Brown & Brown, Inc. Files 10-Q for Period Ending March 31, 2024
Ticker: BRO · Form: 10-Q · Filed: Apr 24, 2024 · CIK: 79282
Sentiment: neutral
Topics: 10-Q, Financials, Insurance, Brown & Brown, BRO
TL;DR
<b>Brown & Brown, Inc. (BRO) filed its Q1 2024 10-Q, detailing financial performance, debt instruments, and operational segments.</b>
AI Summary
BROWN & BROWN, INC. (BRO) filed a Quarterly Report (10-Q) with the SEC on April 24, 2024. Brown & Brown, Inc. filed a 10-Q report for the period ending March 31, 2024. The filing references various financial instruments including senior notes due in 2032, 2052, and 2029, and a revolving credit facility. Key segments mentioned include Retail and Wholesale Brokerage, with revenue components like Fee Revenue and Earned Premium. The company's operations span across the US, GB, England, Bermuda, Cayman Islands, and the Republic of Ireland. Financial data points such as Accrued Liabilities Current and Additional Paid In Capital are noted.
Why It Matters
For investors and stakeholders tracking BROWN & BROWN, INC., this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial results and operational updates for Brown & Brown, Inc., crucial for assessing the company's performance and strategic direction. The detailed information on debt, revenue segments, and geographical operations allows for a comprehensive understanding of the company's financial health and market presence.
Risk Assessment
Risk Level: medium — BROWN & BROWN, INC. shows moderate risk based on this filing. The filing contains extensive financial data and references to various debt instruments and credit facilities, indicating a complex financial structure that warrants careful review.
Analyst Insight
Investors should review the detailed financial statements and segment performance in the 10-Q to understand the drivers of revenue and profitability for Brown & Brown, Inc.
Revenue Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Retail Segment | ||
| Wholesale Brokerage | ||
| Programs |
Key Numbers
- 2024-03-31 — Reporting Period End Date (Conformed Period of Report)
- 2024-04-24 — Filing Date (Filed As of Date)
- 2023-01-01 — Start Date for Q1 2023 (Reporting Period)
- 2023-03-31 — End Date for Q1 2023 (Reporting Period)
Key Players & Entities
- BROWN & BROWN, INC. (company) — FILER
- BRO (company) — tk
- 10-Q (company) — ft
- 2024-04-24T00:00:00.000Z (date) — dt
- 0000079282 (company) — Central Index Key
- 6411 (company) — Standard Industrial Classification
- FL (company) — State of Incorporation
- 386-252-9601 (company) — Business Phone
FAQ
When did BROWN & BROWN, INC. file this 10-Q?
BROWN & BROWN, INC. filed this Quarterly Report (10-Q) with the SEC on April 24, 2024.
What is a 10-Q filing?
A 10-Q is a quarterly financial report with unaudited financials, management discussion, and interim business updates. This particular 10-Q was filed by BROWN & BROWN, INC. (BRO).
Where can I read the original 10-Q filing from BROWN & BROWN, INC.?
You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by BROWN & BROWN, INC..
What are the key takeaways from BROWN & BROWN, INC.'s 10-Q?
BROWN & BROWN, INC. filed this 10-Q on April 24, 2024. Key takeaways: Brown & Brown, Inc. filed a 10-Q report for the period ending March 31, 2024.. The filing references various financial instruments including senior notes due in 2032, 2052, and 2029, and a revolving credit facility.. Key segments mentioned include Retail and Wholesale Brokerage, with revenue components like Fee Revenue and Earned Premium..
Is BROWN & BROWN, INC. a risky investment based on this filing?
Based on this 10-Q, BROWN & BROWN, INC. presents a moderate-risk profile. The filing contains extensive financial data and references to various debt instruments and credit facilities, indicating a complex financial structure that warrants careful review.
What should investors do after reading BROWN & BROWN, INC.'s 10-Q?
Investors should review the detailed financial statements and segment performance in the 10-Q to understand the drivers of revenue and profitability for Brown & Brown, Inc. The overall sentiment from this filing is neutral.
Risk Factors
- Debt Instruments [medium — financial]: The company references multiple senior notes with varying due dates (2032, 2052, 2029) and a revolving credit facility, indicating significant leverage.
- Geographical Operations [medium — market]: Operations are spread across the US, GB, England, Bermuda, Cayman Islands, and the Republic of Ireland, exposing the company to diverse market risks.
Filing Stats: 4,376 words · 18 min read · ~15 pages · Grade level 18.7 · Accepted 2024-04-23 18:23:47
Key Financial Figures
- $0.10 — nge on which registered Common Stock, $0.10 Par Value BRO New York Stock Exchan
Filing Documents
- bro-20240331.htm (10-Q) — 2497KB
- bro-ex31_1.htm (EX-31.1) — 10KB
- bro-ex31_2.htm (EX-31.2) — 10KB
- bro-ex32_1.htm (EX-32.1) — 6KB
- bro-ex32_2.htm (EX-32.2) — 6KB
- img153355407_0.jpg (GRAPHIC) — 26KB
- 0000950170-24-047140.txt ( ) — 10459KB
- bro-20240331.xsd (EX-101.SCH) — 1454KB
- bro-20240331_htm.xml (XML) — 1956KB
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION Item 1.
Financial Statements (Unaudited)
Financial Statements (Unaudited): Condensed Consolidated Statements of Income for the three months ended March 31, 2024 and 2023 5 Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2024 and 2023 6 Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 7 Condensed Consolidated Statements of Equity for the three months ended March 31, 2024 and 2023 8 Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 9 Notes to Condensed Consolidated Financial Statements 10 Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 23 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 36 Item 4.
Controls and Procedures
Controls and Procedures 36
OTHER INFORMATION
PART II. OTHER INFORMATION Item 1.
Legal Proceedings
Legal Proceedings 37 Item 1A.
Risk Factors
Risk Factors 37 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 37 Item 5. Other Information 37 Item 6. Exhibits 38 SIGNATURE 39 2 Disclosure Regarding Forward-Looking Statements Brown & Brown, Inc., together with its subsidiaries (collectively, "we," "Brown & Brown" or the "Company"), makes "forward-looking statements" within the "safe harbor" provision of the Private Securities Litigation Reform Act of 1995, as amended, throughout this report and in the documents we incorporate by reference into this report. You can identify these statements by forward-looking words such as "may," "will," "should," "expect," "anticipate," "believe," "intend," "estimate," "plan" and "continue" or similar words. We have based these statements on our current expectations about potential future events. Although we believe the expectations expressed in the forward-looking statements included in this Quarterly Report on Form 10-Q and the reports, statements, information and announcements incorporated by reference into this report are based upon reasonable assumptions within the bounds of our knowledge of our business, a number of factors could cause actual results to differ materially from those expressed in any forward-looking statements, whether oral or written, made by us or on our behalf. Many of these factors have previously been identified in filings or statements made by us or on our behalf. Important factors which could cause our actual results to differ, possibly materially from the forward-looking statements in this report include but are not limited to the following items, in addition to those matters described in Part I, Item 2 "Management's Discussion and Analysis of Financial Condition and Results of Operations": The inability to hire, retain and develop qualified employees, as well as the loss of any of our executive officers or other key employees; A cybersecurity attack or any other interruption in information techno
— FINANC IAL INFORMATION
PART I — FINANC IAL INFORMATION
— Financial St atements (Unaudited)
ITEM 1 — Financial St atements (Unaudited) BROWN & BROWN, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) Three months ended March 31, (in millions, except per share data) 2024 2023 REVENUES Commissions and fees $ 1,237 $ 1,108 Investment income 18 7 Other income, net 3 1 Total revenues 1,258 1,116 EXPENSES Employee compensation and benefits 631 571 Other operating expenses 161 161 Loss/(gain) on disposal 2 ( 6 ) Amortization 43 41 Depreciation 11 10 Interest 48 47 Change in estimated acquisition earn-out payables ( 2 ) ( 2 ) Total expenses 894 822 Income before income taxes 364 294 Income taxes 71 58 Net income before non-controlling interests 293 236 Less: Net income attributable to non-controlling interests — — Net income attributable to the Company $ 293 $ 236 Net income per share: Basic $ 1.03 $ 0.83 Diluted $ 1.02 $ 0.83 See accompanying Notes to Condensed Consolidated Financial Statements. 5 BROWN & BROWN, INC. CONDENSED CONSOLIDATED STATE MENTS OF COMPREHENSIVE INCOME (UNAUDITED) Three months ended March 31, (in millions) 2024 2023 Net income attributable to the Company $ 293 $ 236 Foreign currency translation (loss)/gain ( 32 ) 47 Comprehensive income attributable to the Company $ 261 $ 283 See accompanying Notes to Condensed Consolidated Financial Statements. 6 BROWN & BROWN, INC. CONDENSED CONSOLIDATE D BALANCE SHEETS (UNAUDITED) (in millions, except per share data) March 31, 2024 December 31, 2023 ASSETS Current Assets: Cash and cash equivalents $ 581 $ 700 Fiduciary cash 1,569 1,603 Short-term investments 10 11 Commission, fees and other receivables 932 790 Fiduciary receivables 1,133 1,125 Reinsurance recoverable 65 125 Prepaid reinsurance premiums 428 462 Other current asse