DAYTONA BEACH, Fla., Oct. 24, 2022 (GLOBE NEWSWIRE) — Brown & Brown, Inc. BROTHERS (the “Company”) today announced its third quarter 2022 unaudited financial results.
Revenue for the third quarter of 2022, based on the United States Generally Accepted Accounting Principles (“GAAP”), was $927.6 million, an increase of $157.3 million or 20.4% compared to the third quarter year-over-year, with commissions and fees up 20.2% and organic revenue up 6.7%. Income before income taxes was $218.0 million, up 10.9% from the third quarter of last year, with income before income taxes margin declining to 23.5% from 25.5% in the third quarter of last year. Adjusted EBITDAC was $289.8 million, up 5.8% from the third quarter of last year, with the Adjusted EBITDAC margin declining to 31.2% from 35.6% in the third quarter of last year. Net income was $161.1 million, up $14.7 million, or 10.0%, and diluted net earnings per share increased to $0.57, or 9.6% compared to the third quarter of the previous year. Diluted net earnings per share – adjusted decreased to $0.50 or 13.8% compared to the third quarter of the prior year.
GAAP revenue for the nine months ended September 30, 2022 was $2,672.0 million, an increase of $359.1 million or 15.5% compared to the same period in 2021, with commissions and fees increasing 15.5% and organic revenue was up 8.3%. Income before income taxes was $681.8 million, up 9.6% over the same period in 2021, with the pre-tax income margin decreasing to 25.5% from 26.9% for the same period in 2021. Adjusted EBITDAC was $887.7, increasing with Adjusted EBITDAC margin down 10.9% to 33.2% from 34.6% for the same period in 2021. Net income was $526.6 million Dollars, increased $41.2 million, or 8.5%, and diluted net earnings per share increased to $1.85, or 8.2%, each compared to the same period in 2021. Diluted net earnings per share – Adjusted increased to…
