BRO FY 2007 Earnings Report — Brown & Brown, Inc. Revenue & Financial Results | Market Cap Arena

Brown & Brown, Inc.BRO

FY 2007 Earnings

Reported February 29, 2008

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2007	Prior Q	FY 2006	QoQ Change	YoY Change
Revenue	$960M	—	$878M	—	9.3%
Op. Income	$325M	—	$293M	—	10.9%
Gross Margin	100.0%	—	100.0%	—	0.0pp
Net Margin	19.9%	—	19.6%	—	0.3pp
EPS (Diluted)	$0.68	—	$0.61	—	11.5%
Free Cash Flow	$185M	—	$210M	—	-12.1%

Revenue Flow

Item	Amount
REVENUE	$960M
Cost of Revenue	$0
GROSS PROFIT	$960M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$450M
SG&A Expenses	$450M
Other Expenses	$185M
Operating Expenses	$634M
Cost & Expenses	$634M
OPERATING INCOME	$325M
Interest Income	$0
Interest Expense	$14M
Other Income/Expenses	-$14M
INCOME BEFORE TAX	$312M
Income Tax Expense	$121M
Net Income from Continuing Ops	$191M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$191M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$184M
D&A	$53M
EBIT	$325M
EBITDA	$379M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$960M
Cost of Revenue	$0
GROSS PROFIT	$960M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$450M
SG&A Expenses	$450M
Other Expenses	$185M
Operating Expenses	$634M
Cost & Expenses	$634M
OPERATING INCOME	$325M
Interest Income	$0
Interest Expense	$14M
Other Income/Expenses	-$14M
INCOME BEFORE TAX	$312M
Income Tax Expense	$121M
Net Income from Continuing Ops	$191M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$191M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$184M
D&A	$53M
EBIT	$325M
EBITDA	$379M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$191M
Depreciation & Amortization	$53M
Stock-Based Compensation	$6M
Deferred Income Tax	$325.0K
Other Non-Cash Items	-$31M
Change in Working Capital	-$4M
OPERATING CASH FLOW	$215M
Capital Expenditure	-$31M
Acquisitions (Net)	-$212M
Purchases of Investments	-$3M
Sales/Maturities of Investments	$22M
Other Investing Activities	$7M
NET CASH FROM INVESTING	-$217M
Net Debt Issuance	-$29M
Common Stock Repurchased	$0
Common Dividends Paid	$0
Other Financing Activities	$5M
NET CASH FROM FINANCING	-$48M
FREE CASH FLOW	$185M
Net Change in Cash	-$50M

Balance Sheet

Item	Amount
Cash & Equivalents	$38M
Short-Term Investments	$3M
Net Receivables	$241M
Inventory	$0
Other Current Assets	$306M
TOTAL CURRENT ASSETS	$587M
PP&E (Net)	$62M
Goodwill	$846M
Intangible Assets	$443M
Long-Term Investments	$355.0K
Tax Assets	$17M
Other Non-Current Assets	$4M
TOTAL NON-CURRENT ASSETS	$1.4B
TOTAL ASSETS	$2.0B
Account Payables	$19M
Short-Term Debt	$12M
Deferred Revenue	$0
Other Current Liabilities	$61M
TOTAL CURRENT LIABILITIES	$556M
Long-Term Debt	$228M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$66M
Other Non-Current Liabilities	$14M
TOTAL NON-CURRENT LIABILITIES	$307M
TOTAL LIABILITIES	$863M
Common Stock	$14M
Additional Paid-In Capital	$232M
Retained Earnings	$851M
Treasury Stock	$0
Accum. Other Comp. Income	$13.0K
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$1.1B
Minority Interest	$0
TOTAL EQUITY	$1.1B
TOTAL LIABILITIES & EQUITY	$2.0B
Total Debt	$239M
Net Debt	$201M