How do you interpret national programs — payments to acquire businesses gross?

High levels of acquisition spending indicate an aggressive growth-by-acquisition strategy.

How does national programs — payments to acquire businesses gross compare across companies?

Common in M&A-heavy industries like insurance brokerage; peers report this to show inorganic growth activity.

Brown & Brown BRO National Programs — Payments To Acquire Businesses Gross

Discontinued — last reported Q1 '22

Similar metrics at other companies

ONBInsurance — Payments To Acquire Businesses Gross

$100K—

STWDLNR Business Segments — Payments To Acquire Businesses Gross

$1.93M—

MOG.BComponents — Payments To Acquire Businesses Gross

$40.55M—

ONBMN — Payments To Acquire Businesses Gross

$31.9M—

BRKRVarious — Payments To Acquire Businesses Gross

$900K—

SSD

SSDNorth America — Payments To Acquire Businesses Gross

$20.8M—

Other financials

Income statement

See full

Revenue$1.9B+35.4%

Net income$426.0M+28.7%

EPS (diluted)$1.06-7.8%

Balance sheet

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Cash & equivalents$1.0B+49.9%

Total debt$8.1B+101%

Total equity$5.6B+21.1%

Total assets$29.7B+77.2%

Cash flow

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Operating cash flow$262.0M+23.0%

CapEx$21.0M+23.5%

Free cash flow$241.0M+23.0%

Valuation

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Market cap$20.03B-39.6%

Enterprise value$27.15B-25.9%

P/E17.5×-14.7×

P/S3.1×-3.6×

Profitability

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Net margin17.9%-2.9pp

FCF margin22.3%-3.7pp

Returns & leverage

See full

Return on equity17.1%+1.8pp

Debt / equity0.7×-0.2×

Current ratio1×-0.2×

Where this comes from

Reported directly by Brown & Brown in its filing.

Tagged under the XBRL concept us-gaap:PaymentsToAcquireBusinessesGross.

The official record: Brown & Brown’s 10-Q, filed May 9, 2022, on SEC EDGAR. View the filing →

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Questions, answered.

What is Brown & Brown's national programs — payments to acquire businesses gross?: Brown & Brown (BRO) reported national programs — payments to acquire businesses gross of $476.2M in Q1 2022.
What does national programs — payments to acquire businesses gross mean?: The total cash paid by the National Programs segment to purchase other companies or assets.
How do you interpret national programs — payments to acquire businesses gross?: High levels of acquisition spending indicate an aggressive growth-by-acquisition strategy.
How does national programs — payments to acquire businesses gross compare across companies?: Common in M&A-heavy industries like insurance brokerage; peers report this to show inorganic growth activity.