Brown & Brown (BRO) FY2020 results: revenue $2.6 billion, up 9.2% on the year
Brown & Brown, Inc. (BRO) reported revenue of $2.6 billion for fiscal 2020, the year ended 31 December 2020, up 9.2% on the year before. Net income was $480 million, up 20.6%, and diluted earnings per share $1.69. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2021.
Revenue
$2.6 billion
+9.2% on the year
FY2013FY2020
Operating margin
23.9%
22.0% a year earlier
FY2013FY2020
Net income
$480 million
+20.6% on the year
FY2013FY2020
Diluted EPS
$1.69
+20.7% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
2,613
2,392
2,014
+9.2%
Operating income
624
526
462
+18.7%
Operating margin
23.9%
22.0%
23.0%
Interest expense
59.0
63.7
40.6
-7.4%
Pre-tax income
624
526
462
+18.7%
Income tax
144
127
118
+12.7%
Effective tax rate
23.0%
24.2%
25.6%
Net income
480
399
344
+20.6%
Net margin
18.4%
16.7%
17.1%
Diluted EPS
$1.69
$1.40
$1.22
+20.7%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
713
678
568
+5.1%
Capital expenditure
70.7
73.1
41.5
-3.3%
Free cash flow
642
605
526
+6.2%
Free cash flow margin
24.6%
25.3%
26.1%
Cash from investing
-759
-414
-952
Cash from financing
355
-79.2
338
Depreciation
26.3
23.4
22.8
+12.2%
Share-based compensation
59.7
47.0
33.5
+27.1%
Buybacks
55.1
58.7
91.2
-6.1%
Dividends paid
101
91.3
84.7
+10.1%
Dividend per share
$0.35
$0.33
$0.31
+6.1%
Diluted shares, weighted
276m
275m
276m
+0.5%
Shares outstanding at period end
283m
282m
280m
+0.5%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
3,754
3,350
3,001
+12.1%
Debt
2,096
1,555
1,507
+34.8%
Operating lease liabilities
173
168
0.0
+3.0%
Other liabilities
2,943
2,549
2,181
+15.5%
Total liabilities and equity
8,966
7,623
6,689
+17.6%
Fixed assets
201
149
100
+35.3%
Goodwill
4,396
3,746
3,433
+17.3%
Intangible assets
1,050
917
899
+14.5%
Investments
18.3
12.3
12.9
+48.7%
Cash and equivalents
656
542
439
+21.0%
Other assets
2,645
2,257
1,805
+17.2%
Total assets
8,966
7,623
6,689
+17.6%
10-K for the year ended 31 December 2020, filed 23 February 2021: the filing.