Baldwin Insurance Group Inc · Q4 2023 earnings

Briefing

BRP Group reported a 16% increase in total revenues for Q4 2023, reaching $284.6 million, with organic revenue growth of 15%. However, the company experienced a GAAP net loss of $62.5 million, or $0.56 per share, while adjusted net income was $16.2 million, or $0.14 per share.

BRP Group's Q4 2023 demonstrated solid revenue growth, driven by a 15% increase in organic revenue. Despite revenue gains, the company reported a GAAP net loss of $62.5 million. Adjusted EBITDA grew by 16% to $45.6 million, with a margin of 16%. The company is focused on expense rationalization and aims for profitable double-digit organic growth in 2024.

• Total revenues increased by 16% year-over-year to $284.6 million.
• Organic revenue growth was 15% year-over-year.
• GAAP net loss was $62.5 million, with a loss per share of $0.56.
• Adjusted EBITDA grew by 16% year-over-year to $45.6 million, with a margin of 16%.

Headline financials

Revenue & EPS history

BRP Group is well-positioned to deliver another year of profitable double-digit organic growth, while meaningfully accelerating expanding margins and free cash flow in order to further strengthen balance sheet.