BROWN & BROWN, INC. BRO Cash Flow

Brown & brown, inc. (BRO)

CashFlow / Quarterly

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11	Dec'10	Sep'10	Jun'10	Mar'10
Cash, Cash Equivalents and Restricted Cash
-	-	-	-	-	-	-	-39,218	826,377	-	-53,723	50,841	826,089	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Cash flows from operating activities:
Net income
152,400	76,519	115,506	92,593	113,896	73,452	106,053	73,922	90,828	187,505	75,913	66,102	70,110	57,626	71,545	66,250	62,070	57,935	67,427	61,005	56,951	24,395	68,331	61,755	52,415	47,225	57,749	52,007	60,131	42,637	49,504	42,471	49,433	36,494	44,173	37,035	46,293	32,146	44,293	41,185	44,128
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization
26,391	26,880	26,272	25,954	26,192	23,583	21,637	20,785	20,539	21,044	21,435	21,347	21,620	21,638	21,805	21,610	21,610	22,015	22,158	21,623	21,625	22,459	21,983	20,623	17,876	17,792	17,858	16,121	16,161	16,123	15,956	15,881	15,613	13,965	13,725	13,556	13,509	13,370	12,869	12,650	12,553
Depreciation
6,021	5,901	5,815	5,666	6,035	6,424	5,259	5,599	5,552	5,456	5,489	5,655	6,098	5,136	5,195	5,354	5,318	5,255	5,215	5,237	5,183	5,557	5,456	5,242	4,640	4,604	4,466	4,263	4,167	3,990	3,958	3,784	3,641	3,116	3,062	3,079	3,135	3,141	3,116	3,129	3,253
Non-cash stock-based compensation
9,047	12,315	10,551	11,134	12,994	9,997	8,495	7,732	7,295	8,269	7,036	6,762	8,564	4,459	4,919	3,902	2,772	-1,835	4,889	6,102	6,357	214	5,640	5,994	7,515	7,699	7,431	3,623	3,850	4,472	3,908	3,738	3,747	2,856	2,856	2,709	2,773	1,615	1,495	1,780	1,955
Change in estimated acquisition earn-out payables
-10,957	5,554	-5,270	-2,860	1,210	441	-357	419	2,466	891	-1,308	5,589	4,028	2,339	3,610	4,057	-821	809	459	372	1,363	3,364	314	177	6,083	1,020	-665	656	1,522	1,552	858	-604	-388	-2,862	-810	1,367	99	638	-193	533	696
Deferred income taxes
-4,974	6,211	11,514	9,533	-14,875	31,424	21	-4,344	-12,093	-126,124	9,148	4,788	10,005	-1,918	4,174	5,974	9,933	5,722	6,229	4,120	6,625	-9,831	2,775	3,719	10,706	1,247	10,078	5,302	15,620	2,490	4,848	6,950	18,435	-599	6,483	5,924	18,520	-4,500	6,237	5,484	15,366
Amortization of debt discount and disposal of deferred financing costs
512	533	533	532	456	407	401	412	407	1,721	40	40	39	1,644	39	40	39	39	39	40	39	46	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Deferred Finance Costs, Own-share Lending Arrangement, Issuance Costs, Amortization Expense
-	-	-	-	-	-	-	-	-	-	366	560	383	-	400	387	420	-	-	-	390	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Accretion (amortization) of discounts and premiums, investment
-7	-6	-1	5	7	6	5	2	-3	-2	-7	-5	-8	75	11	-29	-18	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net gain/(loss) on sales of investments, fixed assets and customer accounts
196	5,442	3,762	1,145	-799	675	-1,173	44	2,388	102	1,875	-138	2	-3,456	160	789	1,911	-723	352	288	190	-45,119	-150	2,148	656	1,389	443	591	383	1,413	331	-627	2,988	1,251	510	-31	160	94	536	209	635
Income tax benefit from exercise of shares from the stock benefit plans
-	-	-	-	-	-	-	-	-	-	-	-	-	133	397	5,567	1,249	774	675	44	1,783	315	516	209	2,258	1,796	255	55	252	8,380	224	26	29	688	96	41	91	-	-	-	-
Payments on acquisition earn-outs in excess of original estimated payables
337	-	-	-	-	763	8,367	2,693	715	701	6,691	2,562	4,547	221	133	0	3,550	6,466	2,139	2,778	0	-	-	-	-	0	862	308	1,618	-	-	-	-	-	-	-	-	-	-	-	-
Changes in operating assets and liabilities, net of effect from acquisitions and divestitures:
Restricted cash and investments (increase) decrease
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	46,571	1,322	-	-28,247	-38,916	25,040	-16,077	-24,508	47,482	2,863	2,694	36,777	23,770	22,204	-33,573	5,597	3,021	58,984	-15,498	25,960	4,438	-7,959	-25,602	-15,470	18,306	-8,897
Premiums, commissions and fees receivable (increase) decrease
53,090	45,700	-30,536	65,130	6,484	69,070	-4,911	37,138	-7,667	19,956	26,268	13,379	-16,297	32,226	-2,775	39,328	-5,229	9,440	8,832	-16,235	5,126	32,238	-42,474	13,224	8,172	22,632	11,790	6,569	-262	20,110	-15,153	-136	6,491	25,997	-36,199	12,760	18,012	-10,686	-9,801	25,477	-2,435
Reinsurance recoverables (increase) decrease
-24,949	-251,282	232,452	25,979	-14,040	-33,120	9,400	-58,933	-329,771	-1,682,466	2,137,807	-16,760	-38,844	-253,921	271,192	2,683	26,161	-5,237	-41,997	66,110	64	-10,158	-4,923	2,871	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Prepaid reinsurance premiums (increase) decrease
-32,215	-17,544	39,971	29,231	-23,557	-7,035	34,248	18,535	-28,845	-11,229	34,510	17,596	-28,521	-25,306	35,060	19,123	-29,859	-20,134	27,199	11,541	-29,549	-25,350	36,916	20,007	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other assets (increase) decrease
-24,623	23,415	983	-7,399	29,521	13,388	-6,679	16,537	-806	4,433	-4,012	10,730	-1,404	5,949	-12,503	-9,975	21,247	-7,758	-6,992	13,028	7,040	7,607	-9,338	14,423	-128	13,783	-12,586	14,305	-12,919	1,255	-13,147	11,605	-1,858	-1,828	-11,410	8,454	12,106	-7,130	-11,560	5,838	-1,677
Premiums payable to insurance companies increase (decrease)
-53,622	105,603	-73,417	177,701	-61,229	121,990	-87,660	109,530	-2,691	31,795	-53,634	63,602	-4,383	26,297	-50,281	111,207	-21,139	38,387	-74,696	18,313	18,538	32,913	-99,395	76,766	-2,120	51,730	-59,114	32,422	36,586	8,348	-63,027	21,131	28,897	1,122	-32,917	22,220	19,022	-14,598	-30,452	28,537	16,949
Premium deposits and credits due customers increase (decrease)
13,149	-4,515	24,338	-641	-11,362	-2,297	7,729	2,450	5,910	-6,280	5,530	1,412	7,088	-27,387	15,865	5,811	6,238	-15,690	10,506	5,105	-2,894	-16,181	962	7,106	10,436	-19,499	62,199	5,873	-7,524	-15,192	18,552	-1,910	1,056	-16,392	21,448	-6,810	3,031	-29,299	23,368	2,659	-6,401
Losses and loss adjustment reserve increase (decrease)
-24,952	-251,282	232,452	25,979	-13,856	-33,263	10,326	-58,698	-329,874	-1,683,565	2,137,807	-16,760	-38,844	-253,921	271,192	2,683	26,161	-5,237	-41,997	66,110	64	-10,158	-4,923	2,871	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Unearned premiums increase (decrease)
-32,215	-17,544	39,971	29,231	-23,557	-7,035	34,248	18,535	-28,845	-11,229	34,510	17,596	-28,521	-25,306	35,060	19,123	-29,859	-20,134	27,199	11,541	-29,549	-25,350	36,916	20,007	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Accounts payable increase (decrease)
56,981	-4,286	-1,687	-32,663	56,436	-5,937	-3,526	-21,553	52,896	4,685	-16,397	-6,876	45,386	16,316	-20,298	11,194	22,962	6,413	11,418	-15,644	32,019	10,574	-9,086	4,361	31,100	1,639	-3,184	-12,583	19,308	12,828	-9,592	10,785	22,484	2,350	-5,398	2,112	-1,871	24,615	-3,580	-4,701	11,912
Accrued expenses and other liabilities increase (decrease)
-126,786	65,792	9,807	65,420	-97,689	44,266	13,372	59,677	-94,514	24,491	27,039	51,304	-77,325	30,789	7,646	20,269	-50,034	19,751	10,388	32,165	-54,100	11,397	35,035	16,245	-50,959	13,345	30,010	21,729	5,788	-41,077	25,987	9,252	-37,221	8,949	5,017	20,211	-30,202	6,822	4,769	21,086	-34,764
Other liabilities increase (decrease)
-5,349	9,104	-8,253	7,126	8,321	-7,693	1,370	-525	-2,384	2,550	-6,353	-13,697	-14,752	-8,755	1,252	-14,910	-3,436	2,712	-24,016	-379	-2,215	-6,274	-221	-11,506	-6,726	-5,023	-1,268	1,049	-7,312	-4,854	4,820	-10,628	-13,275	-712	-1,057	-3,945	-97	-6,882	133	-516	2,032
Net cash provided by operating activities
33,817	231,060	141,417	300,347	5,356	212,012	78,111	197,925	79,481	128,405	43,489	180,060	90,021	91,865	128,341	158,894	31,900	91,191	63,257	176,682	50,702	99,669	107,748	110,457	67,145	79,470	88,019	84,864	137,021	31,339	76,227	86,961	25,788	36,308	77,625	71,994	51,604	69,847	59,474	92,940	73,791
Cash flows from investing activities:
Additions to fixed assets
16,458	25,750	12,184	11,988	23,186	12,661	9,469	9,639	9,751	11,295	4,049	5,816	3,032	4,630	4,191	4,692	4,252	5,602	4,176	4,870	3,727	4,734	7,612	7,850	4,727	4,913	4,330	4,176	2,947	5,113	6,238	6,772	5,905	4,101	2,994	3,596	2,917	3,206	2,284	2,910	2,054
Payments for businesses acquired, net of cash acquired
153,291	64,650	141,747	51,565	95,081	669,038	113,033	108,227	33,576	14,993	14,952	11,526	0	9,403	5,929	66,687	40,603	26,074	4,870	68,861	36,195	1,670	79	693,724	1,013	28,360	324,968	14,323	61	40,458	14,863	27,975	341,758	66,995	13,450	41,755	43,855	38,264	85,400	16,769	17,204
Proceeds from sales of fixed assets and customer accounts
385	18,093	1,398	2,069	32	1,646	432	2,764	142	9	3,416	80	589	1,546	120	824	2,467	5,782	796	286	3,712	10,239	185	2,378	829	5,019	354	270	243	8,856	735	401	4,103	2,356	621	583	126	455	477	385	241
Purchases of investments
1,513	1,731	6,504	9,234	31	403	34	2,721	6,142	272	4,477	5,537	379	1,540	17,306	-3,080	10,106	20,351	1,502	-6,806	7,719	17,724	-55	-5,277	5,421	4,867	3,300	8,306	1,629	5,015	3,005	1,839	1,308	4,790	1,260	3,583	3,065	3,786	2,861	2,129	509
Proceeds from sales of investments
1,668	109	3,880	2,113	2,392	372	1,205	9,815	6,531	4,466	2,267	2,232	679	-	-	-	7,604	-	-	-	9,126	-	-	-	5,078	5,936	3,812	3,329	2,585	5,009	2,561	1,756	1,328	4,789	1,374	3,528	3,259	3,278	3,330	2,336	383
Net cash used in investing activities
-169,209	-73,949	-155,157	-68,605	-115,874	-680,068	-120,899	-108,008	-42,796	-22,085	-17,795	-20,567	-2,143	-11,853	-10,590	-75,079	-44,890	-24,317	-9,752	-75,765	-34,803	4,389	-7,451	-698,997	-5,254	-27,185	-328,432	-23,206	-1,809	-36,721	-20,810	-34,429	-343,540	-68,741	-15,709	-44,823	-46,452	-41,523	-86,738	-19,087	-19,143
Cash flows from financing activities:
Payments on acquisition earn-outs
6,477	2,052	517	6,418	579	722	8,154	3,422	1,761	3,777	16,820	2,985	5,683	437	16,860	1,485	5,527	3,395	10,759	6,671	4,590	177	463	8,275	615	7,681	1,657	3,452	2,701	10,844	1,050	1,512	133	3,576	2,291	2,618	358	-	-	-	-
Proceeds from long-term debt
-	0	0	0	350,000	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	200,000	-	-	-	-	-	-	-	-
Payments on long-term debt
13,750	13,750	13,750	13,750	8,750	5,000	4,999	105,001	5,000	5,000	5,000	72,500	14,250	38,750	13,750	13,750	6,875	6,875	6,875	6,875	25,000	0	100,000	230,000	0	-	-	-	-	0	603	10	614	229	100,599	145	1,099	1,574	5,074	381	12,396
Deferred debt issuance costs
-	0	0	3	3,698	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Borrowings on revolving credit facilities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	100,000	-	-	-	-	-	-	-	-
Payments on revolving credit facilities
-	0	0	0	350,000	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	100,000	-	-	-	-	-	-	-	-
Income tax benefit from exercise of shares from the stock benefit plans
-	-	-	-	-	-	-	-	-	-	-	-	-	133	397	5,567	1,249	774	675	44	1,783	315	516	209	2,258	1,796	255	55	252	8,380	224	26	29	688	96	41	91	-	-	-	-
Issuances of common stock for employee stock benefit plans
-	51	24,047	885	16	26	18,686	0	720	35	16,887	-6	506	24	15,043	0	916	36	15,354	0	500	55	13,811	222	720	1,159	10,561	100	625	3,715	9,302	1	287	34	8,048	269	316	558	8,526	1,580	455
Repurchase shares to fund tax withholdings for non-cash stock-based compensation
6,847	139	3,933	29	6,832	227	4,272	-3	7,659	774	1,737	312	4,742	100	2,122	4,888	1,385	560	129	44	2,124	501	103	5	2,643	1,039	172	23	50	7,742	137	860	224	488	69	98	4	-	-	-	-
Purchase of treasury stock
1,429	-	-	-	-	80,000	0	0	11,250	71,250	46,230	11,159	0	7,658	0	0	11,250	63,750	15,000	0	85,000	7,500	42,500	25,025	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Settlement (prepayment) of accelerated share repurchase program
-	-	-	-	-	20,000	0	0	-11,250	3,750	7,500	0	0	22,500	0	0	-11,250	-11,250	-15,000	0	15,000	-7,500	7,500	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Cash dividends paid
23,902	23,912	22,551	22,533	22,348	22,334	20,945	20,715	20,696	20,911	18,961	18,937	18,903	18,945	17,189	17,166	16,962	17,268	15,560	15,495	15,785	15,787	14,505	14,496	14,546	14,533	13,101	12,959	12,953	12,943	12,228	12,179	12,184	12,188	11,470	11,436	11,400	11,413	11,053	11,015	11,015
Net cash used in financing activities
-52,405	-68,731	73,554	-41,848	-42,191	520,965	-19,684	-129,135	-34,396	-105,439	-79,417	-108,652	-43,072	-65,733	-34,481	-31,722	-28,584	-102,288	-17,294	-29,041	-145,216	-16,102	-27,312	647,630	-14,826	-20,298	25,853	-16,339	-14,827	-19,434	-4,492	-14,534	187,161	-15,759	-6,285	-13,987	-12,454	-12,491	-8,596	-9,647	-22,956
Net increase (decrease) in cash and cash equivalents inclusive of restricted cash
-187,797	88,380	59,814	189,894	-152,709	52,909	-62,472	-39,218	2,289	881	-53,723	50,841	44,806	14,321	83,270	52,093	-41,574	-35,414	36,211	71,876	-129,317	87,956	72,985	59,090	47,065	31,987	-214,560	45,319	120,385	-24,816	50,925	37,998	-130,591	-48,192	55,631	13,184	-7,302	15,833	-35,860	64,206	31,692