BRO FY 2012 Earnings Report — Brown & Brown, Inc. Revenue & Financial Results | Market Cap Arena

Brown & Brown, Inc.BRO

FY 2012 Earnings

Reported March 1, 2013

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2012	Prior Q	FY 2011	QoQ Change	YoY Change
Revenue	$1.2B	—	$1.0B	—	18.2%
Op. Income	$311M	—	$275M	—	13.3%
Gross Margin	48.8%	—	49.4%	—	-0.6pp
Net Margin	15.5%	—	16.3%	—	-0.8pp
EPS (Diluted)	$0.63	—	$0.56	—	12.5%
Free Cash Flow	$196M	—	$224M	—	-12.3%

Revenue Flow

Item	Amount
REVENUE	$1.2B
Cost of Revenue	$609M
GROSS PROFIT	$581M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$16M
SG&A Expenses	$16M
Other Expenses	$253M
Operating Expenses	$269M
Cost & Expenses	$878M
OPERATING INCOME	$311M
Interest Income	$0
Interest Expense	$16M
Other Income/Expenses	-$7M
INCOME BEFORE TAX	$305M
Income Tax Expense	$121M
Net Income from Continuing Ops	$184M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$184M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$179M
D&A	$79M
EBIT	$321M
EBITDA	$400M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$1.2B
Cost of Revenue	$609M
GROSS PROFIT	$581M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$16M
SG&A Expenses	$16M
Other Expenses	$253M
Operating Expenses	$269M
Cost & Expenses	$878M
OPERATING INCOME	$311M
Interest Income	$0
Interest Expense	$16M
Other Income/Expenses	-$7M
INCOME BEFORE TAX	$305M
Income Tax Expense	$121M
Net Income from Continuing Ops	$184M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$184M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$179M
D&A	$79M
EBIT	$321M
EBITDA	$400M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$184M
Depreciation & Amortization	$79M
Stock-Based Compensation	$16M
Deferred Income Tax	$33M
Other Non-Cash Items	-$15M
Change in Working Capital	-$76M
OPERATING CASH FLOW	$220M
Capital Expenditure	-$24M
Acquisitions (Net)	-$411M
Purchases of Investments	-$11M
Sales/Maturities of Investments	$11M
Other Investing Activities	$0
NET CASH FROM INVESTING	-$436M
Net Debt Issuance	$199M
Common Stock Repurchased	$0
Common Dividends Paid	-$50M
Other Financing Activities	-$538.0K
NET CASH FROM FINANCING	$149M
FREE CASH FLOW	$196M
Net Change in Cash	-$66M

Balance Sheet

Item	Amount
Cash & Equivalents	$220M
Short-Term Investments	$8M
Net Receivables	$303M
Inventory	$0
Other Current Assets	$229M
TOTAL CURRENT ASSETS	$760M
PP&E (Net)	$74M
Goodwill	$1.7B
Intangible Assets	$567M
Long-Term Investments	$0
Tax Assets	$0
Other Non-Current Assets	$16M
TOTAL NON-CURRENT ASSETS	$2.4B
TOTAL ASSETS	$3.1B
Account Payables	$455M
Short-Term Debt	$93.0K
Deferred Revenue	$33M
Other Current Liabilities	$59M
TOTAL CURRENT LIABILITIES	$568M
Long-Term Debt	$450M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$238M
Other Non-Current Liabilities	$65M
TOTAL NON-CURRENT LIABILITIES	$753M
TOTAL LIABILITIES	$1.3B
Common Stock	$14M
Additional Paid-In Capital	$336M
Retained Earnings	$1.5B
Treasury Stock	$0
Accum. Other Comp. Income	$0
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$1.8B
Minority Interest	$0
TOTAL EQUITY	$1.8B
TOTAL LIABILITIES & EQUITY	$3.1B
Total Debt	$450M
Net Debt	$230M