BRP Group, Inc.(BWIN) - 2024 Q3 - Quarterly Report

Financial Position - 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 approximately 1.06%[10] - Current assets rose to $1,014,281 thousand, up from$925,905 thousand, marking an increase of about 9.5%[10] - Total liabilities amounted to $2,502,431 thousand, a slight increase from$2,483,055 thousand, indicating a growth of approximately 0.78%[10] - Cash and cash equivalents increased to $181,759 thousand from$116,209 thousand, representing a significant rise of about 56.4%[10] - Total stockholders' equity attributable to Baldwin increased to $595,350 thousand from$560,412 thousand, showing a growth of about 6.2%[10] Revenue and Income - Total revenues for Q3 2024 reached $338,938,000, a 10.6$306,270,000 in Q3 2023[12] - Commissions and fees for the nine months ended September 30, 2024, were $1,050,409,000, up 13.0$929,306,000 in the same period of 2023[12] - Operating income for Q3 2024 was $15,406,000, compared to an operating income of$86,000 in Q3 2023[12] - Net loss attributable to Baldwin for Q3 2024 was $8,377,000, an improvement from a net loss of$17,629,000 in Q3 2023[12] - Basic and diluted loss per share for Q3 2024 was $0.13, compared to$0.29 in Q3 2023[12] Cash Flow and Expenditures - Cash provided by operating activities for the nine months ended September 30, 2024, was $85,708,000, compared to$22,799,000 in 2023, reflecting a substantial increase[18] - The company incurred capital expenditures of $28,897,000 for the nine months ended September 30, 2024, compared to$14,157,000 in 2023[18] - The company paid $73,417,000 in interest during the nine months ended September 30, 2024, compared to$77,455,000 in 2023[20] - The company had a net cash increase of $117,753,000 for the nine months ended September 30, 2024, compared to a decrease of$36,077,000 in 2023[20] Debt and Financing - The company has a revolving credit facility with commitments totaling $600 million, maturing on May 24, 2029[7] - The term loan facility under the 2024 Credit Facility has a principal amount of$840 million, maturing on May 24, 2031[7] - The outstanding borrowings on the 2024 Term Loan were $837.9 million with an applicable interest rate of 8.10$2.1 million, with the balance payable in full on the maturity date[63] Legal and Compliance - The Company is involved in various legal claims, but management believes the ultimate resolution will not materially affect its financial position[98] - The Company was in compliance with all covenants under the 2024 Credit Agreement at September 30, 2024[69] Shareholder Information - The balance of Class A common stock shares increased to 67,536,347 as of September 30, 2024, from 66,544,590 as of June 30, 2024[13] - The total number of shares authorized for issuance under the Omnibus Plan and the Inducement Plan was 10,793,035 and 3,000,000, respectively, at September 30, 2024[78] - Non-vested awards outstanding increased from 3,521,590 shares at December 31, 2023 to 3,720,279 shares at September 30, 2024, with a weighted-average grant-date fair value per share of $30.49[80] Operating Groups Performance - The Insurance Advisory Solutions Operating Group generated revenues of$549.810 million for the nine months ended September 30, 2024, with net income of 55.619 million[105] - The Underwriting, Capacity & Technology Solutions Operating Group reported revenues of 356.176 million and net income of $70.470 million for the same period[105] - The UCTS Operating Group recorded commissions revenue shared within the same group of$10.3 million for the nine months ended September 30, 2024[111] Other Financial Metrics - The company recognized a gain on divestitures of $38,953,000 for the nine months ended September 30, 2024, with no such gain reported in 2023[18] - The estimated fair value of long-term debt as of September 30, 2024 was$1,466.4 million, compared to an estimated fair value of $997.5 million as of December 31, 2023[96] - The fair value of contingent earnout liabilities decreased by$1.0 million for the three months ended September 30, 2024, while it increased by $17.3 million for the nine months ended September 30, 2024, with a maximum estimated exposure of$329.2 million[92]