DAYTONA BEACH, Fla., July 22, 2024 (GLOBE NEWSWIRE) -- Brown & Brown, Inc. (NYSE:BRO) (the "Company") announced its unaudited financial results for the second quarter of 2024. Revenues for the second quarter of 2024 under U.S. generally accepted accounting principles ("GAAP") were $1.2 billion, increasing $131 million, or 12.5%, compared to the second quarter of the prior year, with commissions and fees increasing by 11.4% and Organic Revenue increasing by 10.0%. Income before income taxes was $346 million, increasing 36.2% from the second quarter of the prior year with Income Before Income Taxes Margin increasing to 29.4% from 24.3%. EBITDAC - Adjusted was $420 million, increasing 17.3% from the second quarter of the prior year with EBITDAC Margin - Adjusted increasing to 35.7% from 34.2%. Net income attributable to the Company was $257 million, increasing $67 million, or 35.3%, and diluted net income per share increased to $0.90, or 34.3%, with Diluted Net Income Per Share - Adjusted increasing to $0.93, or 17.7%, each as compared to the second quarter of the prior year. Revenues for the six months ended June 30, 2024 under GAAP were $2.4 billion, increasing $272 million, or 12.6%, as compared to the same period in 2023, with commissions and fees increasing by 11.5%, and Organic Revenue increasing by 9.3%. Income before income taxes was $712 million, increasing 29.9% with Income Before Income Taxes Margin increasing to 29.2% from 25.3% as compared to the same period in 2023. EBITDAC - Adjusted was $885 million, which was an increase of 16.9% and EBITDAC Margin - Adjusted increased to 36.3% from 35.0% as compared to the same period in 2023. Net income attributable to the Company was $550 million, increasing $124 million, or 29.1%, with diluted net income per share increasing to $1.92, or 28.0%, and Diluted Net Income Per Share - Adjusted increasing to $2.07, or 18.3%, each as compared to the same period in 2023. J. Powell Brown, President and Chief Executive Officer of the Company, noted, "Each of our three segments delivered an exceptional quarter. These results are a testament to all of our 16,000+ teammates delivering for our customers everyday."   Reconciliation of Commissions and Feesto Organic Revenue(in millions, unaudited)                   Three Months Ended June 30,     Six Months Ended June 30,       2024     2023     2024     2023   Commissions and fees   $ 1,154     $ 1,036     $ 2,390     $ 2,144   Profit-sharing contingent commissions     (36 )     (33 )     (82 )     (60 ) Core commissions and fees   $ 1,118     $ 1,003     $ 2,308     $ 2,084   Acquisitions     (44 )           (85 )       Dispositions           (28 )           (55 ) Foreign Currency Translation           1             5   Organic Revenue   $ 1,074     $ 976     $ 2,223     $ 2,034   Organic Revenue growth   $ 98           $ 189         Organic Revenue growth %     10.0 %           9.3 %                                     See information regarding non-GAAP measures presented later in this press release.   Reconciliation of Diluted Net Income Per Share toDiluted Net Income Per Share - Adjusted(unaudited)                               Three Months Ended June 30,   Change   Six Months Ended June 30,   Change     2024   2023   $   %   2024   2023   $   % Diluted net income per share   $ 0.90     $ 0.67     $ 0.23       34.3 %   $ 1.92     $ 1.50     $ 0.42       28.0 % Change in estimated acquisition earn-out payables     —       —       —             (0.01 )     (0.01 )     —         (Gain)/loss on disposal     (0.08 )     —       (0.08 )           (0.07 )     (0.02 )     (0.05 )       Acquisition/Integration Costs     —       0.01       (0.01 )           —       0.02       (0.02 )       Amortization     0.11       0.11       —             0.23       0.23       —         1Q23 Nonrecurring Cost     —       —       —             —       0.03       (0.03 )       Diluted Net Income Per Share - Adjusted   $ 0.93     $ 0.79     $ 0.14       17.7 %   $ 2.07     $ 1.75     $ 0.32       18.3 %                                                                   See information regarding non-GAAP measures presented later in this press release.   Reconciliation of Income Before Income Taxes to EBITDAC andEBITDAC - Adjusted and Income Before Income Taxes Margin(1) toEBITDAC Margin and EBITDAC Margin - Adjusted(in millions, unaudited)                   Three Months Ended June 30,   Six Months Ended June 30,     2024   2023   2024   2023 Total revenues   $ 1,178     $ 1,047     $ 2,435     $ 2,163   Income before income taxes   $ 346     $ 254     $ 712     $ 548   Income Before Income Taxes Margin(1)     29.4 %     24.3 %     29.2 %     25.3 % Amortization     44       41       86       83   Depreciation     11       10       21       20   Interest     49       48       97       95   Change in estimated acquisition earn-out payables     1       2       (2 )     —   EBITDAC   $ 451     $ 355     $ 914     $ 746   EBITDAC Margin     38.3 %     33.9 %