v3.22.2
Business Combinations (Tables)
 6 Months Ended
Jun. 30, 2022
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 six months ended June 30, 2022.
(in thousands)WestwoodVCMTotals
Cash consideration paid$373,554 $5,850 $379,404 
Fair value of contingent earnout consideration12,724 674 13,398 
Fair value of equity interest— 1,870 1,870 
Deferred payment— 1,716 1,716 
Total consideration$386,278 $10,110 $396,388 
Cash$658 $1,397 $2,055 
Restricted cash50 — 50 
Premiums, commissions and fees receivable4,225 157 4,382 
Other assets392 566 958 
Intangible assets209,200 2,984 212,184 
Goodwill176,176 6,865 183,041 
Total assets acquired390,701 11,969 402,670 
Premiums payable to insurance companies(218)— (218)
Producer commissions payable(2,488)— (2,488)
Accrued expenses and other current liabilities(1,717)(1,859)(3,576)
Total liabilities acquired(4,423)(1,859)(6,282)
Net assets acquired$386,278 $10,110 $396,388 
Maximum potential contingent earnout consideration$15,000 $1,250 $16,250 
Schedule of Weighted-Average Useful Lives of Intangible Assets Acquired in Business Combinations
The intangible assets acquired in connection with business combinations during the six months ended June 30, 2022 have the following values and estimated weighted-average lives:
(in thousands, except weighted-average lives)AmountWeighted-Average Life
Purchased customer accounts$18,550 20.0 years
Distributor relationships159,800 20.0 years
Software29,500 5.0 years
Trade names4,334 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 six months ended June 30, 2022 is as follows:
(in thousands)Amount
For the remainder of 2022$5,049 
202311,076 
202412,340 
202513,562 
202614,437 
Schedule of Pro Forma Information
The following pro forma consolidated results of operations are provided for illustrative purposes only and have been presented as if the acquisitions of Westwood and VCM occurred on January 1, 2021. This 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 June 30,		For the Six Months
 Ended June 30,
(in thousands, except per share data)2022202120222021
Pro forma results:
Revenues$239,912 $140,906 $503,058 $313,572 
Net income (loss)15,753 (21,759)60,370 8,970 
Net income (loss) attributable to BRP Group, Inc.8,207 (10,731)30,965 4,300 
Basic earnings (loss) per share$0.15 $(0.24)$0.55 $0.10 
Diluted earnings (loss) per share$0.14 $(0.24)$0.52 $0.09 
Weighted-average shares of Class A common stock outstanding - basic56,339 44,768 56,079 44,561 
Weighted-average shares of Class A common stock outstanding - diluted60,022 44,768 59,628 46,543