BRO FY 2013 Earnings Report — Brown & Brown, Inc. Revenue & Financial Results | Market Cap Arena

Brown & Brown, Inc.BRO

FY 2013 Earnings

Reported February 28, 2014

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2013	Prior Q	FY 2012	QoQ Change	YoY Change
Revenue	$1.4B	—	$1.2B	—	14.0%
Op. Income	$369M	—	$311M	—	18.4%
Gross Margin	49.6%	—	48.8%	—	0.8pp
Net Margin	16.0%	—	15.5%	—	0.5pp
EPS (Diluted)	$0.74	—	$0.63	—	17.5%
Free Cash Flow	$373M	—	$196M	—	90.0%

Revenue Flow

Item	Amount
REVENUE	$1.4B
Cost of Revenue	$683M
GROSS PROFIT	$673M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$23M
SG&A Expenses	$23M
Other Expenses	$281M
Operating Expenses	$304M
Cost & Expenses	$987M
OPERATING INCOME	$369M
Interest Income	$0
Interest Expense	$16M
Other Income/Expenses	-$11M
INCOME BEFORE TAX	$358M
Income Tax Expense	$140M
Net Income from Continuing Ops	$217M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$217M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$212M
D&A	$85M
EBIT	$374M
EBITDA	$459M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$1.4B
Cost of Revenue	$683M
GROSS PROFIT	$673M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$23M
SG&A Expenses	$23M
Other Expenses	$281M
Operating Expenses	$304M
Cost & Expenses	$987M
OPERATING INCOME	$369M
Interest Income	$0
Interest Expense	$16M
Other Income/Expenses	-$11M
INCOME BEFORE TAX	$358M
Income Tax Expense	$140M
Net Income from Continuing Ops	$217M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$217M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$212M
D&A	$85M
EBIT	$374M
EBITDA	$459M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$217M
Depreciation & Amortization	$85M
Stock-Based Compensation	$23M
Deferred Income Tax	$32M
Other Non-Cash Items	-$5M
Change in Working Capital	$37M
OPERATING CASH FLOW	$389M
Capital Expenditure	-$16M
Acquisitions (Net)	-$362M
Purchases of Investments	-$18M
Sales/Maturities of Investments	$16M
Other Investing Activities	$0
NET CASH FROM INVESTING	-$381M
Net Debt Issuance	$30M
Common Stock Repurchased	$0
Common Dividends Paid	-$54M
Other Financing Activities	-$2M
NET CASH FROM FINANCING	-$26M
FREE CASH FLOW	$373M
Net Change in Cash	-$17M

Balance Sheet

Item	Amount
Cash & Equivalents	$203M
Short-Term Investments	$11M
Net Receivables	$396M
Inventory	$0
Other Current Assets	$319M
TOTAL CURRENT ASSETS	$928M
PP&E (Net)	$75M
Goodwill	$2.0B
Intangible Assets	$619M
Long-Term Investments	$16.0K
Tax Assets	$0
Other Non-Current Assets	$22M
TOTAL NON-CURRENT ASSETS	$2.7B
TOTAL ASSETS	$3.6B
Account Payables	$569M
Short-Term Debt	$100M
Deferred Revenue	$81M
Other Current Liabilities	$135M
TOTAL CURRENT LIABILITIES	$907M
Long-Term Debt	$380M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$292M
Other Non-Current Liabilities	$64M
TOTAL NON-CURRENT LIABILITIES	$735M
TOTAL LIABILITIES	$1.6B
Common Stock	$15M
Additional Paid-In Capital	$372M
Retained Earnings	$1.6B
Treasury Stock	$0
Accum. Other Comp. Income	$0
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$2.0B
Minority Interest	$0
TOTAL EQUITY	$2.0B
TOTAL LIABILITIES & EQUITY	$3.6B
Total Debt	$480M
Net Debt	$277M