BRP Group Inc
For the period ended Dec 31, 2023. Filed Feb 28, 2024.
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FY2023 · Filed Feb 28, 2024
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. Deferred Commission Expense
- Deferred Commission Expense
The Company pays an incremental amount of compensation in the form of producer commissions on new business. In accordance with ASC Topic 340, Other Assets and Deferred Costs, these incremental costs are deferred and amortized over five years, which represents management’s estimate of the average benefit period for new business. Deferred commission expense represents producer commissions that are capitalized and not yet expensed and are included in other assets on the consolidated balance sheets. The table below provides a rollforward of deferred commission expense:
| For the YearsEnded December 31, | ||
|---|---|---|
| (in thousands) | 2023 | 2022 |
| Balance at beginning of year | $21,669 | $11,336 |
| Costs capitalized | 12,032 | 14,967 |
| Amortization | (7,145) | (4,634) |
| Deferred commission expense classified as held for sale | (351) | — |
| Balance at end of year | $26,205 | $21,669 |
- Property and Equipment, Net
Property and equipment, net consists of the following:
| December 31, | ||
|---|---|---|
| (in thousands) | 2023 | 2022 |
| Equipment | $17,779 | $19,331 |
| Leasehold improvements | 8,400 | 8,072 |
| Furniture | 7,262 | 4,132 |
| Construction in process | 2,728 | 2,190 |
| Other | 514 | 342 |
| Total property and equipment | 36,683 | 34,067 |
| Accumulated depreciation | (13,970) | (8,662) |
| Property and equipment, net | $22,713 | $25,405 |
Depreciation expense recorded for property and equipment was $5.7 million, $4.6 million and $2.8 million for the years ended December 31, 2023, 2022 and 2021, respectively.
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