Brown & Brown (BRO) FY2018 results: revenue $2.0 billion, up 7.1% on the year
Brown & Brown, Inc. (BRO) reported revenue of $2.0 billion for fiscal 2018, the year ended 31 December 2018, up 7.1% on the year before. Net income was $344 million, down 13.9%, and diluted earnings per share $1.22. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2019.
Revenue
$2.0 billion
+7.1% on the year
FY2011FY2018
Operating margin
23.0%
23.9% a year earlier
FY2011FY2018
Net income
$344 million
-13.9% on the year
FY2011FY2018
Diluted EPS
$1.22
-13.2% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
2,014
1,881
1,767
+7.1%
Operating income
462
450
423
+2.8%
Operating margin
23.0%
23.9%
24.0%
Interest expense
40.6
38.3
39.5
+5.9%
Pre-tax income
462
450
423
+2.8%
Income tax
118
50.1
166
+136.0%
Effective tax rate
25.6%
11.1%
39.2%
Net income
344
400
257
-13.9%
Net margin
17.1%
21.2%
14.6%
Diluted EPS
$1.22
$1.41
$0.91
-13.2%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
568
442
n/a
+28.4%
Capital expenditure
41.5
24.2
17.8
+71.6%
Free cash flow
526
418
n/a
+25.9%
Free cash flow margin
26.1%
22.2%
n/a
Cash from investing
-952
-62.6
n/a
Cash from financing
338
-337
n/a
Depreciation
22.8
22.7
21.0
+0.6%
Share-based compensation
33.5
30.6
16.1
+9.4%
Buybacks
91.2
129
18.9
-29.1%
Dividends paid
84.7
77.7
70.3
+9.0%
Dividend per share
$0.31
$0.28
$0.25
+10.7%
Diluted shares, weighted
276m
278m
276m
-0.7%
Shares outstanding at period end
280m
276m
280m
+1.2%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
3,001
2,583
2,360
+16.2%
Debt
1,507
976
1,074
+54.4%
Operating lease liabilities
0.0
n/a
n/a
Other liabilities
2,181
2,189
1,829
-0.3%
Total liabilities and equity
6,689
5,748
5,263
+16.4%
Fixed assets
100
77.1
75.8
+30.2%
Goodwill
3,433
2,716
2,675
+26.4%
Intangible assets
899
641
707
+40.2%
Investments
12.9
25.0
15.0
-48.5%
Cash and equivalents
439
573
516
-23.4%
Other assets
1,805
1,715
1,273
+5.2%
Total assets
6,689
5,748
5,263
+16.4%
10-K for the year ended 31 December 2018, filed 26 February 2019: the filing.