Brown & Brown (BRO) FY2014 results: revenue $1.6 billion, up 15.6% on the year
Brown & Brown, Inc. (BRO) reported revenue of $1.6 billion for fiscal 2014, the year ended 31 December 2014, up 15.6% on the year before. Net income was $207 million, down 4.7%, and diluted earnings per share $0.70. The figures are the company's own, from the 10-K it filed with the SEC on 2 March 2015.
Revenue
$1.6 billion
+15.6% on the year
FY2008FY2014
Operating margin
21.6%
26.2% a year earlier
FY2008FY2014
Net income
$207 million
-4.7% on the year
FY2008FY2014
Diluted EPS
$0.70
-4.7% on the year
FY2008FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
1,576
1,363
1,200
+15.6%
Operating income
340
358
305
-5.0%
Operating margin
21.6%
26.2%
25.4%
Interest expense
28.4
16.4
16.1
+72.8%
Pre-tax income
340
358
305
-5.0%
Income tax
133
140
121
-5.4%
Effective tax rate
39.1%
39.3%
39.6%
Net income
207
217
184
-4.7%
Net margin
13.1%
15.9%
15.3%
Diluted EPS
$0.70
$0.74
$0.63
-4.7%
$ 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
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
385
389
220
-1.1%
Capital expenditure
24.9
16.4
24.0
+52.3%
Free cash flow
360
373
196
-3.5%
Free cash flow margin
22.9%
27.4%
16.4%
Cash from investing
n/a
-381
-436
Cash from financing
n/a
-25.6
149
Depreciation
20.9
17.5
15.4
+19.5%
Share-based compensation
19.4
22.6
15.9
-14.3%
Buybacks
75.0
0.0
n/a
Dividends paid
59.3
53.5
49.5
+10.8%
Dividend per share
$0.20
$0.18
$0.17
+10.8%
Diluted shares, weighted
286m
285m
284m
+0.2%
Shares outstanding at period end
287m
291m
288m
-1.3%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
2,114
2,007
1,807
+5.3%
Short-term borrowings
25.0
n/a
n/a
Debt
1,198
480
450
+149.7%
Other liabilities
1,619
1,162
871
+39.3%
Total liabilities and equity
4,956
3,650
3,128
+35.8%
Fixed assets
84.7
74.7
74.3
+13.3%
Goodwill
2,461
2,006
1,712
+22.7%
Intangible assets
785
619
567
+26.8%
Investments
11.2
10.6
8.2
+5.0%
Cash and equivalents
470
203
203
+131.6%
Other assets
1,145
736
565
+55.6%
Total assets
4,956
3,650
3,128
+35.8%
10-K for the year ended 31 December 2014, filed 2 March 2015: the filing.