Brown & Brown (BRO) FY2012 results: revenue $1.2 billion, up 18.4% on the year
Brown & Brown, Inc. (BRO) reported revenue of $1.2 billion for fiscal 2012, the year ended 31 December 2012, up 18.4% on the year before. Net income was $184 million, up 12.2%, and diluted earnings per share $0.63. The figures are the company's own, from the 10-K it filed with the SEC on 1 March 2013.
Revenue
$1.2 billion
+18.4% on the year
FY2008FY2012
Operating margin
25.4%
26.7% a year earlier
FY2008FY2012
Net income
$184 million
+12.2% on the year
FY2008FY2012
Diluted EPS
$0.63
+11.5% on the year
FY2008FY2012
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Revenue
1,200
1,014
973
+18.4%
Operating income
305
271
266
+12.7%
Operating margin
25.4%
26.7%
27.3%
Interest expense
16.1
14.1
14.5
+13.9%
Pre-tax income
305
271
266
+12.7%
Income tax
121
107
104
+13.4%
Effective tax rate
39.6%
39.4%
39.2%
Net income
184
164
162
+12.2%
Net margin
15.3%
16.2%
16.6%
Diluted EPS
$0.63
$0.56
$0.56
+11.5%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Operating cash flow
220
238
296
-7.2%
Capital expenditure
24.0
13.6
10.5
+76.6%
Free cash flow
196
224
286
-12.3%
Free cash flow margin
16.4%
22.1%
29.3%
Cash from investing
-436
-176
-166
Cash from financing
149
-48.5
-53.7
Depreciation
15.4
12.4
12.6
+24.1%
Share-based compensation
15.9
11.2
6.8
+41.7%
Dividends paid
49.5
46.5
44.5
+6.5%
Dividend per share
$0.17
$0.16
$0.16
+6.2%
Diluted shares, weighted
284m
281m
279m
+1.2%
Shares outstanding at period end
288m
287m
286m
+0.4%
Balance sheet
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Shareholders' equity
1,807
1,644
1,506
+9.9%
Debt
450
251
252
+79.1%
Other liabilities
871
712
643
+22.3%
Total liabilities and equity
3,128
2,607
2,401
+20.0%
Fixed assets
74.3
61.4
59.7
+21.1%
Goodwill
1,712
1,323
1,195
+29.3%
Intangible assets
567
496
482
+14.2%
Investments
8.2
8.1
7.7
+0.7%
Cash and equivalents
203
286
273
-29.1%
Other assets
565
432
384
+30.8%
Total assets
3,128
2,607
2,401
+20.0%
10-K for the year ended 31 December 2012, filed 1 March 2013: the filing.