Financial Performance - For the three months ended March 31, 2023, total revenues increased by 23.4% to $1,116.0 million compared to $904.7 million in the same period of 2022[58] - Core commissions and fees grew by 23.5% to $1,081.2 million, up from $875.7 million year-over-year[58] - The company reported a net income of $235.5 million, representing a 6.9% increase from $220.3 million in the first quarter of 2022[58] - Income before income taxes increased by $29.2 million or 11.0%, driven by net new business and acquisitions[40] - Organic revenue growth rate for the first quarter of 2023 was 12.6%, compared to 7.8% in the same quarter of the previous year[58] - EBITDAC - Adjusted for the first quarter of 2023 was $398.2 million, a 23.2% increase from $323.1 million in the prior year[58] - Total growth in commissions and fees was driven by a $116.3 million increase across all segments[72] Revenue Breakdown - Commissions and fees for Q1 2023 increased by $203.7 million to $1,108.0 million, a growth of 22.5% year-over-year, driven by $107.0 million from net new and renewal business, and $113.9 million from acquisitions[59] - The Retail segment generated $712.2 million in commissions and fees in Q1 2023, compared to $595.9 million in Q1 2022, marking a 19.5% increase[72] - The National Programs segment reported commissions and fees of $228.4 million in Q1 2023, up from $162.1 million in Q1 2022, representing a growth of 40.9%[72] - The Wholesale Brokerage segment saw commissions and fees rise to $123.1 million in Q1 2023 from $102.7 million in Q1 2022, an increase of 20.4%[72] - The Services segment reported commissions and fees of $44.3 million in Q1 2023, slightly up from $43.6 million in Q1 2022[72] Expenses and Costs - Employee compensation and benefits increased by 24.4% to $571.1 million, reflecting the company's growth and expansion efforts[58] - Other operating expenses increased by $33.9 million, or 26.7%, representing 14.4% of total revenues in Q1 2023, compared to 14.0% in Q1 2022[62] - Interest expense surged by $28.4 million, or 155.2%, in Q1 2023 due to higher average debt balances and increased floating-rate benchmarks[66] - Employee compensation and benefits expense increased by 24.4%, or $112.1 million, representing 51.2% of total revenues in Q1 2023, up from 50.7% in Q1 2022[61] - Total expenses rose by 22.1% to $503.3 million, driven by higher employee compensation and other operating expenses[76] Assets and Liabilities - Total assets as of March 31, 2023, were $13,399.9 million, up from $11,272.9 million year-over-year[58] - The company experienced a significant increase in reinsurance recoverable, which rose to $688.3 million from $24.8 million, indicating a substantial change in asset management[81] - Total debt as of March 31, 2023, was $3,926.3 million, a decrease of $15.8 million from December 31, 2022[121] - The company has $1,006.3 million outstanding under the Second Amended and Restated Credit Agreement tied to SOFR and $202.5 million under the Term Loan Credit Agreement tied to LIBOR[123] Cash Flow and Investments - Net cash provided by operating activities decreased to $59.8 million from $103.6 million year-over-year, a decline of about 42.3%[81] - The company reported a net cash used in investing activities of $43.2 million, significantly lower than $445.8 million in the previous year, indicating a reduction in investment outflows[81] - Payments for businesses acquired, net of cash acquired, were $37.6 million, a notable decrease from $436.0 million in the prior year, suggesting a shift in acquisition strategy[81] - Capital expenditures surged by 200.0% to $4.8 million, indicating increased investment in growth initiatives[76] Tax and Regulatory - The effective tax rate on income from operations increased to 20.0% in Q1 2023 from 16.9% in Q1 2022, primarily due to lower tax benefits from restricted stock awards[70] - Future acquisition contingency payments are estimated at $535.9 million, including $254.2 million of current and non-current estimated acquisition earn-out payables[119] Strategic Outlook - The company anticipates continued growth in Organic Revenue, supported by strategic acquisitions and market expansion initiatives[72] - The company maintains a conservative balance sheet with access to up to $1.9 billion of incremental borrowing capacity as of March 31, 2023[113]

Financial Data and Key Metrics Changes - The company reported earnings per share of $0.83, a growth of 7.8% compared to Q1 2022 [4] - Total revenues reached over $1.1 billion, growing 23% year-over-year, with organic growth of 12.6% [91] - Adjusted EBITDAC margin remained strong at 35.7% for the quarter [91] - The effective tax rate was 20%, up from 16.8% in the same quarter last year [102] Business Line Data and Key Metrics Changes - The Retail segment delivered organic growth of 8.8%, with an adjusted EBITDAC margin of 37%, slightly down due to GRP revenue phasing [117][123] - The Wholesale Brokerage segment achieved organic growth of 7%, with a slight contraction in adjusted EBITDAC margin due to higher salaries and related costs [118][124] - The Program Segment saw nearly 34% organic growth, driven by new business rate increases and claims processing revenue from Hurricane Ian [97] Market Data and Key Metrics Changes - The insurance marketplace remains challenging, with rate increases across most lines of coverage, particularly in admitted markets (up 5% to 7%) and excess and surplus markets (up 10% to 20%) [93] - Workers' compensation rates continue to decline, while E&S professional liability rates have moderated, with some rates decreasing by 10% or more [5] Company Strategy and Development Direction - The company is focused on identifying high-quality acquisitions that fit culturally and financially, maintaining a strong M&A pipeline [13][96] - The company anticipates lower organic growth in the second half of the year compared to the same period last year due to a more comparative basis for captives [10] - The company is optimistic about its ability to retain and increase capacity, which is crucial for delivering incremental organic growth [106] Management's Comments on Operating Environment and Future Outlook - Management noted that business leaders are cautious regarding hiring and investing due to inflation and interest rate increases, but most customers are prospering [12][113] - The company expects the impact of legal reforms in Florida's insurance market to be positive in the long term, although improvements may take time [115] - Management expressed confidence in the company's performance and growth prospects, highlighting strong new business wins and customer retention [127] Other Important Information - The company completed seven acquisitions with estimated annual revenues of $11 million [4] - The company generated approximately $60 million in cash flow from operations in Q1, with plans for further debt repayments [150] Q&A Session Summary Question: What is the outlook for margin expansion for the full year? - Management indicated that the 40 basis points headwind from GRP in Retail will reverse in the latter part of the year, contributing positively to margins [133][157] Question: Are there any economic pressures in Florida affecting the business? - Management noted that while construction is booming and businesses are generally doing well, different industries face varying levels of inflation impacting their margins [160] Question: How are the captive revenues expected to perform? - Captive revenues are expected to deliver $30 million to $35 million for the year, with approximately $10 million recognized in Q1 [149][178]

Brown & Brown, Inc. (NYSE:BRO) Q4 2022 Earnings Conference Call January 24, 2023 8:00 AM ET Company Participants Powell Brown - President and CEO Andy Watts - EVP and CFO Conference Call Participants Greg Peters - Raymond James Robert Cox - Goldman Sachs Weston Bloomer - UBS Elyse Greenspan - Wells Fargo Michael Zaremski - BMO Capital Markets Yaron Kinar - Jefferies Mark Hughes - Truist Michael Ward - Citi Derek Han - KBW Operator Good morning, and welcome to the Brown & Brown Incorporated Fourth Quarter Ea ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 BROWN & BROWN, INC. (Exact name of Registrant as specified in its charter) Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, $0.10 Par Value BRO New York Stock Exchange FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCH ...

Brown & Brown, Inc. (NYSE:BRO) Q3 2022 Earnings Conference Call October 25, 2022 8:00 AM ET Company Participants Powell Brown - President & CEO Andy Watts - EVP & CFO Conference Call Participants Michael Phillips - Morgan Stanley Greg Peters - Raymond James Robert Cox - Goldman Sachs Elyse Greenspan - Wells Fargo Mike Zaremski - Wolfe Research Weston Bloomer - UBS Meyer Shields - KBW Mark Hughes - Truist Yaron Kinar - Jefferies Operator Good morning, and welcome to the Brown & Brown, Inc. Third Quarter Earn ...

Brown & Brown, Inc. (NYSE:BRO) Q2 2022 Earnings Conference Call July 26, 2022 8:00 AM ET Company Participants Powell Brown - President & Chief Executive Officer Andy Watts - Executive Vice President & Chief Financial Officer Conference Call Participants Greg Peters - Raymond James Weston Bloomer - UBS Michael Phillips - Morgan Stanley Elyse Greenspan - Wells Fargo Mark Hughes - Truist Robert Cox - Goldman Sachs Yaron Kinar - Jefferies Meyer Shields - KBW Operator Please standby, we are about to begin. Good ...

Financial Performance - Total revenues for Q2 2022 reached $839.7 million, a 15.4% increase from $727.3 million in Q2 2021[19] - Net income for Q2 2022 was $145.2 million, compared to $139.3 million in Q2 2021, reflecting a 4.3% growth[19] - Basic and diluted net income per share for Q2 2022 was $0.51, up from $0.49 in Q2 2021[19] - Total revenues for the six months ended June 30, 2022, amounted to $1,744.5 million, with a breakdown of $1,054.0 million from base commissions, $440.9 million from fees, and $99.1 million from other supplemental commissions[45] - Net income for the six months ended June 30, 2022, was $365.5 million, an increase from $339.0 million in the same period of 2021, representing a growth of approximately 7.7%[32] - Total revenues for the three months ended June 30, 2022, were $841.3 million, representing a 12.9% increase from $745.5 million in the same period of 2021[61] - Net income for the three months ended June 30, 2022, was $145.2 million, a 4.2% increase from $139.3 million in the same period of 2021[109] - Total revenues for the three months ended June 30, 2022, reached $839.7 million, a significant increase from $727.3 million in the same period of 2021, representing a growth of approximately 15.4%[86] Assets and Liabilities - Total current assets increased to $5,330.4 million as of June 30, 2022, compared to $3,330.3 million at December 31, 2021[27] - Total assets rose to $12,279.9 million as of June 30, 2022, from $9,795.4 million at December 31, 2021[27] - Long-term debt increased to $4,156.3 million as of June 30, 2022, compared to $1,980.4 million at December 31, 2021[27] - The balance of retained earnings as of June 30, 2022, was $4,308.3 million, reflecting a slight increase from $4,192.1 million at the end of March 31, 2022[29] - Total assets as of March 31, 2022, amounted to $4,335.4 million, compared to $4,196.9 million at the end of December 31, 2021[29] - The total outstanding shares as of June 30, 2022, were 282.2 million, a decrease from 283.1 million at the end of March 31, 2022[29] - The company reported a foreign currency translation loss of $130.2 million for the quarter ended March 31, 2022[29] Cash Flow and Investments - Net cash provided by operating activities decreased to $346.2 million from $379.9 million, a decline of about 8.8% year-over-year[32] - Net cash used in investing activities increased significantly to $467.5 million compared to $136.3 million in the prior year, indicating a rise of approximately 243.5%[32] - Cash and cash equivalents at the end of the period rose to $3,287.5 million, up from $1,351.0 million, marking an increase of approximately 143.5%[32] - The company reported an increase in accounts payable to $101.3 million, up from $71.0 million, reflecting a growth of about 42.6%[32] - Payments for businesses acquired, net of cash acquired, amounted to $457.2 million, a significant increase from $116.6 million in the prior year[32] - The company reported a total of $90.7 million in cash flows from operating activities, with no significant changes in presentation[39] - The total restated changes in cash flows were $90.7 million, indicating stable cash flow management[39] Shareholder Returns - Dividends declared per share increased to $0.103 in Q2 2022 from $0.093 in Q2 2021[19] - Cash dividends paid were $28.9 million at a rate of $0.1025 per share for the quarter ended March 31, 2022[29] - The Company paid dividends of $0.1025 per share totaling $28.9 million in Q1 2022 and $29.0 million in Q2 2022[96] - The Company has outstanding approval to purchase up to approximately $249.6 million of its common stock[94] - The Company completed share repurchases of 777,926 shares at a total cost of $50.0 million from April 1, 2022 to June 30, 2022, at an average price of $64.27 per share[94] Segment Performance - The company operates through four reportable segments, including Retail, National Programs, Wholesale Brokerage, and Services, focusing on diverse insurance products and services[35] - The Retail Segment generated $457.6 million in revenues for the three months ended June 30, 2022, compared to $401.1 million in the same period of 2021, reflecting a growth of about 14.1%[86] - The National Programs Segment reported revenues of $225.7 million for the three months ended June 30, 2022, compared to $176.3 million in the same period of 2021, marking a growth of about 28.0%[86] - The Wholesale Brokerage Segment generated $112.4 million in revenues for the three months ended June 30, 2022, up from $104.6 million in the same period of 2021, reflecting a growth of approximately 7.4%[86] - The Services Segment reported revenues of $44.0 million for the three months ended June 30, 2022, compared to $44.9 million in the same period of 2021, indicating a slight decrease of about 2.0%[86] Acquisitions and Growth - During the six months ended June 30, 2022, the company completed ten acquisitions for a total cash payment of $500.9 million[55] - The total revenues from acquisitions completed through June 30, 2022, amounted to $19.2 million, while the income before income taxes from these acquisitions was a loss of $3.2 million[60] - Goodwill from acquisitions totaled $421.4 million, with $16.0 million currently deductible for income tax purposes[58] - The company anticipates continued growth in organic revenue driven by strategic acquisitions and market expansion efforts[126] Debt and Financing - The company issued $600.0 million of 4.200% Senior Notes due 2032 and $600.0 million of 4.950% Senior Notes due 2052, with total outstanding debt from these notes at $1,200.0 million as of June 30, 2022[69] - The company has a 5-year revolving loan facility of $250.0 million, which expires on October 27, 2026[69] - The company maintained compliance with all financial ratios and covenants as of June 30, 2022[71] - The company has an outstanding debt balance of $300.0 million under the Term A-1 Loans and $493.8 million under Term A-2 Loans as of June 30, 2022[71] - The company utilized proceeds from debt issuances for general corporate purposes and to repay outstanding balances on the Revolving Credit Facility[69] Operating Expenses - Total expenses for Q2 2022 were $640.9 million, up from $541.0 million in Q2 2021, marking an 18.5% increase[19] - Employee compensation and benefits expense as a percentage of total revenues decreased to 49.1% for the three months ended June 30, 2022, down from 54.4% in the same period of 2021[115] - Other operating expenses increased by 59.9% to $154.0 million for the second quarter of 2022, representing 18.3% of total revenues[116] - Interest expense for Q2 2022 increased by $19.7 million, or 120.9%, compared to Q2 2021, and for the six months ended June 30, 2022, it increased by $21.7 million, or 66.6% compared to the same period in 2021[121] Taxation - The effective tax rate on income from operations for Q2 2022 was 27.0%, up from 25.2% in Q2 2021, and for the six months ended June 30, 2022, it was 21.2%, compared to 20.3% in the same period of 2021[123]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-13619 BROWN & BROWN, INC. (Exact name of Registrant as specified in its charter) Florida 59-0864469 (State or other jurisdiction of incorpo ...

Brown & Brown, Inc. (NYSE:BRO) Q1 2022 Earnings Conference Call April 26, 2022 8:00 AM ET CompanyParticipants Powell Brown - President & Chief Executive Officer Andy Watts - Executive Vice President & Chief Financial Officer Conference Call Participants Elyse Greenspan - Wells Fargo Greg Peters - Raymond James Mark Hughes - Truist Weston Bloomer - UBS Yaron Kinar - Jefferies Derek Han - KBW Mark Hughes - Truist Michael Phillips - Morgan Stanley Operator Please standby, we are about to begin. Good morning an ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-13619 BROWN & BROWN, INC. (Exact name of registrant as specified in its charter) Florida 59-0864469 (State or other jurisdiction of incorporatio ...