Brown & Brown (BRO) FY2015 results: revenue $1.7 billion, up 5.4% on the year
Brown & Brown, Inc. (BRO) reported revenue of $1.7 billion for fiscal 2015, the year ended 31 December 2015, up 5.4% on the year before. Net income was $243 million, up 17.6%, and diluted earnings per share $0.85. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2016.
Revenue
$1.7 billion
+5.4% on the year
FY2008FY2015
Operating margin
24.2%
21.6% a year earlier
FY2008FY2015
Net income
$243 million
+17.6% on the year
FY2008FY2015
Diluted EPS
$0.85
+20.6% on the year
FY2008FY2015
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Revenue
1,661
1,576
1,363
+5.4%
Operating income
403
340
358
+18.5%
Operating margin
24.2%
21.6%
26.2%
Interest expense
39.2
28.4
16.4
+38.2%
Pre-tax income
403
340
358
+18.5%
Income tax
159
133
140
+19.9%
Effective tax rate
39.6%
39.1%
39.3%
Net income
243
207
217
+17.6%
Net margin
14.7%
13.1%
15.9%
Diluted EPS
$0.85
$0.70
$0.74
+20.6%
$ 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
FY2015
FY2014
FY2013
On the year
Last 8 years
Operating cash flow
n/a
385
389
Capital expenditure
18.4
24.9
16.4
-26.3%
Free cash flow
n/a
360
373
Free cash flow margin
n/a
22.9%
27.4%
Cash from investing
n/a
n/a
-381
Cash from financing
n/a
n/a
-25.6
Depreciation
20.9
20.9
17.5
-0.0%
Share-based compensation
15.5
19.4
22.6
-19.9%
Buybacks
164
75.0
0.0
+118.3%
Dividends paid
64.1
59.3
53.5
+8.0%
Dividend per share
$0.23
$0.20
$0.18
+9.8%
Diluted shares, weighted
280m
286m
285m
-1.9%
Shares outstanding at period end
278m
287m
291m
-3.1%
Balance sheet
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Shareholders' equity
2,150
2,114
2,007
+1.7%
Short-term borrowings
25.0
25.0
n/a
0.0%
Debt
1,145
1,198
480
-4.5%
Other liabilities
1,660
1,619
1,162
+2.5%
Total liabilities and equity
4,980
4,956
3,650
+0.5%
Fixed assets
81.8
84.7
74.7
-3.4%
Goodwill
2,587
2,461
2,006
+5.1%
Intangible assets
745
785
619
-5.1%
Investments
13.7
11.2
10.6
+23.1%
Cash and equivalents
443
470
203
-5.7%
Other assets
1,110
1,145
736
-3.1%
Total assets
4,980
4,956
3,650
+0.5%
10-K for the year ended 31 December 2015, filed 26 February 2016: the filing.