DAYTONA BEACH, Fla., April 22, 2024 (GLOBE NEWSWIRE) -- Brown & Brown, Inc. (NYSE:BRO) (the "Company") announced its unaudited financial results for the first quarter of 2024. Revenues for the first quarter of 2024 under U.S. generally accepted accounting principles ("GAAP") were $1,258 million, increasing $142 million, or 12.7%, compared to the first quarter of the prior year, with commissions and fees increasing by 11.6% and Organic Revenue increasing by 8.6%. Income before income taxes was $364 million, increasing 23.8% from the first quarter of the prior year with Income Before Income Taxes Margin increasing to 28.9% from 26.3%. EBITDAC - Adjusted was $466 million, increasing 17.1% compared to the first quarter of the prior year with EBITDAC Margin - Adjusted increasing to 37.0% from 35.7%. Net income was $293 million, increasing $57 million, or 24.2%, and diluted net income per share increased to $1.02, or by 22.9%, with Diluted Net Income Per Share - Adjusted increasing to $1.14, or by 18.8%, each as compared to the first quarter of the prior year. J. Powell Brown, President and Chief Executive Officer of the Company, noted, "Our teammates delivered strong organic revenue growth and margin expansion in the first quarter of 2024. We are very pleased with the start of the year." In addition, the Company today announced that the Board of Directors has declared a regular quarterly cash dividend of $0.13 per share. The dividend is payable on May 15, 2024, to shareholders of record on May 6, 2024.   Reconciliation of Commissions and Fees to Organic Revenue (in millions, unaudited)     Three Months Ended March 31,     2024     2023   Commissions and fees $ 1,237     $ 1,108   Profit-sharing contingent commissions   (46 )     (27 ) Core commissions and fees $ 1,191     $ 1,081   Acquisitions   (41 )       Dispositions         (27 ) Foreign Currency Translation         5   Organic Revenue $ 1,150     $ 1,059   Organic Revenue growth $ 91         Organic Revenue growth %   8.6 %       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 March 31,     Change     2024     2023     $     %   Diluted net income per share $ 1.02     $ 0.83     $ 0.19     22.9 % Change in estimated acquisition earn-out payables   (0.01 )     (0.01 )     —         (Gain)/loss on disposal   0.01       (0.02 )     0.03         Acquisition/Integration Costs   —       0.01       (0.01 )       Amortization   0.12       0.12       —         1Q23 Nonrecurring Cost         0.03       (0.03 )       Diluted Net Income Per Share - Adjusted $ 1.14     $ 0.96     $ 0.18     18.8 % See information regarding non-GAAP measures presented later in this press release. Reconciliation of Income Before Income Taxes to EBITDAC and EBITDAC - Adjusted and Income Before Income Taxes Margin(1) to EBITDAC Margin and EBITDAC Margin - Adjusted (in millions, unaudited)     Three Months Ended March 31,     2024     2023   Total revenues $ 1,258     $ 1,116   Income before income taxes $ 364     $ 294   Income Before Income Taxes Margin(1)   28.9 %     26.3 % Amortization   43       41   Depreciation   11       10   Interest   48       47   Change in estimated acquisition earn-out payables   (2 )     (2 ) EBITDAC $ 464     $ 390   EBITDAC Margin   36.9 %     34.9 % (Gain)/loss on disposal   2       (6 ) Acquisition/Integration Costs   —       3   1Q23 Nonrecurring Cost         11   EBITDAC - Adjusted $ 466     $ 398   EBITDAC Margin - Adjusted   37.0 %     35.7 % (1) "Income Before Income Taxes Margin" is defined as income before income taxes divided by total revenues See information regarding non-GAAP measures presented later in this press release. Brown & Brown, Inc. Consolidated Statements of Income (in millions, except per share data; unaudited)     Three Months Ended March 31,     2024     2023   REVENUES           Commissions and fees $ 1,237     $ 1,108   Investment income   18       7   Other   3       1   Total revenues   1,258       1,116   EXPENSES           Employee compensation and benefits