–   Second Quarter 2020 Revenue Grew 55% Year-Over-Year to $51.3 Million   ––   Pro Forma Second Quarter 2020 Revenue, Including Revenue from Partnerships in Unowned Period, of $55.8 Million   ––   Second Quarter 2020 Organic Revenue Growth of 19%   –TAMPA, Fla., Aug. 13, 2020 (GLOBE NEWSWIRE) — BRP Group, Inc. (“BRP Group” or the “Company”) (NASDAQ: BRP), a rapidly growing independent insurance distribution firm delivering tailored insurance solutions, today announced its results for the second quarter ended June 30, 2020.SECOND QUARTER 2020 AND SUBSEQUENT EVENT HIGHLIGHTSRevenue increased 55% year-over-year to $51.3 millionPro Forma Revenue⁽¹⁾ grew 60% year-over-year to $55.8 millionOrganic Revenue Growth⁽²⁾ was 19% year-over-year“MGA of the Future” revenue grew 39% to $13.1 million, compared to $9.5 million in the prior-year periodGAAP net loss of $7.9 million and GAAP loss per share of $0.18Adjusted Net Income⁽³⁾ of $6.5 million, or $0.10⁽³⁾ per fully diluted share“MGA of the Future” policies in force grew by 44,468 to 445,988 at June 30, 2020 from 401,520 at March 31, 2020. Comparatively, in the second quarter 2019, policies in force grew sequentially by 20,192Adjusted EBITDA⁽⁴⁾ grew 84% to $8.4 million, compared to $4.6 million in the prior-year periodPro Forma Adjusted EBITDA⁽⁵⁾ of $9.6 million and Pro Forma Adjusted EBITDA Margin⁽⁵⁾ of 17% (Pro Forma Adjusted EBITDA and Pro Forma Adjusted EBITDA Margin excludes all Partnerships closed after June 30, 2020)Closed five Partner acquisitions that generated total annualized revenue⁽⁶⁾ of over $47 million for the 12-month period pre-acquisition; subsequent to June 30, 2020, closed two additional Partner acquisitions that generated additional total annualized revenue⁽⁶⁾ of over $3 million for the 12-month period pre-acquisitionUpsized senior revolving credit facility to $400.0 millionCompleted follow-on offering of 13.225 million shares of Class A common stock that raised net proceeds of $166.6 million“We are very proud of our second quarter performance, which is a testament to the power and resiliency of our differentiated business model and hybrid growth strategy to thrive in the face of the unprecedented economic headwinds,” said Trevor Baldwin, Chief Executive Officer of BRP Group.  “The strength of the company we are building at BRP Group is clearly evidenced by our 19% organic growth. I want to offer a huge thank you to all of our Colleagues, who have executed tremendously for our clients during this challenging period, and without whom these results would not have been possible.”LIQUIDITY AND CAPITAL RESOURCESAs of June 30, 2020, cash and cash equivalents were $194.4 million and there was $226.0 million of long-term debt outstanding. The Company has aggregate borrowing capacity of $400.0 million under its revolving credit facility.SIX MONTHS 2020 RESULTSRevenue increased 68% year-over-year to $105.4 millionPro Forma Revenue⁽¹⁾ grew 73% year-over-year to $133.9 millionOrganic Revenue Growth⁽²⁾ of 12% year-over-year“MGA of the Future” revenue grew 40% to $24.2 million, compared to $17.3 million in the prior-year periodGAAP net loss of $3.2 million and GAAP loss per share of $0.11Adjusted Net Income⁽³⁾ of $18.5 million, or $0.29⁽³⁾ per fully diluted shareAdjusted EBITDA⁽⁴⁾ grew 53% to $22.4 million, compared to $14.7 million in the prior-year periodPro Forma Adjusted EBITDA⁽⁵⁾ of $36.0 million and Pro Forma Adjusted EBITDA Margin⁽⁵⁾ of 27% (Pro Forma Adjusted EBITDA and Pro Forma Adjusted EBITDA Margin excludes all Partnerships closed after June 30, 2020)Closed nine Partner acquisitions that generated total annualized revenue⁽⁶⁾ of approximately $78.0 million for the 12-month period pre-acquisitionWEBCAST AND CONFERENCE CALL INFORMATIONBRP Group will host a webcast and conference call to discuss second quarter 2020 results today at 5:00 PM ET.  A live webcast and a slide presentation of the conference call will be available on BRP Group’s investor relations website at ir.baldwinriskpartners.com. The dial-in number for the conference call is (877) 451-6152 (toll-free) or (201) 389-0879 (international). Please dial the number 10 minutes prior to the scheduled start time.A replay will be available following the end of the call through Thursday, August 27, 2020, by telephone at (844) 512-2921 (toll-free) or (412) 317-6671 (international), passcode 13706249. A webcast replay of the call will be available at ir.baldwinriskpartners.com for one year following the call.ABOUT BRP GROUP, INC.BRP Group, Inc. (NASDAQ: BRP) is a rapidly growing independent insurance distribution firm delivering tailored insurance and risk management insights and solutions that give our Clients the peace of mind to pursue their purpose, passion and dreams.  We are innovating the industry by taking a holistic and tailored approach to risk management, insurance and employee benefits, and support our Clients, Colleagues, Insurance Company Partners and communities through the deployment of vanguard resources and capital to drive our growth.  BRP represents over 500,000 Clients across the United States and internationally. For more information, please visit www.baldwinriskpartners.com. FOOTNOTESNOTE REGARDING FORWARD-LOOKING STATEMENTSThis press release may contain various “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, which represent BRP Group’s expectations or beliefs concerning future events. Forward-looking statements are statements other than historical facts and may include statements that address future operating, financial or business performance or BRP Group’s strategies or expectations. In some cases, you can identify these statements by forward-looking words such as “may”, “might”, “will”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “projects”, “potential”, “outlook” or “continue”, or the negative of these terms or other comparable terminology. Forward-looking statements are based on management’s current expectations and beliefs and involve significant risks and uncertainties that could cause actual results, developments and business decisions to differ materially from those contemplated by these statements.Factors that could cause actual results or performance to differ from the expectations expressed or implied in such forward-looking statements include, but are not limited to, those described under the caption “Risk Factors” in BRP Group’s Annual Report on Form 10-K for the year ended December 31, 2019, BRP Group’s Quarterly Reports on Form 10-Q for the three months ended March 31, 2020 and for the three months ended June 30, 2020 and BRP Group’s other filings with the SEC, which are available free of charge on the Securities and Exchange Commission’s website at: www.sec.gov. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated. All forward-looking statements and all subsequent written and oral forward-looking statements attributable to BRP Group or to persons acting on behalf of BRP Group are expressly qualified in their entirety by reference to these risks and uncertainties. You should not place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and BRP Group does not undertake any obligation to update them in light of new information, future developments or otherwise, except as may be required under applicable law.CONTACTSINVESTOR RELATIONSInvestor Relations
(813) 259-8032
[email protected] PRESSRachel Carr
Baldwin Risk Partners
(813) 418-5166
[email protected] 
BRP GROUP, INC.Condensed Consolidated Statements of Comprehensive Income (Loss)(Unaudited)BRP GROUP, INC.Condensed Consolidated Balance Sheets(Unaudited)BRP GROUP, INC.Condensed Consolidated Statements of Cash Flows(Unaudited)NON-GAAP FINANCIAL MEASURESAdjusted EBITDA, Adjusted EBITDA Margin, Organic Revenue, Organic Revenue Growth, Adjusted Net Income, Adjusted Diluted Earnings Per Share (“EPS”), Pro Forma Revenue, Pro Forma Adjusted EBITDA and Pro Forma Adjusted EBITDA Margin are not measures of financial performance under GAAP and should not be considered substitutes for GAAP measures, including commissions and fees (for Organic Revenue, Organic Revenue Growth and Pro Forma Revenue), net income (loss) (for Adjusted EBITDA, Adjusted EBITDA Margin, Pro Forma Adjusted EBITDA and Pro Forma Adjusted EBITDA Margin), net income (loss) attributable to BRP Group, Inc. (for Adjusted Net Income) or diluted earnings (loss) per share (for Adjusted Diluted EPS), which we consider to be the most directly comparable GAAP measures. These non-GAAP financial measures have limitations as analytical tools, and when assessing our operating performance, you should not consider these non-GAAP financial measures in isolation or as substitutes for commissions and fees, net income (loss) or other consolidated income statement data prepared in accordance with GAAP. Other companies in our industry may define or calculate these non-GAAP financial measures differently than we do, and accordingly these measures may not be comparable to similarly titled measures used by other companies.Adjusted EBITDA eliminates the effects of financing, depreciation, amortization and change in fair value of contingent consideration. We define Adjusted EBITDA as net income (loss) before interest, taxes, depreciation, amortization, change in fair value of contingent consideration and certain items of income and expense, including share-based compensation expense, transaction-related expenses related to Partnerships including severance, and certain non-recurring costs, including those related to raising capital. We believe that Adjusted EBITDA is an appropriate measure of operating performance because it eliminates the impact of expenses that do not relate to business performance, and that the presentation of this measure enhances an investor’s understanding of our financial performance.Adjusted EBITDA Margin is Adjusted EBITDA divided by commissions and fees. Adjusted EBITDA is a key metric used by management and our board of directors to assess our financial performance. We believe that Adjusted EBITDA is an appropriate measure of operating performance because it eliminates the impact of expenses that do not relate to business performance, and that the presentation of this measure enhances an investor’s understanding of our financial performance. We believe that Adjusted EBITDA Margin is helpful in measuring profitability of operations on a consolidated level.Adjusted EBITDA and Adjusted EBITDA Margin have important limitations as analytical tools. For example, Adjusted EBITDA and Adjusted EBITDA Margin:do not reflect any cash capital expenditure requirements for the assets being depreciated and amortized that may have to be replaced in the future;do not reflect changes in, or cash requirements for, our working capital needs;do not reflect the impact of certain cash charges resulting from matters we consider not to be indicative of our ongoing operations;do not reflect the interest expense or the cash requirements necessary to service interest or principal payments on our debt;do not reflect share-based compensation expense and other non-cash charges; andexclude certain tax payments that may represent a reduction in cash available to us.We calculate Organic Revenue Growth based on commissions and fees for the relevant period by excluding the first twelve months of commissions and fees generated from new Partners. Organic Revenue Growth is the change in Organic Revenue period-to-period, with prior period results adjusted for Organic Revenues that were excluded in the prior period because the relevant Partners had not yet reached the twelve-month owned mark, but which have reached the twelve-month owned mark in the current period. For example, revenues from a Partner acquired on June 1, 2019 are excluded from Organic Revenue for 2019. However, after June 1, 2020, results from June 1, 2019 to December 31, 2019 for such Partners are compared to results from June 1, 2020 to December 31, 2020 for purposes of calculating Organic Revenue Growth in 2020. Organic Revenue Growth is a key metric used by management and our board of directors to assess our financial performance. We believe that Organic Revenue and Organic Revenue Growth are appropriate measures of operating performance as they allow investors to measure, analyze and compare growth in a meaningful and consistent manner.Adjusted Net Income is presented for the purpose of calculating Adjusted Diluted EPS. We define Adjusted Net Income as net income (loss) attributable to BRP Group, Inc. adjusted for amortization, change in fair value of contingent consideration and certain items of income and expense, including share-based compensation expense, transaction-related expenses related to Partnerships including severance, and certain non-recurring costs that, in the opinion of management, significantly affect the period-over-period assessment of operating results, and the related tax effect of those adjustments.Adjusted Diluted EPS measures our per share earnings excluding certain expenses as discussed above and assuming all shares of Class B common stock were exchanged for Class A common stock. Adjusted Diluted EPS is calculated as Adjusted Net Income divided by adjusted dilutive weighted-average shares outstanding. We believe Adjusted Diluted EPS is useful to investors because it enables them to better evaluate per share operating performance across reporting periods.Pro Forma Revenue reflects GAAP revenue (commissions and fees), plus revenue from Partnerships in the unowned periods.Pro Forma Adjusted EBITDA takes into account Adjusted EBITDA from Partnerships in the unowned periods and eliminates the effects of financing, depreciation and amortization. We define Pro Forma Adjusted EBITDA as pro forma net income (loss) before interest, taxes, depreciation, amortization, change in fair value of contingent consideration and certain items of income and expense, including share-based compensation expense, transaction-related expenses related to Partnerships including severance, and certain non-recurring costs, including those related to raising capital. We believe that Pro Forma Adjusted EBITDA is an appropriate measure of operating performance because it eliminates the impact of expenses that do not relate to business performance, and that the presentation of this measure enhances an investor’s understanding of our financial performance.Pro Forma Adjusted EBITDA Margin is Pro Forma Adjusted EBITDA divided by Pro Forma Revenue. Pro Forma Adjusted EBITDA is a key metric used by management and our board of directors to assess our financial performance. We believe that Pro Forma Adjusted EBITDA is an appropriate measure of operating performance because it eliminates the impact of expenses that do not relate to business performance, and that the presentation of this measure enhances an investor’s understanding of our financial performance. We believe that Pro Forma Adjusted EBITDA Margin is helpful in measuring profitability of operations on a consolidated level.Adjusted EBITDA and Adjusted EBITDA MarginThe following table reconciles Adjusted EBITDA and Adjusted EBITDA Margin to net income (loss), which we consider to be the most directly comparable GAAP financial measure to Adjusted EBITDA and Adjusted EBITDA Margin:Organic Revenue and Organic Revenue GrowthThe following table reconciles Organic Revenue to commissions and fees, which we consider to be the most directly comparable GAAP financial measure to Organic Revenue:
Adjusted Net Income and Adjusted Diluted EPSThe following table reconciles Adjusted Net Income to net income (loss) attributable to BRP Group, Inc. and reconciles Adjusted Diluted EPS to diluted loss per share attributable to BRP Group, Inc. Class A common stock:
Pro Forma Revenue
The following table reconciles Pro Forma Revenue to commissions and fees, which we consider to be the most directly comparable GAAP financial measure to Pro Forma Revenue:
Pro Forma Adjusted EBITDA and Pro Forma Adjusted EBITDA Margin
The following table reconciles Pro Forma Adjusted EBITDA and Pro Forma Adjusted EBITDA Margin to net income (loss), which we consider to be the most directly comparable GAAP financial measure to Pro Forma Adjusted EBITDA and Pro Forma Adjusted EBITDA Margin:
COMMONLY USED DEFINED TERMSThe following terms have the following meanings throughout this press release unless the context indicates or requires otherwise:

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