BRP Group, Inc. (NASDAQ:BRP) Q4 2023 Earnings Call Transcript February 28, 2024 5:00 PM ET

Company Participants

Bonnie Bishop - Executive Director, IR

Trevor Baldwin - CEO

Bradford Hale - CFO

Conference Call Participants

Josh Shanker - Bank of America

Meyer Shields - KBW

Pablo Singzon - JPMorgan

Elyse Greenspan - Wells Fargo

Operator

Greetings and welcome to the BRP Group Inc. Fourth Quarter 2023 Earnings Call. [Operator Instructions]. As a reminder, this conference is being recorded.

It's now my pleasure to introduce your host, Bonnie Bishop. Thank you. You may begin.

Bonnie Bishop

Thank you, operator. Welcome to the BRP Group's fourth quarter 2023 earnings call. Today's call is being recorded. Fourth quarter and full-year financial results, supplemental information, and Form 10-K were issued earlier this afternoon and are available on the company's website at ir.baldwinriskpartners.com.

Please note that remarks made today may include forward-looking statements subject to various assumptions, risks, and uncertainties. The company's actual results may differ materially from those contemplated by such statements.

For a more detailed discussion, please refer to the note regarding forward-looking statements in the company's earnings release and to our most recent Form 10-K, both of which are available on the BRP website.

During the call today, the company may also discuss certain non-GAAP financial measures. For a more detailed discussion of these non-GAAP financial measures and historical reconciliation to the most closely comparable GAAP measures, please refer to the company's earnings release and supplemental information, both of which have been posted on the company's website at ir.baldwinriskpartners.com.

I will now turn the call over to Trevor Baldwin, Chief Executive Officer of BRP Group.

Trevor Baldwin

Good afternoon, and thank you for joining us to discuss our fourth quarter results reported earlier today. I'm joined this afternoon by Brad Hale, our Chief Financial Officer; and Bonnie Bishop, Executive Director of Investor Relations. For the fourth quarter, the contributions from the significant investments we made in 2021, and 2022 continued to manifest themselves in a meaningful way.

As we generated organic growth of 15%, our 15th straight quarter of double-digit organic growth as a public company. For the year, we achieved industry-pacing organic growth of 19%, including double-digit organic growth across all three of our segments. Grew adjusted EBITDA by $54 million, a 27% year-over-year increase, and expanded our margin by approximately 50 basis points. As a result of the investments we've made over the past few years, our business remains well-positioned to continue delivering double-digit organic growth, ongoing margin expansion, rapid growth of free cash flow from operations and continued strengthening of our balance sheet.