BRO FY 2019 Earnings Report — Brown & Brown, Inc. Revenue & Financial Results | Market Cap Arena

Brown & Brown, Inc.BRO

FY 2019 Earnings

Reported February 24, 2020

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2019	Prior Q	FY 2018	QoQ Change	YoY Change
Revenue	$2.4B	—	$2.0B	—	18.7%
Op. Income	$571M	—	$499M	—	14.3%
Gross Margin	45.1%	—	46.8%	—	-1.7pp
Net Margin	16.7%	—	17.1%	—	-0.4pp
EPS (Diluted)	$1.40	—	$1.22	—	14.8%
Free Cash Flow	$605M	—	$526M	—	15.0%

Revenue Flow

Item	Amount
REVENUE	$2.4B
Cost of Revenue	$1.3B
GROSS PROFIT	$1.1B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$0
Other Expenses	$506M
Operating Expenses	$506M
Cost & Expenses	$1.8B
OPERATING INCOME	$571M
Interest Income	$0
Interest Expense	$64M
Other Income/Expenses	-$45M
INCOME BEFORE TAX	$526M
Income Tax Expense	$127M
Net Income from Continuing Ops	$399M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$399M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$386M
D&A	$129M
EBIT	$590M
EBITDA	$718M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$2.4B
Cost of Revenue	$1.3B
GROSS PROFIT	$1.1B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$0
Other Expenses	$506M
Operating Expenses	$506M
Cost & Expenses	$1.8B
OPERATING INCOME	$571M
Interest Income	$0
Interest Expense	$64M
Other Income/Expenses	-$45M
INCOME BEFORE TAX	$526M
Income Tax Expense	$127M
Net Income from Continuing Ops	$399M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$399M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$386M
D&A	$129M
EBIT	$590M
EBITDA	$718M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$399M
Depreciation & Amortization	$129M
Stock-Based Compensation	$47M
Deferred Income Tax	$12M
Other Non-Cash Items	-$9M
Change in Working Capital	$101M
OPERATING CASH FLOW	$678M
Capital Expenditure	-$73M
Acquisitions (Net)	-$331M
Purchases of Investments	-$18M
Sales/Maturities of Investments	$8M
Other Investing Activities	$0
NET CASH FROM INVESTING	-$414M
Net Debt Issuance	$50M
Common Stock Repurchased	-$59M
Common Dividends Paid	-$91M
Other Financing Activities	$21M
NET CASH FROM FINANCING	-$79M
FREE CASH FLOW	$605M
Net Change in Cash	$185M

Balance Sheet

Item	Amount
Cash & Equivalents	$542M
Short-Term Investments	$12M
Net Receivables	$1.0B
Inventory	$0
Other Current Assets	$573M
TOTAL CURRENT ASSETS	$2.5B
PP&E (Net)	$333M
Goodwill	$3.7B
Intangible Assets	$917M
Long-Term Investments	$27M
Tax Assets	$0
Other Non-Current Assets	$105M
TOTAL NON-CURRENT ASSETS	$5.1B
TOTAL ASSETS	$7.6B
Account Payables	$1.1B
Short-Term Debt	$55M
Deferred Revenue	$521M
Other Current Liabilities	$293M
TOTAL CURRENT LIABILITIES	$2.0B
Long-Term Debt	$1.5B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$559M
TOTAL NON-CURRENT LIABILITIES	$2.2B
TOTAL LIABILITIES	$4.3B
Common Stock	$30M
Additional Paid-In Capital	$716M
Retained Earnings	$3.1B
Treasury Stock	-$536M
Accum. Other Comp. Income	$0
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$3.4B
Minority Interest	$0
TOTAL EQUITY	$3.4B
TOTAL LIABILITIES & EQUITY	$7.6B
Total Debt	$1.8B
Net Debt	$1.2B