Brown & Brown (BRO) FY2021 results: revenue $3.1 billion, up 16.8% on the year
Brown & Brown, Inc. (BRO) reported revenue of $3.1 billion for fiscal 2021, the year ended 31 December 2021, up 16.8% on the year before. Net income was $587 million, up 22.2%, and diluted earnings per share $2.07. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2022.
Revenue
$3.1 billion
+16.8% on the year
FY2014FY2021
Operating margin
25.0%
23.9% a year earlier
FY2014FY2021
Net income
$587 million
+22.2% on the year
FY2014FY2021
Diluted EPS
$2.07
+22.5% on the year
FY2014FY2021
this yearthe year beforeHover a bar for its figure.
$ 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
FY2021
FY2020
FY2019
On the year
Last 8 years
Operating cash flow
809
713
678
+13.4%
Capital expenditure
45.0
70.7
73.1
-36.3%
Free cash flow
764
642
605
+18.9%
Free cash flow margin
25.0%
24.6%
25.3%
Cash from investing
-397
-759
-414
Cash from financing
-210
355
-79.2
Depreciation
33.3
26.3
23.4
+26.8%
Share-based compensation
61.0
59.7
47.0
+2.1%
Buybacks
82.6
55.1
58.7
+49.9%
Dividends paid
107
101
91.3
+6.6%
Dividend per share
$0.38
$0.35
$0.33
+8.6%
Diluted shares, weighted
277m
276m
275m
+0.6%
Shares outstanding at period end
282m
283m
282m
-0.2%
Balance sheet
$ million
FY2021
FY2020
FY2019
On the year
Last 8 years
Shareholders' equity
4,197
3,754
3,350
+11.8%
Non-controlling interest
0.1
n/a
n/a
Debt
2,023
2,096
1,555
-3.5%
Operating lease liabilities
180
173
168
+4.1%
Other liabilities
3,396
2,943
2,549
+15.4%
Total liabilities and equity
9,795
8,966
7,623
+9.2%
Fixed assets
212
201
149
+5.4%
Goodwill
4,737
4,396
3,746
+7.8%
Intangible assets
1,081
1,050
917
+3.0%
Investments
12.9
18.3
12.3
-29.7%
Cash and equivalents
693
656
542
+5.6%
Other assets
3,059
2,645
2,257
+15.6%
Total assets
9,795
8,966
7,623
+9.2%
10-K for the year ended 31 December 2021, filed 23 February 2022: the filing.