BRP Group, an independent insurance distribution firm, has released its results for the third quarter of 2023, which included its revenue growing by 18% to $306.3 million, as well as witnessing strong organic growth of 19%.
The company also witnessed a quarterly net loss of $32.0 million from a loss of $46.7 million a year ago.
In addition, BRP Group’s adjusted EBITDA 53% to $64.0 million, compared to $41.9 million from the prior year period.
Meanwhile, for Q3’23, BRP Group posted a 27% revenue increase as it reached $933.9 million.
As of September 30, 2023, cash and cash equivalents were $79.0 million and the Company had $276.0 million of borrowing capacity under its revolving credit facility.
“The robust underlying health, momentum and operating leverage in our business was evident in this quarter’s results, as we generated organic growth of 19% and approximately 480 basis points of margin accretion versus the third quarter of 2022, on the back of continued execution, growing contribution from prior investments and ongoing efforts to drive greater free cash flow from the business,” said Trevor Baldwin, CEO of BRP Group.
“As a result, net cash from business operations grew by $39 million year over year despite a $36 million increase in cash paid for interest. Additionally, as a result of the growth in Adjusted EBITDA during the quarter, leverage now sits at 4.8x, representing meaningful progress over the last 12 months toward our goal of rapidly reducing leverage.”
“We remain well positioned heading into 2024 and beyond to continue generating sustainable double-digit top line organic growth, durable and consistent margin accretion and creating long-term value for our shareholders,” Baldwin concluded.
