BRO FY 2017 Earnings Report — Brown & Brown, Inc. Revenue & Financial Results | Market Cap Arena

Brown & Brown, Inc.BRO

FY 2017 Earnings

Reported February 28, 2018

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2017	Prior Q	FY 2016	QoQ Change	YoY Change
Revenue	$1.9B	—	$1.8B	—	5.4%
Op. Income	$471M	—	$467M	—	0.9%
Gross Margin	46.4%	—	47.5%	—	-1.1pp
Net Margin	21.5%	—	14.6%	—	6.9pp
EPS (Diluted)	$1.41	—	$0.91	—	54.9%
Free Cash Flow	$418M	—	$393M	—	6.2%

Revenue Flow

Item	Amount
REVENUE	$1.9B
Cost of Revenue	$995M
GROSS PROFIT	$863M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$0
Other Expenses	$392M
Operating Expenses	$392M
Cost & Expenses	$1.4B
OPERATING INCOME	$471M
Interest Income	$0
Interest Expense	$38M
Other Income/Expenses	-$21M
INCOME BEFORE TAX	$450M
Income Tax Expense	$50M
Net Income from Continuing Ops	$400M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$400M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$390M
D&A	$108M
EBIT	$488M
EBITDA	$596M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$1.9B
Cost of Revenue	$995M
GROSS PROFIT	$863M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$0
Other Expenses	$392M
Operating Expenses	$392M
Cost & Expenses	$1.4B
OPERATING INCOME	$471M
Interest Income	$0
Interest Expense	$38M
Other Income/Expenses	-$21M
INCOME BEFORE TAX	$450M
Income Tax Expense	$50M
Net Income from Continuing Ops	$400M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$400M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$390M
D&A	$108M
EBIT	$488M
EBITDA	$596M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$400M
Depreciation & Amortization	$108M
Stock-Based Compensation	$31M
Deferred Income Tax	-$102M
Other Non-Cash Items	-$5M
Change in Working Capital	$11M
OPERATING CASH FLOW	$442M
Capital Expenditure	-$24M
Acquisitions (Net)	-$37M
Purchases of Investments	-$11M
Sales/Maturities of Investments	$10M
Other Investing Activities	$0
NET CASH FROM INVESTING	-$63M
Net Debt Issuance	-$97M
Common Stock Repurchased	-$129M
Common Dividends Paid	-$78M
Other Financing Activities	-$33M
NET CASH FROM FINANCING	-$337M
FREE CASH FLOW	$418M
Net Change in Cash	$43M

Balance Sheet

Item	Amount
Cash & Equivalents	$573M
Short-Term Investments	$25M
Net Receivables	$1.0B
Inventory	$0
Other Current Assets	$299M
TOTAL CURRENT ASSETS	$2.2B
PP&E (Net)	$77M
Goodwill	$2.7B
Intangible Assets	$641M
Long-Term Investments	$14M
Tax Assets	$0
Other Non-Current Assets	$57M
TOTAL NON-CURRENT ASSETS	$3.5B
TOTAL ASSETS	$5.7B
Account Payables	$749M
Short-Term Debt	$120M
Deferred Revenue	$435M
Other Current Liabilities	$499M
TOTAL CURRENT LIABILITIES	$2.0B
Long-Term Debt	$856M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$321M
TOTAL NON-CURRENT LIABILITIES	$1.2B
TOTAL LIABILITIES	$3.2B
Common Stock	$29M
Additional Paid-In Capital	$498M
Retained Earnings	$2.5B
Treasury Stock	-$386M
Accum. Other Comp. Income	$0
Other Equity	-$14M
TOTAL STOCKHOLDERS' EQUITY	$2.6B
Minority Interest	$0
TOTAL EQUITY	$2.6B
TOTAL LIABILITIES & EQUITY	$5.7B
Total Debt	$976M
Net Debt	$403M