ROLLING
MEADOWS, Ill., July 25,
2024 /PRNewswire/ -- Arthur
J. Gallagher & Co. (NYSE: AJG) today reported its
financial results for the quarter ended June 30, 2024.
Management will host a webcast conference call to discuss these
results on Thursday, July 25, 2024 at 5:15 p.m. ET/4:15 p.m.
CT. To listen to the call, and for printer-friendly
formats of this release and the "CFO Commentary" and "Supplemental
Quarterly Data," which may also be referenced during the call,
please visit ajg.com/IR. These documents contain both GAAP
and non-GAAP measures. Investors and other users of this
information should read carefully the section entitled "Information
Regarding Non-GAAP Measures" beginning on page 9.
Summary of Financial
Results - Second Quarter
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Revenues
Before
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Diluted Net
Earnings
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Reimbursements
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Net Earnings
(Loss)
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EBITDAC
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(Loss) Per
Share
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Segment
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2nd Q
24
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2nd Q
23
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2nd Q
24
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2nd Q
23
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2nd Q
24
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2nd Q
23
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2nd Q
24
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2nd Q
23
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(in
millions)
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(in
millions)
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(in
millions)
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Brokerage, as
reported
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$
2,376.3
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$ 2,088.4
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$
332.8
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$
290.3
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$ 668.1
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$ 563.8
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$
1.48
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$
1.31
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Net (gains) on
divestitures
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(2.0)
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(5.0)
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(1.5)
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(3.8)
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(2.0)
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(5.0)
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(0.01)
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(0.02)
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Acquisition
integration
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-
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-
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40.0
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51.2
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53.6
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68.1
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0.18
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0.24
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Workforce and lease
termination
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-
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-
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20.8
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23.7
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27.9
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31.6
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0.10
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0.11
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Acquisition related
adjustments
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-
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-
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30.8
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0.7
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37.2
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10.8
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0.14
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-
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Amortization of
intangible assets
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-
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-
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127.5
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100.2
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-
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-
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0.57
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0.46
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Effective income tax
rate impact
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-
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-
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-
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(0.2)
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-
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-
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-
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-
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Levelized foreign
currency
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translation
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-
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(8.2)
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-
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(2.9)
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-
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(3.6)
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-
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(0.01)
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Brokerage, as
adjusted *
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2,374.3
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2,075.2
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550.4
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459.2
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784.8
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665.7
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2.46
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2.09
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Risk Management, as
reported
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358.6
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318.6
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47.8
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36.7
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72.3
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60.5
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0.21
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0.17
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Net (gains) on
divestitures
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(0.1)
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(0.1)
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(0.1)
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(0.1)
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(0.1)
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(0.1)
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-
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-
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Acquisition
integration
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-
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-
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0.2
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0.1
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0.2
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0.2
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-
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-
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Workforce and lease
termination
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-
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-
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1.1
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0.7
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1.4
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1.0
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0.01
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-
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Acquisition related
adjustments
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-
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-
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0.1
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0.1
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0.1
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0.1
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-
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-
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Amortization of
intangible assets
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-
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-
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-
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1.0
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-
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-
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-
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0.01
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Levelized foreign
currency
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translation
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-
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(0.7)
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(0.1)
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(0.1)
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-
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-
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Risk Management, as
adjusted *
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358.5
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317.8
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49.1
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38.4
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73.9
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61.6
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0.22
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0.18
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Corporate, as
reported
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1.1
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(0.1)
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(95.2)
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(91.2)
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(50.1)
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(64.0)
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(0.43)
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(0.41)
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Transaction-related
costs
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-
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-
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2.3
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2.4
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2.8
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3.2
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0.01
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0.01
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Legal and tax
related
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-
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-
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-
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5.0
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-
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5.5
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-
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0.02
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Corporate, as
adjusted *
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1.1
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(0.1)
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(92.9)
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(83.8)
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(47.3)
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(55.3)
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(0.42)
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(0.38)
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Total Company, as
reported
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$
2,736.0
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$ 2,406.9
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$
285.4
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$
235.8
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$ 690.3
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$ 560.3
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$
1.26
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$
1.07
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Total Company, as
adjusted *
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$
2,733.9
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$ 2,392.9
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$
506.6
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$
413.8
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$ 811.4
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$ 672.0
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$
2.26
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$
1.89
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Total Brokerage
& Risk
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Management, as
reported
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$
2,734.9
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$ 2,407.0
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$
380.6
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$
327.0
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$ 740.4
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$ 624.3
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$
1.69
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$
1.48
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Total Brokerage
& Risk
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Management, as
adjusted *
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$
2,732.8
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$ 2,393.0
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$
599.5
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$
497.6
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$ 858.7
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$ 727.3
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$
2.68
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$
2.27
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*
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For second quarter
2024, the pretax impact of the Brokerage segment adjustments totals
$291.3 million, mostly due to non‑cash period expenses related to
intangible amortization, with a corresponding adjustment to the
provision for income taxes of $73.7 million relating to these
items. For second quarter 2024, the pretax impact of the Risk
Management segment adjustments totals $1.6 million, with a
corresponding adjustment to the provision for income taxes of $0.3
million relating to these items. For second quarter 2024, the
pretax impact of the Corporate segment adjustments totals $2.8
million, with a corresponding adjustment to the benefit for income
taxes of $0.5 million relating to these items. A detailed
reconciliation of the 2024 and 2023 provision (benefit) for income
taxes is shown on pages 14 and 15.
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(1 of 15)
"We had an excellent second quarter," said J. Patrick Gallagher, Jr., Chairman and CEO.
"Our core brokerage and risk management segments combined to post
14% reported revenue growth and 7.7% organic revenue growth.
Our net earnings margin improved by 35 basis points to 13.9%, and
we improved our adjusted EBITDAC margin by more than 100 basis
points to 31.4%. We also completed 12 new mergers with
approximately $72 million of
estimated annualized revenue during the quarter, and today have a
merger pipeline of more than $500
million of annualized revenue.
"Our insurance and reinsurance carrier partners continue to
behave rationally, pushing for rate increases where it's needed by
line of business, industry and geography. Within our client
base, second quarter global insurance renewal premiums were up 5%,
unchanged from a month ago. Property renewal premium
increases are moderating and casualty increases are showing signs
of advancing. Reinsurance carriers maintained underwriting
standards and were disciplined on pricing, all while meeting
increased client demand with ample capacity.
"Our second quarter daily brokerage revenue indications from
audits, endorsements and cancellations remain positive, indicating
continued strong customer business activity. Additionally,
new claims arising within our third party claims administration
business, which are typically tied to business activity, continue
to grow year over year.
"The business is in great shape and we are in an enviable
position. Our net new business is up from prior year, renewal
premiums continue to increase and our M&A pipeline is
growing. I am proud of our year to date financial performance
and remain bullish about 2024 and beyond."
Summary of Financial
Results - Six-Months ended June 30,
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Revenues
Before
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Diluted Net
Earnings
|
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|
|
|
Reimbursements
|
|
Net Earnings
(Loss)
|
|
EBITDAC
|
|
(Loss) Per
Share
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Segment
|
|
6 Mths
24
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6 Mths
23
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6 Mths
24
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6 Mths
23
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6 Mths
24
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6 Mths
23
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6 Mths
24
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6 Mths
23
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(in
millions)
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(in
millions)
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(in
millions)
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Brokerage, as
reported
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$
5,241.2
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$
4,463.6
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$ 985.4
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$ 805.6
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$
1,716.8
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$
1,444.4
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$ 4.40
|
$ 3.68
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|
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Net (gains) on
divestitures
|
|
(2.5)
|
(5.2)
|
|
(1.9)
|
(4.0)
|
|
(2.5)
|
(5.2)
|
|
(0.01)
|
(0.02)
|
|
|
Acquisition
integration
|
|
-
|
-
|
|
76.4
|
90.9
|
|
102.3
|
119.3
|
|
0.35
|
0.42
|
|
|
Workforce and lease
termination
|
|
-
|
-
|
|
29.5
|
35.5
|
|
39.5
|
47.0
|
|
0.13
|
0.16
|
|
|
Acquisition related
adjustments
|
|
(26.0)
|
-
|
|
22.5
|
26.3
|
|
61.0
|
22.2
|
|
0.10
|
0.12
|
|
|
Amortization of
intangible assets
|
|
-
|
-
|
|
244.2
|
189.3
|
|
-
|
-
|
|
1.10
|
0.87
|
|
|
Effective income tax
rate impact
|
|
-
|
-
|
|
-
|
(2.9)
|
|
-
|
-
|
|
-
|
(0.01)
|
|
|
Levelized foreign
currency
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
translation
|
|
-
|
(3.0)
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|
-
|
(3.8)
|
|
-
|
(4.5)
|
|
-
|
(0.02)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brokerage, as
adjusted *
|
|
5,212.7
|
4,455.4
|
|
1,356.1
|
1,136.9
|
|
1,917.1
|
1,623.2
|
|
6.07
|
5.20
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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Risk Management, as
reported
|
|
711.4
|
616.2
|
|
87.1
|
70.2
|
|
142.8
|
116.4
|
|
0.39
|
0.32
|
|
|
Net (gains) losses on
divestitures
|
0.1
|
(0.2)
|
|
-
|
(0.2)
|
|
0.1
|
(0.2)
|
|
-
|
-
|
|
|
Acquisition
integration
|
|
-
|
-
|
|
0.7
|
0.5
|
|
0.9
|
0.8
|
|
-
|
-
|
|
|
Workforce and lease
termination
|
|
-
|
-
|
|
2.0
|
1.2
|
|
2.6
|
1.6
|
|
0.01
|
0.01
|
|
|
Acquisition related
adjustments
|
|
-
|
-
|
|
0.2
|
0.2
|
|
0.2
|
0.2
|
|
-
|
-
|
|
|
Amortization of
intangible assets
|
|
-
|
-
|
|
4.5
|
2.1
|
|
-
|
-
|
|
0.02
|
0.01
|
|
|
Levelized foreign
currency
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
translation
|
|
-
|
(1.8)
|
|
-
|
(0.2)
|
|
-
|
(0.3)
|
|
-
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Risk Management, as
adjusted *
|
|
711.5
|
614.2
|
|
94.5
|
73.8
|
|
146.6
|
118.5
|
|
0.42
|
0.34
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate, as
reported
|
|
1.5
|
-
|
|
(174.4)
|
(153.4)
|
|
(112.8)
|
(125.6)
|
|
(0.78)
|
(0.69)
|
|
|
Transaction-related
costs
|
|
-
|
-
|
|
5.0
|
5.7
|
|
6.0
|
7.6
|
|
0.02
|
0.03
|
|
|
Legal and tax
related
|
|
-
|
-
|
|
-
|
5.0
|
|
-
|
5.5
|
|
-
|
0.02
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate, as
adjusted *
|
|
1.5
|
-
|
|
(169.4)
|
(142.7)
|
|
(106.8)
|
(112.5)
|
|
(0.76)
|
(0.64)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Company, as
reported
|
|
$
5,954.1
|
$
5,079.8
|
|
$ 898.1
|
$ 722.4
|
|
$
1,746.8
|
$
1,435.2
|
|
$ 4.01
|
$ 3.31
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Company, as
adjusted *
|
|
$
5,925.7
|
$
5,069.6
|
|
$
1,281.2
|
$
1,068.0
|
|
$
1,956.9
|
$
1,629.2
|
|
$ 5.73
|
$ 4.90
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Brokerage
& Risk
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Management, as
reported
|
|
$
5,952.6
|
$
5,079.8
|
|
$
1,072.5
|
$ 875.8
|
|
$
1,859.6
|
$
1,560.8
|
|
$ 4.79
|
$ 4.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Brokerage
& Risk
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Management, as
adjusted *
|
|
$
5,924.2
|
$
5,069.6
|
|
$
1,450.6
|
$
1,210.7
|
|
$
2,063.7
|
$
1,741.7
|
|
$ 6.49
|
$ 5.54
|
|
(2 of 15)
|
|
*
|
For the six-month
period ended June 30, 2024, the pretax impact of the Brokerage
segment adjustments totals $496.0 million, mostly due to non‑cash
period expenses related to intangible amortization, with a
corresponding adjustment to the provision for income taxes of
$125.3 million relating to these items. For the six-month
period ended June 30, 2024, the pretax impact of the Risk
Management segment adjustments totals $10.1 million, with a
corresponding adjustment to the provision for income taxes of $2.7
million relating to these items. For the six-month period
ended June 30, 2024, the pretax impact of the Corporate segment
adjustments totals $6.0 million, with a corresponding adjustment to
the benefit for income taxes of $1.0 million relating to these
items. A detailed reconciliation of the 2024 and 2023
provision (benefit) for income taxes is shown on pages 14 and
15.
|
Brokerage Segment Reported GAAP to
Adjusted Non-GAAP Reconciliations (dollars
in millions):
|
|
Organic Revenues (Non-GAAP)
|
|
2nd Q
2024
|
|
2nd Q
2023
|
|
6 Mths
2024
|
|
6 Mths
2023
|
|
|
|
|
|
|
|
|
|
|
|
Base Commissions and Fees
|
|
|
|
|
|
|
|
|
Commissions and
fees, as reported
|
|
$
2,139.4
|
|
$
1,888.9
|
|
$
4,739.7
|
|
$
4,049.0
|
Less commissions and
fees from acquisitions
|
|
(130.7)
|
|
-
|
|
(374.9)
|
|
-
|
Less divested
operations
|
|
-
|
|
(13.2)
|
|
-
|
|
(13.2)
|
Levelized foreign
currency translation
|
|
-
|
|
(7.7)
|
|
-
|
|
(1.7)
|
|
|
|
|
|
|
|
|
|
|
|
Organic base
commissions and fees
|
|
$
2,008.7
|
|
$
1,868.0
|
|
$
4,364.8
|
|
$
4,034.1
|
|
|
|
|
|
|
|
|
|
|
|
Organic change in base
commissions and fees
|
|
7.5 %
|
|
|
|
8.2 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Revenues
|
|
|
|
|
|
|
|
|
Supplemental
revenues, as reported
|
|
$
88.7
|
|
$
71.2
|
|
$
182.6
|
|
$
152.8
|
Less supplemental
revenues from acquisitions
|
|
(2.8)
|
|
-
|
|
(5.1)
|
|
-
|
Levelized foreign
currency translation
|
|
-
|
|
-
|
|
-
|
|
0.4
|
|
|
|
|
|
|
|
|
|
|
|
Organic supplemental
revenues
|
|
$
85.9
|
|
$
71.2
|
|
$
177.5
|
|
$
153.2
|
|
|
|
|
|
|
|
|
|
|
|
Organic change in
supplemental revenues
|
|
20.7 %
|
|
|
|
15.9 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contingent
Revenues
|
|
|
|
|
|
|
|
|
Contingent revenues,
as reported
|
|
$
59.8
|
|
$
54.2
|
|
$
145.8
|
|
$
126.0
|
Less contingent
revenues from acquisitions
|
|
(8.5)
|
|
-
|
|
(15.7)
|
|
-
|
Levelized foreign
currency translation
|
|
-
|
|
-
|
|
-
|
|
0.2
|
|
|
|
|
|
|
|
|
|
|
|
Organic contingent
revenues
|
|
$
51.3
|
|
$
54.2
|
|
$
130.1
|
|
$
126.2
|
|
|
|
|
|
|
|
|
|
|
|
Organic change in
contingent revenues
|
|
-5.4 %
|
|
|
|
3.1 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total reported
commissions, fees, supplemental
|
|
|
|
|
|
|
|
|
|
revenues and
contingent revenues
|
|
$
2,287.9
|
|
$
2,014.3
|
|
$
5,068.1
|
|
$
4,327.8
|
Less commissions, fees,
supplemental revenues
|
|
|
|
|
|
|
|
|
|
and contingent revenues
from acquisitions
|
|
(142.0)
|
|
-
|
|
(395.7)
|
|
-
|
Less divested
operations
|
|
-
|
|
(13.2)
|
|
-
|
|
(13.2)
|
Levelized foreign
currency translation
|
|
-
|
|
(7.7)
|
|
-
|
|
(1.1)
|
|
|
|
|
|
|
|
|
|
|
|
Total organic
commissions, fees, supplemental
|
|
|
|
|
|
|
|
|
|
revenues and
contingent revenues
|
|
$
2,145.9
|
|
$
1,993.4
|
|
$
4,672.4
|
|
$
4,313.5
|
|
|
|
|
|
|
|
|
|
|
|
Total organic
change
|
|
7.7 %
|
|
|
|
8.3 %
|
|
|
Acquisition Activity
|
|
2nd Q
2024
|
|
2nd Q
2023
|
|
6 Mths
2024
|
|
6 Mths
2023
|
|
|
|
|
|
|
|
|
|
|
|
Number of acquisitions
closed
|
|
12
|
|
15
|
|
24
|
|
25
|
Estimated annualized
revenues acquired (in millions)
|
|
$
72.0
|
|
$
349.1
|
|
$
141.2
|
|
$
418.1
|
(3 of 15)
Brokerage Segment
Reported GAAP to Adjusted
Non-GAAP Reconciliations (continued) (dollars
in millions):
|
|
Compensation Expense and
Ratios
|
|
2nd Q
2024
|
|
2nd Q
2023
|
|
6 Mths
2024
|
|
6 Mths
2023
|
|
|
|
|
|
|
|
|
|
|
|
Compensation
expense, as reported
|
|
$
1,370.3
|
|
$
1,196.4
|
|
$
2,847.1
|
|
$
2,402.5
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition
integration
|
|
(30.9)
|
|
(38.5)
|
|
(55.4)
|
|
(72.6)
|
Workforce and lease
termination related charges
|
|
(24.9)
|
|
(29.2)
|
|
(35.3)
|
|
(42.6)
|
Acquisition related
adjustments
|
|
(37.2)
|
|
(10.8)
|
|
(87.0)
|
|
(22.2)
|
Levelized foreign
currency translation
|
|
-
|
|
(1.9)
|
|
-
|
|
3.8
|
|
|
|
|
|
|
|
|
|
|
|
Compensation
expense, as adjusted
|
|
$
1,277.3
|
|
$
1,116.0
|
|
$
2,669.4
|
|
$
2,268.9
|
|
|
|
|
|
|
|
|
|
|
|
Reported compensation
expense ratios using reported
|
|
|
|
|
|
|
|
|
|
revenues on pages 1 and
2
|
*
|
57.7 %
|
|
57.3 %
|
|
54.3 %
|
|
53.8 %
|
Adjusted compensation
expense ratios using adjusted
|
|
|
|
|
|
|
|
|
|
revenues on pages 1 and
2
|
**
|
53.8 %
|
|
53.8 %
|
|
51.2 %
|
|
50.9 %
|
|
|
*
|
Reported second quarter
2024 compensation ratio was 0.4 pts higher than second quarter
2023. This ratio was primarily impacted by increased
acquisition related adjustments and employee benefit
costs, partially offset by lower integration costs and savings
related to headcount controls and incentive compensation.
|
**
|
Adjusted second quarter
2024 compensation ratio was flat compared to second quarter
2023. This ratio was primarily impacted by increased employee
benefit costs, offset by savings related to headcount controls and
incentive compensation.
|
Operating Expense and Ratios
|
|
2nd Q
2024
|
|
2nd Q
2023
|
|
6 Mths
2024
|
|
6 Mths
2023
|
|
|
|
|
|
|
|
|
|
|
|
Operating expense,
as reported
|
|
$
337.9
|
|
$
328.2
|
|
$
677.3
|
|
$
616.7
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition
integration
|
|
(22.7)
|
|
(29.6)
|
|
(46.9)
|
|
(46.7)
|
Workforce and lease
termination related charges
|
|
(3.0)
|
|
(2.4)
|
|
(4.2)
|
|
(4.4)
|
Levelized foreign
currency translation
|
|
-
|
|
(2.7)
|
|
-
|
|
(2.3)
|
|
|
|
|
|
|
|
|
|
|
|
Operating expense,
as adjusted
|
|
$
312.2
|
|
$
293.5
|
|
$
626.2
|
|
$
563.3
|
|
|
|
|
|
|
|
|
|
|
|
Reported operating
expense ratios using reported
|
|
|
|
|
|
|
|
|
|
revenues on pages 1 and
2
|
*
|
14.2 %
|
|
15.7 %
|
|
12.9 %
|
|
13.8 %
|
Adjusted operating
expense ratios using adjusted
|
|
|
|
|
|
|
|
|
|
revenues on pages 1 and
2
|
**
|
13.2 %
|
|
14.1 %
|
|
12.0 %
|
|
12.6 %
|
|
|
*
|
Reported second quarter
2024 operating expense ratio was 1.5 pts lower than second
quarter 2023. This ratio was primarily impacted by lower
integration costs, savings in real estate expenses related to
office consolidations, lower professional fees and lower
business insurance costs.
|
**
|
Adjusted second quarter
2024 operating expense ratio was 0.9 pts lower than second quarter
2023. This ratio was primarily impacted by savings in real
estate expenses related to office consolidations, lower
professional fees and lower business insurance costs.
|
(4 of 15)
Brokerage Segment
Reported GAAP to Adjusted
Non-GAAP Reconciliations (continued) (dollars in
millions):
|
|
Net Earnings to Adjusted EBITDAC
(Non-GAAP)
|
|
2nd Q
2024
|
|
2nd Q
2023
|
|
6 Mths
2024
|
|
6 Mths
2023
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings, as
reported
|
|
$
332.8
|
|
$
290.3
|
|
$
985.4
|
|
$
805.6
|
Provision for income
taxes
|
|
113.5
|
|
100.2
|
|
337.0
|
|
275.8
|
Depreciation
|
|
32.3
|
|
30.6
|
|
65.1
|
|
58.5
|
Amortization
|
|
170.8
|
|
133.4
|
|
326.8
|
|
253.6
|
Change in estimated
acquisition earnout payables
|
|
18.7
|
|
9.3
|
|
2.5
|
|
50.9
|
|
|
|
|
|
|
|
|
|
|
|
EBITDAC
|
|
668.1
|
|
563.8
|
|
1,716.8
|
|
1,444.4
|
|
|
|
|
|
|
|
|
|
|
|
Net (gains) on
divestitures
|
|
(2.0)
|
|
(5.0)
|
|
(2.5)
|
|
(5.2)
|
Acquisition
integration
|
|
53.6
|
|
68.1
|
|
102.3
|
|
119.3
|
Workforce and lease
termination related charges
|
|
27.9
|
|
31.6
|
|
39.5
|
|
47.0
|
Acquisition related
adjustments
|
|
37.2
|
|
10.8
|
|
61.0
|
|
22.2
|
Levelized foreign
currency translation
|
|
-
|
|
(3.6)
|
|
-
|
|
(4.5)
|
|
|
|
|
|
|
|
|
|
|
|
EBITDAC, as
adjusted
|
|
$
784.8
|
|
$
665.7
|
|
$
1,917.1
|
|
$
1,623.2
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings margin, as
reported using reported
|
|
|
|
|
|
|
|
|
|
revenues on pages 1 and
2
|
|
14.0 %
|
|
13.9 %
|
|
18.8 %
|
|
18.0 %
|
EBITDAC margin, as
adjusted using adjusted
|
|
|
|
|
|
|
|
|
|
revenues on pages 1 and
2
|
|
33.1 %
|
|
32.1 %
|
|
36.8 %
|
|
36.4 %
|
Risk Management
Segment Reported GAAP to Adjusted
Non-GAAP Reconciliations (dollars
in millions):
|
|
Organic Revenues (Non-GAAP)
|
|
2nd Q
2024
|
|
2nd Q
2023
|
|
6 Mths
2024
|
|
6 Mths
2023
|
|
|
|
|
|
|
|
|
|
|
|
Fees
|
|
$
347.0
|
|
$
306.6
|
|
$
688.9
|
|
$
595.4
|
International
performance bonus fees
|
|
2.5
|
|
5.4
|
|
5.1
|
|
9.6
|
|
|
|
|
|
|
|
|
|
|
|
Fees as
reported
|
|
349.5
|
|
312.0
|
|
694.0
|
|
605.0
|
|
|
|
|
|
|
|
|
|
|
|
Less fees from
acquisitions
|
|
(14.4)
|
|
-
|
|
(28.1)
|
|
-
|
Levelized foreign
currency translation
|
|
-
|
|
(0.7)
|
|
-
|
|
(1.8)
|
|
|
|
|
|
|
|
|
|
|
|
Organic
fees
|
|
$
335.1
|
|
$
311.3
|
|
$
665.9
|
|
$
603.2
|
|
|
|
|
|
|
|
|
|
|
|
Organic change in
fees
|
|
7.7 %
|
|
|
|
10.4 %
|
|
|
(5 of 15)
Risk Management
Segment Reported GAAP to Adjusted
Non-GAAP Reconciliations (continued) (dollars in
millions):
|
|
Compensation Expense and
Ratios
|
|
2nd Q
2024
|
|
2nd Q
2023
|
|
6 Mths
2024
|
|
6 Mths
2023
|
|
|
|
|
|
|
|
|
|
|
|
Compensation
expense, as reported
|
|
$
219.2
|
|
$
190.3
|
|
$
433.1
|
|
$
370.1
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition
integration
|
|
-
|
|
(0.2)
|
|
(0.6)
|
|
(0.8)
|
Workforce and lease
termination related charges
|
|
(0.9)
|
|
(0.5)
|
|
(1.7)
|
|
(0.9)
|
Acquisition related
adjustments
|
|
(0.1)
|
|
(0.1)
|
|
(0.2)
|
|
(0.2)
|
Levelized foreign
currency translation
|
|
-
|
|
(0.5)
|
|
-
|
|
(1.3)
|
|
|
|
|
|
|
|
|
|
|
|
Compensation
expense, as adjusted
|
|
$
218.2
|
|
$
189.0
|
|
$
430.6
|
|
$
366.9
|
|
|
|
|
|
|
|
|
|
|
|
Reported compensation
expense ratios using reported
|
|
|
|
|
|
|
|
|
|
revenues (before
reimbursements) on pages 1 and 2
|
*
|
61.1 %
|
|
59.7 %
|
|
60.9 %
|
|
60.1 %
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted compensation
expense ratios using adjusted
|
|
|
|
|
|
|
|
|
|
revenues (before
reimbursements) on pages 1 and 2
|
*
|
60.9 %
|
|
59.5 %
|
|
60.5 %
|
|
59.7 %
|
|
|
*
|
Reported and adjusted
second quarter 2024 compensation ratio was 1.4 pts higher than
second quarter 2023. These ratios were primarily impacted by
increased base compensation and higher employee benefit costs,
partially offset by savings related to temporary help.
|
Operating Expense and Ratios
|
|
2nd Q
2024
|
|
2nd Q
2023
|
|
6 Mths
2024
|
|
6 Mths
2023
|
|
|
|
|
|
|
|
|
|
|
|
Operating expense,
as reported
|
|
$
67.1
|
|
$
67.8
|
|
$
135.5
|
|
$
129.7
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition
integration
|
|
(0.2)
|
|
-
|
|
(0.3)
|
|
-
|
Workforce and lease
termination related charges
|
|
(0.5)
|
|
(0.5)
|
|
(0.9)
|
|
(0.7)
|
Levelized foreign
currency translation
|
|
-
|
|
(0.1)
|
|
-
|
|
(0.2)
|
|
|
|
|
|
|
|
|
|
|
|
Operating expense,
as adjusted
|
|
$
66.4
|
|
$
67.2
|
|
$
134.3
|
|
$
128.8
|
|
|
|
|
|
|
|
|
|
|
|
Reported operating
expense ratios using reported
|
|
|
|
|
|
|
|
|
|
revenues (before
reimbursements) on pages 1 and 2
|
*
|
18.7 %
|
|
21.3 %
|
|
19.1 %
|
|
21.1 %
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted operating
expense ratios using reported
|
|
|
|
|
|
|
|
|
|
revenues (before
reimbursements) on pages 1 and 2
|
*
|
18.5 %
|
|
21.2 %
|
|
18.9 %
|
|
21.0 %
|
|
|
*
|
Reported second quarter
2024 operating expense ratio was 2.6 pts lower than second
quarter 2023. Adjusted second quarter 2024 operating expense
ratio was 2.7 pts lower than second quarter 2023. Both
ratios were primarily driven by savings in client-related expenses
and professional fees, partially offset by increased technology
expenses.
|
Net Earnings to Adjusted EBITDAC
(Non-GAAP)
|
|
2nd Q
2024
|
|
2nd Q
2023
|
|
6 Mths
2024
|
|
6 Mths
2023
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings, as
reported
|
|
$
47.8
|
|
$
36.7
|
|
$
87.1
|
|
$
70.2
|
Provision for income
taxes
|
|
17.6
|
|
13.2
|
|
31.5
|
|
25.2
|
Depreciation
|
|
6.8
|
|
9.0
|
|
17.7
|
|
17.7
|
Amortization
|
|
-
|
|
1.5
|
|
6.3
|
|
3.0
|
Change in estimated
acquisition earnout payables
|
|
0.1
|
|
0.1
|
|
0.2
|
|
0.3
|
|
|
|
|
|
|
|
|
|
|
|
EBITDAC
|
|
72.3
|
|
60.5
|
|
142.8
|
|
116.4
|
|
|
|
|
|
|
|
|
|
|
|
Net (gains) losses on
divestitures
|
|
(0.1)
|
|
(0.1)
|
|
0.1
|
|
(0.2)
|
Acquisition
integration
|
|
0.2
|
|
0.2
|
|
0.9
|
|
0.8
|
Workforce and lease
termination related charges
|
|
1.4
|
|
1.0
|
|
2.6
|
|
1.6
|
Acquisition related
adjustments
|
|
0.1
|
|
0.1
|
|
0.2
|
|
0.2
|
Levelized foreign
currency translation
|
|
-
|
|
(0.1)
|
|
-
|
|
(0.3)
|
|
|
|
|
|
|
|
|
|
|
|
EBITDAC, as
adjusted
|
|
$
73.9
|
|
$
61.6
|
|
$
146.6
|
|
$
118.5
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings margin, as
reported using reported
|
|
|
|
|
|
|
|
|
|
revenues (before
reimbursements) on pages 1 and 2
|
|
13.3 %
|
|
11.5 %
|
|
12.2 %
|
|
11.4 %
|
|
|
|
|
|
|
|
|
|
|
|
EBITDAC margin, as
adjusted using adjusted
|
|
|
|
|
|
|
|
|
|
revenues (before
reimbursements) on pages 1 and 2
|
|
20.6 %
|
|
19.4 %
|
|
20.6 %
|
|
19.3 %
|
(6 of 15)
Corporate
Segment Reported GAAP Information (dollars
in millions):
|
|
|
|
|
|
|
2024
|
|
|
|
|
|
2023
|
|
|
|
|
|
|
|
|
|
Net
Earnings
|
|
|
|
|
|
Net
Earnings
|
|
|
|
|
|
|
|
(Loss)
|
|
|
|
|
|
(Loss)
|
|
|
|
|
|
Income
|
|
Attributable
to
|
|
|
|
Income
|
|
Attributable
to
|
|
|
|
Pretax
|
|
Tax
|
|
Controlling
|
|
Pretax
|
|
Tax
|
|
Controlling
|
2nd
Quarter
|
|
Loss
|
|
Benefit
|
|
Interests
|
|
Loss
|
|
Benefit
|
|
Interests
|
Components of
Corporate Segment, as reported
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and banking
costs
|
|
$ (95.0)
|
|
$ 24.7
|
|
$
(70.3)
|
|
$ (78.5)
|
|
$ 20.4
|
|
$
(58.1)
|
Clean energy related
(1)
|
|
(2.2)
|
|
0.4
|
|
(1.8)
|
|
(3.2)
|
|
0.8
|
|
(2.4)
|
Acquisition costs
(2)
|
|
(7.3)
|
|
1.2
|
|
(6.1)
|
|
(6.9)
|
|
1.0
|
|
(5.9)
|
Corporate (3)
(4)
|
|
(41.6)
|
|
24.6
|
|
(17.0)
|
|
(53.7)
|
|
29.6
|
|
(24.1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported 2nd
Quarter
|
|
(146.1)
|
|
50.9
|
|
(95.2)
|
|
(142.3)
|
|
51.8
|
|
(90.5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments
|
|
|
|
|
|
|
|
|
|
|
|
|
Transaction-related
costs (2)
|
|
2.8
|
|
(0.5)
|
|
2.3
|
|
3.2
|
|
(0.8)
|
|
2.4
|
Legal and tax related
(3)
|
|
-
|
|
-
|
|
-
|
|
5.5
|
|
(0.5)
|
|
5.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Components of
Corporate Segment, as adjusted
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and banking
costs
|
|
(95.0)
|
|
24.7
|
|
(70.3)
|
|
(78.5)
|
|
20.4
|
|
(58.1)
|
Clean energy related
(1)
|
|
(2.2)
|
|
0.4
|
|
(1.8)
|
|
(3.2)
|
|
0.8
|
|
(2.4)
|
Acquisition
costs
|
|
(4.5)
|
|
0.7
|
|
(3.8)
|
|
(3.7)
|
|
0.2
|
|
(3.5)
|
Corporate (3)
(4)
|
|
(41.6)
|
|
24.6
|
|
(17.0)
|
|
(48.2)
|
|
29.1
|
|
(19.1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted 2nd
Quarter
|
|
$
(143.3)
|
|
$ 50.4
|
|
$
(92.9)
|
|
$
(133.6)
|
|
$ 50.5
|
|
$
(83.1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six
months
|
|
|
|
|
|
|
|
|
|
|
|
|
Components of
Corporate Segment, as reported
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and banking
costs
|
|
$
(188.1)
|
|
$ 48.9
|
|
$
(139.2)
|
|
$
(147.2)
|
|
$ 38.3
|
|
$
(108.9)
|
Clean energy related
(1)
|
|
(4.1)
|
|
0.9
|
|
(3.2)
|
|
(5.4)
|
|
1.4
|
|
(4.0)
|
Acquisition costs
(2)
|
|
(12.0)
|
|
2.0
|
|
(10.0)
|
|
(16.4)
|
|
2.5
|
|
(13.9)
|
Corporate (3)
(4)
|
|
(98.5)
|
|
76.5
|
|
(22.0)
|
|
(103.2)
|
|
78.0
|
|
(25.2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported six
months
|
|
(302.7)
|
|
128.3
|
|
(174.4)
|
|
(272.2)
|
|
120.2
|
|
(152.0)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments
|
|
|
|
|
|
|
|
|
|
|
|
|
Transaction-related
costs (2)
|
|
6.0
|
|
(1.0)
|
|
5.0
|
|
7.6
|
|
(1.9)
|
|
5.7
|
Legal and tax related
(3)
|
|
-
|
|
-
|
|
-
|
|
5.5
|
|
(0.5)
|
|
5.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Components of
Corporate Segment, as adjusted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and banking
costs
|
|
(188.1)
|
|
48.9
|
|
(139.2)
|
|
(147.2)
|
|
38.3
|
|
(108.9)
|
Clean energy related
(1)
|
|
(4.1)
|
|
0.9
|
|
(3.2)
|
|
(5.4)
|
|
1.4
|
|
(4.0)
|
Acquisition
costs
|
|
(6.0)
|
|
1.0
|
|
(5.0)
|
|
(8.8)
|
|
0.6
|
|
(8.2)
|
Corporate
(4)
|
|
(98.5)
|
|
76.5
|
|
(22.0)
|
|
(97.7)
|
|
77.5
|
|
(20.2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted six
months
|
|
$
(296.7)
|
|
$
127.3
|
|
$
(169.4)
|
|
$
(259.1)
|
|
$
117.8
|
|
$
(141.3)
|
|
|
(1)
|
Pretax loss for the
second quarter is presented net of amounts attributable to
noncontrolling interests of zero in 2024 and $(0.7) million in
2023. Pretax loss for the six-months ended June 30, 2024 is
presented net of amounts attributable to noncontrolling interests
of zero in 2024 and $(1.4) million in 2023.
|
(2)
|
Gallagher incurred
transaction-related costs, which include legal, consulting,
employee compensation and other professional fees primarily
associated with its acquisitions of the Willis Towers Watson treaty
reinsurance brokerage operations, the acquisition of Buck, which
closed on April 3, 2023, and the acquisitions of Cadence Insurance,
Eastern Insurance Group and My Plan Manager, all of which closed in
fourth quarter 2023.
|
(3)
|
Adjustments in second
quarter 2023 include additional U.K. income tax expense
related to the non-deductibility of acquisition-related adjustments
made in the quarter and costs associated with legal and tax
matters.
|
(7 of 15)
(4)
|
Corporate pretax loss
includes a net unrealized foreign exchange remeasurement loss of
($2.2) million in second quarter 2024 and a net unrealized foreign
exchange remeasurement loss of ($9.6) million in second quarter
2023. Corporate pretax loss includes a net unrealized foreign
exchange remeasurement loss of ($1.6) million in the six-month
period ended June 30, 2024 and a net unrealized foreign exchange
remeasurement loss of ($9.7) million in the six-month period ended
June 30, 2023.
|
Interest and banking costs and debt - At
June 30, 2024, Gallagher had
$4,550.0 million of borrowings
from public debt, $3,523.0 million of borrowings from private
placements and $80.0 million of
borrowings under its line of credit facility. In addition,
Gallagher had $207.8 million
outstanding under a revolving loan facility that provides funding
for premium finance receivables, which are fully collateralized by
the underlying premiums held by insurance carriers, and as such are
excluded from its debt covenant computations. Interest and
banking costs in second quarter 2024 and in the six-month period
ended June 30, 2024 are higher than the same periods in 2023
primarily due to the debt issuances that occurred in fourth quarter
2023 and first quarter 2024.
Clean energy related - For 2024, this consists of
operating results related to Gallagher's investments in new clean
energy projects.
Acquisition costs - Consists mostly of external
professional fees and other due diligence costs related to
acquisitions. On occasion, Gallagher enters into forward
currency hedges for the purchase price of committed, but not yet
funded, acquisitions with funding requirements in currencies other
than the U.S. dollar. The gains or losses, if any, associated
with these hedge transactions are also included in acquisition
costs.
Corporate - Consists of overhead allocations mostly
related to corporate staff compensation, other corporate level
activities, and net unrealized foreign exchange
remeasurement. In addition, it includes the tax expense
related to the partial taxation of foreign earnings, nondeductible
executive compensation and entertainment expenses, the tax benefit
from the vesting of employee equity awards, as well as other
permanent or discrete tax items not reflected in the provision for
income taxes in the Brokerage and Risk Management
segments.
Income Taxes - Gallagher allocates the provision for
income taxes to its Brokerage and Risk Management segments using
the local country statutory rates. Gallagher's consolidated
effective tax rate for the quarters ended June 30, 2024 and 2023 were 21.9% and 20.7%,
respectively.
Webcast Conference Call - Gallagher will host a
webcast conference call on Thursday, July 25, 2024 at
5:15 p.m. ET/4:15 p.m. CT. To listen to this call,
please go to Arthur J. Gallagher
& Co. - Events & Presentations (ajg.com). The call
will be available for replay at such website for at least 90
days.
About Arthur J. Gallagher
& Co.
Arthur J. Gallagher & Co., a
global insurance brokerage, risk management and consulting services
firm, is headquartered in Rolling
Meadows, Illinois. Gallagher provides these services
in approximately 130 countries around the world through its owned
operations and a network of correspondent brokers and
consultants.
(8 of 15)
Information Concerning Forward-Looking Statements
This
press release contains "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of
1995. When used in this press release, the words
"anticipates," "believes," "contemplates," "see," "should,"
"could," "will," "estimates," "expects," "intends," "plans" and
variations thereof and similar expressions, are intended to
identify forward-looking statements. Examples of
forward-looking statements include, but are not limited to,
anticipated future results or performance of any segment or
Gallagher as a whole; statements regarding changes in its expenses
in the next several quarters; future capital structure changes,
including debt levels from time to time; the impact of foreign
currency on its results; integration costs; workforce and lease
termination costs; amortization of intangibles; depreciation;
change in estimated earnout payables; effective tax rate; earnings
from continuing operations attributable to noncontrolling
interests; the premium rate environment and the state of insurance
markets; and the economic environment.
Gallagher's actual results may differ materially from those
contemplated by the forward-looking statements. Readers are
therefore cautioned against relying on any of the forward-looking
statements, which are neither statements of historical fact nor
guarantees or assurances of future performance.
Important factors that could cause actual results to differ
materially from those in the forward-looking statements include
global economic and geopolitical events, including, among others,
fluctuations in interest and inflation rates, failures of financial
institutions and other counterparties, potential U.S. government
shutdowns, and political violence and instability, such as the wars
in Ukraine and the Middle East; its actual acquisition
opportunities, including closing risks related to pending
acquisitions; risks with respect to acquisitions larger than its
usual tuck-in acquisitions, such as the acquisition of Willis
Towers Watson treaty reinsurance brokerage operations, Buck,
Cadence Insurance, Eastern Insurance Group and My Plan Manager,
including risks related to its ability to successfully integrate
operations; the possibility that its assumptions may be inaccurate
resulting in unforeseen obligations or liabilities and failure to
realize the expected benefits of these acquisitions; damage to its
reputation due to negative perceptions or publicity, including as a
result of amplifying effects that the Internet and social media may
have on such perceptions, and reputational issues related to its
ESG-related activities and compliance with increasingly complex
climate-related regulations, such as risks related to
"greenwashing"; cybersecurity-related risks; its ability to apply
technology, data analytics and artificial intelligence effectively
and potential increased costs resulting from such activities; risks
associated with the use of artificial intelligence in its business
operations, including regulatory, data privacy, cybersecurity,
E&O and competition risks; heightened competition for talent
and increased compensation costs; disasters or other business
interruptions, including with respect to its operations in
India; risks related to its
international operations, such as those related to regulatory, tax,
ESG, sanctions and anti-corruption compliance; changes to data
privacy and protection laws and regulations; foreign exchange
rates; changes in accounting standards; changes in premium rates
and in insurance markets generally, including developments in the
reinsurance and insurance-linked securities markets and
litigation as a result of such developments; tax, environmental or
other compliance risks related to its legacy clean energy
investments; its inability to receive dividends or other
distributions from subsidiaries; and changes in the insurance
brokerage industry's competitive landscape.
Please refer to Gallagher's filings with the Securities and
Exchange Commission, including Item 1A, "Risk Factors," of its
Annual Report on Form 10-K for the fiscal year ended
December 31, 2023 and its subsequently filed Quarterly Reports
on Form 10-Q for a more detailed discussion of these and other
factors that could impact its forward-looking statements. Any
forward-looking statement made by Gallagher in this press release
speaks only as of the date on which it is made. Except as
required by applicable law, Gallagher does not undertake to update
the information included herein or the corresponding earnings
release posted on Gallagher's website.
Information Regarding Non-GAAP Measures
In addition to
reporting financial results in accordance with GAAP, this press
release provides information regarding EBITDAC, EBITDAC margin,
adjusted EBITDAC, adjusted EBITDAC margin, diluted net earnings per
share, as adjusted (adjusted EPS), adjusted revenue, adjusted
compensation and operating expenses, adjusted compensation expense
ratio, adjusted operating expense ratio and organic
revenue. These measures are not in accordance with, or an
alternative to, the GAAP information provided in this press
release. Gallagher's management believes that these
presentations provide useful information to management, analysts
and investors regarding financial and business trends relating to
Gallagher's results of operations and financial condition or
because they provide investors with measures that its chief
operating decision maker uses when reviewing Gallagher's
performance. See further below for definitions and additional
reasons each of these measures is useful to investors.
Gallagher's industry peers may provide similar supplemental
non-GAAP information with respect to one or more of these measures,
although they may not use the same or comparable terminology and
may not make identical adjustments. The non-GAAP information
provided by Gallagher should be used in addition to, but not as a
substitute for, the GAAP information provided. As disclosed
in its most recent Proxy Statement, Gallagher makes determinations
regarding certain elements of executive officer incentive
compensation, performance share awards and annual cash incentive
awards, partly on the basis of measures related to adjusted
EBITDAC.
(9 of 15)
Adjusted Non-GAAP presentation - Gallagher believes
that the adjusted non-GAAP presentations of the current and prior
period information presented in this earnings release provide
stockholders and other interested persons with useful information
regarding certain financial metrics of Gallagher that may assist
such persons in analyzing Gallagher's operating results as
they develop a future earnings outlook for Gallagher. The
after-tax amounts related to the adjustments were computed using
the normalized effective tax rate for each respective period.
See pages 14 and 15 for a reconciliation of the adjustments
made to income taxes.
- Adjusted measures - Revenues (for the Brokerage
segment), revenues before reimbursements (for the Risk Management
segment), net earnings, compensation expense and operating expense,
respectively, each adjusted to exclude the following, as
applicable:
- Net gains (losses) on divestitures, which are primarily net
proceeds received related to sales of books of business and other
divestiture transactions, such as the disposal of a business
through sale or closure.
- Acquisition integration costs, which include costs related to
certain large acquisitions (including the acquisitions of the
Willis Towers Watson treaty reinsurance brokerage operations, Buck,
Cadence Insurance, Eastern Insurance Group and My Plan Manager),
outside the scope of the usual tuck-in strategy, not expected to
occur on an ongoing basis in the future once Gallagher fully
assimilates the applicable acquisition. These costs are
typically associated with redundant workforce, compensation expense
related to amortization of certain retention bonus arrangements,
extra lease space, duplicate services and external costs incurred
to assimilate the acquisition into its IT related systems.
- Transaction-related costs, which are primarily associated with
the acquisitions of the Willis Towers Watson treaty reinsurance
brokerage operations, Buck, Cadence Insurance, Eastern Insurance
Group and My Plan Manager. These include costs related to
regulatory filings, legal and accounting services, insurance and
incentive compensation.
- Workforce related charges, which primarily include severance
costs (either accrued or paid) related to employee terminations and
other costs associated with redundant workforce.
- Lease termination related charges, which primarily include
costs related to terminations of real estate leases and abandonment
of leased space.
- Acquisition related adjustments principally relate to changes
in estimated acquisition earnout payables adjustments and
acquisition related compensation charges. In addition, from
time to time may include changes in balance sheet estimates arising
from conforming accounting principles, purchase-related true-ups
and other balance sheet adjustments made after the closing date;
the net impact of these on first quarter 2024 results was
approximately $26 million of revenues and approximately
$28 million of compensation expense.
- Amortization of intangible assets, which reflects the
amortization of customer/expiration lists, non-compete agreements,
trade names and other intangible assets acquired through
Gallagher's merger and acquisition strategy, the impact to
amortization expense of acquisition valuation adjustments to these
assets as well as non-cash impairment charges.
- The impact of foreign currency translation, as
applicable. The amounts excluded with respect to foreign
currency translation are calculated by applying current year
foreign exchange rates to the same period in the prior year.
- Effective income tax rate impact, which levelizes the prior
year for the change in current year tax rates.
- Legal and tax related, which represents the impact of
adjustments in second quarter 2023 related to additional U.K.
income tax expense related to the non‐deductibility of
acquisition-related adjustments made in the quarter and costs
associated with legal and tax matters.
- Adjusted ratios - Adjusted compensation expense and
adjusted operating expense, respectively, each divided by adjusted
revenues.
Non-GAAP Earnings Measures
- EBITDAC and EBITDAC margin - EBITDAC is net
earnings before interest, income taxes, depreciation, amortization
and the change in estimated acquisition earnout payables and
EBITDAC margin is EBITDAC divided by total revenues (for the
Brokerage segment) and revenues before reimbursements (for the Risk
Management segment). These measures for the Brokerage and
Risk Management segments provide a meaningful representation of
Gallagher's operating performance for the overall business and
provide a meaningful way to measure its financial performance on an
ongoing basis.
- EBITDAC, as Adjusted and EBITDAC Margin, as
Adjusted - Adjusted EBITDAC is EBITDAC adjusted to exclude net
gains on divestitures, acquisition integration costs, workforce
related charges, lease termination related charges, acquisition
related adjustments, transaction related costs, legal and tax
related costs, and the period-over-period impact of foreign
currency translation, as applicable, and Adjusted EBITDAC margin is
Adjusted EBITDAC divided by total adjusted revenues (defined
above). These measures for the Brokerage and Risk Management
segments provide a meaningful representation of Gallagher's
operating performance, and are also presented to improve the
comparability of its results between periods by eliminating the
impact of the items that have a high degree of
variability.
(10 of 15)
- EPS, as Adjusted and Net Earnings, as Adjusted -
Adjusted net earnings have been adjusted to exclude the after-tax
impact of net gains on divestitures, acquisition integration costs,
the impact of foreign currency translation, workforce related
charges, lease termination related charges, acquisition
related adjustments, transaction related costs, amortization of
intangible assets, legal and tax related costs and effective income
tax rate impact, as applicable. Adjusted EPS is Adjusted Net
Earnings divided by diluted weighted average shares
outstanding. This measure provides a meaningful
representation of Gallagher's operating performance (and as such
should not be used as a measure of Gallagher's liquidity), and for
the overall business is also presented to improve the comparability
of its results between periods by eliminating the impact of the
items that have a high degree of variability.
Organic Revenues (a non-GAAP measure) - For the
Brokerage segment, organic change in base commission and fee
revenues, supplemental revenues and contingent revenues exclude the
first twelve months of such revenues generated from acquisitions
and such revenues related to divested operations, which include
disposals of a business through sale or closure, run-off of a
business and the restructuring and/or repricing of programs and
products, in each year presented. These revenues are excluded
from organic revenues in order to help interested persons analyze
the revenue growth associated with the operations that were a part
of Gallagher in both the current and prior period. In
addition, organic change in base commission and fee revenues,
supplemental revenues and contingent revenues excludes the
period-over-period impact of foreign currency translation to
improve the comparability of its results between periods. For
the Risk Management segment, organic change in fee revenues
excludes the first twelve months of such revenues generated from
acquisitions and such revenues related to divested operations in
each year presented. In addition, change in organic growth in
fee revenues excludes the period-over-period impact of foreign
currency translation to improve the comparability of its results
between periods.
These revenue items are excluded from organic revenues in order
to determine a comparable, but non-GAAP, measurement of revenue
growth that is associated with the revenue sources that are
expected to continue in the current year and beyond, as well as
eliminating the impact of the items that have a high degree of
variability. Gallagher has historically viewed organic
revenue growth as an important indicator when assessing and
evaluating the performance of its Brokerage and Risk Management
segments. Gallagher also believes that using this non-GAAP
measure allows readers of its financial statements to measure,
analyze and compare the growth from its Brokerage and Risk
Management segments in a meaningful and consistent manner.
Reconciliation of Non-GAAP Information Presented to GAAP
Measures - This press release includes tabular
reconciliations to the most comparable GAAP measures, as follows:
for EBITDAC (on pages 12 and 13), for adjusted revenues,
adjusted EBITDAC and adjusted diluted net earnings per share (on
pages 1 and 2), for organic revenue measures (on pages 3
and 5, respectively, for the Brokerage and Risk Management
segments), for adjusted compensation and operating expenses and
adjusted EBITDAC margin (on pages 4, 5 and 6, respectively,
for the Brokerage and Risk Management segments).
(11 of 15)
Arthur J. Gallagher & Co.
|
Reported Statement of Earnings and EBITDAC - 2nd
Quarter June 30,
|
(Unaudited - in
millions except per share, percentage and workforce
data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2nd Q
Ended
|
|
2nd Q
Ended
|
|
6 Mths
Ended
|
|
6 Mths
Ended
|
Brokerage
Segment
|
|
|
|
|
|
|
|
|
June 30,
2024
|
|
June 30,
2023
|
|
June 30,
2024
|
|
June 30,
2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commissions
|
|
|
|
|
|
|
|
$
1,661.8
|
|
$
1,410.4
|
|
$
3,655.4
|
|
$
3,157.8
|
Fees
|
|
|
|
|
|
|
|
477.6
|
|
478.5
|
|
1,084.3
|
|
891.2
|
Supplemental
revenues
|
|
|
|
|
|
|
|
88.7
|
|
71.2
|
|
182.6
|
|
152.8
|
Contingent
revenues
|
|
|
|
|
|
|
|
59.8
|
|
54.2
|
|
145.8
|
|
126.0
|
Interest income,
premium finance revenues and other income
|
|
|
|
88.4
|
|
74.1
|
|
173.1
|
|
135.8
|
|
Total
revenues
|
|
|
|
|
|
|
|
2,376.3
|
|
2,088.4
|
|
5,241.2
|
|
4,463.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation
|
|
|
|
|
|
|
|
1,370.3
|
|
1,196.4
|
|
2,847.1
|
|
2,402.5
|
Operating
|
|
|
|
|
|
|
|
337.9
|
|
328.2
|
|
677.3
|
|
616.7
|
Depreciation
|
|
|
|
|
|
|
|
32.3
|
|
30.6
|
|
65.1
|
|
58.5
|
Amortization
|
|
|
|
|
|
|
|
170.8
|
|
133.4
|
|
326.8
|
|
253.6
|
Change in estimated
acquisition earnout payables
|
|
|
|
|
|
18.7
|
|
9.3
|
|
2.5
|
|
50.9
|
|
Expenses
|
|
|
|
|
|
|
|
1,930.0
|
|
1,697.9
|
|
3,918.8
|
|
3,382.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings before income
taxes
|
|
|
|
|
|
|
|
446.3
|
|
390.5
|
|
1,322.4
|
|
1,081.4
|
Provision for income
taxes
|
|
|
|
|
|
|
|
113.5
|
|
100.2
|
|
337.0
|
|
275.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
earnings
|
|
|
|
|
|
|
|
332.8
|
|
290.3
|
|
985.4
|
|
805.6
|
Net earnings
attributable to noncontrolling interests
|
|
|
|
|
|
2.0
|
|
2.0
|
|
6.3
|
|
2.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings
attributable to controlling interests
|
|
|
|
|
|
$
330.8
|
|
$
288.3
|
|
$
979.1
|
|
$
802.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDAC
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings
|
|
|
|
|
|
|
|
$
332.8
|
|
$
290.3
|
|
$
985.4
|
|
$
805.6
|
Provision for income
taxes
|
|
|
|
|
|
|
|
113.5
|
|
100.2
|
|
337.0
|
|
275.8
|
Depreciation
|
|
|
|
|
|
|
|
32.3
|
|
30.6
|
|
65.1
|
|
58.5
|
Amortization
|
|
|
|
|
|
|
|
170.8
|
|
133.4
|
|
326.8
|
|
253.6
|
Change in estimated
acquisition earnout payables
|
|
|
|
|
|
18.7
|
|
9.3
|
|
2.5
|
|
50.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDAC
|
|
|
|
|
|
|
|
$
668.1
|
|
$
563.8
|
|
$
1,716.8
|
|
$
1,444.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2nd Q
Ended
|
|
2nd Q
Ended
|
|
6 Mths
Ended
|
|
6 Mths
Ended
|
Risk Management
Segment
|
|
|
|
|
|
|
|
June 30,
2024
|
|
June 30,
2023
|
|
June 30,
2024
|
|
June 30,
2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fees
|
|
|
|
|
|
|
|
$
349.5
|
|
$
312.0
|
|
$
694.0
|
|
$
605.0
|
Interest income and
other income
|
|
|
|
|
|
|
|
9.1
|
|
6.6
|
|
17.4
|
|
11.2
|
|
Revenues before
reimbursements
|
|
|
|
|
|
|
|
358.6
|
|
318.6
|
|
711.4
|
|
616.2
|
Reimbursements
|
|
|
|
|
|
|
|
39.4
|
|
35.0
|
|
78.0
|
|
68.2
|
|
Total
revenues
|
|
|
|
|
|
|
|
398.0
|
|
353.6
|
|
789.4
|
|
684.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation
|
|
|
|
|
|
|
|
219.2
|
|
190.3
|
|
433.1
|
|
370.1
|
Operating
|
|
|
|
|
|
|
|
67.1
|
|
67.8
|
|
135.5
|
|
129.7
|
Reimbursements
|
|
|
|
|
|
|
|
39.4
|
|
35.0
|
|
78.0
|
|
68.2
|
Depreciation
|
|
|
|
|
|
|
|
6.8
|
|
9.0
|
|
17.7
|
|
17.7
|
Amortization
|
|
|
|
|
|
|
|
-
|
|
1.5
|
|
6.3
|
|
3.0
|
Change in estimated
acquisition earnout payables
|
|
|
|
|
|
0.1
|
|
0.1
|
|
0.2
|
|
0.3
|
|
Expenses
|
|
|
|
|
|
|
|
332.6
|
|
303.7
|
|
670.8
|
|
589.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings before income
taxes
|
|
|
|
|
|
|
|
65.4
|
|
49.9
|
|
118.6
|
|
95.4
|
Provision for income
taxes
|
|
|
|
|
|
|
|
17.6
|
|
13.2
|
|
31.5
|
|
25.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
earnings
|
|
|
|
|
|
|
|
47.8
|
|
36.7
|
|
87.1
|
|
70.2
|
Net earnings
attributable to noncontrolling interests
|
|
|
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings
attributable to controlling interests
|
|
|
|
|
|
$
47.8
|
|
$
36.7
|
|
$
87.1
|
|
$
70.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDAC
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
earnings
|
|
|
|
|
|
|
|
$
47.8
|
|
$
36.7
|
|
$
87.1
|
|
$
70.2
|
Provision for income
taxes
|
|
|
|
|
|
|
|
17.6
|
|
13.2
|
|
31.5
|
|
25.2
|
Depreciation
|
|
|
|
|
|
|
|
6.8
|
|
9.0
|
|
17.7
|
|
17.7
|
Amortization
|
|
|
|
|
|
|
|
-
|
|
1.5
|
|
6.3
|
|
3.0
|
Change in estimated
acquisition earnout payables
|
|
|
|
|
|
0.1
|
|
0.1
|
|
0.2
|
|
0.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDAC
|
|
|
|
|
|
|
|
$
72.3
|
|
$
60.5
|
|
$
142.8
|
|
$
116.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See "Information
Regarding Non-GAAP Measures" beginning on page 9 of 15.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(12 of 15)
|
Arthur J. Gallagher & Co.
|
Reported Statement of Earnings and EBITDAC - 2nd
Quarter June 30,
|
(Unaudited - in
millions except share and per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2nd Q
Ended
|
|
2nd Q
Ended
|
|
6 Mths
Ended
|
|
6 Mths
Ended
|
Corporate
Segment
|
|
|
|
|
|
|
|
June 30,
2024
|
|
June 30,
2023
|
|
June 30,
2024
|
|
June 30,
2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income
|
|
|
|
|
|
|
|
$
1.1
|
|
$
(0.1)
|
|
$
1.5
|
|
$
-
|
|
Total
revenues
|
|
|
|
|
|
|
|
1.1
|
|
(0.1)
|
|
1.5
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation
|
|
|
|
|
|
|
|
30.6
|
|
26.3
|
|
65.8
|
|
55.9
|
Operating
|
|
|
|
|
|
|
|
20.6
|
|
37.6
|
|
48.5
|
|
69.7
|
Interest
|
|
|
|
|
|
|
|
94.3
|
|
77.8
|
|
186.5
|
|
145.7
|
Depreciation
|
|
|
|
|
|
|
|
1.7
|
|
1.2
|
|
3.4
|
|
2.3
|
|
Expenses
|
|
|
|
|
|
|
|
147.2
|
|
142.9
|
|
304.2
|
|
273.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss before income
taxes
|
|
|
|
|
|
|
|
(146.1)
|
|
(143.0)
|
|
(302.7)
|
|
(273.6)
|
Benefit for income
taxes
|
|
|
|
|
|
|
|
(50.9)
|
|
(51.8)
|
|
(128.3)
|
|
(120.2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
|
|
|
|
|
|
(95.2)
|
|
(91.2)
|
|
(174.4)
|
|
(153.4)
|
Net loss attributable
to noncontrolling interests
|
|
|
|
|
|
-
|
|
(0.7)
|
|
-
|
|
(1.4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
attributable to controlling interests
|
|
|
|
|
|
$
(95.2)
|
|
$
(90.5)
|
|
$
(174.4)
|
|
$
(152.0)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDAC
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
|
|
|
|
|
|
$
(95.2)
|
|
$
(91.2)
|
|
$
(174.4)
|
|
$
(153.4)
|
Benefit for income
taxes
|
|
|
|
|
|
|
|
(50.9)
|
|
(51.8)
|
|
(128.3)
|
|
(120.2)
|
Interest
|
|
|
|
|
|
|
|
94.3
|
|
77.8
|
|
186.5
|
|
145.7
|
Depreciation
|
|
|
|
|
|
|
|
1.7
|
|
1.2
|
|
3.4
|
|
2.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDAC
|
|
|
|
|
|
|
|
$
(50.1)
|
|
$
(64.0)
|
|
$
(112.8)
|
|
$
(125.6)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2nd Q
Ended
|
|
2nd Q
Ended
|
|
6 Mths
Ended
|
|
6 Mths
Ended
|
Total
Company
|
|
|
|
|
|
|
|
June 30,
2024
|
|
June 30,
2023
|
|
June 30,
2024
|
|
June 30,
2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commissions
|
|
|
|
|
|
|
|
$
1,661.8
|
|
$
1,410.4
|
|
$
3,655.4
|
|
$
3,157.8
|
Fees
|
|
|
|
|
|
|
|
827.1
|
|
790.5
|
|
1,778.3
|
|
1,496.2
|
Supplemental
revenues
|
|
|
|
|
|
|
|
88.7
|
|
71.2
|
|
182.6
|
|
152.8
|
Contingent
revenues
|
|
|
|
|
|
|
|
59.8
|
|
54.2
|
|
145.8
|
|
126.0
|
Interest income,
premium finance revenues and other income
|
|
|
|
98.6
|
|
80.6
|
|
192.0
|
|
147.0
|
|
Revenues before
reimbursements
|
|
|
|
|
|
|
|
2,736.0
|
|
2,406.9
|
|
5,954.1
|
|
5,079.8
|
Reimbursements
|
|
|
|
|
|
|
|
39.4
|
|
35.0
|
|
78.0
|
|
68.2
|
|
Total
revenues
|
|
|
|
|
|
|
|
2,775.4
|
|
2,441.9
|
|
6,032.1
|
|
5,148.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation
|
|
|
|
|
|
|
|
1,620.1
|
|
1,413.0
|
|
3,346.0
|
|
2,828.5
|
Operating
|
|
|
|
|
|
|
|
425.6
|
|
433.6
|
|
861.3
|
|
816.1
|
Reimbursements
|
|
|
|
|
|
|
|
39.4
|
|
35.0
|
|
78.0
|
|
68.2
|
Interest
|
|
|
|
|
|
|
|
94.3
|
|
77.8
|
|
186.5
|
|
145.7
|
Depreciation
|
|
|
|
|
|
|
|
40.8
|
|
40.8
|
|
86.2
|
|
78.5
|
Amortization
|
|
|
|
|
|
|
|
170.8
|
|
134.9
|
|
333.1
|
|
256.6
|
Change in estimated
acquisition earnout payables
|
|
|
|
|
|
18.8
|
|
9.4
|
|
2.7
|
|
51.2
|
|
Expenses
|
|
|
|
|
|
|
|
2,409.8
|
|
2,144.5
|
|
4,893.8
|
|
4,244.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings before income
taxes
|
|
|
|
|
|
|
|
365.6
|
|
297.4
|
|
1,138.3
|
|
903.2
|
Provision for income
taxes
|
|
|
|
|
|
|
|
80.2
|
|
61.6
|
|
240.2
|
|
180.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings
|
|
|
|
|
|
|
|
285.4
|
|
235.8
|
|
898.1
|
|
722.4
|
Net earnings
attributable to noncontrolling interests
|
|
|
|
|
|
2.0
|
|
1.3
|
|
6.3
|
|
1.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings
attributable to controlling interests
|
|
|
|
|
|
$
283.4
|
|
$
234.5
|
|
$
891.8
|
|
$
721.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net earnings
per share
|
|
|
|
|
|
|
|
$
1.27
|
|
$
1.07
|
|
$
4.01
|
|
$
3.31
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends declared per
share
|
|
|
|
|
|
|
|
$
0.60
|
|
$
0.55
|
|
$
1.20
|
|
$
1.10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDAC
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings
|
|
|
|
|
|
|
|
$
285.4
|
|
$
235.8
|
|
$
898.1
|
|
$
722.4
|
Provision for income
taxes
|
|
|
|
|
|
|
|
80.2
|
|
61.6
|
|
240.2
|
|
180.8
|
Interest
|
|
|
|
|
|
|
|
94.3
|
|
77.8
|
|
186.5
|
|
145.7
|
Depreciation
|
|
|
|
|
|
|
|
40.8
|
|
40.8
|
|
86.2
|
|
78.5
|
Amortization
|
|
|
|
|
|
|
|
170.8
|
|
134.9
|
|
333.1
|
|
256.6
|
Change in estimated
acquisition earnout payables
|
|
|
|
|
|
18.8
|
|
9.4
|
|
2.7
|
|
51.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDAC
|
|
|
|
|
|
|
|
$
690.3
|
|
$
560.3
|
|
$
1,746.8
|
|
$
1,435.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See "Information
Regarding Non-GAAP Measures" beginning on page 9 of 15.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(13 of 15)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Arthur J. Gallagher
& Co.
|
Consolidated Balance Sheet
|
(Unaudited - in
millions except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
2024
|
|
Dec 31,
2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
|
|
|
|
|
|
|
|
|
$
1,415.3
|
|
$
971.5
|
Fiduciary assets
(includes fiduciary cash of $5,422.5 in 2024 and $5,571.8 in
2023)
|
|
|
|
|
|
|
|
|
|
|
|
37,316.9
|
|
26,907.9
|
Accounts receivable,
net
|
|
|
|
|
|
|
|
|
|
|
|
4,178.3
|
|
3,786.6
|
Other current
assets
|
|
|
|
|
|
|
|
|
|
|
|
403.0
|
|
450.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current
assets
|
|
|
|
|
|
|
|
|
|
|
|
43,313.5
|
|
32,116.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed assets -
net
|
|
|
|
|
|
|
|
|
|
|
|
655.3
|
|
726.4
|
Deferred income taxes
(includes tax credit carryforwards of $805.1 in 2024 and $867.4 in
2023)
|
|
|
|
|
|
|
|
|
|
|
|
1,040.1
|
|
1,132.3
|
Other noncurrent
assets
|
|
|
|
|
|
|
|
|
|
|
|
1,311.6
|
|
1,131.8
|
Right-of-use
assets
|
|
|
|
|
|
|
|
|
|
|
|
382.3
|
|
400.3
|
Goodwill
|
|
|
|
|
|
|
|
|
|
|
|
11,915.5
|
|
11,475.6
|
Amortizable intangible
assets - net
|
|
|
|
|
|
|
|
|
|
|
|
4,389.4
|
|
4,633.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
|
|
|
|
|
|
|
|
|
|
$
63,007.7
|
|
$ 51,615.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiduciary
liabilities
|
|
|
|
|
|
|
|
|
|
|
|
$
37,316.9
|
|
$ 26,907.9
|
Accrued compensation
and other current liabilities
|
|
|
|
|
|
|
|
|
|
|
|
3,107.8
|
|
2,553.1
|
Deferred revenue -
current
|
|
|
|
|
|
|
|
|
|
|
|
697.1
|
|
644.7
|
Premium financing
debt
|
|
|
|
|
|
|
|
|
|
|
|
207.8
|
|
289.0
|
Corporate related
borrowings - current
|
|
|
|
|
|
|
|
|
|
|
|
280.0
|
|
670.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current
liabilities
|
|
|
|
|
|
|
|
|
|
|
|
41,609.6
|
|
31,064.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate related
borrowings - noncurrent
|
|
|
|
|
|
|
|
|
|
|
|
7,790.9
|
|
7,006.0
|
Deferred revenue -
noncurrent
|
|
|
|
|
|
|
|
|
|
|
|
65.8
|
|
61.5
|
Lease liabilities -
noncurrent
|
|
|
|
|
|
|
|
|
|
|
|
335.2
|
|
352.2
|
Other noncurrent
liabilities
|
|
|
|
|
|
|
|
|
|
|
|
1,606.9
|
|
2,316.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities
|
|
|
|
|
|
|
|
|
|
|
|
51,408.4
|
|
40,800.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock - issued
and outstanding
|
|
|
|
|
|
|
|
|
|
|
|
219.1
|
|
216.7
|
Capital in excess of
par value
|
|
|
|
|
|
|
|
|
|
|
|
7,611.4
|
|
7,297.8
|
Retained
earnings
|
|
|
|
|
|
|
|
|
|
|
|
4,681.2
|
|
4,052.9
|
Accumulated other
comprehensive loss
|
|
|
|
|
|
|
|
|
|
|
|
(939.2)
|
|
(792.1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total controlling
interests stockholders' equity
|
|
|
|
|
|
|
|
|
|
11,572.5
|
|
10,775.3
|
Noncontrolling
interests
|
|
|
|
|
|
|
|
|
|
|
|
26.8
|
|
40.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total stockholders'
equity
|
|
|
|
|
|
|
|
|
|
|
|
11,599.3
|
|
10,815.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and
stockholders' equity
|
|
|
|
|
|
|
|
|
|
$
63,007.7
|
|
$ 51,615.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Arthur J. Gallagher & Co.
|
Other Information
|
(Unaudited - data is
rounded where indicated)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2nd Q
Ended
|
|
2nd Q
Ended
|
|
6 Mths
Ended
|
|
6 Mths
Ended
|
OTHER
INFORMATION
|
|
|
|
|
|
|
|
June 30,
2024
|
|
June 30,
2023
|
|
June 30,
2024
|
|
June 30,
2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic weighted average
shares outstanding (000s)
|
|
|
|
|
|
218,789
|
|
214,914
|
|
218,126
|
|
213,846
|
Diluted weighted
average shares outstanding (000s)
|
|
|
|
|
|
222,854
|
|
219,049
|
|
222,404
|
|
217,997
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of common shares
outstanding at end of period (000s)
|
|
|
|
|
|
|
|
219,107
|
|
215,506
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Workforce at end of
period (includes acquisitions):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brokerage
|
|
|
|
|
|
|
|
|
|
|
|
40,566
|
|
36,609
|
|
Risk
Management
|
|
|
|
|
|
|
|
|
|
|
|
10,103
|
|
9,032
|
|
Total
Company
|
|
|
|
|
|
|
|
|
|
|
|
53,899
|
|
48,441
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Non-GAAP Measures - Pre-tax Earnings and Diluted Net Earnings per
Share (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited - in
millions except share and per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Earnings
|
|
Net
Earnings
|
|
|
|
|
|
|
|
Earnings
|
|
Provision
|
|
|
|
(Loss)
|
|
(Loss)
|
|
Diluted
Net
|
|
|
|
|
|
(Loss)
|
|
(Benefit)
|
|
|
|
Attributable
to
|
|
Attributable
to
|
|
Earnings
|
|
|
|
|
|
Before
Income
|
|
for
Income
|
|
Net
Earnings
|
|
Noncontrolling
|
|
Controlling
|
|
(Loss)
|
|
|
|
|
|
Taxes
|
|
Taxes
|
|
(Loss)
|
|
Interests
|
|
Interests
|
|
per
Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2nd Q Ended June 30,
2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brokerage, as
reported
|
|
|
|
$
446.3
|
|
$
113.5
|
|
$
332.8
|
|
$
2.0
|
|
$
330.8
|
|
1.48
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (gains) on
divestitures
|
|
|
|
(2.0)
|
|
(0.5)
|
|
(1.5)
|
|
-
|
|
(1.5)
|
|
(0.01)
|
Acquisition
integration
|
|
|
|
53.6
|
|
13.6
|
|
40.0
|
|
-
|
|
40.0
|
|
0.18
|
Workforce and lease
termination
|
|
|
|
27.9
|
|
7.1
|
|
20.8
|
|
-
|
|
20.8
|
|
0.10
|
Acquisition related
adjustments
|
|
|
|
41.0
|
|
10.2
|
|
30.8
|
|
-
|
|
30.8
|
|
0.14
|
Amortization of
intangible assets
|
|
|
|
170.8
|
|
43.3
|
|
127.5
|
|
-
|
|
127.5
|
|
0.57
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brokerage, as
adjusted
|
|
|
|
$
737.6
|
|
$
187.2
|
|
$
550.4
|
|
$
2.0
|
|
$
548.4
|
|
$
2.46
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Risk Management, as
reported
|
|
|
|
$
65.4
|
|
$
17.6
|
|
$
47.8
|
|
$
-
|
|
$
47.8
|
|
0.21
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (gains) on
divestitures
|
|
|
|
(0.1)
|
|
-
|
|
(0.1)
|
|
-
|
|
(0.1)
|
|
-
|
Acquisition
integration
|
|
|
|
0.2
|
|
-
|
|
0.2
|
|
-
|
|
0.2
|
|
-
|
Workforce and lease
termination
|
|
|
|
1.4
|
|
0.3
|
|
1.1
|
|
-
|
|
1.1
|
|
0.01
|
Acquisition related
adjustments
|
|
|
|
0.1
|
|
-
|
|
0.1
|
|
-
|
|
0.1
|
|
-
|
Amortization of
intangible assets
|
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Risk Management, as
adjusted
|
|
|
|
$
67.0
|
|
$
17.9
|
|
$
49.1
|
|
$
-
|
|
$
49.1
|
|
$
0.22
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate, as
reported
|
|
|
|
$
(146.1)
|
|
$
(50.9)
|
|
$
(95.2)
|
|
$
-
|
|
$
(95.2)
|
|
$
(0.43)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transaction-related
costs
|
|
|
|
2.8
|
|
0.5
|
|
2.3
|
|
-
|
|
2.3
|
|
0.01
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate, as
adjusted
|
|
|
|
$
(143.3)
|
|
$
(50.4)
|
|
$
(92.9)
|
|
$
-
|
|
$
(92.9)
|
|
$
(0.42)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See "Information
Regarding Non-GAAP Measures" beginning on page 9 of 15.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(14 of 15)
|
Reconciliation of
Non-GAAP Measures - Pre-tax Earnings and Diluted Net Earnings per
Share (Unaudited) - Continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited - in
millions except share and per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Earnings
|
|
Net
Earnings
|
|
|
|
|
|
|
|
Earnings
|
|
Provision
|
|
|
|
(Loss)
|
|
(Loss)
|
|
Diluted
Net
|
|
|
|
|
|
(Loss)
|
|
(Benefit)
|
|
|
|
Attributable
to
|
|
Attributable
to
|
|
Earnings
|
|
|
|
|
|
Before
Income
|
|
for
Income
|
|
Net
Earnings
|
|
Noncontrolling
|
|
Controlling
|
|
(Loss)
|
|
|
|
|
|
Taxes
|
|
Taxes
|
|
(Loss)
|
|
Interests
|
|
Interests
|
|
per
Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2nd Q Ended June 30,
2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brokerage, as
reported
|
|
|
|
$
390.5
|
|
$
100.2
|
|
$
290.3
|
|
$
2.0
|
|
$
288.3
|
|
$
1.31
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (gains) on
divestitures
|
|
|
|
(5.0)
|
|
(1.2)
|
|
(3.8)
|
|
-
|
|
(3.8)
|
|
(0.02)
|
Acquisition
integration
|
|
|
|
68.1
|
|
16.9
|
|
51.2
|
|
-
|
|
51.2
|
|
0.24
|
Workforce and lease
termination
|
|
|
|
31.6
|
|
7.9
|
|
23.7
|
|
-
|
|
23.7
|
|
0.11
|
Acquisition related
adjustments
|
|
|
|
0.9
|
|
0.2
|
|
0.7
|
|
-
|
|
0.7
|
|
-
|
Amortization of
intangible assets
|
|
|
|
133.4
|
|
33.2
|
|
100.2
|
|
-
|
|
100.2
|
|
0.46
|
Effective income tax
rate impact
|
|
|
|
-
|
|
0.2
|
|
(0.2)
|
|
-
|
|
(0.2)
|
|
-
|
Levelized foreign
currency translation
|
|
|
|
(3.8)
|
|
(0.9)
|
|
(2.9)
|
|
-
|
|
(2.9)
|
|
(0.01)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brokerage, as
adjusted
|
|
|
|
$
615.7
|
|
$
156.5
|
|
$
459.2
|
|
$
2.0
|
|
$
457.2
|
|
$
2.09
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Risk Management, as
reported
|
|
|
|
$
49.9
|
|
$
13.2
|
|
$
36.7
|
|
$
-
|
|
$
36.7
|
|
$
0.17
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (gains) on
divestitures
|
|
|
|
(0.1)
|
|
-
|
|
(0.1)
|
|
-
|
|
(0.1)
|
|
-
|
Acquisition
integration
|
|
|
|
0.2
|
|
0.1
|
|
0.1
|
|
-
|
|
0.1
|
|
-
|
Workforce and lease
termination
|
|
|
|
1.0
|
|
0.3
|
|
0.7
|
|
-
|
|
0.7
|
|
-
|
Acquisition related
adjustments
|
|
|
|
0.1
|
|
-
|
|
0.1
|
|
-
|
|
0.1
|
|
-
|
Amortization of
intangible assets
|
|
|
|
1.5
|
|
0.5
|
|
1.0
|
|
-
|
|
1.0
|
|
0.01
|
Levelized foreign
currency translation
|
|
|
|
(0.1)
|
|
-
|
|
(0.1)
|
|
-
|
|
(0.1)
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Risk Management, as
adjusted
|
|
|
|
$
52.5
|
|
$
14.1
|
|
$
38.4
|
|
$
-
|
|
$
38.4
|
|
$
0.18
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate, as
reported
|
|
|
|
$
(143.0)
|
|
$
(51.8)
|
|
$
(91.2)
|
|
$
(0.7)
|
|
$
(90.5)
|
|
$
(0.41)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transaction-related
costs
|
|
|
|
3.2
|
|
0.8
|
|
2.4
|
|
-
|
|
2.4
|
|
0.01
|
Legal and tax
related
|
|
|
|
5.5
|
|
0.5
|
|
5.0
|
|
-
|
|
5.0
|
|
0.02
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate, as
adjusted
|
|
|
|
$
(134.3)
|
|
$
(50.5)
|
|
$
(83.8)
|
|
$
(0.7)
|
|
$
(83.1)
|
|
$
(0.38)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Earnings
|
|
Net
Earnings
|
|
|
|
|
|
|
|
Earnings
|
|
Provision
|
|
|
|
(Loss)
|
|
(Loss)
|
|
Diluted
Net
|
|
|
|
|
|
(Loss)
|
|
(Benefit)
|
|
|
|
Attributable
to
|
|
Attributable
to
|
|
Earnings
|
|
|
|
|
|
Before
Income
|
|
for
Income
|
|
Net
Earnings
|
|
Noncontrolling
|
|
Controlling
|
|
(Loss)
|
|
|
|
|
|
Taxes
|
|
Taxes
|
|
(Loss)
|
|
Interests
|
|
Interests
|
|
per
Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6 Mths Ended June
30, 2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brokerage, as
reported
|
|
|
|
$
1,322.4
|
|
$
337.0
|
|
$
985.4
|
|
$
6.3
|
|
$
979.1
|
|
$
4.40
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (gains) on
divestitures
|
|
|
|
(2.5)
|
|
(0.6)
|
|
(1.9)
|
|
-
|
|
(1.9)
|
|
(0.01)
|
Acquisition
integration
|
|
|
|
102.3
|
|
25.9
|
|
76.4
|
|
-
|
|
76.4
|
|
0.35
|
Workforce and lease
termination
|
|
|
|
39.5
|
|
10.0
|
|
29.5
|
|
-
|
|
29.5
|
|
0.13
|
Acquisition related
adjustments
|
|
|
|
29.9
|
|
7.4
|
|
22.5
|
|
(3.0)
|
|
25.5
|
|
0.10
|
Amortization of
intangible assets
|
|
|
|
326.8
|
|
82.6
|
|
244.2
|
|
-
|
|
244.2
|
|
1.10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brokerage, as
adjusted
|
|
|
|
$
1,818.4
|
|
$
462.3
|
|
$
1,356.1
|
|
$
3.3
|
|
$
1,352.8
|
|
$
6.07
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Risk Management, as
reported
|
|
|
|
$
118.6
|
|
$
31.5
|
|
$
87.1
|
|
$
-
|
|
$
87.1
|
|
$
0.39
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net losses on
divestitures
|
|
|
|
0.1
|
|
0.1
|
|
-
|
|
-
|
|
-
|
|
-
|
Acquisition
integration
|
|
|
|
0.9
|
|
0.2
|
|
0.7
|
|
-
|
|
0.7
|
|
-
|
Workforce and lease
termination
|
|
|
|
2.6
|
|
0.6
|
|
2.0
|
|
-
|
|
2.0
|
|
0.01
|
Acquisition related
adjustments
|
|
|
|
0.2
|
|
-
|
|
0.2
|
|
-
|
|
0.2
|
|
-
|
Amortization of
intangible assets
|
|
|
|
6.3
|
|
1.8
|
|
4.5
|
|
-
|
|
4.5
|
|
0.02
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Risk Management, as
adjusted
|
|
|
|
$
128.7
|
|
$
34.2
|
|
$
94.5
|
|
$
-
|
|
$
94.5
|
|
$
0.42
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate, as
reported
|
|
|
|
$
(302.7)
|
|
$
(128.3)
|
|
$
(174.4)
|
|
$
-
|
|
$
(174.4)
|
|
$
(0.78)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transaction-related
costs
|
|
|
|
6.0
|
|
1.0
|
|
5.0
|
|
-
|
|
5.0
|
|
0.02
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate, as
adjusted
|
|
|
|
$
(296.7)
|
|
$
(127.3)
|
|
$
(169.4)
|
|
$
-
|
|
$
(169.4)
|
|
$
(0.76)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Earnings
|
|
Net
Earnings
|
|
|
|
|
|
|
|
Earnings
|
|
Provision
|
|
|
|
(Loss)
|
|
(Loss)
|
|
Diluted
Net
|
|
|
|
|
|
(Loss)
|
|
(Benefit)
|
|
|
|
Attributable
to
|
|
Attributable
to
|
|
Earnings
|
|
|
|
|
|
Before
Income
|
|
for
Income
|
|
Net
Earnings
|
|
Noncontrolling
|
|
Controlling
|
|
(Loss)
|
|
|
|
|
|
Taxes
|
|
Taxes
|
|
(Loss)
|
|
Interests
|
|
Interests
|
|
per
Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6 Mths Ended June
30, 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brokerage, as
reported
|
|
|
|
$
1,081.4
|
|
$
275.8
|
|
$
805.6
|
|
$
2.8
|
|
$
802.8
|
|
$
3.68
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (gains) on
divestitures
|
|
|
|
(5.2)
|
|
(1.2)
|
|
(4.0)
|
|
-
|
|
(4.0)
|
|
(0.02)
|
Acquisition
integration
|
|
|
|
119.3
|
|
28.4
|
|
90.9
|
|
-
|
|
90.9
|
|
0.42
|
Workforce and lease
termination
|
|
|
|
47.1
|
|
11.6
|
|
35.5
|
|
-
|
|
35.5
|
|
0.16
|
Acquisition related
adjustments
|
|
|
|
34.3
|
|
8.0
|
|
26.3
|
|
-
|
|
26.3
|
|
0.12
|
Amortization of
intangible assets
|
|
|
|
253.6
|
|
64.3
|
|
189.3
|
|
-
|
|
189.3
|
|
0.87
|
Effective income tax
rate impact
|
|
|
|
-
|
|
2.9
|
|
(2.9)
|
|
-
|
|
(2.9)
|
|
(0.01)
|
Levelized foreign
currency translation
|
|
|
|
(4.9)
|
|
(1.1)
|
|
(3.8)
|
|
-
|
|
(3.8)
|
|
(0.02)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brokerage, as
adjusted
|
|
|
|
$
1,525.6
|
|
$
388.7
|
|
$
1,136.9
|
|
$
2.8
|
|
$
1,134.1
|
|
$
5.20
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Risk Management, as
reported
|
|
|
|
$
95.4
|
|
$
25.2
|
|
$
70.2
|
|
$
-
|
|
$
70.2
|
|
$
0.32
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (gains) on
divestitures
|
|
|
|
(0.2)
|
|
-
|
|
(0.2)
|
|
-
|
|
(0.2)
|
|
-
|
Workforce and lease
termination
|
|
|
|
1.6
|
|
0.4
|
|
1.2
|
|
-
|
|
1.2
|
|
0.01
|
Acquisition related
adjustments
|
|
|
|
0.2
|
|
-
|
|
0.2
|
|
-
|
|
0.2
|
|
-
|
Acquisition
integration
|
|
|
|
0.8
|
|
0.3
|
|
0.5
|
|
-
|
|
0.5
|
|
-
|
Amortization of
intangible assets
|
|
|
|
3.0
|
|
0.9
|
|
2.1
|
|
-
|
|
2.1
|
|
0.01
|
Levelized foreign
currency translation
|
|
|
|
(0.2)
|
|
-
|
|
(0.2)
|
|
-
|
|
(0.2)
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Risk Management, as
adjusted
|
|
|
|
$
100.6
|
|
$
26.8
|
|
$
73.8
|
|
$
-
|
|
$
73.8
|
|
$
0.34
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate, as
reported
|
|
|
|
$
(273.6)
|
|
$
(120.2)
|
|
$
(153.4)
|
|
$
(1.4)
|
|
$
(152.0)
|
|
$
(0.69)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transaction-related
costs
|
|
|
|
7.6
|
|
1.9
|
|
5.7
|
|
-
|
|
5.7
|
|
0.03
|
Income tax
related
|
|
|
|
5.5
|
|
0.5
|
|
5.0
|
|
-
|
|
5.0
|
|
0.02
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate, as
adjusted
|
|
|
|
$
(260.5)
|
|
$
(117.8)
|
|
$
(142.7)
|
|
$
(1.4)
|
|
$
(141.3)
|
|
$
(0.64)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See "Information
Regarding Non-GAAP Measures" on page 9 of 15.
|
|
|
|
|
|
|
|
|
|
|
(15 of 15)
Contact:
Ray Iardella
Vice President - Investor Relations
630-285-3661 or ray_iardella@ajg.com
View original
content:https://www.prnewswire.com/news-releases/arthur-j-gallagher--co-announces-second-quarter-2024-financial-results-302206981.html
SOURCE Arthur J. Gallagher &
Co.