BRP Group Inc
For the period ended Dec 31, 2023. Filed Feb 28, 2024.
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FY2023 · Filed Feb 28, 2024
BWIN$32.18+0.1%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
| For the Years Ended December 31, | |||
|---|---|---|---|
| (in thousands) | 2023 | 2022 | 2021 |
| Cash flows from operating activities: | |||
| Net loss | $(164,019) | $(76,748) | $(58,120) |
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||
| Depreciation and amortization | 98,402 | 86,358 | 51,508 |
| Change in fair value of contingent consideration | 61,083 | 32,307 | 45,196 |
| Share-based compensation expense | 60,008 | 47,389 | 19,193 |
| Payment of contingent earnout consideration in excess of purchase price accrual | (24,326) | (49,926) | (4,825) |
| Amortization of deferred financing costs | 5,129 | 5,120 | 3,506 |
| (Gain) loss on interest rate caps | 1,670 | (26,220) | 123 |
| Other loss | 361 | 135 | 311 |
| Changes in operating assets and liabilities, net of effect of acquisitions: | |||
| Premiums, commissions and fees receivable, net | (132,269) | (183,006) | (64,501) |
| Prepaid expenses and other current assets | (6,849) | (10,383) | (9,681) |
| Right-of-use assets | 17,963 | (13,492) | (81,646) |
| Accounts payable, accrued expenses and other current liabilities | 140,675 | 173,362 | 55,188 |
| Operating lease liabilities | (13,184) | 16,531 | 83,877 |
| Other liabilities | — | (3,889) | — |
| Net cash provided by (used in) operating activities | 44,644 | (2,462) | 40,129 |
| Cash flows from investing activities: | |||
| Capital expenditures | (21,376) | (21,979) | (5,321) |
| Proceeds from the sale of assets | 3,259 | — | — |
| Cash consideration paid for asset acquisitions | (2,118) | (3,356) | (3,212) |
| Investments in and loans to business ventures | (1,687) | (1,103) | (1,907) |
| Cash consideration paid for business combinations, net of cash received | — | (387,919) | (668,033) |
| Net cash used in investing activities | (21,922) | (414,357) | (678,473) |
| Cash flows from financing activities: | |||
| Proceeds from issuance of Class A common stock, net of underwriting discounts | — | — | 269,375 |
| Payment of common stock offering costs | — | — | (1,054) |
| Payment of contingent earnout consideration up to amount of purchase price accrual | (27,949) | (48,309) | (7,723) |
| Proceeds from revolving line of credit | 111,000 | 512,000 | 420,210 |
| Payments on revolving line of credit | (275,000) | (42,000) | (385,210) |
| Proceeds from long-term debt | 170,000 | — | 441,430 |
| Payments on long-term debt | (9,376) | (8,509) | (5,630) |
| Payments of debt issuance costs | (4,998) | (1,821) | (1,124) |
| Proceeds from the sale and settlement of interest rate caps | 10,918 | 21,246 | — |
| Purchase of interest rate caps | — | (3,838) | (6,461) |
| Tax distributions to BRP's LLC Members | (482) | (9,393) | — |
| Proceeds from repayment of stockholder notes receivable | 42 | 177 | 246 |
| Distributions to variable interest entities | (385) | — | — |
| Net cash provided by (used in) financing activities | (26,230) | 419,553 | 724,059 |
| Net increase (decrease) in cash and cash equivalents and restricted cash | (3,508) | 2,734 | 85,715 |
| Cash and cash equivalents and restricted cash at beginning of year | 230,471 | 227,737 | 142,022 |
| Cash and cash equivalents and restricted cash at end of year | $226,963 | $230,471 | $227,737 |
| For the Years Ended December 31, | |||
|---|---|---|---|
| (in thousands) | 2023 | 2022 | 2021 |
| Supplemental schedule of cash flow information: | |||
| Cash paid for interest | $105,386 | $62,702 | $22,110 |
| Cash paid for taxes | 1,430 | 1,419 | — |
| Disclosure of non-cash investing and financing activities: | |||
| Right-of-use assets obtained in exchange for operating lease liabilities | $6,414 | $24,910 | $86,524 |
| Capital expenditures incurred but not yet paid | 3,583 | 855 | 350 |
| Right-of-use assets increased through lease modifications and reassessments | 1,063 | 5,905 | 6,131 |
| Contingent earnout liabilities assumed in business combinations and asset acquisitions | 723 | 14,918 | 127,420 |
| Increase (decrease) in goodwill resulting from measurement period adjustments for prior year business combinations | (211) | 5,534 | (2,206) |
| Equity interest issued in business combinations and asset acquisitions | — | 4,809 | 194,607 |
| Conversion of contingent earnout liability to related party notes payable and to settle related party notes receivable | — | 2,143 | 61,500 |
| Equity issued in satisfaction of a liability | — | 711 | — |
| Non-cash debt issuance costs incurred | — | — | 11,557 |
| Non-cash tax distributions payable | — | — | 5,072 |
| Reconciliation of cash and cash equivalents and restricted cash: | |||
| Cash and cash equivalents and restricted cash per consolidated balance sheet | $221,033 | ||
| Restricted cash included in assets held for sale | 5,930 | ||
| Cash and cash equivalents and restricted cash at end of year per consolidated statements of cash flows | $226,963 | ||
Notes to Consolidated Financial Statements
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