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Table of Contents

 

 

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 September 30, 2019

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

incorporation or organization)

 

 

(I.R.S. Employer

Identification Number)

220 South Ridgewood Avenue,

Daytona Beach, FL

 

 

32114

(Address of principal executive offices)

 

 

(Zip Code)

Registrant’s telephone number, including area code: (386252-9601

 

Securities registered pursuant to Section 12(b) of the Act:

 

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

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes       No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes       No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

Accelerated filer

Non-accelerated filer

 

Smaller reporting company

 

 

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes       No  

The number of shares of the Registrant’s common stock, $0.10 par value, outstanding as of October 28, 2019 was 281,746,279 .

 

 

 

 

 


Table of Contents

 

BROWN & BROWN, INC.

INDEX

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PAGE NO.

PART I. FINANCIAL INFORMATION

 

 

 

 

 

 

 

Item 1.

 

Financial Statements (Unaudited):

 

 

 

 

Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2019 and 2018

 

5

 

 

Condensed Consolidated Balance Sheets as of September 30, 2019 and December 31, 2018

 

6

 

 

Condensed Consolidated Statements of Equity for the three and nine months ended September 30, 2019 and 2018

 

7

 

 

Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2019 and 2018

 

8

 

 

Notes to Condensed Consolidated Financial Statements

 

9

 

 

 

 

 

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

24

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

41

Item 4.

 

Controls and Procedures

 

41

 

 

 

 

 

PART II. OTHER INFORMATION

 

 

 

 

 

 

 

Item 1.

 

Legal Proceedings

 

42

Item 1A.

 

Risk Factors

 

42

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

42

Item 6.

 

Exhibits

 

43

SIGNATURE

 

44

 

2


Table of Contents

 

Disclosure Regarding Forward-Looking Statements

Brown & Brown, Inc., together with its subsidiaries (collectively, “we,” “Brown & Brown” or the “Company”), makes “forward-looking statements” within the “safe harbor” provision of the Private Securities Litigation Reform Act of 1995, as amended, throughout this report and in the documents we incorporate by reference into this report. You can identify these statements by forward-looking words such as “may,” “will,” “should,” “expect,” “anticipate,” “believe,” “intend,” “estimate,” “plan” and “continue” or similar words. We have based these statements on our current expectations about potential future events. Although we believe the expectations expressed in the forward-looking statements included in this Quarterly Report on Form 10-Q and the reports, statements, information and announcements incorporated by reference into this report are based upon reasonable assumptions within the bounds of our knowledge of our business, a number of factors could cause actual results to differ materially from those expressed in any forward-looking statements, whether oral or written, made by us or on our behalf. Many of these factors have previously been identified in filings or statements made by us or on our behalf. Important factors which could cause our actual results to differ materially from the forward-looking statements in this report include but are not limited to the following items, in addition to those matters described in Part I, Item 2 “Management’s Discussion and Analysis of Financial Condition and Results of Operations”:

 

 

The Company's integration of the acquisition of The Hays Group, Inc. and certain of its affiliates (“Hays”), including adequately addressing any matters analyzed in the due diligence process, and material adverse changes in the business and financial condition of Hays, the Company, or both, and their respective customers;

 

The impact of any regional, national or global political, economic, business, competitive, market, environmental or regulatory conditions on our business operations;

 

The impact of current market conditions on our results of operations and financial condition;

 

Changes in macroeconomic conditions;

 

Risks that could negatively affect the success of our acquisition strategy, including continuing consolidation in our industry, which could make it more difficult to identify targets and could make them more expensive, execution risks, integration risks, the risk of post-acquisition deterioration leading to intangible asset impairment charges, and the risk we could incur or assume unanticipated regulatory liabilities such as those relating to violations of anti-corruption and sanctions laws;

 

Any insolvencies of, or other difficulties experienced by our clients, insurance carriers or financial institutions; volatility or declines in insurance markets and premiums on which our commissions are based, but which we do not control;

 

Our ability to continue to manage our indebtedness;

 

Our ability to compete effectively in our industry, material changes in commercial property and casualty markets generally or the availability of insurance products or changes in premiums resulting from a catastrophic event, such as a hurricane;

 

Disintermediation within the insurance industry, including increased competition from insurance companies, technology companies and the financial services industry, as well as the shift away from traditional insurance markets;

 

Our ability to attract and retain key employees and clients and attract new business;

 

Our ability to maintain our corporate culture;

 

The timing or ability to carry out share repurchases;

 

The timing or ability to carry out refinancing or take other steps to manage our capital and the limitations in our long-term debt agreements that may restrict our ability to take these actions;

 

Fluctuations in our earnings as a result of potential changes to our valuation allowance(s) on our deferred taxes;

 

Any fluctuations in exchange and interest rates that could affect expenses and revenue;

 

The potential costs and difficulties in complying with a wide variety of laws and regulations and any related changes;

 

Changes in the tax or accounting policies or treatment of our operations and fluctuations in our tax rate;

 

Any potential impact of U.S. healthcare or National Flood Insurance Program legislation;

 

The impact of federal and state income tax reform;

3


Table of Contents

 

 

The possibility of future federal government shutdowns;

 

Uncertainties in U.S. administrative policy regarding trade agreements and international trade relations;

 

Exposure to potential liabilities arising from errors and omissions and other potential claims against us;

 

The interruption or loss of our information processing systems or failure to maintain secure information systems and other factors that the Company may not have currently identified or quantified; and

 

Other risks and uncertainties as may be detailed from time to time in our public announcements and Securities and Exchange Commission (“SEC”) filings.

Assumptions as to any of the foregoing and all statements are not based upon historical fact, but rather reflect our current expectations concerning future results and events. Forward-looking statements that we make or that are made by others on our behalf are based upon a knowledge of our business and the environment in which we operate, but because of the factors listed above, among others, actual results may differ from those in the forward-looking statements. Consequently, these cautionary statements qualify all of the forward-looking statements we make herein. We cannot assure you that the results or developments anticipated by us will be realized or, even if substantially realized, that those results or developments will result in the expected consequences for us or affect us, our business or our operations in the way we expect. We caution readers not to place undue reliance on these forward-looking statements, which speak only as of their dates. We assume no obligation to update any of the forward-looking statements.

4


Table of Contents

 

PART I — FINANCIAL INFORMATION

ITEM 1 — Financial Statements (Unaudited)

BROWN & BROWN, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(UNAUDITED)

 

 

 

For the three months

ended September 30,

 

 

For the nine months

ended September 30,

 

(in thousands, except per share data)

 

2019

 

 

2018

 

 

2019

 

 

2018

 

REVENUES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commissions and fees

 

$

617,363

 

 

$

529,813

 

 

$

1,807,758

 

 

$

1,502,219

 

Investment income

 

 

1,668

 

 

 

719

 

 

 

4,274

 

 

 

2,051

 

Other income, net

 

 

(348

)

 

 

318

 

 

 

1,150

 

 

 

1,228

 

Total revenues

 

 

618,683

 

 

 

530,850

 

 

 

1,813,182

 

 

 

1,505,498

 

EXPENSES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Employee compensation and benefits

 

 

331,120

 

 

 

268,045

 

 

 

973,567

 

 

 

790,902

 

Other operating expenses

 

 

96,409

 

 

 

83,697

 

 

 

283,242

 

 

 

243,704

 

(Gain)/loss on disposal

 

 

(3,815

)

 

 

1,106

 

 

 

(4,326

)

 

 

(1,544

)

Amortization

 

 

26,272

 

 

 

21,637

 

 

 

78,418

 

 

 

62,961

 

Depreciation

 

 

5,815

 

 

 

5,259

 

 

 

17,516

 

 

 

16,410

 

Interest

 

 

16,314

 

 

 

8,963

 

 

 

47,805

 

 

 

28,686

 

Change in estimated acquisition earn-out payables

 

 

(5,270

)

 

 

(357

)

 

 

(6,920

)

 

 

2,528

 

Total expenses

 

 

466,845

 

 

 

388,350

 

 

 

1,389,302

 

 

 

1,143,647

 

Income before income taxes

 

 

151,838

 

 

 

142,500

 

 

 

423,880

 

 

 

361,851

 

Income taxes

 

 

36,332

 

 

 

36,447

 

 

 

101,885

 

 

 

91,048

 

Net income

 

$

115,506

 

 

$

106,053

 

 

$

321,995

 

 

$

270,803

 

Net income per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.41

 

 

$

0.38

 

 

$

1.14

 

 

$

0.98

 

Diluted

 

$

0.41

 

 

$

0.38

 

 

$

1.14

 

 

$

0.96

 

Dividends declared per share

 

$

0.080

 

 

$

0.075

 

 

$

0.240

 

 

$

0.225

 

 

See accompanying Notes to Condensed Consolidated Financial Statements.

5


Table of Contents

 

BROWN & BROWN, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

 

(in thousands, except per share data)

 

September 30,

2019

 

 

December 31,

2018

 

ASSETS

 

 

 

 

 

 

 

 

Current Assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

497,510

 

 

$

438,961

 

Restricted cash and investments

 

 

377,085

 

 

 

338,635

 

Short-term investments

 

 

9,935

 

 

 

12,868

 

Premiums, commissions and fees receivable

 

 

895,612

 

 

 

844,815

 

Reinsurance recoverable

 

 

309,787

 

 

 

65,396

 

Prepaid reinsurance premiums

 

 

383,565

 

 

 

337,920

 

Other current assets

 

 

133,443

 

 

 

128,716

 

Total current assets

 

 

2,606,937

 

 

 

2,167,311

 

Fixed assets, net

 

 

128,889

 

 

 

100,395

 

Operating lease assets

 

 

193,419

 

 

 

 

Goodwill

 

 

3,702,265

 

 

 

3,432,786

 

Amortizable intangible assets, net

 

 

923,418

 

 

 

898,807

 

Investments

 

 

28,137

 

 

 

17,394

 

Other assets

 

 

97,599

 

 

 

71,975

 

Total assets

 

$

7,680,664

 

 

$

6,688,668

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

 

 

 

Premiums payable to insurance companies

 

$

906,136

 

 

$

857,559

 

Losses and loss adjustment reserve

 

 

309,787

 

 

 

65,212

 

Unearned premiums

 

 

383,565

 

 

 

337,920

 

Premium deposits and credits due customers

 

 

118,350

 

 

 

105,640

 

Accounts payable

 

 

103,920

 

 

 

87,345

 

Accrued expenses and other liabilities

 

 

272,166

 

 

 

279,310

 

Current portion of long-term debt

 

 

55,000

 

 

 

50,000

 

Total current liabilities

 

 

2,148,924

 

 

 

1,782,986

 

Long-term debt less unamortized discount and debt issuance costs

 

 

1,513,560

 

 

 

1,456,990

 

Operating lease liabilities

 

 

177,097

 

 

 

 

Deferred income taxes, net

 

 

322,024

 

 

 

315,732

 

Other liabilities

 

 

204,536

 

 

 

132,392

 

Shareholders’ Equity:

 

 

 

 

 

 

 

 

Common stock, par value $0.10 per share; authorized 560,000 shares; issued 297,136

   shares and outstanding 282,498 shares at 2019, issued 293,380 shares and outstanding

   279,583 shares at 2018 - in thousands.

 

 

29,714

 

 

 

29,338

 

Additional paid-in capital

 

 

703,949

 

 

 

615,180

 

Treasury stock, at cost at 14,638 shares at 2019 and 13,797 shares at 2018, respectively - in thousands

 

 

(507,314

)

 

 

(477,572

)

Retained earnings

 

 

3,088,174

 

 

 

2,833,622

 

Total shareholders’ equity

 

 

3,314,523

 

 

 

3,000,568

 

Total liabilities and shareholders’ equity

 

$

7,680,664

 

 

$

6,688,668

 

 

See accompanying Notes to Condensed Consolidated Financial Statements.

6


Table of Contents

 

BROWN & BROWN, INC.

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

(UNAUDITED)

 

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands, except per share data)

 

Shares

 

 

Par Value

 

 

Additional

Paid-In

Capital

 

 

Treasury

Stock

 

 

Retained

Earnings

 

 

Total

 

Balance at December 31, 2018

 

 

293,380

 

 

$

29,338

 

 

$

615,180

 

 

$

(477,572

)

 

$

2,833,622

 

 

$

3,000,568

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

113,896

 

 

 

113,896

 

Net unrealized holding (loss) gain on available-for-

   sale securities

 

 

 

 

 

 

 

 

 

 

106

 

 

 

 

 

 

 

 

 

 

 

106

 

Common stock issued for employee stock benefit plans

 

 

2,465

 

 

 

246

 

 

 

5,963

 

 

 

 

 

 

 

 

 

 

 

6,209

 

Cash dividends paid ($0.080 per share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(22,348

)

 

 

(22,348

)

Balance at March 31, 2019

 

 

295,845

 

 

 

29,584

 

 

 

621,249

 

 

 

(477,572

)

 

 

2,925,170

 

 

 

3,098,431

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

92,593

 

 

 

92,593

 

Net unrealized holding (loss) gain on available-for-

   sale securities

 

 

 

 

 

 

 

 

 

 

205

 

 

 

 

 

 

 

(24

)

 

 

181

 

Common stock issued for employee stock benefit plans

 

 

(54

)

 

 

(5

)

 

 

11,084

 

 

 

 

 

 

 

 

 

 

 

11,079

 

Purchase of treasury stock

 

 

 

 

 

 

 

 

 

 

20,000

 

 

 

(20,000

)

 

 

 

 

 

 

 

Common stock issued to directors

 

 

28

 

 

 

3

 

 

 

877

 

 

 

 

 

 

 

 

 

 

 

880

 

Cash dividends paid ($0.080 per share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(22,533

)

 

 

(22,533

)

Balance at June 30, 2019

 

 

295,819

 

 

 

29,582

 

 

 

653,415

 

 

 

(497,572

)

 

 

2,995,206

 

 

 

3,180,631

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

115,506

 

 

 

115,506

 

Net unrealized holding (loss) gain on available-for-

   sale securities

 

 

 

 

 

 

 

 

 

 

8

 

 

 

 

 

 

 

13

 

 

 

21

 

Common stock issued for employee stock benefit plans

 

 

748

 

 

 

75

 

 

 

30,583

 

 

 

 

 

 

 

 

 

 

 

30,658

 

Common stock issued for agency acquisitions

 

 

569

 

 

 

57

 

 

 

19,943

 

 

 

 

 

 

 

 

 

 

 

20,000

 

Purchase of treasury stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(9,742

)

 

 

 

 

 

 

(9,742

)

Cash dividends paid ($0.080 per share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(22,551

)

 

 

(22,551

)

Balance at September 30, 2019

 

 

297,136

 

 

 

29,714

 

 

 

703,949

 

 

 

(507,314

)

 

 

3,088,174

 

 

 

3,314,523

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2017

 

 

286,895

 

 

 

28,689

 

 

 

483,733

 

 

 

(386,322

)

 

 

2,456,599

 

 

 

2,582,699

 

Adoption of Topic 606 at January 1, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

117,515

 

 

 

117,515

 

Beginning balance after adoption of Topic 606

 

 

286,895

 

 

 

28,689

 

 

 

483,733

 

 

 

(386,322

)

 

 

2,574,114

 

 

 

2,700,214

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

90,828

 

 

 

90,828

 

Net unrealized holding (loss) gain on available-for-

   sale securities

 

 

 

 

 

 

 

 

 

 

(77

)

 

 

 

 

 

 

(55

)

 

 

(132

)

Common stock issued for employee stock benefit plans

 

 

53

 

 

 

6

 

 

 

(327

)

 

 

 

 

 

 

 

 

 

 

(321

)

Purchase of treasury stock

 

 

 

 

 

 

 

 

 

 

11,250

 

 

 

(11,250

)

 

 

 

 

 

 

 

Common stock issued to directors

 

 

13

 

 

 

1

 

 

 

699

 

 

 

 

 

 

 

 

 

 

 

700

 

Cash dividends paid ($0.075 per share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(20,696

)

 

 

(20,696

)

Balance at March 31, 2018

 

 

286,961

 

 

 

28,696

 

 

 

495,278

 

 

 

(397,572

)

 

 

2,644,191

 

 

 

2,770,593

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

73,922

 

 

 

73,922

 

Net unrealized holding (loss) gain on available-for-

   sale securities

 

 

 

 

 

 

 

 

 

 

(27

)

 

 

 

 

 

 

(2

)

 

 

(29

)

Common stock issued for employee stock benefit plans

 

 

123

 

 

12

 

 

 

7,699

 

 

 

 

 

 

 

 

 

 

 

7,711

 

Cash dividends paid ($0.075 per share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(20,715

)

 

 

(20,715

)

Balance at June 30, 2018

 

 

287,084

 

 

 

28,708

 

 

 

502,950

 

 

 

(397,572

)

 

 

2,697,396

 

 

 

2,831,482

 

Net income