BROWN & BROWN, INC. BRO Cash Flow

Brown & brown, inc. (BRO)

CashFlow / TTM

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
-	-	-	-	-	-	-	0	824,376	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Cash flows from operating activities:
Net income
437,018	398,514	395,447	385,994	367,323	344,255	458,308	428,168	420,348	399,630	269,751	265,383	265,531	257,491	257,800	253,682	248,437	243,318	209,778	210,682	211,432	206,896	229,726	219,144	209,396	217,112	212,524	204,279	194,743	184,045	177,902	172,571	167,135	163,995	159,647	159,767	163,917	161,752	0	0	0
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization
105,497	105,298	102,001	97,366	92,197	86,544	84,005	83,803	84,365	85,446	86,040	86,410	86,673	86,663	87,040	87,393	87,406	87,421	87,865	87,690	86,690	82,941	78,274	74,149	69,647	67,932	66,263	64,361	64,121	63,573	61,415	59,184	56,859	54,755	54,160	53,304	52,398	51,442	0	0	0
Depreciation
23,403	23,417	23,940	23,384	23,317	22,834	21,866	22,096	22,152	22,698	22,378	22,084	21,783	21,003	21,122	21,142	21,025	20,890	21,192	21,433	21,438	20,895	19,942	18,952	17,973	17,500	16,886	16,378	15,899	15,373	14,499	13,603	12,898	12,392	12,417	12,471	12,521	12,639	0	0	0
Non-cash stock-based compensation
43,047	46,994	44,676	42,620	39,218	33,519	31,791	30,332	29,362	30,631	26,821	24,704	21,844	16,052	9,758	9,728	11,928	15,513	17,562	18,313	18,205	19,363	26,848	28,639	26,268	22,603	19,376	15,853	15,968	15,865	14,249	13,197	12,168	11,194	9,953	8,592	7,663	6,845	0	0	0
Change in estimated acquisition earn-out payables
-13,533	-1,366	-6,479	-1,566	1,713	2,969	3,419	2,468	7,638	9,200	10,648	15,566	14,034	9,185	7,655	4,504	819	3,003	5,558	5,413	5,218	9,938	7,594	6,615	7,094	2,533	3,065	4,588	3,328	1,418	-2,996	-4,664	-2,693	-2,206	1,294	1,911	1,077	1,674	0	0	0
Deferred income taxes
22,284	12,383	37,596	26,103	12,226	15,008	-142,540	-133,413	-124,281	-102,183	22,023	17,049	18,235	18,163	25,803	27,858	26,004	22,696	7,143	3,689	3,288	7,369	18,447	25,750	27,333	32,247	33,490	28,260	29,908	32,723	29,634	31,269	30,243	30,328	26,427	26,181	25,741	22,587	0	0	0
Amortization of debt discount and disposal of deferred financing costs
2,110	2,054	1,928	1,796	1,676	1,627	2,941	2,580	2,208	1,840	1,763	1,762	1,762	1,762	157	157	157	157	164	125	85	46	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Deferred Finance Costs, Own-share Lending Arrangement, Issuance Costs, Amortization Expense
-	-	-	-	-	-	-	-	-	-	0	0	1,560	-	0	0	0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Accretion (amortization) of discounts and premiums, investment
-9	5	17	23	20	10	2	-10	-17	-22	55	73	49	39	0	0	0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net gain/(loss) on sales of investments, fixed assets and customer accounts
10,545	9,550	4,783	-152	-1,253	1,934	1,361	4,409	4,227	1,841	-1,717	-3,432	-2,505	-596	2,137	2,329	1,828	107	-44,289	-44,791	-42,931	-42,465	4,043	4,636	3,079	2,806	2,830	2,718	1,500	4,105	3,943	4,122	4,718	1,890	733	759	999	1,474	0	0	0
Income tax benefit from exercise of shares from the stock benefit plans
-	-	-	-	-	-	-	-	-	-	-	-	-	7,346	7,987	8,265	2,742	3,276	2,817	2,658	2,823	3,298	4,779	4,518	4,364	2,358	8,942	8,911	8,882	8,659	967	839	854	916	0	0	0	-	-	-	-
Payments on acquisition earn-outs in excess of original estimated payables
0	-	-	-	-	12,538	12,476	10,800	10,669	14,501	14,021	7,463	4,901	3,904	10,149	12,155	14,933	11,383	0	0	0	-	-	-	-	2,788	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Changes in operating assets and liabilities, net of effect from acquisitions and divestitures:
Restricted cash and investments (increase) decrease
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-53,734	-	-58,200	-54,461	31,937	9,760	28,531	89,816	66,104	85,445	49,178	17,998	-2,751	34,029	52,104	72,467	73,884	6,941	-3,163	-44,593	-30,725	-31,663	0	0	0
Premiums, commissions and fees receivable (increase) decrease
133,384	86,778	110,148	135,773	107,781	93,630	44,516	75,695	51,936	43,306	55,576	26,533	52,482	63,550	40,764	52,371	-3,192	7,163	29,961	-21,345	8,114	11,160	1,554	55,818	49,163	40,729	38,207	11,264	4,559	11,312	17,199	-3,847	9,049	20,570	-16,113	10,285	23,002	2,555	0	0	0
Reinsurance recoverables (increase) decrease
-17,800	-6,891	211,271	-11,781	-96,693	-412,424	-2,061,770	66,637	108,810	399,737	1,828,282	-38,333	-18,890	46,115	294,799	-18,390	45,037	18,940	14,019	51,093	-12,146	-12,210	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Prepaid reinsurance premiums (increase) decrease
19,443	28,101	38,610	32,887	22,191	16,903	12,709	12,971	12,032	12,356	-1,721	-1,171	356	-982	4,190	-3,671	-11,253	-10,943	-16,159	-6,442	2,024	31,573	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other assets (increase) decrease
-7,624	46,520	36,493	28,831	52,767	22,440	13,485	16,152	10,345	9,747	11,263	2,772	-17,933	4,718	-8,989	-3,478	19,525	5,318	20,683	18,337	19,732	12,564	18,740	15,492	15,374	2,583	-9,945	-10,506	-13,206	-2,145	-5,228	-3,491	-6,642	7,322	2,020	1,870	-746	-14,529	0	0	0
Premiums payable to insurance companies increase (decrease)
156,265	148,658	165,045	150,802	82,631	141,169	50,974	85,000	39,072	37,380	31,882	35,235	82,840	66,084	78,174	53,759	-39,135	542	-4,932	-29,631	28,822	8,164	26,981	67,262	22,918	61,624	18,242	14,329	3,038	-4,651	-11,877	18,233	19,322	9,447	-6,273	-3,808	2,509	436	0	0	0
Premium deposits and credits due customers increase (decrease)
32,331	7,820	10,038	-6,571	-3,480	13,792	9,809	7,610	6,572	7,750	-13,357	-3,022	1,377	527	12,224	6,865	6,159	-2,973	-3,464	-13,008	-11,007	2,323	-995	60,242	59,009	41,049	45,356	1,709	-6,074	2,506	1,306	4,202	-698	1,277	-11,630	-9,710	-241	-9,673	0	0	0
Losses and loss adjustment reserve increase (decrease)
-17,803	-6,707	211,312	-10,814	-95,491	-411,509	-2,061,811	65,670	107,608	398,638	1,828,282	-38,333	-18,890	46,115	294,799	-18,390	45,037	18,940	14,019	51,093	-12,146	-12,210	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Unearned premiums increase (decrease)
19,443	28,101	38,610	32,887	22,191	16,903	12,709	12,971	12,032	12,356	-1,721	-1,171	356	-982	4,190	-3,671	-11,253	-10,943	-16,159	-6,442	2,024	31,573	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Accounts payable increase (decrease)
18,345	17,800	16,149	14,310	25,420	21,880	32,502	19,631	34,308	26,798	38,429	34,528	52,598	30,174	20,271	51,987	25,149	34,206	38,367	17,863	37,868	36,949	28,014	33,916	16,972	5,180	16,369	9,961	33,329	36,505	26,027	30,221	21,548	-2,807	19,458	21,276	14,463	28,246	0	0	0
Accrued expenses and other liabilities increase (decrease)
14,233	43,330	21,804	25,369	19,626	22,801	3,026	16,693	8,320	25,509	31,807	12,414	-18,621	8,670	-2,368	374	12,270	8,204	-150	24,497	8,577	11,718	13,666	8,641	14,125	70,872	16,450	12,427	-50	-43,059	6,967	-14,003	-3,044	3,975	1,848	1,600	2,475	-2,087	0	0	0
Other liabilities increase (decrease)
2,628	16,298	-499	9,124	1,473	-9,232	1,011	-6,712	-19,884	-32,252	-43,557	-35,952	-37,165	-25,849	-14,382	-39,650	-25,119	-23,898	-32,884	-9,089	-20,216	-24,727	-23,476	-24,523	-11,968	-12,554	-12,385	-6,297	-17,974	-23,937	-19,795	-25,672	-18,989	-5,811	-11,981	-10,791	-7,362	-5,233	0	0	0
Net cash provided by operating activities
706,641	678,180	659,132	595,826	493,404	567,529	483,922	449,300	431,435	441,975	405,435	490,287	469,121	411,000	410,326	345,242	363,030	381,832	390,310	434,801	368,576	385,019	364,820	345,091	319,498	389,374	341,243	329,451	331,548	220,315	225,284	226,682	211,715	237,531	271,070	252,919	273,865	296,052	0	0	0
Cash flows from investing activities:
Additions to fixed assets
66,380	73,108	60,019	57,304	54,955	41,520	40,154	34,734	30,911	24,192	17,527	17,669	16,545	17,765	18,737	18,722	18,900	18,375	17,507	20,943	23,923	24,923	25,102	21,820	18,146	16,366	16,566	18,474	21,070	24,028	23,016	19,772	16,596	13,608	12,713	12,003	11,317	10,454	0	0	0
Payments for businesses acquired, net of cash acquired
411,253	353,043	957,431	928,717	985,379	923,874	269,829	171,748	75,047	41,471	35,881	26,858	82,019	122,622	139,293	138,234	140,408	136,000	111,596	106,805	731,668	696,486	723,176	1,048,065	368,664	367,712	379,810	69,705	83,357	425,054	451,591	450,178	463,958	166,055	137,324	209,274	184,288	157,637	0	0	0
Proceeds from sales of fixed assets and customer accounts
21,945	21,592	5,145	4,179	4,874	4,984	3,347	6,331	3,647	4,094	5,631	2,335	3,079	4,957	9,193	9,869	9,331	10,576	15,033	14,422	16,514	13,631	8,411	8,580	6,472	5,886	9,723	10,104	10,235	14,095	7,595	7,481	7,663	3,686	1,785	1,641	1,443	1,558	0	0	0
Purchases of investments
18,982	17,500	16,172	9,702	3,189	9,300	9,169	13,612	16,428	10,665	11,933	24,762	16,145	25,872	44,683	28,879	25,153	22,766	20,139	18,582	20,111	17,813	4,956	8,311	21,894	18,102	18,250	17,955	11,488	11,167	10,942	9,197	10,941	12,698	11,694	13,295	11,841	9,285	0	0	0
Proceeds from sales of investments
7,770	8,494	8,757	6,082	13,784	17,923	22,017	23,079	15,496	9,644	0	0	0	-	-	-	0	-	-	-	0	-	-	-	18,155	15,662	14,735	13,484	11,911	10,654	10,434	9,247	11,019	12,950	11,439	13,395	12,203	9,327	0	0	0
Net cash used in investing activities
-466,920	-413,585	-1,019,704	-985,446	-1,024,849	-951,771	-293,788	-190,684	-103,243	-62,590	-52,358	-45,153	-99,665	-142,412	-154,876	-154,038	-154,724	-144,637	-115,931	-113,630	-736,862	-707,313	-738,887	-1,059,868	-384,077	-380,632	-390,168	-82,546	-93,769	-435,500	-467,520	-462,419	-472,813	-175,725	-148,507	-219,536	-193,800	-166,491	0	0	0
Cash flows from financing activities:
Payments on acquisition earn-outs
15,464	9,566	8,236	15,873	12,877	14,059	17,114	25,780	25,343	29,265	25,925	25,965	24,465	24,309	27,267	21,166	26,352	25,415	22,197	11,901	13,505	9,530	17,034	18,228	13,405	15,491	18,654	18,047	16,107	13,539	6,271	7,512	8,618	8,843	0	0	0	-	-	-	-
Proceeds from long-term debt
-	350,000	0	0	0	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	200,000	0	0	0	-	-	-	-	-	-	-	-
Payments on long-term debt
55,000	50,000	41,250	32,499	123,750	120,000	120,000	120,001	87,500	96,750	130,500	139,250	80,500	73,125	41,250	34,375	27,500	45,625	38,750	131,875	355,000	330,000	0	0	0	-	-	-	-	1,227	1,456	101,452	101,587	102,072	103,417	7,892	8,128	19,425	0	0	0
Deferred debt issuance costs
-	3,701	0	0	0	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Borrowings on revolving credit facilities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	100,000	0	0	0	-	-	-	-	-	-	-	-
Payments on revolving credit facilities
-	350,000	0	0	0	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	100,000	0	0	0	-	-	-	-	-	-	-	-
Income tax benefit from exercise of shares from the stock benefit plans
-	-	-	-	-	-	-	-	-	-	-	-	-	7,346	7,987	8,265	2,742	3,276	2,817	2,658	2,823	3,298	4,779	4,518	4,364	2,358	8,942	8,911	8,882	8,659	967	839	854	916	0	0	0	-	-	-	-
Issuances of common stock for employee stock benefit plans
-	24,999	24,974	19,613	18,728	19,432	19,441	17,642	17,636	17,422	17,411	15,567	15,573	15,983	15,995	16,306	16,306	15,890	15,909	14,366	14,588	14,808	15,912	12,662	12,540	12,445	15,001	13,742	13,643	13,305	9,624	8,370	8,638	8,667	9,191	9,669	10,980	11,119	0	0	0
Repurchase shares to fund tax withholdings for non-cash stock-based compensation
10,948	10,933	11,021	11,360	11,328	12,155	12,702	10,167	10,482	7,565	6,891	7,276	11,852	8,495	8,955	6,962	2,118	2,857	2,798	2,772	2,733	3,252	3,790	3,859	3,877	1,284	7,987	7,952	8,789	8,963	1,709	1,641	879	659	0	0	0	-	-	-	-
Purchase of treasury stock
0	-	-	-	-	91,250	82,500	128,730	139,889	128,639	65,047	18,817	7,658	18,908	75,000	90,000	90,000	163,750	107,500	135,000	160,025	75,025	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Settlement (prepayment) of accelerated share repurchase program
-	-	-	-	-	8,750	-7,500	0	0	11,250	30,000	22,500	22,500	11,250	-22,500	-37,500	-37,500	-11,250	-7,500	15,000	15,000	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Cash dividends paid
92,898	91,344	89,766	88,160	86,342	84,690	83,267	81,283	79,505	77,712	75,746	73,974	72,203	70,262	68,585	66,956	65,285	64,108	62,627	61,572	60,573	59,334	58,080	56,676	55,139	53,546	51,956	51,083	50,303	49,534	48,779	48,021	47,278	46,494	45,719	45,302	44,881	44,496	0	0	0
Net cash used in financing activities
-89,430	-79,216	510,480	417,242	329,955	337,750	-288,654	-348,387	-327,904	-336,580	-296,874	-251,938	-175,008	-160,520	-197,075	-179,888	-177,207	-293,839	-207,653	-217,671	459,000	589,390	585,194	638,359	-25,610	-25,611	-24,747	-55,092	-53,287	148,701	152,376	150,583	151,130	-48,485	-45,217	-47,528	-43,188	-53,690	0	0	0
Net increase (decrease) in cash and cash equivalents inclusive of restricted cash
150,291	185,379	149,908	27,622	-201,490	-46,492	-98,520	-89,771	288	42,805	56,245	193,238	194,490	108,110	58,375	11,316	31,099	-56,644	66,726	103,500	90,714	267,096	211,127	-76,418	-90,189	-16,869	-73,672	191,813	184,492	-66,484	-89,860	-85,154	-109,968	13,321	77,346	-14,145	36,877	75,871	0	0	0