AI English summary of an SEC filing — figures as filed
Brown & Brown BROThe company said its commissions and fees growth rate was 17.9% and its consolidated Organic Revenue growth rate was 10.2% in 2023. Income before income taxes for 2023 increased $270.0 million, or 30.8%, over 2022.
Key points
AI summaryThe company said its commissions and fees growth rate was 17.9% and its consolidated Organic Revenue growth rate was 10.2% in 2023. Income before income taxes for 2023 increased $270.0 million, or 30.8%, over 2022.
Brown & Brown said it generated $1,009.5 million of cash from operating activities in 2023, an increase of 14.5%. It used $630.7 million for new acquisitions, $118.8 million for acquisition earn-out payments and $135.0 million for dividends during the same period.
The company said total debt as of December 31, 2023 was $3,795.6 million, net of unamortized discount and debt issuance costs, a decrease of $146.5 million from the end of 2022. It said the decrease reflected scheduled principal payments of $250.6 million on its floating-rate term notes, partly offset by a net increase of $100.0 million on the Revolving Credit Facility.
The company said the Revolving Credit Facility provided up to $700.0 million of additional available cash as of December 31, 2023. It also said it reclassified $500.0 million of 4.20% notes due September 2024 to long-term debt due within one year as of September 30, 2023 and is considering refinancing strategies.
Key figures
Fiscal year ended December 31, 2023
- Revenue
- $4.3B
- Net income
- $871M
- EPS
- $3.05
- Operating cash flow
- $1.0B
From the XBRL financial data filed with the SEC · not processed by AI.
Summary
AI-writtenAnalysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.
2023 Revenue and Income Before Income Taxes
The company said its commissions and fees growth rate was 17.9% and its consolidated Organic Revenue growth rate was 10.2% in 2023. Income before income taxes for 2023 increased $270.0 million, or 30.8%, over 2022.
Source · Based on the MD&A text of the filing
2023 Operating Cash Flow and Uses of Cash
Brown & Brown said it generated $1,009.5 million of cash from operating activities in 2023, an increase of 14.5%. It used $630.7 million for new acquisitions, $118.8 million for acquisition earn-out payments and $135.0 million for dividends during the same period.
Source · Based on the MD&A text of the filing
Total Debt at December 31, 2023
The company said total debt as of December 31, 2023 was $3,795.6 million, net of unamortized discount and debt issuance costs, a decrease of $146.5 million from the end of 2022. It said the decrease reflected scheduled principal payments of $250.6 million on its floating-rate term notes, partly offset by a net increase of $100.0 million on the Revolving Credit Facility.
Source · Based on the MD&A text of the filing
Revolving Credit Facility Capacity and 4.20% Notes
The company said the Revolving Credit Facility provided up to $700.0 million of additional available cash as of December 31, 2023. It also said it reclassified $500.0 million of 4.20% notes due September 2024 to long-term debt due within one year as of September 30, 2023 and is considering refinancing strategies.
Source · Based on the MD&A text of the filing
AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.
Original filing
The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.
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