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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- Definition

Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate.

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Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts.

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Tabular disclosure of finite-lived intangible assets acquired as part of a business combination or through an asset purchase, by major class and in total, including the value of the asset acquired, any significant residual value (the expected value of the asset at the end of its useful life) and the weighted-average amortization period.

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