Revenue Growth - Fourth Quarter 2024 total revenue increased by 16% year-over-year to $329.9 million, with organic revenue growth of 19%[1] - Full Year 2024 total revenue grew by 14% year-over-year to $1.4 billion, with organic revenue growth of 17%[5] - Revenues for Q4 2024 reached $329,892 thousand, up from $284,648 thousand in Q4 2023, representing a growth of 15.9%[34] - Organic revenue for Q4 2024 was $326,707 thousand, an increase of 15.5% from $282,522 thousand in Q4 2023[36] - Organic revenue growth for the year 2024 was $196,922 thousand, compared to $187,213 thousand in 2023, reflecting a growth rate of 5.5%[36] Profitability and Loss - Fourth Quarter 2024 net loss was $34.8 million, resulting in a diluted loss per share of $0.31; adjusted diluted EPS grew by 93% year-over-year to $0.27[1][3] - Net loss for 2024 was $41,081,000, an improvement from a net loss of $164,019,000 in 2023[19] - The net loss for Q4 2024 was $(34,839) thousand, an improvement from $(62,496) thousand in Q4 2023, showing a reduction of 44.3%[34] - The company reported a net loss margin of (3)% for the year 2024, improving from (13)% in 2023[34] Adjusted EBITDA and Cash Flow - Adjusted EBITDA for the Fourth Quarter 2024 increased by 38% year-over-year to $63.2 million, with an adjusted EBITDA margin of 19.1%, a 310 basis point expansion compared to the prior year[1][3] - Full Year 2024 adjusted EBITDA grew by 25% year-over-year to $312.5 million, with an adjusted EBITDA margin of 22.5%, a 200 basis point expansion compared to 2023[5] - Adjusted EBITDA for Q4 2024 was $63,160 thousand, compared to $45,608 thousand in Q4 2023, reflecting a year-over-year increase of 38.4%[34] - Pro forma adjusted EBITDA for the year 2024 was $310,888 thousand, compared to $243,995 thousand in 2023, indicating a significant increase of 27.4%[41] - Adjusted free cash flow for Full Year 2024 increased by 97% year-over-year to $134.9 million[5] - Adjusted free cash flow for 2024 was $134.9 million, a significant increase from $68.6 million in 2023, representing a year-over-year growth of 96.6%[44] - Without the impact of one-time refinancing costs of $14.0 million, adjusted free cash flow would have expanded by 117% year-over-year to $148.9 million for 2024[45] Operational Performance - The CEO highlighted continued momentum across all business segments, showcasing double-digit growth and a focus on innovative technology platforms[3] - The financial data reflects a strong operational performance and effective cash flow management strategies implemented by the company[44] - The company continues to focus on enhancing its financial metrics and operational efficiencies moving forward[45] Assets and Liabilities - Total assets increased to $3,534,731,000 in 2024 from $3,501,937,000 in 2023, representing a growth of 0.9%[17] - Current assets rose to $1,026,490,000 in 2024, up from $925,905,000 in 2023, marking an increase of 10.9%[17] - Total liabilities increased to $2,525,934,000 in 2024 from $2,483,055,000 in 2023, reflecting a rise of 1.7%[17] - Cash and cash equivalents and restricted cash at the end of 2024 totaled $312,769,000, up from $226,963,000 at the end of 2023, a growth of 37.8%[19] Capital Expenditures - The company made capital expenditures of $41,049,000 in 2024, compared to $21,376,000 in 2023, indicating a 92.5% increase[19] Client Base - The company represents over three million clients across the United States and internationally, emphasizing its commitment to tailored insurance solutions[8]
BRP Group, Inc.(BWIN) - 2024 Q4 - Annual Results