v3.22.2

Business and Basis of Presentation (Tables)

6 Months Ended

Jun. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Effects of Adopting ASC 842

The following table summarizes the effects of adopting ASC 842 on our condensed consolidated statements of comprehensive income (loss) for the three and six months ended June 30, 2021:

			For the Three Months Ended June 30, 2021																		For the Six Months Ended June 30, 2021
(in thousands, except per share data)			As Previously Reported						Effect of Adoption of Topic 842						As Adjusted						As Previously Reported						Effect of Adoption of Topic 842						As Adjusted
Operating expenses:
Other operating expenses			$	19,200					$	337					$	19,537					$	36,768					$	(356)					$	36,412
Total operating expenses			132,905						337						133,242						249,476						(356)						249,120
Operating income (loss)			(13,199)						(337)						(13,536)						23,058						356						23,414
Net income (loss)			(20,104)						(337)						(20,441)						10,510						356						10,866
Net income (loss) attributable to BRP Group, Inc.			(9,756)						(337)						(10,093)						4,857						356						5,213
Basic earnings (loss) per share			$	(0.22)					$	(0.01)					$	(0.23)					$	0.11					$	0.01					$	0.12
Diluted earnings (loss) per share			$	(0.22)					$	(0.01)					$	(0.23)					$	0.11					$	—					$	0.11

The following table summarizes the effects of adopting ASC 842 on our condensed consolidated statement of cash flows for the six months ended June 30, 2021:

						For the Six Months Ended June 30, 2021
(in thousands)						As Previously Reported						Effect of Adoption of Topic 842						As Adjusted
Cash flows from operating activities:
Net income						$	10,510					$	356					$	10,866
Changes in operating assets and liabilities, net of effect of acquisitions:
Prepaid expenses and other current assets						(2,254)						169						(2,085)
Right-of-use assets						—						(57,816)						(57,816)
Accounts payable, accrued expenses and other current liabilities						49,321						(1,885)						47,436
Operating lease liabilities						—						59,176						59,176

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- References

No definition available.

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- Definition

Tabular disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22499-107794

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
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-Section 45
-Paragraph 13
-URI https://asc.fasb.org/extlink&oid=126900757&loc=d3e765-108305

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 45
-Paragraph 12
-URI https://asc.fasb.org/extlink&oid=126900757&loc=d3e725-108305

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22583-107794

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