Financial Performance - Total revenue increased by 11% year-over-year to $338.9 million, with organic revenue growth of 14%[2] - GAAP net loss was $14.5 million, resulting in a diluted loss per share of $0.13[2] - Adjusted net income reached $38.5 million, with adjusted diluted EPS growing 14% year-over-year to $0.33[2] - Adjusted EBITDA grew 14% year-over-year to $72.8 million, with an adjusted EBITDA margin of 21.5%, a 60 basis point expansion compared to the prior-year period[2] - For the nine months ended September 30, 2024, revenue increased by 13% year-over-year to $1.1 billion, with organic revenue growth of 16%[4] - Adjusted EBITDA for the nine months grew 22% year-over-year to $249.3 million, with an adjusted EBITDA margin of 23.5%[4] - Adjusted diluted EPS for Q3 2024 was $0.33, compared to $0.29 in Q3 2023, reflecting a 13.8% increase[38] - Pro forma revenue for Q3 2024 reached $338,938,000, up from $306,270,000 in Q3 2023, representing a growth of 10.7%[36] - Adjusted EBITDA for Q3 2024 was $72,751,000, compared to $64,009,000 in Q3 2023, indicating a 13.6% increase[36] - Organic revenue growth for Q3 2024 was $40,672,000, with an organic revenue growth rate of 14% compared to 19% in Q3 2023[37] - Adjusted net income for Q3 2024 was $38,528,000, up from $33,756,000 in Q3 2023, marking an increase of 14.5%[38] - Total revenues for the nine months ended September 30, 2024, were $1,059,145,000, compared to $933,907,000 for the same period in 2023, a growth of 13.4%[36] - The company reported a net loss of $14,475,000 for Q3 2024, an improvement from a net loss of $32,006,000 in Q3 2023[36] - The company reported a net loss of $6,242 thousand for the nine months ended September 30, 2024, a substantial improvement from a net loss of $101,523 thousand in 2023[20] Cash Flow and Liquidity - As of September 30, 2024, cash and cash equivalents were $181.8 million, with a borrowing capacity of $600.0 million under the revolving credit facility[3] - Adjusted free cash flow grew 31% year-over-year to $99.2 million[4] - The company reported a net cash provided by operating activities of $85.7 million for the nine months[4] - Cash and cash equivalents, along with restricted cash, totaled $344,716 thousand at the end of the period, compared to $194,394 thousand at the end of September 30, 2023, indicating a year-over-year increase of 77.4%[20] - Net cash provided by operating activities for the nine months ended September 30, 2024, was $85,708 thousand, significantly higher than $22,799 thousand in the same period of 2023[41] - Adjusted free cash flow for the nine months ended September 30, 2024, was $99,235 thousand, up from $76,012 thousand in 2023, indicating a growth of 30.5%[41] Assets and Liabilities - Total assets increased to $3,539,040 thousand as of September 30, 2024, compared to $3,501,937 thousand at December 31, 2023, reflecting a growth of 1.06%[19] - Current assets rose to $1,014,281 thousand, up from $925,905 thousand, marking an increase of 9.5%[19] - Long-term debt increased to $1,399,010 thousand from $968,183 thousand, representing a rise of 44.5%[19] - Total liabilities stood at $2,502,431 thousand, up from $2,483,055 thousand, reflecting a slight increase of 0.8%[19] - The company’s additional paid-in capital increased to $785,931 thousand from $746,671 thousand, an increase of 5.3%[19] - The accumulated deficit grew to $(191,261) thousand from $(186,905) thousand, indicating a decline in retained earnings[19] Operational Effectiveness - The CEO highlighted the company's strong operational effectiveness and efficiency, positioning it well for sustained long-term growth[2] - The company generated $56,977 thousand from divestitures during the nine months ended September 30, 2024, with no comparable figure for 2023[20] - Interest expense for Q3 2024 was $31,329 thousand, slightly up from $30,580 thousand in Q3 2023, indicating a year-over-year increase of 2.4%[40] - Share-based compensation for the nine months ended September 30, 2024, totaled $46,764 thousand, compared to $46,637 thousand in the same period of 2023, showing a marginal increase[40] Guidance and Variability - The company is currently unable to provide guidance on adjusted EBITDA and other non-GAAP measures due to high variability and complexity[34]
BRP Group, Inc.(BWIN) - 2024 Q3 - Quarterly Results