BRO FY 2008 Earnings Report — Brown & Brown, Inc. Revenue & Financial Results | Market Cap Arena

Brown & Brown, Inc.BRO

FY 2008 Earnings

Reported March 2, 2009

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2008	Prior Q	FY 2007	QoQ Change	YoY Change
Revenue	$978M	—	$960M	—	1.9%
Op. Income	$287M	—	$325M	—	-11.7%
Gross Margin	100.0%	—	100.0%	—	0.0pp
Net Margin	17.0%	—	19.9%	—	-2.9pp
EPS (Diluted)	$0.59	—	$0.68	—	-13.2%
Free Cash Flow	$328M	—	$185M	—	77.4%

Revenue Flow

Item	Amount
REVENUE	$978M
Cost of Revenue	$0
GROSS PROFIT	$978M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$493M
SG&A Expenses	$493M
Other Expenses	$197M
Operating Expenses	$690M
Cost & Expenses	$690M
OPERATING INCOME	$287M
Interest Income	$0
Interest Expense	$15M
Other Income/Expenses	-$15M
INCOME BEFORE TAX	$272M
Income Tax Expense	$106M
Net Income from Continuing Ops	$166M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$166M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$166M
D&A	$60M
EBIT	$287M
EBITDA	$347M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$978M
Cost of Revenue	$0
GROSS PROFIT	$978M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$493M
SG&A Expenses	$493M
Other Expenses	$197M
Operating Expenses	$690M
Cost & Expenses	$690M
OPERATING INCOME	$287M
Interest Income	$0
Interest Expense	$15M
Other Income/Expenses	-$15M
INCOME BEFORE TAX	$272M
Income Tax Expense	$106M
Net Income from Continuing Ops	$166M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$166M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$166M
D&A	$60M
EBIT	$287M
EBITDA	$347M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$166M
Depreciation & Amortization	$60M
Stock-Based Compensation	$7M
Deferred Income Tax	$26M
Other Non-Cash Items	-$1M
Change in Working Capital	$84M
OPERATING CASH FLOW	$342M
Capital Expenditure	-$14M
Acquisitions (Net)	-$263M
Purchases of Investments	-$14M
Sales/Maturities of Investments	$10M
Other Investing Activities	$5M
NET CASH FROM INVESTING	-$277M
Net Debt Issuance	$5M
Common Stock Repurchased	$0
Common Dividends Paid	$0
Other Financing Activities	$138.0K
NET CASH FROM FINANCING	-$24M
FREE CASH FLOW	$328M
Net Change in Cash	$40M

Balance Sheet

Item	Amount
Cash & Equivalents	$79M
Short-Term Investments	$8M
Net Receivables	$245M
Inventory	$0
Other Current Assets	$192M
TOTAL CURRENT ASSETS	$523M
PP&E (Net)	$64M
Goodwill	$1.0B
Intangible Assets	$496M
Long-Term Investments	$0
Tax Assets	$0
Other Non-Current Assets	$14M
TOTAL NON-CURRENT ASSETS	$1.6B
TOTAL ASSETS	$2.1B
Account Payables	$19M
Short-Term Debt	$6M
Deferred Revenue	$0
Other Current Liabilities	$66M
TOTAL CURRENT LIABILITIES	$523M
Long-Term Debt	$254M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$90M
Other Non-Current Liabilities	$11M
TOTAL NON-CURRENT LIABILITIES	$355M
TOTAL LIABILITIES	$878M
Common Stock	$14M
Additional Paid-In Capital	$250M
Retained Earnings	$977M
Treasury Stock	$0
Accum. Other Comp. Income	$13.0K
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$1.2B
Minority Interest	$0
TOTAL EQUITY	$1.2B
TOTAL LIABILITIES & EQUITY	$2.1B
Total Debt	$260M
Net Debt	$181M