Brown & Brown (BRO) FY2017 results: revenue $1.9 billion, up 6.5% on the year
Brown & Brown, Inc. (BRO) reported revenue of $1.9 billion for fiscal 2017, the year ended 31 December 2017, up 6.5% on the year before. Net income was $400 million, up 55.2%, and diluted earnings per share $1.41. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2018.
Revenue
$1.9 billion
+6.5% on the year
FY2010FY2017
Operating margin
23.9%
24.0% a year earlier
FY2010FY2017
Net income
$400 million
+55.2% on the year
FY2010FY2017
Diluted EPS
$1.41
+54.4% on the year
FY2010FY2017
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Revenue
1,881
1,767
1,661
+6.5%
Operating income
450
423
403
+6.2%
Operating margin
23.9%
24.0%
24.2%
Interest expense
38.3
39.5
39.2
-3.0%
Pre-tax income
450
423
403
+6.2%
Income tax
50.1
166
159
-69.8%
Effective tax rate
11.1%
39.2%
39.6%
Net income
400
257
243
+55.2%
Net margin
21.2%
14.6%
14.7%
Diluted EPS
$1.41
$0.91
$0.85
+54.4%
$ 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
FY2017
FY2016
FY2015
On the year
Last 8 years
Operating cash flow
442
n/a
n/a
Capital expenditure
24.2
17.8
18.4
+36.2%
Free cash flow
418
n/a
n/a
Free cash flow margin
22.2%
n/a
n/a
Cash from investing
-62.6
n/a
n/a
Cash from financing
-337
n/a
n/a
Depreciation
22.7
21.0
20.9
+8.1%
Share-based compensation
30.6
16.1
15.5
+90.8%
Buybacks
129
18.9
164
+580.3%
Dividends paid
77.7
70.3
64.1
+10.6%
Dividend per share
$0.28
$0.25
$0.23
+11.5%
Diluted shares, weighted
278m
276m
280m
+0.7%
Shares outstanding at period end
276m
280m
278m
-1.4%
Balance sheet
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Shareholders' equity
2,583
2,360
2,150
+9.4%
Short-term borrowings
n/a
n/a
25.0
Debt
976
1,074
1,145
-9.1%
Other liabilities
2,189
1,829
1,660
+19.7%
Total liabilities and equity
5,748
5,263
4,980
+9.2%
Fixed assets
77.1
75.8
81.8
+1.7%
Goodwill
2,716
2,675
2,587
+1.5%
Intangible assets
641
707
745
-9.4%
Investments
25.0
15.0
13.7
+65.9%
Cash and equivalents
573
516
443
+11.2%
Other assets
1,715
1,273
1,110
+34.7%
Total assets
5,748
5,263
4,980
+9.2%
10-K for the year ended 31 December 2017, filed 28 February 2018: the filing.