Brown & Brown (BRO) FY2013 results: revenue $1.4 billion, up 13.6% on the year
Brown & Brown, Inc. (BRO) reported revenue of $1.4 billion for fiscal 2013, the year ended 31 December 2013, up 13.6% on the year before. Net income was $217 million, up 18.0%, and diluted earnings per share $0.74. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2014.
Revenue
$1.4 billion
+13.6% on the year
FY2008FY2013
Operating margin
26.2%
25.4% a year earlier
FY2008FY2013
Net income
$217 million
+18.0% on the year
FY2008FY2013
Diluted EPS
$0.74
+17.5% on the year
FY2008FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
1,363
1,200
1,014
+13.6%
Operating income
358
305
271
+17.3%
Operating margin
26.2%
25.4%
26.7%
Interest expense
16.4
16.1
14.1
+2.1%
Pre-tax income
358
305
271
+17.3%
Income tax
140
121
107
+16.3%
Effective tax rate
39.3%
39.6%
39.4%
Net income
217
184
164
+18.0%
Net margin
15.9%
15.3%
16.2%
Diluted EPS
$0.74
$0.63
$0.56
+17.5%
$ 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
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
389
220
238
+76.7%
Capital expenditure
16.4
24.0
13.6
-31.9%
Free cash flow
373
196
224
+90.0%
Free cash flow margin
27.4%
16.4%
22.1%
Cash from investing
-381
-436
-176
Cash from financing
-25.6
149
-48.5
Depreciation
17.5
15.4
12.4
+13.7%
Share-based compensation
22.6
15.9
11.2
+42.5%
Buybacks
0.0
n/a
n/a
Dividends paid
53.5
49.5
46.5
+8.1%
Dividend per share
$0.18
$0.17
$0.16
+7.2%
Diluted shares, weighted
285m
284m
281m
+0.4%
Shares outstanding at period end
291m
288m
287m
+1.1%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
2,007
1,807
1,644
+11.1%
Debt
480
450
251
+6.6%
Other liabilities
1,162
871
712
+33.5%
Total liabilities and equity
3,650
3,128
2,607
+16.7%
Fixed assets
74.7
74.3
61.4
+0.5%
Goodwill
2,006
1,712
1,323
+17.2%
Intangible assets
619
567
496
+9.2%
Investments
10.6
8.2
8.1
+29.6%
Cash and equivalents
203
203
286
0.0%
Other assets
736
565
432
+30.4%
Total assets
3,650
3,128
2,607
+16.7%
10-K for the year ended 31 December 2013, filed 28 February 2014: the filing.