BROWN & BROWN, INC.

10-K & 10-Q Filings

Brown & Brown, Inc. is a diversified insurance agency, wholesale brokerage, insurance programs, and service organization founded in 1939 and headquartered in Daytona Beach, Florida. The company primarily operates as an agent or broker and provides insurance products and services, primarily in the property, casualty, and employee benefits areas. It also operates a write-your-own flood insurance carrier, Wright National Flood Insurance Company (WNFIC), and participates in capitalized captive insurance facilities. The company's business is divided into four reportable segments: Retail, National Programs, Wholesale Brokerage, and Services. The Retail segment provides a broad range of insurance products and services to commercial, public, and individual customers, as well as non-insurance services and products through its automobile dealer services F&I businesses. The National Programs segment specializes in the development, underwriting, and management of insurance program business and distributes these coverages to retail agencies and others. The Wholesale Brokerage segment markets and sells excess and surplus commercial insurance products and services to retail insurance agencies. The Services segment provides insurance-related services, including third-party claims administration and adjusting services, comprehensive medical utilization management services, and other claims adjusting services. The company's website is www.bbinsurance.com, and its ticker symbol is BRO.

12 mos ending Dec 31, 201112 mos ending Dec 31, 201212 mos ending Dec 31, 201312 mos ending Dec 31, 201412 mos ending Dec 31, 201512 mos ending Dec 31, 201612 mos ending Dec 31, 201712 mos ending Dec 31, 201812 mos ending Dec 31, 201912 mos ending Dec 31, 202012 mos ending Dec 31, 202112 mos ending Dec 31, 202212 mos ending Dec 31, 20233 mos ending Mar 31, 20233 mos ending Mar 31, 2024CAGR %YoY %Revenue (+)
$1013.54
1200.03
1363.28
1575.80
1660.51
1766.63
1881.35
2014.25
2392.17
2613.38
3051.40
3573.40
4257.10
1116.00
1258.00
12.70%12.72%Depreciation & Amortization (-)
$12.39
15.37
17.48
20.89
20.89
21.00
22.70
22.83
23.42
26.28
33.31
39.20
40.00
9.90
11.00
10.26%11.11%Operating Expenses (-)
$743.02
895.22
1005.67
1236.05
1257.95
1343.13
1431.63
1551.78
1866.24
1989.28
2288.57
2697.30
3111.00
821.80
894.00
12.67%8.79%Costs & Expenses (Total) (-)
$728.89
876.29
989.23
1112.79
1218.70
1319.70
1423.94
1544.72
1802.58
1930.30
2223.59
2556.10
2921.00
775.10
846.00
12.26%9.15%Operating Income/Loss (+)
$284.65
320.91
373.41
367.41
440.80
461.52
486.41
500.30
583.81
680.26
826.70
1010.80
1283.70
333.90
394.00
13.37%18.00%Non-operating Income/Expense (+)
$
0.64
0.75
1.00
1.46
1.63
2.75
5.78
2.81
1.10
6.50
52.40
7.00
18.00
157.14%Interest Expense (-)
$14.13
16.10
16.44
28.41
39.25
39.48
38.32
40.58
63.66
58.97
64.98
141.20
190.00
46.70
48.00
24.18%2.78%Earnings before Tax (+)
$270.52
304.81
357.61
339.75
402.56
423.50
449.72
462.46
525.93
624.10
762.82
876.10
1146.10
294.20
364.00
12.79%23.73%Tax Expense (-)
$106.53
120.77
140.50
132.85
159.24
166.01
50.09
118.21
127.42
143.62
175.72
204.30
275.60
58.70
71.00
8.24%20.95%Income/Loss (Continuing Operations) (+)
$164.00
184.04
217.11
206.90
243.32
257.49
399.63
344.25
398.51
480.48
587.10
671.80
870.50
235.50
293.00
14.92%24.42%Profit/Loss (+)
$
293.00
Net Income/Loss (+)
$164.00
184.04
217.11
206.90
243.32
257.49
399.63
344.25
398.51
480.48
587.10
671.80
870.50
235.50
293.00
14.92%24.42%Net Income/Loss (Common) (+)
$164.00
184.04
217.11
206.90
243.32
257.49
399.63
344.25
398.51
480.48
587.10
671.80
870.50
235.50
293.00
14.92%24.42%EPS (Basic)
$1.15
1.28
1.50
1.43
1.72
1.84
2.86
1.24
1.42
1.70
2.08
2.38
3.07
0.83
1.03
8.53%24.10%EPS (Diluted)
$1.13
1.26
1.48
1.41
1.70
1.82
2.81
1.22
1.40
1.69
2.07
2.37
3.05
0.83
1.02
8.63%22.89%Weighted Avg Shares (Basic)
138.58
139.36
141.03
140.94
138.62
139.99
137.80
279.70
281.55
282.09
282.22
284.29
285.80
283.64
285.25
6.22%0.57%Weighted Avg Shares (Diluted)
140.26
142.01
142.62
142.89
Cash
$416.84
384.38
452.96
729.82
673.17
781.28
824.09
777.60
962.97
1271.91
1470.26
650.00
700.30
563.50
581.00
4.42%3.11%Short-term Investments
$7.63
8.18
10.62
11.16
13.73
15.05
24.96
12.87
12.32
18.33
12.89
12.00
11.00
9.30
10.00
3.10%7.53%Other Assets (Current)
$283.66
366.94
464.45
829.13
850.48
964.41
1393.10
1376.85
1519.50
1668.00
1847.14
4334.00
4418.60
3783.30
4414.00
25.71%16.67%Assets (Current)
$708.13
759.51
928.04
1570.11
1537.39
1760.74
2242.16
2167.31
2494.80
2958.25
3330.28
4996.00
5129.90
4356.10
5005.00
17.94%14.90%Securities & Long-term Investments
$
19.86
18.09
23.05
13.95
17.39
27.38
24.97
30.97
22.40
21.00
25.40
21.00
-17.32%Property, Plant & Equipment (Net)
$61.36
74.34
74.73
84.67
81.75
75.81
77.09
100.39
332.92
388.11
409.07
454.80
469.10
451.60
469.00
18.47%3.85%Goodwill & Intangibles
$1819.65
2278.05
2625.06
3245.25
3331.36
3382.86
3357.08
4331.59
4662.86
5445.58
5818.29
8269.40
8961.60
8311.80
8978.00
14.21%8.02%Other Assets
$17.87
16.16
21.68
36.57
44.14
44.90
57.27
71.97
104.86
149.58
206.83
230.90
301.80
255.00
333.00
26.56%30.59%Assets (Non-current)
$1898.88
2368.55
2721.47
3386.35
3475.35
3526.61
3505.39
4521.36
5128.02
6008.24
6465.16
8977.50
9753.50
9043.80
9801.00
14.61%8.37%Assets (Total)
$2607.01
3128.06
3649.51
4956.46
5012.74
5287.34
5747.55
6688.67
7622.82
8966.49
9795.44
13973.50
14883.40
13399.90
14806.00
15.62%10.49%Accounts Payable
$123.25
128.12
191.56
238.42
255.98
271.58
292.93
366.66
437.68
562.23
662.53
828.00
1067.10
718.50
743.00
19.71%3.41%Debt (Current)
$1.23
0.09
100.00
45.63
73.13
55.50
120.00
50.00
55.00
70.00
42.50
250.60
568.70
246.30
875.00
66.79%255.26%Other Liabilities (Current)
$357.14
439.57
615.32
985.11
999.45
1118.07
1574.55
1366.33
1552.68
1722.12
1962.34
3518.00
3321.10
2848.10
3262.00
20.42%14.53%Liabilities (Current)
$481.62
567.78
906.88
1269.15
1328.55
1445.16
1987.47
1782.99
2045.36
2354.35
2667.37
4596.60
4956.90
3812.90
4880.00
21.44%27.99%Debt (Non-current)
$250.03
450.00
380.00
1152.85
1079.88
1018.37
856.14
1456.99
1668.20
2025.91
1980.44
3691.50
3226.90
3680.00
3009.00
23.76%-18.23%Other Liabilities
$231.40
302.94
355.49
420.71
454.54
463.60
321.24
448.12
558.98
832.01
950.75
1078.80
1120.80
1062.00
1130.00
14.05%6.40%Liabilities (Non-current)
$481.43
752.94
735.49
1573.56
1534.42
1481.97
1177.38
1905.11
2227.18
2857.92
2931.18
4770.30
4347.70
4742.00
4139.00
20.13%-12.72%Liabilities (Total)
$963.05
1320.72
1642.37
2842.71
2862.96
2927.13
3164.85
3688.10
4272.54
5212.27
5598.55
9366.90
9304.60
8554.90
9019.00
20.81%5.42%Treasury Stock
$
75.03
238.78
257.68
386.32
477.57
536.24
591.34
673.90
748.00
748.10
748.10
748.00
-0.01%Retained Earnings
$1322.56
1457.07
1620.64
1768.20
1947.41
2134.64
2456.60
2833.62
3140.76
3520.68
4000.68
4553.00
5288.50
4755.90
5544.00
12.24%16.57%AOCI
$0.01
-9.41
-148.40
-19.10
-101.00
-51.00
49.50%Shareholder's Equity
$1643.96
1807.33
2007.14
2113.74
2149.78
2360.21
2582.70
3000.57
3350.28
3754.22
4196.89
4606.60
5578.80
4845.00
5787.00
10.72%19.44%Liabilities & Equity
$2607.01
3128.06
3649.51
4956.46
5012.74
5287.34
5747.55
6688.67
7622.82
8966.49
9795.44
13973.50
14883.40
13399.90
14806.00
15.62%10.49%Net Income/Loss
$164.00
184.04
217.11
206.90
243.32
257.49
399.63
344.25
398.51
480.48
587.10
671.80
870.50
235.50
293.00
14.92%24.42%Depreciation & Amortization
$67.15
78.95
85.42
103.88
108.47
107.87
108.32
111.00
25.47
28.64
36.32
43.20
44.50
10.90
11.00
-3.37%0.92%Increase/Decrease in Working Capital
$21.81
41.80
-122.86
-10.70
-3.60
-11.34
-11.03
-75.26
-100.79
-38.13
-92.04
15.90
25.60
245.30
349.00
1.34%42.27%Share-based Compensation
$11.19
15.87
22.60
19.36
15.51
16.05
30.63
33.52
46.99
59.75
61.02
66.10
89.40
24.40
29.00
18.90%18.85%Adjustments to Reconcile Net Income
$73.54
36.27
172.26
178.12
168.53
117.67
42.34
223.27
279.67
241.16
355.37
209.60
139.00
-175.70
-280.00
5.45%-59.36%Net Cash (Operating)
$237.53
220.31
389.37
385.02
411.85
375.16
441.98
567.53
678.18
721.65
942.47
881.40
1009.50
59.80
13.00
12.81%-78.26%Capital Expenditure
$175.98
434.99
378.19
707.78
143.80
135.43
61.57
960.41
404.56
755.93
395.09
1919.90
699.60
43.30
89.00
12.19%105.54%Net Cash (Investing)
$-175.72
-435.50
-380.63
-707.31
-144.64
-142.41
-62.59
-951.77
-413.58
-759.07
-396.68
-1912.60
-587.00
-43.20
-88.00
-103.70%Increase/Decrease in Debt
$-2.07
198.77
29.91
718.42
-45.63
-73.13
-96.75
530.00
50.00
545.00
-73.13
1938.70
-150.60
-16.90
87.00
614.79%Increase/Decrease in Equity
$
-75.03
-175.00
-7.66
-142.71
-81.35
-37.37
-31.75
-51.22
-59.90
39.70
-0.10
Dividends Paid
$46.49
49.53
53.55
59.33
64.11
70.26
77.71
84.69
91.34
100.59
107.23
119.50
135.00
32.60
38.00
9.29%16.56%Net Cash (Financing)
$-48.48
148.70
-25.61
589.39
-293.84
-160.52
-336.58
337.75
-79.22
346.36
-343.88
1725.40
-186.70
-120.60
-67.00
44.44%Effect of Exchange Rate
$
-3.57
Increase/Decrease in Cash
$13.32
-66.48
-16.87
267.10
-26.63
72.23
42.80
-46.49
185.38
308.94
198.34
563.00
269.70
-89.70
-153.00
28.49%-70.57%Cash (Beginning)
$272.98
286.31
219.82
202.95
470.05
443.42
777.60
962.98
1271.91
1470.20
2033.20
2033.20
2303.00
18.21%13.27%Cash (Ending)
$286.31
219.82
202.95
470.05
443.42
515.65
962.98
1271.91
1470.26
2033.20
2302.90
1943.50
2150.00
18.97%10.63%NOPAT
$172.56
193.76
226.71
223.74
266.43
280.61
432.23
372.42
442.37
523.72
636.27
775.09
975.01
267.28
317.15
15.52%18.66%Operating Margin %
28.08%
26.74%
27.39%
23.32%
26.55%
26.12%
25.85%
24.84%
24.40%
26.03%
27.09%
28.29%
30.15%
29.92%
31.32%
NOPAT Margin %
17.03%
16.15%
16.63%
14.20%
16.05%
15.88%
22.97%
18.49%
18.49%
20.04%
20.85%
21.69%
22.90%
23.95%
25.21%
Net Margin %
16.18%
15.34%
15.93%
13.13%
14.65%
14.58%
21.24%
17.09%
16.66%
18.39%
19.24%
18.80%
20.45%
21.10%
23.29%
Tax Rate %
39.38%
39.62%
39.29%
39.10%
39.56%
39.20%
11.14%
25.56%
24.23%
23.01%
23.04%
23.32%
24.05%
19.95%
19.51%
ROA
6.62%
6.19%
6.21%
4.51%
5.32%
5.31%
7.52%
5.57%
5.80%
5.84%
6.50%
5.55%
6.55%
1.99%
2.14%
ROE
10.50%
10.72%
11.29%
10.59%
12.39%
11.89%
16.74%
12.41%
13.20%
13.95%
15.16%
16.83%
17.48%
5.52%
5.48%
ROIC
9.17%
8.24%
8.40%
6.72%
7.81%
8.11%
12.59%
8.40%
8.85%
8.98%
10.22%
8.88%
10.34%
3.05%
3.36%
Asset Turnover
0.39
0.38
0.37
0.32
0.33
0.33
0.33
0.30
0.31
0.29
0.31
0.26
0.29
0.08
0.08
Equity Multiplier
1.59
1.73
1.82
2.34
2.33
2.24
2.23
2.23
2.28
2.39
2.33
3.03
2.67
2.77
2.56
Current Ratio
1.47
1.34
1.02
1.24
1.16
1.22
1.13
1.22
1.22
1.26
1.25
1.09
1.03
1.14
1.03
Quick Ratio
0.88
0.69
0.51
0.58
0.52
0.55
0.43
0.44
0.48
0.55
0.56
0.14
0.14
0.15
0.12
Debt/Equity Ratio
0.15
0.25
0.24
0.57
0.54
0.45
0.38
0.50
0.51
0.56
0.48
0.86
0.68
0.81
0.67
Dividend Payout Ratio %
26.94%
25.56%
23.62%
26.52%
24.06%
25.04%
17.98%
22.74%
20.65%
19.21%
16.85%
15.42%
13.85%
12.20%
11.98%
Total Payout
$48.57
-149.24
23.64
-584.07
284.73
151.05
317.17
-363.96
78.72
-412.66
231.57
-1759.30
245.90
49.60
-49.00
14.47%-198.79%Payout Ratio %
28.14%
-77.02%
10.43%
-261.05%
106.87%
53.83%
73.38%
-97.73%
17.79%
-78.79%
36.40%
-226.98%
25.22%
18.56%
-15.45%