Brown & Brown said its commissions and fees, including profit-sharing contingent commissions, rose $129 million to $1,237 million (a 11.6% increase) for the 3 months ended March 31, 2024, and that its Organic Revenue growth rate was 8.6%.

1. 01

   Brown & Brown said its commissions and fees, including profit-sharing contingent commissions, rose $129 million to $1,237 million (a 11.6% increase) for the 3 months ended March 31, 2024, and that its Organic Revenue growth rate was 8.6%.

2. 02

   The company said income before income taxes for Q1 2024 rose $70 million, or 23.8%, from Q1 2023. It cited net new business, higher profit-sharing contingent commissions and acquisitions completed in the past 12 months as the drivers.

3. 03

   Brown & Brown said total revenues for the Programs segment in Q1 2024 rose $43 million, or 16.9%, to $298 million, and that its EBITDAC Margin - Adjusted increased from 36.5% to 42.3%.

4. 04

   The company said its total debt as of March 31, 2024, net of unamortized discounts and borrowing costs, was $3,884 million, up $88 million from December 31, 2023. It said the change included net borrowings of $100 million under its Revolving Credit Facility and scheduled principal repayments of $12 million.

Key figures

Quarter ended March 31, 2024

Revenue

$1.3B

Net income

$293M

EPS

$1.02

Operating cash flow

$13M

Analysis 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.

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

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