Baldwin Insurance Q4 2023 Earnings Report
Key Takeaways
BRP Group's Q4 2023 demonstrated solid revenue growth, driven by a 15% increase in organic revenue. Despite revenue gains, the company reported a GAAP net loss of $62.5 million. Adjusted EBITDA grew by 16% to $45.6 million, with a margin of 16%. The company is focused on expense rationalization and aims for profitable double-digit organic growth in 2024.
Total revenues increased by 16% year-over-year to $284.6 million.
Organic revenue growth was 15% year-over-year.
GAAP net loss was $62.5 million, with a loss per share of $0.56.
Adjusted EBITDA grew by 16% year-over-year to $45.6 million, with a margin of 16%.
Baldwin Insurance
Baldwin Insurance
Forward Guidance
BRP Group is well-positioned to deliver another year of profitable double-digit organic growth, while meaningfully accelerating expanding margins and free cash flow in order to further strengthen balance sheet.
Positive Outlook
- Positioned to deliver another year of profitable double-digit organic growth
- Accelerating expanding margins
- Accelerating free cash flow
- Further strengthening balance sheet
- Team continues to develop and deliver innovative solutions