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Business Combinations (Tables) | 3 Months Ended
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Mar. 31, 2020
Business Combinations [Abstract] |
Schedule of Business Acquisitions | The table below provides a summary of the total consideration and the estimated purchase price allocations made for each of the business acquisitions that became effective during the three months ended March 31, 2020. Due to the complexity of valuing the consideration paid and the purchase price allocation and the timing of these activities, certain amounts included in the condensed consolidated financial statements may be provisional and subject to additional adjustments within the measurement period as permitted by Topic 805. Any measurement period adjustments related to prior period business combinations have been reflected as current period adjustments for the three months ended March 31, 2020 in accordance with Topic 805.
(in thousands) |  | Lanier |  | Highland |  | AgencyRM |  | VibrantUSA |  | Totals
Cash consideration paid |  | $ | 24,450 |  |  | $ | 6,603 |  |  | $ | 7,061 |  |  | $ | 6,158 |  |  | $ | 44,272 |
Fair value of contingent earnout consideration |  | 1,628 |  |  | 788 |  |  | 679 |  |  | 142 |  |  | 3,237 |
Fair value of noncontrolling interest |  | 6,119 |  |  | 4,500 |  |  | 1,558 |  |  | — |  |  | 12,177 |
Total consideration |  | $ | 32,197 |  |  | $ | 11,891 |  |  | $ | 9,298 |  |  | $ | 6,300 |  |  | $ | 59,686 |
Cash |  | $ | 2,413 |  |  | $ | 1,542 |  |  | $ | 573 |  |  | $ | 439 |  |  | $ | 4,967 |
Premiums, commissions and fees receivable |  | 2,494 |  |  | 5,977 |  |  | 1,002 |  |  | 317 |  |  | 9,790 |
Property and equipment |  | 294 |  |  | — |  |  | — |  |  | — |  |  | 294 |
Other assets |  | 168 |  |  | 13 |  |  | 4 |  |  | 12 |  |  | 197 |
Intangible assets |  |  |  |  |  |  |  |  |  |
Purchased customer accounts |  | 6,308 |  |  | — |  |  | — |  |  | — |  |  | 6,308 |
Distributor relationships |  | — |  |  | 6,500 |  |  | 4,300 |  |  | 3,800 |  |  | 14,600 |
Carrier relationships |  | — |  |  | 659 |  |  | — |  |  | — |  |  | 659 |
Software |  | — |  |  | — |  |  | 565 |  |  | — |  |  | 565 |
Trade names |  | — |  |  | 214 |  |  | 25 |  |  | 32 |  |  | 271 |
Goodwill |  | 23,739 |  |  | 4,228 |  |  | 3,369 |  |  | 1,725 |  |  | 33,061 |
Total assets acquired |  | 35,416 |  |  | 19,133 |  |  | 9,838 |  |  | 6,325 |  |  | 70,712 |
Premiums and producer commissions payable |  | (2,954 | ) |  | (6,374 | ) |  | (540 | ) |  | (14 | ) |  | (9,882 | )
Accrued expenses and other current liabilities |  | (265 | ) |  | (868 | ) |  | — |  |  | (11 | ) |  | (1,144 | )
Total liabilities acquired |  | (3,219 | ) |  | (7,242 | ) |  | (540 | ) |  | (25 | ) |  | (11,026 | )
Net assets acquired |  | $ | 32,197 |  |  | $ | 11,891 |  |  | $ | 9,298 |  |  | $ | 6,300 |  |  | $ | 59,686 |
Maximum potential contingent earnout consideration |  | $ | 11,000 |  |  | $ | 2,450 |  |  | $ | 3,000 |  |  | $ | 378 |  |  | $ | 16,828 |
Schedule of Weighted-Average Useful Lives of Intangible Assets Acquired in Business Combinations | The intangible assets acquired in connection with business combinations during the three months ended March 31, 2020 have the following estimated weighted-average lives:
| Weighted-Average Life
Purchased customer accounts | 15.0 years
Distributor relationships | 20.0 years
Carrier relationships | 0.8 years
Software | 2.0 years
Trade names | 4.2 years
Schedule of Future Amortization Expense for Intangible Assets Acquired in Business Combinations | Future annual estimated amortization expense over the next five years for intangible assets acquired in connection with business combinations during the three months ended March 31, 2020 is as follows:
(in thousands) |  | Amount
For the remainder of 2020 |  | $ | 3,883 |
2021 |  | 3,227 |
2022 |  | 2,486 |
2023 |  | 1,956 |
2024 |  | 1,433 |
Schedule of Pro Forma Information | The following unaudited pro forma consolidated results of operations are provided for illustrative purposes only and have been presented as if the acquisitions of Lanier, Highland, AgencyRM and VibrantUSA occurred on January 1, 2019. This unaudited pro forma information should not be relied upon as being indicative of the historical results that would have been obtained if the acquisitions had occurred on that date, nor of the results that may be obtained in the future.
|  | For the Three Months Ended March 31,
(in thousands, except per share data) |  | 2020 |  | 2019
Pro forma results: |  |  |  |
Revenues |  | $ | 56,550 |  |  | $ | 41,750 |
Net income |  | 5,917 |  |  | 12,194 |
Net income attributable to BRP Group, Inc. |  | 1,853 |  |  |
Basic earnings per share |  | $ | 0.09 |  |  |
Diluted earnings per share |  | $ | 0.09 |  |  |
Weighted-average shares of Class A common stock outstanding - basic |  | 19,523 |  |  |
Weighted-average shares of Class A common stock outstanding - diluted |  | 19,860 |  |  |

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