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BRP (BRP)

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.

Company profile

Ticker
BRP
Exchange
CEO
Trevor L. Baldwin
Employees
Incorporated
Location
Fiscal year end
SEC CIK
Subsidiaries
Baldwin Risk Partners, LLC • Baldwin Krystyn Sherman Partners, LLC • BRP Colleague Inc. • BRP Insurance Intermediary Holdings, LLC • BRP Main Street Insurance Holdings, LLC • BRP Medicare Insurance Holdings, LLC • BRP Medicare Insurance, LLC • BRP Medicare Insurance II, LLC • BRP Medicare Insurance III, LLC • Connected Risk Solutions, LLC ...
IRS number
611937225

BRP stock data

Analyst ratings and price targets

Last 3 months

Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

9 Aug 22
1 Oct 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 283.93M 283.93M 283.93M 283.93M 283.93M 283.93M
Cash burn (monthly) (no burn) (no burn) (no burn) 315.83K 402.67K 1.16M
Cash used (since last report) n/a n/a n/a 965.83K 1.23M 3.55M
Cash remaining n/a n/a n/a 282.97M 282.7M 280.38M
Runway (months of cash) n/a n/a n/a 895.9 702.1 241.5

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
20 Sep 22 Baldwin Lowry Class A Common Stock Buy Acquire P Yes No 28.87 172,000 4.97M 172,000
20 Sep 22 Baldwin Lowry Class A Common Stock Sell Dispose S Yes No 28.87 172,000 4.97M 171,799
1 Jul 22 Casey Phillip E Class A Common Stock Grant Acquire A No No 0 777 0 8,835
1 Jul 22 Kadow Joseph John Class A Common Stock Grant Acquire A No No 0 777 0 7,151
1 Jul 22 Jay A Cohen Class A Common Stock Grant Acquire A No No 0 777 0 6,174
1 Jul 22 Matas Barbara Ruth Class A Common Stock Grant Acquire A No No 0 777 0 7,151
13F holders Current Prev Q Change
Total holders 155 153 +1.3%
Opened positions 30 20 +50.0%
Closed positions 28 23 +21.7%
Increased positions 60 60
Reduced positions 38 45 -15.6%
13F shares Current Prev Q Change
Total value 2.16B 2.23B -2.9%
Total shares 82.07M 79.34M +3.5%
Total puts 0 0
Total calls 0 193.7K EXIT
Total put/call ratio
Largest owners Shares Value Change
Baldwin Lowry 15.88M $573.48M 0.0%
TROW T. Rowe Price 5.32M $128.37M -2.5%
FMR 5.3M $128.08M +0.5%
Vanguard 5.17M $124.8M +98.1%
Bamco 3.88M $93.72M +2.6%
Holdings, Inc./NV IHC 3.86M $113.61M 0.0%
BLK Blackrock 3.66M $88.35M +15.4%
Champlain Investment Partners 3.45M $83.34M +8.1%
IVZ Invesco 2.02M $48.88M +2.5%
Aristotle Capital Boston 1.52M $36.59M +16.9%
Largest transactions Shares Bought/sold Change
Vanguard 5.17M +2.56M +98.1%
JHG Janus Henderson 693.99K +682.14K +5757.4%
HRT Financial 0 -540.21K EXIT
BLK Blackrock 3.66M +489.1K +15.4%
Tributary Capital Management 453.13K +453.13K NEW
MS Morgan Stanley 537.05K +452.11K +532.3%
WHG Westwood 443.56K +443.56K NEW
Point72 Asset Management 765.43K +423.63K +123.9%
Citadel Advisors 44.81K -405.39K -90.0%
Driehaus Capital Management 640.63K -316.32K -33.1%

Financial report summary

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Risks
  • The continued adverse effects of the COVID-19 pandemic and an indeterminate recovery period could result in declines in business and increases in claims that could adversely affect our business, financial condition and results of operations.
  • Macroeconomic conditions, political events, other market conditions in the U.S. and around the world and a decline in economic activity could have a material adverse effect on our financial condition and results of operations.
  • Volatility or declines in premiums or other adverse trends in the insurance industry may seriously undermine our profitability.
  • Because the commissions and fees we earn on the sale of certain insurance products is based on premiums and commission rates set by our Insurance Company Partners, any decreases in these premiums or commission rates, or actions by our Insurance Company Partners seeking repayment of commissions, could result in commissions and fees decreases or expenses to us.
  • Quarterly and annual variations in our commissions that result from the timing of policy renewals and the net effect of new and lost business production may have unexpected effects on our results of operations.
  • Conditions impacting our Insurance Company Partners or other parties with whom we do business may impact us.
  • Competition in our industry is intense and, if we are unable to compete effectively, we may lose Clients and our business, financial condition and results of operations may be negatively affected.
  • Our inability to retain or hire qualified Colleagues, as well as the loss of any of our executive officers or senior leaders, could negatively impact our reputation and/or ability to retain existing business and generate new business.
  • Our inability to successfully recover should we experience a disaster or other business continuity problem could cause material financial loss, loss of human capital, regulatory actions, reputational harm or legal liability.
  • If we are unable to apply technology effectively in driving value for our Clients through technology-based solutions or gain internal efficiencies through the application of technology and related tools, our results of operations, client relationships, growth and compliance programs could be adversely affected.
  • Damage to our reputation could have a material adverse effect on our business.
  • Increasing scrutiny and changing expectations from investors, Clients and our Colleagues with respect to our environmental, social and governance (“ESG”) practices may impose additional costs on us or expose us to new or additional risks.
  • The occurrence of natural or man-made disasters, including the ongoing COVID-19 pandemic, could result in declines in business and increases in claims that could adversely affect our business, financial condition and results of operations.
  • If our ability to enroll individuals during enrollment periods is impeded, our business, results of operations and financial condition could be harmed.
  • We may not be able to successfully identify and acquire Partners or integrate Partners into our company, and we may become subject to certain liabilities assumed or incurred in connection with our Partnerships that could harm our business, results of operations and financial condition.
  • The provision of advisory services to clients with respect to captive insurance, and specifically, utilization of an 831(b) election, is subject to numerous, complex and frequently changing laws, regulations and governmental interpretations of the same, and non-compliance or changes in laws and regulations or governmental interpretations of the same, could harm our business, results of operations and financial condition.
  • An impairment of goodwill could have a material adverse effect on our financial condition and results of operations.
  • In connection with the implementation of our corporate strategies, we face risks associated with the entry into new lines of business and the growth and development of these businesses.
  • We have debt outstanding that could adversely affect our financial flexibility and subjects us to restrictions and limitations that could significantly impact our ability to effectively operate our business.
  • We may incur significant additional indebtedness, which may affect our ability to satisfy our obligations under the JPM Credit Agreement.
  • Our business had historically been highly concentrated in the Southeastern United States. While we still maintain a concentration in the Southeastern United States, our rapid growth has resulted in our having several regional concentrations of our business, such that adverse economic conditions, natural disasters, loss trends or regulatory changes in one of these regions could adversely affect our financial condition.
  • We derive a significant portion of our commissions and fees from a limited number of our Insurance Company Partners, the loss of which could result in additional expense and loss of market share.
  • Our business may be harmed if we lose our relationships with Insurance Company Partners, fail to maintain good relationships with Insurance Company Partners, become dependent upon a limited number of Insurance Company Partners or fail to develop new Insurance Company Partner relationships.
  • We rely on third parties to perform key functions of our business operations, enabling our provision of services to our Clients. These third parties may act in ways that could harm our business.
  • We have experienced significant growth in recent periods, and our recent growth rates may not be indicative of our future growth. As our costs increase, we may not be able to generate sufficient revenue to achieve and, if achieved, maintain profitability.
  • If we fail to manage future growth effectively, our business could be materially adversely affected.
  • Our corporate culture has contributed to our success, and if we cannot maintain this culture, or if we experience a change in management, management philosophy or business strategy, our business may be harmed.
  • Our results may be adversely affected by changes in the mode of compensation in the insurance industry.
  • Certain of our results of operations and financial metrics may be difficult to predict as a result of seasonality.
  • Climate risks, including the risk of an economic crisis, risks associated with the physical effects of climate events, and risks associated with governmental responses to climate risks, could adversely affect our business, results of operations and financial condition.
  • Non-compliance with or changes in laws, regulations or licensing requirements applicable to us could restrict our ability to conduct our business and/or could adversely affect our business, financial condition and results of operations.
  • Proposed tort reform legislation, if enacted, could decrease demand for casualty insurance, thereby reducing our commission revenues.
  • Regulations affecting Insurance Company Partners with which we place insurance affect how we conduct our operations.
  • Our business is subject to risks related to legal proceedings, regulatory investigations, and governmental inquiries and actions.
  • The marketing and sale of Medicare plans are subject to numerous, complex and frequently changing laws and regulations, and non-compliance or changes in laws and regulations could harm our business, results of operations and financial condition.
  • E&O claims against us, and other incidents, claims, risks, exposures and/or liabilities that require us to make claims against our insurance policies, may negatively affect our business, financial condition and results of operations.
  • Efforts to reduce healthcare costs and alter healthcare financing practices could adversely affect our business.
  • Our business depends on a strong brand, and any failure to maintain, protect, defend and enhance our brand would hurt our ability to grow our business, particularly in new markets where we have limited brand recognition.
  • Failure to obtain, maintain, protect, defend or enforce our intellectual property rights, or allegations that we have infringed, misappropriated or otherwise violated the intellectual property rights of others, could harm our reputation, ability to compete effectively, business, financial condition and results of operations.
  • Improper disclosure of confidential, personal or proprietary information, whether due to human error, misuse of information by Colleagues, contractors, vendors or third party bad actors, or as a result of cyberattacks or other security incidents with respect to our or our vendors’ systems, tools, information, processes or services, or failure to comply with applicable laws, rules, regulations, orders, industry standards and contractual obligations regarding data privacy, security and/or cybersecurity, could result in regulatory scrutiny, legal and financial liability, reputational harm, lost revenue, and remediation costs, and could have an adverse effect on our business and/or operations.
  • Our business depends on information processing systems. Data breaches or other security incidents with respect to our or our vendors' information processing systems may hurt our business, financial condition and results of operations.
  • We rely on the availability and performance of information technology services provided by third parties.
  • We are a holding company with our principal asset being our 51% ownership interest in BRP; accordingly, we are dependent upon distributions from BRP to pay dividends, if any, and taxes, make payments under the Tax Receivable Agreement and pay other expenses.
  • In certain circumstances, BRP will be required to make distributions to us and the other holders of LLC Units, and the distributions that BRP will be required to make may be substantial.
  • We are controlled by BRP’s LLC Members whose interests in our business may be different than yours, and certain statutory provisions afforded to stockholders are not applicable to us.
  • We will be required to pay BRP’s LLC Members and any other persons that become parties to the Tax Receivable Agreement for certain tax benefits we may receive, and the amounts we may pay could be significant.
  • We recently ceased to be an emerging growth company, and now are required to comply with certain heightened reporting requirements, including those relating to auditing standards and disclosure about our executive compensation.
  • Some provisions of Delaware law and our certificate of incorporation and by-laws may deter third parties from acquiring us and diminish the value of our Class A common stock.
  • We may issue a substantial amount of our common stock in the future, which could cause dilution to investors and otherwise adversely affect our stock price.
  • We have identified material weaknesses in our internal control over financial reporting. If our remediation of these material weaknesses is not effective, or if we experience additional material weaknesses in the future or otherwise fail to maintain an effective system of internal controls in the future, we may not be able to accurately or timely report our financial condition or results of operations, which may adversely affect investor confidence in us and, as a result, the value of our common stock.
  • We expect that our stock price will be volatile, which could cause the value of your investment to decline, and you may not be able to resell your shares for a profit.
  • Our ability to pay dividends to our stockholders may be limited by our holding company structure, contractual restrictions and regulatory requirements.
  • If securities analysts do not publish research or reports about our business or if they publish negative evaluations of our Class A common stock, the price of our Class A common stock could decline.
Management Discussion
  • ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Content analysis

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Positive
Negative
Uncertain
Constraining
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Litigous
Readability
H.S. junior Avg
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Removed: annum, foreseeable, opportunity