• BRP Group, Inc. Announces First Quarter 2021 Results

    来源: Nasdaq GlobeNewswire / 10 5月 2021 16:10:00   America/New_York

    - First Quarter 2021 Revenue Grew 182% Year-Over-Year to $152.8 Million -

    - First Quarter 2021 Organic Revenue Growth of 14% -

    TAMPA, Fla., May 10, 2021 (GLOBE NEWSWIRE) -- BRP Group, Inc. (“BRP Group” or the “Company”) (NASDAQ: BRP), a rapidly growing independent insurance distribution firm announced its results for the first quarter ended March 31, 2021.

    FIRST QUARTER 2021 HIGHLIGHTS AND SUBSEQUENT EVENT UPDATE

    • Revenue increased 182% year-over-year to $152.8 million
    • Pro Forma Revenue(1) grew 171% year-over-year to $153.3 million
    • Organic Revenue Growth(2) was 14% year-over-year
    • “MGA of the Future” revenue grew 56% year-over-year to $17.2 million
    • GAAP net income of $30.6 million and GAAP diluted earnings per share attributable to BRP Group of $0.32
    • Adjusted Net Income(3) of $42.5 million, or $0.44(3) per fully diluted share
    • Net income margin of 20%, compared to 9% in the prior-year period
    • Adjusted EBITDA(4) grew 276% to $52.7 million, compared to $14.0 million in the prior-year period
    • Adjusted EBITDA Margin(4) of 35%, compared to 26% in the prior-year period
    • Pro Forma Adjusted EBITDA(5) of $52.8 million and Pro Forma Adjusted EBITDA Margin(5) of 34%
    • “MGA of the Future” policies in force grew by 41,744 to 566,114 at March 31, 2021. Comparatively, in the first quarter 2020, policies in force grew sequentially by 26,929
    • Closed two Partner acquisitions during the first quarter 2021 that generated total annualized revenue(6) of approximately $4.0 million for the 12-month period pre-acquisition; subsequent to March 31, 2021, closed three Partner acquisition that generated total annualized revenue(6) of approximately $4.6 million for the 12-month period pre-acquisition

    “Momentum from 2020 carried nicely into the first quarter of 2021, as we nearly tripled total revenues on a year-over-year basis to $152.8 million, while continuing to deliver double-digit organic growth,” said Trevor Baldwin, Chief Executive Officer of BRP Group. “In the first quarter, we saw excellent performances from our late 2020 acquisitions of three of Business Insurance’s Top 100 largest U.S. brokers, as well as continued rapid expansion of our ‘MGA of the Future’ platform. Most importantly, March was the strongest month of the first quarter and we saw further acceleration across the business into April and early May.”

    LIQUIDITY AND CAPITAL RESOURCES

    As of March 31, 2021, cash and cash equivalents were $90.5 million and there was $384.8 million of long-term debt outstanding. The Company had aggregate borrowing capacity of $400.0 million under its revolving credit facility.

    WEBCAST AND CONFERENCE CALL INFORMATION

    BRP Group will host a webcast and conference call to discuss first quarter 2021 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 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 600,000 Clients across the United States and internationally. For more information, please visit www.baldwinriskpartners.com.

    FOOTNOTES

    (1) Pro 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.

    (2) Organic Revenue for the three months ended March 31, 2020 used to calculate Organic Revenue Growth for the three months ended March 31, 2021 was $54.2 million, which is adjusted to reflect revenues from Partnerships that reach the 12-month owned mark during the three months ended March 31, 2021. 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.

    (3) Adjusted Net Income and Adjusted Diluted EPS are non-GAAP measures. Reconciliation of Adjusted Net Income to net income (loss) attributable to BRP Group, Inc. and reconciliation of Adjusted Diluted EPS to diluted earnings (loss) per share, the most directly comparable GAAP financial measures, are set forth in the reconciliation table accompanying this release.

    (4) Adjusted 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.

    (5) Pro 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.

    (6) Annualized revenue represents the aggregate revenues of Partners acquired during the relevant period presented, for the most recent trailing 12-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 STATEMENTS

    This 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, 2020 and in 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.

    CONTACTS

    INVESTOR RELATIONS

    Bonnie Bishop
    Investor Relations
    (813) 259-8032
    IR@baldwinriskpartners.com

    PRESS

    Rachel Carr
    Baldwin Risk Partners
    (813) 418-5166
    Rachel.carr@baldwinriskpartners.com

    BRP GROUP, INC.

    Condensed Consolidated Statements of Comprehensive Income

    (Unaudited)

      For the Three Months
    Ended March 31,
    (in thousands, except share and per share data) 2021 2020
    Revenues:    
    Commissions and fees $152,828  $54,159 
         
    Operating expenses:    
    Commissions, employee compensation and benefits 89,375  34,548 
    Other operating expenses 17,568  8,885 
    Amortization expense 10,537  3,596 
    Change in fair value of contingent consideration (1,503) 1,661 
    Depreciation expense 594  165 
    Total operating expenses 116,571  48,855 
         
    Operating income 36,257  5,304 
         
    Interest expense, net (5,643) (585)
         
    Income before income taxes 30,614  4,719 
    Income tax provision —  12 
    Net income 30,614  4,707 
    Less: net income attributable to noncontrolling interests 16,001  3,239 
    Net income attributable to BRP Group, Inc. $14,613  $1,468 
         
    Comprehensive income $30,614  $4,707 
    Comprehensive income attributable to noncontrolling interests 16,001  3,239 
    Comprehensive income attributable to BRP Group, Inc. 14,613  1,468 
         
    Basic earnings per share $0.33  $0.08 
    Diluted earnings per share $0.32  $0.07 
    Weighted-average shares of Class A common stock outstanding - basic 44,255,011  19,481,721 
    Weighted-average shares of Class A common stock outstanding - diluted  45,783,086   19,816,363 
             

    BRP GROUP, INC.

    Condensed Consolidated Balance Sheets

    (Unaudited)

    (in thousands, except share and per share data) March 31, 2021 December 31, 2020
    Assets    
    Current assets:    
    Cash and cash equivalents $90,544  $108,462 
    Restricted cash 32,003  33,560 
    Premiums, commissions and fees receivable, net 206,594  155,501 
    Prepaid expenses and other current assets 4,643  4,447 
    Due from related parties —  19 
    Total current assets 333,784  301,989 
    Property and equipment, net 11,577  11,019 
    Other assets 14,795  11,084 
    Intangible assets, net 547,751  554,320 
    Goodwill 669,126  651,502 
    Total assets $1,577,033  $1,529,914 
    Liabilities, Mezzanine Equity and Stockholders’ Equity    
    Current liabilities:    
    Premiums payable to insurance companies $143,586  $135,576 
    Producer commissions payable 33,711  24,260 
    Accrued expenses and other current liabilities 41,418  47,490 
    Due to related parties 155  — 
    Current portion of long-term debt 4,000  4,000 
    Current portion of contingent earnout liabilities 27,467  6,094 
    Total current liabilities 250,337  217,420 
    Long-term debt, less current portion 380,826  381,382 
    Contingent earnout liabilities, less current portion 137,816  158,725 
    Other liabilities 2,408  2,419 
    Total liabilities 771,387  759,946 
    Commitments and contingencies    
    Mezzanine equity:    
    Redeemable noncontrolling interest 125  98 
    Stockholders’ equity:    
    Class A common stock, par value $0.01 per share, 300,000,000 shares authorized; 45,925,711 and 44,953,166 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively 460  450 
    Class B common stock, par value $0.0001 per share, 100,000,000 shares authorized; 49,715,644 and 49,828,383 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively 5  5 
    Additional paid-in capital 398,885  392,139 
    Accumulated deficit (9,733) (24,346)
    Notes receivable from stockholders (349) (465)
    Total stockholders’ equity attributable to BRP Group, Inc. 389,268  367,783 
    Noncontrolling interest 416,253  402,087 
    Total stockholders’ equity 805,521  769,870 
    Total liabilities, mezzanine equity and stockholders’ equity $1,577,033  $1,529,914 
             

    BRP GROUP, INC.

    Condensed Consolidated Statements of Cash Flows

    (Unaudited)

      For the Three Months Ended March 31,
    (in thousands) 2021 2020
    Cash flows from operating activities:    
    Net income $30,614  $4,707 
    Adjustments to reconcile net income to net cash provided by operating activities:    
    Depreciation and amortization 11,131  3,761 
    Change in fair value of contingent consideration (1,503) 1,661 
    Share-based compensation expense 3,542  1,139 
    Amortization of deferred financing costs 693  76 
    Changes in operating assets and liabilities, net of effect of acquisitions:    
    Premiums, commissions and fees receivable, net (50,364) (5,221)
    Prepaid expenses and other current assets (636) (634)
    Due from related parties 174  9 
    Accounts payable, accrued expenses and other current liabilities 9,636  (527)
    Net cash provided by operating activities 3,287  4,971 
    Cash flows from investing activities:    
    Capital expenditures (1,000) (583)
    Cash consideration paid for business combinations, net of cash received (17,358) (39,305)
    Net cash used in investing activities (18,358) (39,888)
    Cash flows from financing activities:    
    Proceeds from revolving line of credit —  20,000 
    Payments on long-term debt (1,000) — 
    Payments of debt issuance costs (59) (230)
    Purchase of interest rate caps (3,461) — 
    Proceeds from repayment of stockholder notes receivable 116  41 
    Net cash provided by (used in) financing activities (4,404) 19,811 
    Net decrease in cash and cash equivalents and restricted cash (19,475) (15,106)
    Cash and cash equivalents and restricted cash at beginning of period 142,022  71,071 
    Cash and cash equivalents and restricted cash at end of period $122,547  $55,965 
             

    NON-GAAP FINANCIAL MEASURES

    Adjusted 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), net income (loss) attributable to BRP Group, Inc. 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 Margin is a key metric used by management and our board of directors to assess our financial performance. We believe that Adjusted EBITDA Margin 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; and
    • exclude 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 reach the twelve-month owned mark in the current period. For example, revenues from a Partner acquired on June 1, 2020 are excluded from Organic Revenue for 2020. However, after June 1, 2021, results from June 1, 2020 to December 31, 2020 for such Partners are compared to results from June 1, 2021 to December 31, 2021 for purposes of calculating Organic Revenue Growth in 2021. 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 Margin

    The following table reconciles Adjusted EBITDA and Adjusted EBITDA Margin to net income, which we consider to be the most directly comparable GAAP financial measure to Adjusted EBITDA and Adjusted EBITDA Margin:

      For the Three Months
    Ended March 31,
      2021 2020
    Commissions and fees $152,828  $54,159 
         
    Net income $30,614  $4,707 
    Adjustments to net income:    
    Amortization expense 10,537  3,596 
    Interest expense, net 5,643  585 
    Share-based compensation 3,542  1,139 
    Transaction-related Partnership expenses 2,445  1,848 
    Change in fair value of contingent consideration (1,503) 1,661 
    Depreciation expense 594  165 
    Severance related to Partnership activity —  53 
    Income tax provision —  12 
    Other 859  266 
    Adjusted EBITDA $52,731  $14,032 
    Adjusted EBITDA Margin 35% 26%
           

    Organic Revenue and Organic Revenue Growth

    The following table reconciles Organic Revenue to commissions and fees, which we consider to be the most directly comparable GAAP financial measure to Organic Revenue:

      For the Three Months
    Ended March 31,
    (in thousands, except percentages) 2021 2020
    Commissions and fees $152,828  $54,159 
    Partnership commissions and fees (1) (91,215) (22,868)
    Organic Revenue $61,613  $31,291 
    Organic Revenue Growth (2) $7,447  $1,454 
    Organic Revenue Growth % (2) 14% 5%
           

    __________
    (1) Includes the first twelve months of such commissions and fees generated from newly acquired Partners. Amount is reduced by approximately $830,000 for the timing of certain cash receipts that were fully constrained under ASC 606 in the post-partnership period for our partnership with Agency RM, which closed February 1, 2020.
    (2) Organic Revenue for the three months ended March 31, 2020 used to calculate Organic Revenue Growth for the three months ended March 31, 2021 was $54.2 million, which is adjusted to reflect revenues from Partnerships that reached the twelve-month owned mark during the three months ended March 31, 2021.

    Adjusted Net Income and Adjusted Diluted EPS

    The following table reconciles Adjusted Net Income to net income attributable to BRP Group, Inc. and reconciles Adjusted Diluted EPS to diluted earnings per share attributable to BRP Group, Inc. Class A common stock:

      For the Three Months
    Ended March 31,
    (in thousands, except per share data) 2021 2020
    Net income attributable to BRP Group, Inc. $14,613  $1,468 
    Net income attributable to noncontrolling interests 16,001  3,239 
    Amortization expense 10,537  3,596 
    Share-based compensation 3,542  1,139 
    Transaction-related Partnership expenses 2,445  1,848 
    Change in fair value of contingent consideration (1,503) 1,661 
    Amortization of deferred financing costs 693  76 
    Severance related to Partnership activity —  53 
    Other 859  266 
    Adjusted pre-tax income 47,187  13,346 
    Adjusted income taxes (1) 4,672  1,321 
    Adjusted Net Income $42,515  $12,025 
         
    Weighted-average shares of Class A common stock outstanding - diluted 45,783  19,816 
    Exchange of Class B shares (2) 49,789  43,541 
    Adjusted dilutive weighted-average shares outstanding 95,572  63,357 
         
    Adjusted Diluted EPS $0.44  $0.19 
         
    Diluted earnings per share $0.32  $0.07 
    Other adjustments to earnings per share 0.17  0.14 
    Adjusted income taxes per share (0.05) (0.02)
    Adjusted Diluted EPS $0.44  $0.19 
             

    ___________
    (1) Represents corporate income taxes at assumed effective tax rate of 9.9% applied to adjusted pre-tax income.
    (2) Assumes the full exchange of Class B shares for Class A common stock pursuant to the Amended LLC Agreement.

    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:

      For the Three Months
    Ended March 31,
    (in thousands) 2021 2020
    Commissions and fees $152,828  $54,159 
    Revenue for Partnerships in the unowned period (1) 468  2,391 
    Pro Forma Revenue $153,296  $56,550 
             

    ___________
    (1) The adjustments for the three months ended March 31, 2021 reflect commissions and fees revenue for LeaseTrack and Medicare Help Now as if the Company had acquired the Partners on January 1, 2021. The adjustments for the three months ended March 31, 2020 reflect commissions and fees revenue for AgencyRM LLC and VibrantUSA Inc. as if the Company had acquired the Partners on January 1, 2020. This unaudited pro forma information should not be relied upon as being indicative of the historical results that would have been obtained if the acquisitions had occurred on that date, nor the results that may be obtained in the future.

    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, which we consider to be the most directly comparable GAAP financial measure to Pro Forma Adjusted EBITDA and Pro Forma Adjusted EBITDA Margin:

      For the Three Months
    Ended March 31,
    (in thousands) 2021 2020
    Pro Forma Revenue $153,296  $56,550 
         
    Net income $30,614  $4,707 
    Net income (loss) for Partnerships in the unowned period (1) (4) 1,210 
    Pro Forma Net Income 30,610  5,917 
    Adjustments to pro forma net income:    
    Amortization expense 10,633  3,657 
    Interest expense, net 5,643  585 
    Share-based compensation 3,542  1,139 
    Transaction-related Partnership expenses 2,445  1,848 
    Change in fair value of contingent consideration (1,503) 1,661 
    Depreciation expense 594  165 
    Severance related to Partnership activity —  53 
    Income tax provision —  12 
    Other 859  266 
    Pro Forma Adjusted EBITDA $52,823  $15,303 
    Pro Forma Adjusted EBITDA Margin 34% 27%
           

    ___________
    (1) The adjustments for the three months ended March 31, 2021 reflect commissions and fees revenue for LeaseTrack and Medicare Help Now as if the Company had acquired the Partners on January 1, 2021. The adjustments for the three months ended March 31, 2020 reflect commissions and fees revenue for AgencyRM LLC and VibrantUSA Inc. as if the Company had acquired the Partners on January 1, 2020. This unaudited pro forma information should not be relied upon as being indicative of the historical results that would have been obtained if the acquisitions had occurred on that date, nor the results that may be obtained in the future.

    COMMONLY USED DEFINED TERMS

    The following terms have the following meanings throughout this press release unless the context indicates or requires otherwise:

    Clients      Our insureds
       
    Colleagues Our employees
       
    GAAP Accounting principles generally accepted in the United States of America
       
    Partners Companies that we have acquired, or in the case of asset acquisitions, the producers
       
    Partnerships Strategic acquisitions made by the Company
       

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