 - 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 HIGHLIGHTS Revenue increased 55 year-over-year to 51.3 million Pro Forma Revenue1 grew 60 year-over-year to 55.8 million Organic Revenue Growth2 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 period GAAP net loss of 7.9 million and GAAP loss per share of 0.18 Adjusted Net Income3 of 6.5 million, or 0.103 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 20,192 Adjusted EBITDA4 grew 84 to 8.4 million, compared to 4.6 million in the prior-year period Pro Forma Adjusted EBITDA5 of 9.6 million and Pro Forma Adjusted EBITDA Margin5 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 revenue6 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 revenue6 of over 3 million for the 12-month period pre-acquisition Upsized senior revolving credit facility to 400.0 million Completed follow-on offering of 13.225 million shares of Class A common stock that raised net proceeds of 166.6 millionWe 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 RESULTS Revenue increased 68 year-over-year to 105.4 million Pro Forma Revenue1 grew 73 year-over-year to 133.9 million Organic Revenue Growth2 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 period GAAP net loss of 3.2 million and GAAP loss per share of 0.11 Adjusted Net Income3 of 18.5 million, or 0.293 per fully diluted share Adjusted EBITDA4 grew 53 to 22.4 million, compared to 14.7 million in the prior-year period Pro Forma Adjusted EBITDA5 of 36.0 million and Pro Forma Adjusted EBITDA Margin5 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 revenue6 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 Groups 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 FOOTNOTES1Pro Forma Revenue is a non-GAAP measure. Reconciliation of Pro Forma Revenue to commissions and fees, the most directly comparable GAAP financial measure, is set forth in the reconciliation table accompanying this release. 2Organic Revenue for the three and six months ended June 30, 2019 used to calculate Organic Revenue Growth for the three and six months ended June 30, 2020 was 33.1 million and 62.9 million, which is adjusted to reflect revenues from Partnerships that reached the twelve-month owned mark during the three and six months ended June 30, 2020. Organic Revenue is a non-GAAP measure. Reconciliation of Organic Revenue to commissions and fees, the most directly comparable GAAP financial measure, is set forth in the reconciliation table accompanying this release. 3Adjusted Net Income and Adjusted Diluted EPS are non-GAAP measures. Reconciliation of Adjusted Net Income to net income attributable to BRP Group, Inc. and reconciliation of Adjusted Diluted EPS to diluted loss per share, the most directly comparable GAAP financial measures, are set forth in the reconciliation table accompanying this release. 4Adjusted EBITDA and Adjusted EBITDA Margin are non-GAAP measures. Reconciliation of Adjusted EBITDA to net income loss, the most directly comparable GAAP financial measure, is set forth in the reconciliation table accompanying this release. 5Pro Forma Adjusted EBITDA and Pro Forma Adjusted EBITDA Margin are non-GAAP measures. Reconciliation of Pro Forma Adjusted EBITDA to net income loss, the most directly comparable GAAP financial measure, is set forth in the reconciliation table accompanying this release. 6Annualized revenue represents the aggregate revenues of Partners acquired during the relevant period presented, for the most recent trailing twelve month period prior to acquisition by the Company, in each case, at the time the due diligence was concluded based on a quality of earnings review and not an audit. NOTE 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 Groups 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 Groups 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 managements 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 Groups Annual Report on Form 10-K for the year ended December 31, 2019, BRP Groups 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 Groups other filings with the SEC, which are available free of charge on the Securities and Exchange Commissions website at: 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 PRESSRachel Carr Baldwin Risk Partners 813 418-5166 Rachel. 