Brown & Brown (BRO) FY2019 results: revenue $2.4 billion, up 18.8% on the year
Brown & Brown, Inc. (BRO) reported revenue of $2.4 billion for fiscal 2019, the year ended 31 December 2019, up 18.8% on the year before. Net income was $399 million, up 15.8%, and diluted earnings per share $1.40. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2020.
Revenue
$2.4 billion
+18.8% on the year
FY2012FY2019
Operating margin
22.0%
23.0% a year earlier
FY2012FY2019
Net income
$399 million
+15.8% on the year
FY2012FY2019
Diluted EPS
$1.40
+14.8% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
2,392
2,014
1,881
+18.8%
Operating income
526
462
450
+13.7%
Operating margin
22.0%
23.0%
23.9%
Interest expense
63.7
40.6
38.3
+56.9%
Pre-tax income
526
462
450
+13.7%
Income tax
127
118
50.1
+7.8%
Effective tax rate
24.2%
25.6%
11.1%
Net income
399
344
400
+15.8%
Net margin
16.7%
17.1%
21.2%
Diluted EPS
$1.40
$1.22
$1.41
+14.8%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
678
568
442
+19.5%
Capital expenditure
73.1
41.5
24.2
+76.1%
Free cash flow
605
526
418
+15.0%
Free cash flow margin
25.3%
26.1%
22.2%
Cash from investing
-414
-952
-62.6
Cash from financing
-79.2
338
-337
Depreciation
23.4
22.8
22.7
+2.6%
Share-based compensation
47.0
33.5
30.6
+40.2%
Buybacks
58.7
91.2
129
-35.7%
Dividends paid
91.3
84.7
77.7
+7.9%
Dividend per share
$0.33
$0.31
$0.28
+6.5%
Diluted shares, weighted
275m
276m
278m
-0.3%
Shares outstanding at period end
282m
280m
276m
+0.7%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
3,350
3,001
2,583
+11.7%
Debt
1,555
1,507
976
+3.2%
Operating lease liabilities
168
0.0
n/a
Other liabilities
2,549
2,181
2,189
+16.9%
Total liabilities and equity
7,623
6,689
5,748
+14.0%
Fixed assets
149
100
77.1
+48.0%
Goodwill
3,746
3,433
2,716
+9.1%
Intangible assets
917
899
641
+2.0%
Investments
12.3
12.9
25.0
-4.2%
Cash and equivalents
542
439
573
+23.5%
Other assets
2,257
1,805
1,715
+25.0%
Total assets
7,623
6,689
5,748
+14.0%
10-K for the year ended 31 December 2019, filed 24 February 2020: the filing.