2019 Q1 Form 10-K Financial Statement

#000156459020006075 Filed on February 24, 2020

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q4 2018 Q3
Revenue $619.3M $508.7M $530.9M
YoY Change 23.5% 7.26% 11.61%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $332.8M $278.0M $268.0M
YoY Change 22.85% 7.67% 8.9%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $6.035M $29.90M $5.259M
YoY Change 8.7% 12.83% -4.19%
% of Gross Profit
Operating Expenses $470.8M $408.1M $388.4M
YoY Change 22.91% 10.91% 10.57%
Operating Profit
YoY Change
Interest Expense $15.20M -$11.90M $8.963M
YoY Change 57.15% 26.6% -4.58%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $148.5M $100.6M $142.5M
YoY Change 25.4% -5.38% 14.53%
Income Tax $34.62M $27.20M $36.45M
% Of Pretax Income 23.31% 27.03% 25.58%
Net Earnings $113.9M $73.45M $106.1M
YoY Change 25.4% -60.83% 39.7%
Net Earnings / Revenue 18.39% 14.44% 19.98%
Basic Earnings Per Share $0.41 $0.26 $0.38
Diluted Earnings Per Share $0.40 $0.26 $0.38
COMMON SHARES
Basic Shares Outstanding 272.7M 279.2M shares 271.0M
Diluted Shares Outstanding 275.0M 275.3M

Balance Sheet

Concept 2019 Q1 2018 Q4 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $333.0M $451.8M $435.8M
YoY Change -42.5% -24.49% -24.3%
Cash & Equivalents $322.5M $439.0M $423.0M
Short-Term Investments $10.50M $12.90M $12.80M
Other Short-Term Assets $125.7M $128.7M $95.80M
YoY Change 25.03% 168.92% 110.34%
Inventory
Prepaid Expenses
Receivables $847.1M $844.8M $736.4M
Other Receivables $51.40M $65.40M $98.50M
Total Short-Term Assets $1.995B $2.167B $2.013B
YoY Change -3.85% -3.34% -48.6%
LONG-TERM ASSETS
Property, Plant & Equipment $117.4M $100.4M $89.77M
YoY Change 44.66% 30.24% 25.91%
Goodwill $3.513B $3.433B $2.930B
YoY Change 27.87% 26.39% 8.45%
Intangibles $907.6M $898.8M $680.2M
YoY Change 44.0% 40.22% 3.68%
Long-Term Investments $17.50M $17.40M $17.20M
YoY Change -0.57% 25.18% 21.99%
Other Assets $81.21M $71.98M $72.84M
YoY Change 26.77% 25.67% 32.51%
Total Long-Term Assets $4.812B $4.521B $3.790B
YoY Change 35.9% 28.98% 8.34%
TOTAL ASSETS
Total Short-Term Assets $1.995B $2.167B $2.013B
Total Long-Term Assets $4.812B $4.521B $3.790B
Total Assets $6.806B $6.689B $5.803B
YoY Change 21.21% 16.37% -21.73%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $136.5M $87.35M $84.23M
YoY Change 87.14% 36.1% 32.39%
Accrued Expenses $293.1M $279.3M $234.7M
YoY Change 16.54% 22.1% 14.98%
Deferred Revenue $39.60M $37.00M $53.90M
YoY Change -16.85%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $55.00M $50.00M $30.00M
YoY Change -54.17% -58.33% -75.0%
Total Short-Term Liabilities $1.647B $1.783B $1.633B
YoY Change 0.76% -10.29% -55.04%
LONG-TERM LIABILITIES
Long-Term Debt $1.440B $1.457B $832.4M
YoY Change 69.1% 70.18% -3.3%
Other Long-Term Liabilities $160.1M $132.4M $114.0M
YoY Change 129.85% 103.52% 103.0%
Total Long-Term Liabilities $1.600B $1.589B $946.3M
YoY Change 73.7% 72.54% 3.21%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.647B $1.783B $1.633B
Total Long-Term Liabilities $1.600B $1.589B $946.3M
Total Liabilities $3.863B $3.688B $2.579B
YoY Change 51.16% 26.8% -43.3%
SHAREHOLDERS EQUITY
Retained Earnings $2.925B $2.834B $2.783B
YoY Change 13.64% 15.35% 21.51%
Common Stock $650.8M $644.5M $554.5M
YoY Change 24.21% 25.78% 9.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $477.6M $477.6M $397.6M
YoY Change 20.12% 23.62% 26.18%
Treasury Stock Shares $13.80M 14.36M shares
Shareholders Equity $3.098B $3.001B $2.939B
YoY Change
Total Liabilities & Shareholders Equity $6.806B $6.689B $5.803B
YoY Change 21.21% 16.37% -21.73%

Cashflow Statement

Concept 2019 Q1 2018 Q4 2018 Q3
OPERATING ACTIVITIES
Net Income $113.9M $73.45M $106.1M
YoY Change 25.4% -60.83% 39.7%
Depreciation, Depletion And Amortization $6.035M $29.90M $5.259M
YoY Change 8.7% 12.83% -4.19%
Cash From Operating Activities $5.356M $212.0M $78.10M
YoY Change -93.26% 65.11% 79.54%
INVESTING ACTIVITIES
Capital Expenditures $23.19M -$12.60M $9.469M
YoY Change 137.78% 11.5% 133.86%
Acquisitions $95.08M
YoY Change 183.18%
Other Investing Activities -$92.70M -$667.5M -$111.4M
YoY Change 180.91% 6080.56% 713.14%
Cash From Investing Activities -$115.9M -$680.1M -$120.9M
YoY Change 170.73% 2977.38% 579.21%
FINANCING ACTIVITIES
Cash Dividend Paid $22.35M
YoY Change 7.98%
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net $8.750M
YoY Change 75.0%
Cash From Financing Activities -42.19M 521.0M -19.70M
YoY Change 22.65% -593.84% -75.19%
NET CHANGE
Cash From Operating Activities 5.356M 212.0M 78.10M
Cash From Investing Activities -115.9M -680.1M -120.9M
Cash From Financing Activities -42.19M 521.0M -19.70M
Net Change In Cash -152.7M 52.90M -62.50M
YoY Change -6739.52% 6512.5% 16.39%
FREE CASH FLOW
Cash From Operating Activities $5.356M $212.0M $78.10M
Capital Expenditures $23.19M -$12.60M $9.469M
Free Cash Flow -$17.83M $224.6M $68.63M
YoY Change -125.56% 60.77% 73.97%

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<p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.17%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of the Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, as well as disclosures of contingent assets and liabilities, at the date of the Consolidated Financial Statements, and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates.</p>
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CY2018 us-gaap Ceded Premiums Earned
CededPremiumsEarned
602303000
CY2019 us-gaap Premiums Written Net
PremiumsWrittenNet
13000
CY2019 us-gaap Premiums Earned Net
PremiumsEarnedNet
13000
CY2018 us-gaap Premiums Written Net
PremiumsWrittenNet
17000
CY2018 us-gaap Premiums Earned Net
PremiumsEarnedNet
17000
CY2019Q4 us-gaap Reinsurance Recoverable For Unpaid Claims And Claims Adjustments
ReinsuranceRecoverableForUnpaidClaimsAndClaimsAdjustments
58500000
CY2019Q4 us-gaap Prepaid Reinsurance Premiums
PrepaidReinsurancePremiums
366000000.0
CY2018Q4 us-gaap Reinsurance Recoverable For Unpaid Claims And Claims Adjustments
ReinsuranceRecoverableForUnpaidClaimsAndClaimsAdjustments
65400000
CY2018Q4 us-gaap Prepaid Reinsurance Premiums
PrepaidReinsurancePremiums
337900000
CY2019 us-gaap Increase Decrease In Liability For Claims And Claims Adjustment Expense Reserve
IncreaseDecreaseInLiabilityForClaimsAndClaimsAdjustmentExpenseReserve
0
CY2018 us-gaap Increase Decrease In Liability For Claims And Claims Adjustment Expense Reserve
IncreaseDecreaseInLiabilityForClaimsAndClaimsAdjustmentExpenseReserve
200000
CY2019Q4 bro Percentage Of Ceded Premiums
PercentageOfCededPremiums
1.000
CY2019 bro Number Of Reinsurers
NumberOfReinsurers
2
CY2019Q4 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Net
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseNet
58500000
CY2018Q4 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Net
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseNet
65400000
CY2018Q4 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
100000000.0
CY2019Q4 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
461300000
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
15500000
CY2019Q4 us-gaap Treasury Stock Value
TreasuryStockValue
536200000

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