v3.21.2

Business Combinations (Tables) |  | 9 Months Ended
--- | --- | ---
Apr. 01, 2020 | Sep. 30, 2021
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 nine months ended September 30, 2021. The “All Others” column includes amounts for the Medicare Help Now, Only Medicare Solutions, Seniors’ Insurance Services, Mid-Continent and EBSME business combinations.
(in thousands) | LeaseTrack |  | RogersGray |  | FounderShield |  | The Capital Group |  | River Oak Risk |  | All Others |  | Totals
Cash consideration paid | $ | 12,984 |  |  | $ | 135,135 |  |  | $ | 20,863 |  |  | $ | 28,558 |  |  | $ | 18,908 |  |  | $ | 16,786 |  |  | $ | 233,234 |
Fair value of contingent earnout consideration | 6,116 |  |  | 18,976 |  |  | 18,033 |  |  | 10,006 |  |  | 5,163 |  |  | 2,571 |  |  | 60,865 |
Fair value of equity interest | 1,652 |  |  | 39,765 |  |  | 14,624 |  |  | 13,393 |  |  | 3,574 |  |  | 2,626 |  |  | 75,634 |
Deferred payment | — |  |  | 1,608 |  |  | 2,985 |  |  | 10,336 |  |  | 89 |  |  | 2,772 |  |  | 17,790 |
Total consideration | $ | 20,752 |  |  | $ | 195,484 |  |  | $ | 56,505 |  |  | $ | 62,293 |  |  | $ | 27,734 |  |  | $ | 24,755 |  |  | $ | 387,523 |
Cash | $ | 100 |  |  | $ | 2,766 |  |  | $ | 221 |  |  | $ | 613 |  |  | $ | 290 |  |  | $ | 145 |  |  | $ | 4,135 |
Restricted cash | 2 |  | 4,211 |  |  | 3,199 |  |  | — |  |  | 160 |  |  | — |  |  | 7,572 |
Premiums, commissions and fees receivable | 729 |  |  | 9,713 |  |  | 3,810 |  |  | 3,940 |  |  | 187 |  |  | 1,677 |  |  | 20,056 |
Property and equipment | 43 |  |  | 1,324 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,367 |
Other assets | — |  |  | 589 |  |  | 52 |  |  | — |  |  | — |  |  | 18 |  |  | 659 |
Intangible assets | 5,200 |  |  | 76,169 |  |  | 9,402 |  |  | 26,399 |  |  | 5,085 |  |  | 12,722 |  |  | 134,977 |
Goodwill | 15,026 |  |  | 109,053 |  |  | 45,810 |  |  | 32,251 |  |  | 22,797 |  |  | 10,592 |  |  | 235,529 |
Total assets acquired | 21,100 |  |  | 203,825 |  |  | 62,494 |  |  | 63,203 |  |  | 28,519 |  |  | 25,154 |  |  | 404,295 |
Premiums payable to insurance companies | (318) |  |  | (5,898) |  |  | (5,831) |  |  | — |  |  | — |  |  | — |  |  | (12,047) |
Producer commissions payable | (4) |  |  | (749) |  |  | — |  |  | (906) |  |  | (111) |  |  | (395) |  |  | (2,165) |
Accrued expenses and other current liabilities | (26) |  |  | (1,694) |  |  | (158) |  |  | (4) |  |  | (674) |  |  | (4) |  |  | (2,560) |
Total liabilities acquired | (348) |  |  | (8,341) |  |  | (5,989) |  |  | (910) |  |  | (785) |  |  | (399) |  |  | (16,772) |
Net assets acquired | $ | 20,752 |  |  | $ | 195,484 |  |  | $ | 56,505 |  |  | $ | 62,293 |  |  | $ | 27,734 |  |  | $ | 24,755 |  |  | $ | 387,523 |
Maximum potential contingent earnout consideration | $ | 8,500 |  |  | $ | 72,446 |  |  | $ | 77,554 |  |  | $ | 29,888 |  |  | $ | 26,402 |  |  | $ | 17,897 |  |  | $ | 232,687 |
Schedule of Weighted-Average Useful Lives of Intangible Assets Acquired in Business Combinations |  | The intangible assets acquired in connection with business combinations during the nine months ended September 30, 2021 have the following values and estimated weighted-average lives:
(in thousands, except weighted-average lives) | Amount |  | Weighted-Average Life
Purchased customer accounts | $ | 117,200 |  |  | 18.1 years
Distributor relationships | 4,846 |  |  | 20.0 years
Software | 8,834 |  |  | 5.0 years
Trade names | 4,097 |  |  | 5.0 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 nine months ended September 30, 2021 is as follows:
(in thousands) |  | Amount
For the remainder of 2021 |  | $ | 2,220 |
2022 |  | 10,102 |
2023 |  | 10,425 |
2024 |  | 10,670 |
2025 |  | 10,904 |
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 LeaseTrack, Medicare Help Now, Only Medicare Solutions, Seniors’ Insurance Services, Mid-Continent, RogersGray, EBSME, FounderShield, The Capital Group and River Oak Risk occurred on January 1, 2020. 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 September 30, |  | For the Nine Months Ended September 30,
(in thousands, except per share data) |  | 2021 |  | 2020 |  | 2021 |  | 2020
Pro forma results: |  |  |  |  |  |  |  |
Revenues |  | $ | 137,830 |  |  | $ | 83,182 |  |  | $ | 446,454 |  |  | $ | 224,440 |
Net loss |  | (24,312) |  |  | (12,446) |  |  | (11,142) |  |  | (20,551) |
Net loss attributable to BRP Group, Inc. |  | (12,877) |  |  | (5,337) |  |  | (6,732) |  |  | (8,940) |
Basic and diluted loss per share |  | $ | (0.28) |  |  | $ | (0.16) |  |  | $ | (0.15) |  |  | $ | (0.36) |
Weighted-average shares of Class A common stock outstanding - basic and diluted |  | 46,633 |  |  | 33,835 |  |  | 45,589 |  |  | 25,106 |

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