Brown & Brown Files Q3 2024 10-Q

TL;DR

**BROWN & BROWN Q3 10-Q FILED - FINANCIALS OUT**

AI Summary

Brown & Brown, Inc. filed its 10-Q for the period ending September 30, 2024. The filing details the company's financial performance and position. Key financial metrics and operational updates are provided for the third quarter.

Why It Matters

This filing provides investors with crucial financial data and insights into Brown & Brown's performance during the third quarter of 2024, impacting investment decisions.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing (10-Q) and does not inherently present new risks.

Key Players & Entities

• BROWN & BROWN, INC. (company) — Filer
• 0000079282 (company) — Central Index Key
• 20240930 (date) — Reporting Period End Date
• 20241028 (date) — Filing Date

FAQ

Key Financial Figures

• $0.10 — nge on which registered Common Stock, $0.10 Par Value BRO New York Stock Exchan

Filing Documents

• bro-20240930.htm (10-Q) — 3858KB
• 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
• img153361172_0.jpg (GRAPHIC) — 26KB
• 0000950170-24-117782.txt ( ) — 13568KB
• bro-20240930.xsd (EX-101.SCH) — 1618KB
• bro-20240930_htm.xml (XML) — 2661KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1.

Financial Statements (Unaudited)

Financial Statements (Unaudited): Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2024 and 2023 5 Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2024 and 2023 6 Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 7 Condensed Consolidated Statements of Equity for the three and nine months ended September 30, 2024 and 2023 8 Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 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 24 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 42 Item 4.

Controls and Procedures

Controls and Procedures 42

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 43 Item 1A.

Risk Factors

Risk Factors 43 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 43 Item 5. Other Information 43 Item 6. Exhibits 44

SIGNATURES

SIGNATURES 45 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 technology and/or data security that may impact our operations or the operations of third parties that support us; Acquisition-related risks that could negativel

— 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 September 30, Nine months ended September 30, (in millions, except per share data) 2024 2023 2024 2023 REVENUES Commissions and fees $ 1,155 $ 1,049 $ 3,545 $ 3,193 Investment income 31 17 71 34 Other income, net — 2 6 4 Total revenues 1,186 1,068 3,622 3,231 EXPENSES Employee compensation and benefits 607 532 1,823 1,633 Other operating expenses 165 168 499 490 Gain on disposal ( 1 ) ( 3 ) ( 30 ) ( 9 ) Amortization 45 41 131 123 Depreciation 11 10 33 30 Interest 50 48 147 143 Change in estimated acquisition earn-out payables ( 8 ) 30 ( 9 ) 30 Total expenses 869 826 2,594 2,440 Income before income taxes 317 242 1,028 791 Income taxes 78 66 237 189 Net income before non-controlling interests 239 176 791 602 Less: Net income attributable to non-controlling interests 5 — 8 — Net income attributable to the Company $ 234 $ 176 $ 783 $ 602 Net income per share: Basic $ 0.82 $ 0.62 $ 2.75 $ 2.12 Diluted $ 0.81 $ 0.62 $ 2.73 $ 2.11 See accompanying Notes to Condensed Consolidated Financial Statements. 5 BROWN & BROWN, INC. CONDENSED CONSOLIDATED STATE MENTS OF COMPREHENSIVE INCOME (UNAUDITED) Three months ended September 30, Nine months ended September 30, (in millions) 2024 2023 2024 2023 Net income attributable to the Company $ 234 $ 176 $ 783 $ 602 Foreign currency translation gain/(loss) 172 ( 77 ) 144 21 Comprehensive income attributable to the Company $ 406 $ 99 $ 927 $ 623 See accompanying Notes to Condensed Consolidated Financial Statements. 6 BROWN & BROWN, INC. CONDENSED CONSOLIDATE D BALANCE S

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