operational, including certain recruiting costs, professional
fees, litigation costs and bonuses. In 2022, these addbacks also
included certain expenses related to remediation efforts.
(2)
Represents corporate income taxes at an
assumed effective tax rate of 9.9% applied to adjusted pre-tax
income.
(3)
Assumes the full exchange of Class B
common stock for Class A common stock pursuant to the Amended LLC
Agreement.
Adjusted Net Cash Provided by Operating Activities (“Free
Cash Flow”)
The following table reconciles free cash flow to net cash
provided by (used in) operating activities, which we consider to be
the most directly comparable GAAP financial measure:
For the Six Months
Ended June 30,
(in thousands)
2023
2022
Net cash provided by (used in) operating
activities
$
35,428
$
(4,641
)
Adjustments to net cash provided by (used
in) operating activities:
Change in premiums, commissions and fees
receivable, net
61,866
78,365
Change in accounts payable, accrued
expenses and other current liabilities
(51,647
)
(63,763
)
Payment of contingent earnout
consideration in excess of purchase price accrual
6,140
47,803
Free cash flow
$
51,787
$
57,764
COMMONLY USED DEFINED TERMS
The following terms have the following meanings throughout this
press release unless the context indicates or requires
otherwise:
Amended LLC Agreement
Third Amended and Restated Limited
Liability Company Agreement of Baldwin Risk Partners, LLC, as
amended
Clients
Our insureds
Colleagues
Our employees
GAAP
Accounting principles generally accepted
in the United States of America
Insurance Company Partners
Insurance companies with which we have a
contractual relationship
Partners
Companies that we have acquired, or in the
case of asset acquisitions, the producers
Partnerships
Strategic acquisitions made by the
Company
SEC
U.S. Securities and Exchange
Commission
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230809129620/en/
INVESTOR RELATIONS Bonnie Bishop, Executive Director
Baldwin Risk Partners (813) 259-8032 |
IR@baldwinriskpartners.com
PRESS Anna R. Rozenich, Senior Director - Enterprise
Communications Baldwin Risk Partners (630) 561-5907 |
anna.rozenich@baldwinriskpartners.com
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