BRP Group, Inc. (BRP) Financial Statements (2024 and earlier)

Company Profile

Business Address 4211 W. BOY SCOUT BLVD.
TAMPA, FL 33607
State of Incorp. DE
Fiscal Year End December 31
Industry (SIC) 6411 - Insurance Agents, Brokers, and Service (benchmarking)
More info Complete Financial Analysis Financial Benchmarking

Balance Sheet (Statement of Financial Position) ($ in thousands)

9/30/2023
Q3
6/30/2023
Q2
3/31/2023
Q1
12/31/2022
Q4
9/30/2022
Q3
6/30/2022
Q2
3/31/2022
Q1
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments105,54681,299118,090158,600183,402156,811
Cash and cash equivalents105,54681,299118,090158,600183,402156,811
Restricted cash and investments107,350105,520112,38192,017100,52987,097
Receivables  1141131,8441,7151,757
Other undisclosed current assets605,512593,542541,815458,430440,884389,516
Total current assets:818,408780,475772,399710,891726,530635,181
Noncurrent Assets
Operating lease, right-of-use asset92,92195,31696,46598,04986,37483,014
Property, plant and equipment24,40225,47025,40524,50022,75618,280
Intangible assets, net (including goodwill)2,484,8182,503,1342,521,9782,539,0582,540,6692,160,004
Goodwill1,421,8491,422,0601,422,0601,420,9291,415,2811,232,399
Intangible assets, net (excluding goodwill)1,062,9691,081,0741,099,9181,118,1291,125,388927,605
Other noncurrent assets44,58243,87845,93539,89034,31645,543
Total noncurrent assets:2,646,7232,667,7982,689,7832,701,4972,684,1152,306,841
TOTAL ASSETS:3,465,1313,448,2733,462,1823,412,3883,410,6452,942,022
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Accounts payable and accrued liabilities, including:110,106108,641125,743114,198104,33087,316
Employee-related liabilities39,22524,5499,929
Accrued liabilities11,07011,02913,10111,86210,94313,310
Other undisclosed accounts payable and accrued liabilities99,03697,612112,64263,11168,83864,077
Deferred revenue      22,059
Debt      8,521
Business combination, contingent consideration, liability116,228118,56946,71741,64543,61520,897
Due to related parties1,5251,525  61,500
Other undisclosed current liabilities600,960544,085525,221417,460422,355330,991
Total current liabilities:827,294772,820699,206573,303570,300531,284
Noncurrent Liabilities
Long-term debt and lease obligation1,277,6661,293,7651,314,8621,426,7221,414,079960,794
Long-term debt, excluding current maturities1,277,6661,293,7651,314,8621,337,9731,337,080888,172
Liabilities, other than long-term debt262,909254,577308,075188,299166,381210,909
Other liabilities241250164330 3,959
Operating lease, liability84,58486,73987,69288,74976,99972,622
Business combination, contingent consideration, liability178,084167,588220,219187,969166,381206,950
Total noncurrent liabilities:1,540,5751,548,3421,622,9371,615,0211,580,4601,171,703
Total liabilities:2,367,8692,321,1622,322,1432,188,3242,150,7601,702,987
Temporary equity, carrying amount495538487424350288
Equity
Equity, attributable to parent, including:598,522606,359608,104651,695660,326639,439
Additional paid in capital732,673716,645704,291699,415683,331671,143
Accumulated deficit(134,793)(110,896)(96,764)(48,274)(23,481)(32,123)
Receivable from shareholders or affiliates for issuance of capital stock  (21)(42)(63)(131)(175)
Other undisclosed equity, attributable to parent642631619617607594
Equity, attributable to noncontrolling interest498,245520,214531,448571,945599,209599,308
Total equity:1,096,7671,126,5731,139,5521,223,6401,259,5351,238,747
TOTAL LIABILITIES AND EQUITY:3,465,1313,448,2733,462,1823,412,3883,410,6452,942,022

Income Statement (P&L) ($ in thousands)

9/30/2023
Q3
6/30/2023
Q2
3/31/2023
Q1
12/31/2022
Q4
9/30/2022
Q3
6/30/2022
Q2
3/31/2022
Q1
Revenues
(Insurance Commissions and Fees)
297,191330,446246,044259,368232,460242,848
Cost of revenue(247,437)(266,923)(241,545)(232,111)(156,151)(159,068)
Gross profit:49,75463,5234,49927,25776,30983,780
Operating expenses(66,285)(59,904)(70,919)(57,112)(50,870)(44,042)
Operating income (loss):(16,531)3,619(66,420)(29,855)25,43939,738
Nonoperating income (expense)(26,467)(29,395)(24,338)(16,852)(8,846)5,101
Other nonoperating income (expense)2,669(1,511)9863,9145,78615,451
Income (loss) from continuing operations before income taxes:(42,998)(25,776)(90,758)(46,707)16,59344,839
Income tax expense(665)(78)    
Other undisclosed loss from continuing operations   (715)   
Income (loss) from continuing operations:(43,663)(25,854)(91,473)(46,707)16,59344,839
Income (loss) before gain (loss) on sale of properties:(46,707)16,59344,839
Net income (loss):(43,663)(25,854)(91,473)(46,707)16,59344,839
Net income (loss) attributable to noncontrolling interest19,76611,72242,98321,914(7,951)(21,970)
Net income (loss) available to common stockholders, diluted:(23,897)(14,132)(48,490)(24,793)8,64222,869

Comprehensive Income ($ in thousands)

9/30/2023
Q3
6/30/2023
Q2
3/31/2023
Q1
12/31/2022
Q4
9/30/2022
Q3
6/30/2022
Q2
3/31/2022
Q1
Net income (loss):(43,663)(25,854)(91,473)(46,707)16,59344,839
Comprehensive income (loss):(43,663)(25,854)(91,473)(46,707)16,59344,839
Comprehensive income (loss), net of tax, attributable to noncontrolling interest19,76611,72242,98321,914(7,951)(21,970)
Comprehensive income (loss), net of tax, attributable to parent:(23,897)(14,132)(48,490)(24,793)8,64222,869

Statements Sources

The financial statements are based on the Company's filings with the U.S. Securities and Exchange Commission (SEC) through the Electronic Data Gathering, Analysis, and Retrieval system (EDGAR). The information is derived from the 10-K and 10-Q reports submitted to the SEC in XBRL (eXtensible Business Reporting Language) format and presented according to the US GAAP Taxonomy. Please review the original filings for a more detailed information.

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