Brown & Brown, Inc.

NYSE-BRO

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Operating Activities	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Net Income	1,010	1,002	871	672	587.1	480.5	398.5	344.3	399.6	257.5	243.3
Net Income Before Non-Controlling Interests
Depreciation & Amortization	291	222	206	186	155.7	137.1	130.8	111	110	109.4	108.5
Amortization of Deferred Financing Costs and Debt Discount
Amortization
Depreciation
Share-Based Compensation Expense	100	101	89	66	61	59.7	47	33.5	30.6	16.1	15.5
Non-Cash Stock-Based Compensation
Other Adjustments	79	-46	-131	-27	46.4	6.2	1.1	3.5	-109.3	16.7	10.9
Amortization (Accretion) of Discounts and Premiums, Investment
Income Tax Benefit from Exercise of Shares from the Stock Benefit Plans
Change in Estimated Acquisition Earn-Out Payables
Deferred Income Taxes
Effect of Changes in Foreign Exchange Rate
Net Income on Sales/Disposals of Investments, Businesses, Fixed Assets and Customer Accounts
Payments on Acquisition Earn-Outs in Excess of Original Estimated Payables
Other
Changes in Trade Receivables	-34	-94	-106	-61	-61.9	-2	-86.8	-93.6	-43.3	-63.6	-7.2
Premiums, Commissions and Fees Receivable
Change in Commissions, Fees and Other Receivables
Changes in Accounts Payable	-133	-47	260	124	54.4	111.6	166.5	163	64.2	96.3	34.7
Premiums Payable
Accounts Payable and Accrued Expenses
Change in Accounts Payable
Changes in Accrued Expenses	11	35	43	37	66.9	34.7	43.3	22.8	25.5	8.7	8.2
Change in Accrued Expenses
Accrued Expenses
Accrued Expenses and Other Liabilities
Change in Accrued Expenses and Other Liabilities
Changes in Unearned Revenue	-33	115	50	20	14.6	11.6	28.1	16.9	12.4	-1	-10.9
Unearned Premiums
Changes in Other Operating Activities	70	-114	-272	-136	-115.4	-126.4	-50.3	-33.9	-47.7	-29.1	-21.2
Restricted Cash and Investments
Reinsurance Recoverable
Change in Premium Deposits and Credits Due Customers
Prepaid Reinsurance Premiums
Change in Other Assets
Change in Losses and Loss Adjustment Reserve
Change in Other Liabilities
Cash from Operating Activities	1,367	1,174	1,010	881	808.8	713	678.2	567.5	442	411	381.8
Net Cash Provided by Operating Activities

Investing Activities	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Capital Expenditure	-68	-82	-69	-52	-45	-70.7	-73.1	-41.5	-24.2	-17.8	-18.4
Additions to Fixed Assets
Purchases of Investments	—	-7	-7	—	-12.4	-14.2	-17.5	-9.3	-10.7	-25.9	-22.8
Purchases of Investments
Proceeds from Sale of Investments	—	11	13	7	10.8	11	8.5	17.9	9.6	18.9	21.9
Proceeds from Sales of Investments
Payments for Business Acquisitions	-8,431	-890	-631	-1,928	-366.8	-694.8	-353	-923.9	-41.5	-122.6	-136
Payments for Businesses Acquired, Net of Cash Acquired
Other Investing Activities	—	70	107	60	16.6	9.6	21.6	5	4.1	5	10.6
Proceeds from Sales of Businesses, Fixed Assets and Customer Accounts
Cash from Investing Activities	-8,480	-898	-587	-1,913	-396.8	-759.1	-413.6	-951.8	-62.6	-142.4	-144.6
Net Cash Used in Investing Activities

Financing Activities	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Issuance of Short-Term Debt	875	500	420	350	—	250	100	600	—	—	—
Borrowings on Revolving Credit Facility
Repayments of Short-Term Debt	-600	-350	-320	-350	—	-350	-100	-250	—	—	—
Payments on Revolving Credit Facility
Net Issuance / (Repayments) of Short-Term Debt	275	150	100	—	—	-100	—	350	—	—	—
Issuance of Long-Term Debt	—	599	—	2,000	—	700	350	300	—	—	—
Proceeds from Long-Term Debt
Repayments of Long-Term Debt	-225	-719	-251	-61	-73.1	-55	-50	-120	-96.8	-73.1	-45.6
Payments on Long-Term Debt
Net Issuance / (Repayments) of Long-Term Debt	-225	-120	-251	1,939	-73.1	645	300	180	-96.8	-73.1	-45.6
Issuance of Common Shares	—	44	40	38	34	30.1	25	19.4	17.4	16	15.9
Issuances of Common Stock for Employee Stock Benefit Plans
Repurchases of Common Shares	-43	-55	-40	-123	-132.4	-96.4	-49.6	-112.2	-147.5	-16.2	-177.9
Repurchase of Common Stock
Settlement of Accelerated Share Repurchase Program
Repurchase Shares to Fund Tax Withholdings for Non-Cash Stock-Based Compensation
Net Issuance / (Repurchases) of Common Shares	-43	-11	—	-85	-98.4	-66.3	-24.6	-92.7	-130	-0.2	-162
Common Share Dividends Paid	-180	-154	-135	-120	-107.2	-100.6	-91.3	-84.7	-77.7	-70.3	-64.1
Cash Dividends Paid
Other Financing Activities	-137	71	99	-8	68.6	-23.1	-13.3	-14.8	-32.1	-17	-22.1
Fiduciary Receivables and Liabilities, Net
Payments on Acquisition Earn-Outs
Deferred Debt Issuance Costs
Income Tax Benefit from Exercise of Shares from the Stock Benefit Plans
Other Financing Activities
Cash from Financing Activities	8,128	-64	-187	1,726	-210.1	355	-79.2	337.8	-336.6	-160.5	-293.8
Net Cash Provided by Financing Activities

Free Cash Flow	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Free Cash Flow	1,299	1,092	941	829	763.8	642.3	605.1	526	417.8	393.3	363.5
NOPAT	1,119.9	1,051.2	878.6	738.7	657.8	515	432.5	371.8	418.5	284	266.3
Levered Free Cash Flow	1,187	1,152	938	2,790	645.2	1,123.4	943.7	1,112.6	443	350.9	298.5
Unlevered Free Cash Flow	1,257.9	1,180.2	1,096.6	917.7	789	612.9	677.7	610.2	558.7	450.5	367.2
Net Change in Cash	1,015	212	236	694	201.9	308.9	185.4	-46.5	42.8	108.1	-56.6