Brown & Brown (BRO) FY2016 results: revenue $1.8 billion, up 6.4% on the year
Brown & Brown, Inc. (BRO) reported revenue of $1.8 billion for fiscal 2016, the year ended 31 December 2016, up 6.4% on the year before. Net income was $257 million, up 5.8%, and diluted earnings per share $0.91. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2017.
Revenue
$1.8 billion
+6.4% on the year
FY2009FY2016
Operating margin
24.0%
24.2% a year earlier
FY2009FY2016
Net income
$257 million
+5.8% on the year
FY2009FY2016
Diluted EPS
$0.91
+7.1% on the year
FY2009FY2016
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Revenue
1,767
1,661
1,576
+6.4%
Operating income
423
403
340
+5.2%
Operating margin
24.0%
24.2%
21.6%
Interest expense
39.5
39.2
28.4
+0.6%
Pre-tax income
423
403
340
+5.2%
Income tax
166
159
133
+4.2%
Effective tax rate
39.2%
39.6%
39.1%
Net income
257
243
207
+5.8%
Net margin
14.6%
14.7%
13.1%
Diluted EPS
$0.91
$0.85
$0.70
+7.1%
$ 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
FY2016
FY2015
FY2014
On the year
Last 8 years
Operating cash flow
n/a
n/a
385
Capital expenditure
17.8
18.4
24.9
-3.3%
Free cash flow
n/a
n/a
360
Free cash flow margin
n/a
n/a
22.9%
Depreciation
21.0
20.9
20.9
+0.5%
Share-based compensation
16.1
15.5
19.4
+3.5%
Buybacks
18.9
164
75.0
-88.5%
Dividends paid
70.3
64.1
59.3
+9.6%
Dividend per share
$0.25
$0.23
$0.20
+11.6%
Diluted shares, weighted
276m
280m
286m
-1.6%
Shares outstanding at period end
280m
278m
287m
+0.8%
Balance sheet
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Shareholders' equity
2,360
2,150
2,114
+9.8%
Short-term borrowings
n/a
25.0
25.0
Debt
1,074
1,145
1,198
-6.2%
Other liabilities
1,829
1,660
1,619
+10.1%
Total liabilities and equity
5,263
4,980
4,956
+5.7%
Fixed assets
75.8
81.8
84.7
-7.3%
Goodwill
2,675
2,587
2,461
+3.4%
Intangible assets
707
745
785
-5.0%
Investments
15.0
13.7
11.2
+9.6%
Cash and equivalents
516
443
470
+16.3%
Other assets
1,273
1,110
1,145
+14.8%
Total assets
5,263
4,980
4,956
+5.7%
10-K for the year ended 31 December 2016, filed 24 February 2017: the filing.