Arthur J. Gallagher & Co. Announces Fourth Quarter and Full Year 2024 Financial Results
Arthur J. Gallagher & Co. (NYSE: AJG) reported strong Q4 2024 financial results, with total revenue reaching $2.68 billion. The company's core brokerage and risk management segments delivered their 16th consecutive quarter of double-digit revenue growth, including 7% organic revenue growth.
Key Q4 2024 highlights:
- Net earnings: $258.2 million vs -$39.6 million in Q4 2023
- Adjusted EBITDAC: $805.0 million, up 17% from Q4 2023
- Diluted earnings per share: $1.12 vs -$0.15 in Q4 2023
- Adjusted diluted earnings per share: $2.13 vs $1.82 in Q4 2023
The company completed 20 new mergers in Q4, bringing the 2024 total to 48 mergers with $387 million in estimated annualized revenue. In December, AJG announced the acquisition of AssuredPartners for $13.45 billion, funded through $8.5 billion in common stock offering and $5.0 billion in senior notes.
Arthur J. Gallagher & Co. (NYSE: AJG) ha riportato solidi risultati finanziari per il quarto trimestre del 2024, con un fatturato totale di $2.68 miliardi. I segmenti chiave di intermediazione e gestione del rischio dell'azienda hanno registrato il loro 16° trimestre consecutivo di crescita a due cifre del fatturato, compresa una crescita organica del 7%.
Principali punti salienti del Q4 2024:
- Utile netto: $258.2 milioni rispetto a -$39.6 milioni nel Q4 2023
- EBITDAC rettificato: $805.0 milioni, in aumento del 17% rispetto al Q4 2023
- Utile per azione diluito: $1.12 rispetto a -$0.15 nel Q4 2023
- Utile per azione diluito rettificato: $2.13 rispetto a $1.82 nel Q4 2023
L'azienda ha completato 20 nuove fusioni nel quarto trimestre, portando il totale del 2024 a 48 fusioni con un fatturato annualizzato stimato di $387 milioni. A dicembre, AJG ha annunciato l'acquisizione di AssuredPartners per $13.45 miliardi, finanziata tramite un'offerta di azioni ordinarie di $8.5 miliardi e $5.0 miliardi in obbligazioni senior.
Arthur J. Gallagher & Co. (NYSE: AJG) reportó sólidos resultados financieros para el cuarto trimestre de 2024, con ingresos totales alcanzando los $2.68 mil millones. Los segmentos clave de corretaje y gestión de riesgos de la empresa lograron su 16° trimestre consecutivo de crecimiento de ingresos de dos dígitos, incluyendo un crecimiento orgánico del 7%.
Aspectos destacados del Q4 2024:
- Utilidad neta: $258.2 millones frente a -$39.6 millones en el Q4 2023
- EBITDAC ajustado: $805.0 millones, un aumento del 17% en comparación con el Q4 2023
- Utilidad por acción diluida: $1.12 frente a -$0.15 en el Q4 2023
- Utilidad por acción diluida ajustada: $2.13 frente a $1.82 en el Q4 2023
La compañía completó 20 nuevas fusiones en el cuarto trimestre, llevando el total de 2024 a 48 fusiones con ingresos anuales estimados de $387 millones. En diciembre, AJG anunció la adquisición de AssuredPartners por $13.45 mil millones, financiada a través de una oferta pública de acciones comunes de $8.5 mil millones y $5.0 mil millones en notas senior.
아서 J. 갤러거 & 코 (NYSE: AJG)는 2024년 4분기 강력한 재무 실적을 보고하며 총 수익이 26억 8천만 달러에 달했습니다. 회사의 핵심 중개 및 리스크 관리 부문은 16분기 연속으로 두 자릿수 수익 성장을 기록했으며, 이 중 7%는 유기적 수익 성장입니다.
2024년 4분기 주요 사항:
- 순이익: 2억 5천 8백 20만 달러 대 -3960만 달러 (2023년 4분기)
- 조정된 EBITDAC: 8억 5천만 달러, 2023년 4분기 대비 17% 증가
- 희석주당 순이익: 1.12달러 대 -0.15달러 (2023년 4분기)
- 조정된 희석주당 순이익: 2.13달러 대 1.82달러 (2023년 4분기)
회사는 4분기에 20건의 신규 합병을 완료하여 2024년 총 48건의 합병과 연간 수익 추정액 3억 8700만 달러를 기록했습니다. 12월에 AJG는 AssuredPartners를 134억 5천만 달러에 인수한다고 발표했으며, 이는 85억 달러의 일반 주식 공모 및 50억 달러의 선순위 채권으로 자금 지원됩니다.
Arthur J. Gallagher & Co. (NYSE: AJG) a annoncé de solides résultats financiers pour le quatrième trimestre 2024, avec un chiffre d'affaires total atteignant 2,68 milliards de dollars. Les segments clés de courtage et de gestion des risques de l'entreprise ont connu leur 16ème trimestre consécutif de croissance à deux chiffres des revenus, y compris une croissance organique de 7%.
Points forts du Q4 2024 :
- Bénéfice net : 258,2 millions de dollars contre -39,6 millions de dollars au Q4 2023
- EBITDAC ajusté : 805,0 millions de dollars, en hausse de 17 % par rapport au Q4 2023
- Bénéfice par action dilué : 1,12 dollar contre -0,15 dollar au Q4 2023
- Bénéfice par action dilué ajusté : 2,13 dollars contre 1,82 dollar au Q4 2023
L'entreprise a complété 20 nouvelles fusions au quatrième trimestre, portant le total à 48 fusions en 2024 avec des revenus annualisés estimés à 387 millions de dollars. En décembre, AJG a annoncé l'acquisition d'AssuredPartners pour 13,45 milliards de dollars, financée par une offre d'actions ordinaires de 8,5 milliards de dollars et 5,0 milliards de dollars en obligations senior.
Arthur J. Gallagher & Co. (NYSE: AJG) hat für das vierte Quartal 2024 starke finanzielle Ergebnisse berichtet, mit einem Gesamterlös von 2,68 Milliarden Dollar. Die wichtigsten Segmente Brokerage und Risikomanagement des Unternehmens verzeichneten das 16. aufeinanderfolgende Quartal mit zweistelligem Umsatzwachstum, einschließlich eines organischen Umsatzwachstums von 7 %.
Wichtige Highlights des Q4 2024:
- Nettoergebnis: 258,2 Millionen Dollar im Vergleich zu -39,6 Millionen Dollar im Q4 2023
- Bereinigtes EBITDAC: 805,0 Millionen Dollar, ein Anstieg von 17 % gegenüber Q4 2023
- Verdiente Aktien pro Aktie: 1,12 Dollar im Vergleich zu -0,15 Dollar im Q4 2023
- Bereinigte verdünnte Gewinne pro Aktie: 2,13 Dollar im Vergleich zu 1,82 Dollar im Q4 2023
Das Unternehmen hat im vierten Quartal 20 neue Fusionen abgeschlossen und damit die Gesamtzahl im Jahr 2024 auf 48 Fusionen mit geschätzten jährlichen Einnahmen von 387 Millionen Dollar gebracht. Im Dezember gab AJG die Übernahme von AssuredPartners für 13,45 Milliarden Dollar bekannt, finanziert durch ein Angebot von 8,5 Milliarden Dollar an Stammaktien und 5,0 Milliarden Dollar an vorrangigen Anleihen.
- 16th consecutive quarter of double-digit revenue growth
- 7% organic revenue growth in Q4
- 17% growth in adjusted EBITDAC to $805.0 million
- Net earnings improved from -$39.6M to $258.2M year-over-year
- Strategic acquisition of AssuredPartners with $2.9B pro-forma revenue
- Increased debt due to $5.0B senior notes issuance for AssuredPartners acquisition
- Significant share dilution from $8.5B common stock offering
- Contingent revenues decreased 10.9% organically in Q4
Insights
Arthur J. Gallagher delivered exceptional Q4 2024 performance marked by robust growth and margin expansion. The core brokerage segment showed particular strength with revenue increasing
The transformative
Market conditions remain favorable with Q4 renewal premium increases holding steady and January 2025 trends showing slight acceleration above
The risk management segment also performed well with
Summary of Financial Results - Fourth Quarter | ||||||||||||||
Revenues Before | Diluted Net Earnings | |||||||||||||
Reimbursements | Net Earnings (Loss) | EBITDAC | (Loss) Per Share | |||||||||||
Segment | 4th Q 24 | 4th Q 23 | 4th Q 24 | 4th Q 23 | 4th Q 24 | 4th Q 23 | 4th Q 24 | 4th Q 23 | ||||||
(in millions) | (in millions) | (in millions) | ||||||||||||
Brokerage, as reported | $ 2,296.2 | $ 317.3 | $ 24.8 | $ 660.7 | $ 539.9 | $ 1.37 | $ 0.11 | |||||||
Net (gains) losses on divestitures | 0.8 | (4.0) | 0.6 | (3.0) | 0.8 | (4.0) | - | (0.02) | ||||||
Acquisition integration | - | - | 29.2 | 50.6 | 39.2 | 67.3 | 0.13 | 0.23 | ||||||
Workforce and lease termination | - | - | 23.0 | 7.1 | 30.9 | 9.3 | 0.10 | 0.03 | ||||||
Acquisition related adjustments | - | - | 39.6 | 258.2 | 28.7 | 34.4 | 0.17 | 1.17 | ||||||
Amortization of intangible assets | - | - | 121.6 | 107.4 | - | - | 0.53 | 0.49 | ||||||
Effective income tax rate impact | - | - | - | (1.4) | - | - | - | (0.01) | ||||||
Levelized foreign currency | ||||||||||||||
translation | - | (6.1) | - | (4.1) | - | (5.5) | - | (0.02) | ||||||
Brokerage, as adjusted * | 2,297.0 | 2,041.4 | 531.3 | 439.6 | 760.3 | 641.4 | 2.30 | 1.98 | ||||||
Risk Management, as reported | 369.4 | 340.4 | 42.8 | 42.3 | 72.5 | 70.2 | 0.19 | 0.19 | ||||||
Net (gains) on divestitures | (0.1) | (0.1) | (0.1) | (0.1) | (0.1) | (0.1) | - | - | ||||||
Acquisition integration | - | - | 0.8 | 0.2 | 1.1 | 0.2 | - | - | ||||||
Workforce and lease termination | - | - | 2.5 | 0.8 | 2.6 | 1.0 | 0.01 | - | ||||||
Acquisition related adjustments | - | - | 0.1 | 0.1 | 0.1 | 0.2 | - | - | ||||||
Amortization of intangible assets | - | - | 2.7 | 2.3 | - | - | 0.01 | 0.02 | ||||||
Levelized foreign currency | ||||||||||||||
translation | - | (1.6) | - | (0.5) | - | (0.8) | - | - | ||||||
Risk Management, as adjusted * | 369.3 | 338.7 | 48.8 | 45.1 | 76.2 | 70.7 | 0.21 | 0.21 | ||||||
Corporate, as reported | 14.4 | 1.2 | (101.9) | (106.7) | (46.5) | (95.8) | (0.44) | (0.45) | ||||||
Transaction-related costs | - | - | 14.7 | 10.1 | 17.3 | 12.4 | 0.06 | 0.05 | ||||||
Legal & tax related | - | - | - | 3.4 | - | 22.0 | - | 0.02 | ||||||
Clean energy-related | (5.3) | - | (1.7) | 10.9 | (2.3) | 12.0 | - | 0.01 | ||||||
Corporate, as adjusted * | 9.1 | 1.2 | (88.9) | (82.3) | (31.5) | (49.4) | (0.38) | (0.37) | ||||||
Total Company, as reported | $ 2,680.0 | $ 258.2 | $ (39.6) | $ 686.7 | $ 514.3 | $ 1.12 | $ (0.15) | |||||||
Total Company, as adjusted * | $ 2,675.4 | $ 491.2 | $ 402.4 | $ 805.0 | $ 662.7 | $ 2.13 | $ 1.82 | |||||||
Total Brokerage & Risk | ||||||||||||||
Management, as reported | $ 2,665.6 | $ 360.1 | $ 67.1 | $ 733.2 | $ 610.1 | $ 1.56 | $ 0.30 | |||||||
Total Brokerage & Risk | ||||||||||||||
Management, as adjusted * | $ 2,666.3 | $ 580.1 | $ 484.7 | $ 836.5 | $ 712.1 | $ 2.51 | $ 2.19 | |||||||
* | For fourth quarter 2024, the pretax impact of the Brokerage segment adjustments totals |
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"We had an excellent fourth quarter, to close out a great year!" said J. Patrick Gallagher, Jr., Chairman and CEO. "Our core brokerage and risk management segments combined to deliver our 16th consecutive quarter of double-digit revenue growth, including organic revenue growth of
"We also completed 20 new mergers in the quarter, bringing our full year total to 48 mergers and
"Overall, the global P/C insurance market continues to grow with fourth quarter primary renewal premium increases, both rate and exposure combined, consistent with the past two quarters. Thus far, January 2025 primary renewal premium increases are ticking slightly higher than fourth quarter and are above
"I would like to thank our 56,000 colleagues across the globe, whose creativity, expertise and unwavering client focus helped us deliver another excellent year of financial performance. I am very excited about 2025 and beyond!"
Summary of Financial Results - Year ended December 31, | ||||||||||||||
Revenues Before | Diluted Net Earnings | |||||||||||||
Reimbursements | Net Earnings (Loss) | EBITDAC | (Loss) Per Share | |||||||||||
Segment | Year 24 | Year 23 | Year 24 | Year 23 | Year 24 | Year 23 | Year 24 | Year 23 | ||||||
(in millions) | (in millions) | (in millions) | ||||||||||||
Brokerage, as reported | $ 9,933.8 | $ 8,637.2 | $ 1,685.7 | $ 1,169.4 | $ 7.46 | $ 5.30 | ||||||||
Net (gains) on divestitures | (24.2) | (9.6) | (18.0) | (7.2) | (24.2) | (9.6) | (0.08) | (0.03) | ||||||
Acquisition integration | - | - | 141.9 | 184.5 | 190.2 | 243.7 | 0.63 | 0.84 | ||||||
Workforce and lease termination | - | - | 88.6 | 48.0 | 118.9 | 63.4 | 0.39 | 0.22 | ||||||
Acquisition related adjustments | (26.0) | - | 63.9 | 278.8 | 121.2 | 69.3 | 0.28 | 1.27 | ||||||
Amortization of intangible assets | - | - | 485.8 | 392.3 | - | - | 2.16 | 1.79 | ||||||
Effective income tax rate impact | - | - | - | (4.9) | - | - | - | (0.02) | ||||||
Levelized foreign currency | ||||||||||||||
translation | - | 3.5 | - | (8.3) | - | (9.8) | - | (0.04) | ||||||
Brokerage, as adjusted * | 9,883.6 | 8,631.1 | 2,447.9 | 2,052.6 | 3,475.1 | 2,952.8 | 10.84 | 9.33 | ||||||
Risk Management, as reported | 1,450.5 | 1,287.6 | 174.5 | 154.0 | 289.4 | 253.4 | 0.78 | 0.70 | ||||||
Net (gains) on divestitures | (0.1) | (0.4) | (0.1) | (0.3) | (0.1) | (0.4) | - | - | ||||||
Acquisition integration | - | - | 2.1 | 0.7 | 2.9 | 1.0 | 0.01 | - | ||||||
Workforce and lease termination | - | - | 5.9 | 2.5 | 7.2 | 3.4 | 0.03 | 0.01 | ||||||
Acquisition related adjustments | - | - | 0.2 | 0.4 | 0.3 | 0.5 | - | - | ||||||
Amortization of intangible assets | - | - | 9.9 | 5.6 | - | - | 0.04 | 0.03 | ||||||
Levelized foreign currency | ||||||||||||||
translation | - | (1.0) | - | (0.2) | - | (0.5) | - | - | ||||||
Risk Management, as adjusted * | 1,450.4 | 1,286.2 | 192.5 | 162.7 | 299.7 | 257.4 | 0.86 | 0.74 | ||||||
Corporate, as reported | 16.3 | 1.7 | (389.8) | (357.4) | (234.0) | (293.6) | (1.74) | (1.58) | ||||||
Transaction-related costs | - | - | 26.3 | 17.7 | 32.2 | 22.6 | 0.12 | 0.08 | ||||||
Legal & tax related | - | - | 3.5 | 26.2 | - | 48.0 | 0.02 | 0.12 | ||||||
Clean energy-related | (5.3) | - | (1.7) | 10.9 | (2.3) | 12.0 | (0.01) | 0.01 | ||||||
Corporate, as adjusted * | 11.0 | 1.7 | (361.7) | (302.6) | (204.1) | (211.0) | (1.61) | (1.37) | ||||||
Total Company, as reported | $ 11,400.6 | $ 9,926.5 | $ 1,470.4 | $ 966.0 | $ 6.50 | $ 4.42 | ||||||||
Total Company, as adjusted * | $ 11,345.0 | $ 9,919.0 | $ 2,278.7 | $ 1,912.7 | $ 10.09 | $ 8.70 | ||||||||
Total Brokerage & Risk | ||||||||||||||
Management, as reported | $ 11,384.3 | $ 9,924.8 | $ 1,860.2 | $ 1,323.4 | $ 8.24 | $ 6.00 | ||||||||
Total Brokerage & Risk | ||||||||||||||
Management, as adjusted * | $ 11,334.0 | $ 9,917.3 | $ 2,640.4 | $ 2,215.3 | $ 11.70 | $ 10.07 | ||||||||
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* | For the year ended December 31, 2024, the pretax impact of the Brokerage segment adjustments totals |
Brokerage Segment Reported GAAP to Adjusted Non-GAAP Reconciliations (dollars in millions):
Organic Revenues (Non-GAAP) | 4th Q 2024 | 4th Q 2023 | Year 2024 | Year 2023 | ||||||
Base Commissions and Fees | ||||||||||
Commissions and fees, as reported | $ 2,023.7 | $ 1,796.8 | $ 8,886.4 | $ 7,750.0 | ||||||
Less commissions and fees from acquisitions | (110.0) | - | (618.2) | - | ||||||
Less divested operations | - | (17.4) | - | (57.9) | ||||||
Levelized foreign currency translation | - | (3.7) | - | 5.2 | ||||||
Organic base commissions and fees | $ 1,913.7 | $ 1,775.7 | $ 8,268.2 | $ 7,697.3 | ||||||
Organic change in base commissions and fees | 7.8 % | 7.4 % | ||||||||
Supplemental Revenues | ||||||||||
Supplemental revenues, as reported | $ 97.7 | $ 90.6 | $ 359.4 | $ 314.2 | ||||||
Less supplemental revenues from acquisitions | (2.7) | - | (9.4) | - | ||||||
Levelized foreign currency translation | - | 0.1 | - | 1.1 | ||||||
Organic supplemental revenues | $ 95.0 | $ 90.7 | $ 350.0 | $ 315.3 | ||||||
Organic change in supplemental revenues | 4.7 % | 11.0 % | ||||||||
Contingent Revenues | ||||||||||
Contingent revenues, as reported | $ 52.5 | $ 55.4 | $ 267.6 | $ 235.3 | ||||||
Less contingent revenues from acquisitions | (3.4) | - | (25.2) | - | ||||||
Less divested operations | - | - | - | (3.0) | ||||||
Levelized foreign currency translation | - | (0.3) | - | (0.2) | ||||||
Organic contingent revenues | $ 49.1 | $ 55.1 | $ 242.4 | $ 232.1 | ||||||
Organic change in contingent revenues | -10.9 % | 4.4 % | ||||||||
Total reported commissions, fees, supplemental | ||||||||||
revenues and contingent revenues | $ 2,173.9 | $ 1,942.8 | $ 9,513.4 | $ 8,299.5 | ||||||
Less commissions, fees, supplemental revenues | ||||||||||
and contingent revenues from acquisitions | (116.1) | - | (652.8) | - | ||||||
Less divested operations | - | (17.4) | - | (60.9) | ||||||
Levelized foreign currency translation | - | (3.9) | - | 6.1 | ||||||
Total organic commissions, fees, supplemental | ||||||||||
revenues and contingent revenues | $ 2,057.8 | $ 1,921.5 | $ 8,860.6 | $ 8,244.7 | ||||||
Total organic change | 7.1 % | 7.5 % | ||||||||
Acquisition Activity | 4th Q 2024 | 4th Q 2023 | Year 2024 | Year 2023 | ||||||
Number of acquisitions closed | 19 | 13 | 46 | 50 | ||||||
Estimated annualized revenues acquired (in millions) | $ 188.7 | $ 350.7 | $ 362.6 | $ 826.0 | ||||||
Acquisition of AssuredPartners
As previously disclosed, on December 7, 2024, we agreed to acquire AssuredPartners for approximately
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Brokerage Segment Reported GAAP to Adjusted Non-GAAP Reconciliations (continued) (dollars in millions):
Compensation Expense and Ratios | 4th Q 2024 | 4th Q 2023 | Year 2024 | Year 2023 | ||||||
Compensation expense, as reported | $ 1,291.4 | $ 1,176.9 | $ 5,501.4 | $ 4,769.1 | ||||||
Acquisition integration | (24.5) | (41.4) | (106.4) | (146.6) | ||||||
Workforce and lease termination related charges | (26.6) | (7.7) | (108.1) | (56.0) | ||||||
Acquisition related adjustments | (28.7) | (34.4) | (147.2) | (69.3) | ||||||
Levelized foreign currency translation | - | 1.1 | - | 11.9 | ||||||
Compensation expense, as adjusted | $ 1,211.6 | $ 1,094.5 | $ 5,139.7 | $ 4,509.1 | ||||||
Reported compensation expense ratios using reported | ||||||||||
revenues on pages 1 and 2 | * | 56.2 % | 57.4 % | 55.4 % | 55.2 % | |||||
Adjusted compensation expense ratios using adjusted | ||||||||||
revenues on pages 1 and 2 | ** | 52.8 % | 53.6 % | 52.0 % | 52.2 % | |||||
* | Reported fourth quarter 2024 compensation expense ratio was 1.2 pts lower than fourth quarter 2023. This ratio was primarily impacted by savings related to headcount controls, lower integration costs and acquisition related adjustments, as well as the benefit of higher interest income revenues earned on proceeds associated with the AssuredPartners Financing. These benefits were partially offset by higher workforce and lease termination costs and increased employee benefit costs. |
** | Adjusted fourth quarter 2024 compensation expense ratio was 0.8 pts lower compared to fourth quarter 2023. This ratio was primarily impacted by savings related to headcount controls and the benefit of higher interest income revenues earned on proceeds associated with the AssuredPartners Financing, partially offset by increased employee benefit costs. |
Operating Expense and Ratios | 4th Q 2024 | 4th Q 2023 | Year 2024 | Year 2023 | ||||||
Operating expense, as reported | $ 344.1 | $ 334.7 | $ 1,363.4 | $ 1,272.3 | ||||||
Acquisition integration | (14.7) | (25.9) | (83.8) | (97.1) | ||||||
Workforce and lease termination related charges | (4.3) | (1.6) | (10.8) | (7.4) | ||||||
Levelized foreign currency translation | - | (1.7) | - | 1.4 | ||||||
Operating expense, as adjusted | $ 325.1 | $ 305.5 | $ 1,268.8 | $ 1,169.2 | ||||||
Reported operating expense ratios using reported | ||||||||||
revenues on pages 1 and 2 | * | 15.0 % | 16.3 % | 13.7 % | 14.7 % | |||||
Adjusted operating expense ratios using adjusted | ||||||||||
revenues on pages 1 and 2 | ** | 14.2 % | 15.0 % | 12.8 % | 13.6 % | |||||
* | Reported fourth quarter 2024 operating expense ratio was 1.3 pts lower than fourth quarter 2023. This ratio was primarily impacted by lower integration costs, professional fees, marketing expenses, and travel and entertainment related costs, as well as savings in real estate expenses related to office consolidations. This ratio was also benefited by higher interest income revenues earned on proceeds associated with the AssuredPartners Financing. |
** | Adjusted fourth quarter 2024 operating expense ratio was 0.8 pts lower than fourth quarter 2023. This ratio was primarily impacted by lower professional fees, marketing expenses, and travel and entertainment related costs, as well as savings in real estate expenses related to office consolidations. This ratio was also benefited by higher interest income revenues earned on proceeds associated with the AssuredPartners Financing. |
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Brokerage Segment Reported GAAP to Adjusted Non-GAAP Reconciliations (continued) (dollars in millions):
Net Earnings to Adjusted EBITDAC (Non-GAAP) | 4th Q 2024 | 4th Q 2023 | Year 2024 | Year 2023 | ||||||
Net earnings, as reported | $ 317.3 | $ 24.8 | $ 1,685.7 | $ 1,169.4 | ||||||
Provision for income taxes | 107.7 | 10.8 | 573.6 | 401.6 | ||||||
Depreciation | 34.0 | 33.0 | 133.1 | 124.4 | ||||||
Amortization | 163.2 | 142.8 | 651.0 | 523.6 | ||||||
Change in estimated acquisition earnout payables | 38.5 | 328.5 | 25.6 | 376.8 | ||||||
EBITDAC | 660.7 | 539.9 | 3,069.0 | 2,595.8 | ||||||
Net (gains) losses on divestitures | 0.8 | (4.0) | (24.2) | (9.6) | ||||||
Acquisition integration | 39.2 | 67.3 | 190.2 | 243.7 | ||||||
Workforce and lease termination related charges | 30.9 | 9.3 | 118.9 | 63.4 | ||||||
Acquisition related adjustments | 28.7 | 34.4 | 121.2 | 69.3 | ||||||
Levelized foreign currency translation | - | (5.5) | - | (9.8) | ||||||
EBITDAC, as adjusted | $ 760.3 | $ 641.4 | $ 3,475.1 | $ 2,952.8 | ||||||
Net earnings margin, as reported using reported | ||||||||||
revenues on pages 1 and 2 | * | 13.8 % | 1.2 % | 17.0 % | 13.5 % | |||||
EBITDAC margin, as adjusted using adjusted | ||||||||||
revenues on pages 1 and 2 | * | 33.1 % | 31.4 % | 35.2 % | 34.2 % | |||||
* | Fourth quarter 2024 adjusted EBITDAC margin would be |
Risk Management Segment Reported GAAP to Adjusted Non-GAAP Reconciliations (dollars in millions):
Organic Revenues (Non-GAAP) | 4th Q 2024 | 4th Q 2023 | Year 2024 | Year 2023 | ||||||
Fees | $ 357.6 | $ 328.7 | $ 1,405.6 | $ 1,246.1 | ||||||
International performance bonus fees | 2.6 | 2.9 | 8.4 | 13.6 | ||||||
Fees as reported | 360.2 | 331.6 | 1,414.0 | 1,259.7 | ||||||
Less fees from acquisitions | (12.8) | - | (58.2) | - | ||||||
Less divested operations | - | (2.2) | - | (4.5) | ||||||
Levelized foreign currency translation | - | (1.6) | - | (1.0) | ||||||
Organic fees | $ 347.4 | $ 327.8 | $ 1,355.8 | $ 1,254.2 | ||||||
Organic change in fees | 6.0 % | 8.1 % | ||||||||
Acquisition Activity | 4th Q 2024 | 4th Q 2023 | Year 2024 | Year 2023 | ||||||
Number of acquisitions closed | 1 | 1 | 2 | 1 | ||||||
Estimated annualized revenues acquired (in millions) | $ 9.9 | $ 59.1 | $ 23.9 | $ 59.1 | ||||||
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Risk Management Segment Reported GAAP to Adjusted Non-GAAP Reconciliations (continued) (dollars in millions):
Compensation Expense and Ratios | 4th Q 2024 | 4th Q 2023 | Year 2024 | Year 2023 | |||||||
Compensation expense, as reported | $ 224.7 | $ 207.5 | $ 882.4 | $ 776.8 | |||||||
Acquisition integration | (0.6) | (0.2) | (1.6) | (1.0) | |||||||
Workforce and lease termination related charges | (1.6) | (0.6) | (4.4) | (2.0) | |||||||
Acquisition related adjustments | (0.1) | (0.2) | (0.3) | (0.5) | |||||||
Levelized foreign currency translation | - | (0.6) | - | (0.4) | |||||||
Compensation expense, as adjusted | $ 222.4 | $ 205.9 | $ 876.1 | $ 772.9 | |||||||
Reported compensation expense ratios using reported | |||||||||||
revenues (before reimbursements) on pages 1 and 2 | * | 60.8 % | 61.0 % | 60.8 % | 60.3 % | ||||||
Adjusted compensation expense ratios using adjusted | |||||||||||
revenues (before reimbursements) on pages 1 and 2 | ** | 60.2 % | 60.8 % | 60.4 % | 60.1 % | ||||||
* | Reported fourth quarter 2024 compensation expense ratio was 0.2 pts lower than fourth quarter 2023. This ratio was primarily impacted by savings related to headcount controls, partially offset by higher employee benefit, integration and workforce and lease termination costs. |
** | Adjusted fourth quarter 2024 compensation expense ratio was 0.6 pts lower than fourth quarter 2023. This ratio was primarily impacted by savings related to headcount controls, partially offset by higher employee benefit costs. |
Operating Expense and Ratios | 4th Q 2024 | 4th Q 2023 | Year 2024 | Year 2023 | |||||||
Operating expense, as reported | $ 72.2 | $ 62.7 | $ 278.7 | $ 257.4 | |||||||
Acquisition integration | (0.5) | - | (1.3) | - | |||||||
Workforce and lease termination related charges | (1.0) | (0.4) | (2.8) | (1.4) | |||||||
Levelized foreign currency translation | - | (0.2) | - | (0.1) | |||||||
Operating expense, as adjusted | $ 70.7 | $ 62.1 | $ 274.6 | $ 255.9 | |||||||
Reported operating expense ratios using reported | |||||||||||
revenues (before reimbursements) on pages 1 and 2 | * | 19.6 % | 18.4 % | 19.2 % | 20.0 % | ||||||
Adjusted operating expense ratios using reported | |||||||||||
revenues (before reimbursements) on pages 1 and 2 | ** | 19.1 % | 18.3 % | 18.9 % | 19.9 % | ||||||
* | Reported fourth quarter 2024 operating expense ratio was 1.2 pts higher than fourth quarter 2023. This ratio was primarily impacted by increased technology spend, business insurance, integration, and workforce and lease termination costs, partially offset by savings in client-related expenses. |
** | Adjusted fourth quarter 2024 operating expense ratio was 0.8 pts higher than fourth quarter 2023. This ratio was primarily driven by increased technology spend and business insurance costs, partially offset by savings in client-related expenses. |
Net Earnings to Adjusted EBITDAC (Non-GAAP) | 4th Q 2024 | 4th Q 2023 | Year 2024 | Year 2023 | ||||||
Net earnings, as reported | $ 42.8 | $ 42.3 | $ 174.5 | $ 154.0 | ||||||
Provision for income taxes | 15.5 | 15.2 | 63.1 | 55.3 | ||||||
Depreciation | 10.3 | 9.4 | 37.6 | 35.9 | ||||||
Amortization | 3.8 | 3.2 | 13.8 | 7.7 | ||||||
Change in estimated acquisition earnout payables | 0.1 | 0.1 | 0.4 | 0.5 | ||||||
EBITDAC | 72.5 | 70.2 | 289.4 | 253.4 | ||||||
Net (gains) on divestitures | (0.1) | (0.1) | (0.1) | (0.4) | ||||||
Acquisition integration | 1.1 | 0.2 | 2.9 | 1.0 | ||||||
Workforce and lease termination related charges | 2.6 | 1.0 | 7.2 | 3.4 | ||||||
Acquisition related adjustments | 0.1 | 0.2 | 0.3 | 0.5 | ||||||
Levelized foreign currency translation | - | (0.8) | - | (0.5) | ||||||
EBITDAC, as adjusted | $ 76.2 | $ 70.7 | $ 299.7 | $ 257.4 | ||||||
Net earnings margin, as reported using reported | ||||||||||
revenues (before reimbursements) on pages 1 and 2 | 11.6 % | 12.4 % | 12.0 % | 12.0 % | ||||||
EBITDAC margin, as adjusted using adjusted | ||||||||||
revenues (before reimbursements) on pages 1 and 2 | 20.6 % | 20.9 % | 20.7 % | 20.0 % | ||||||
. (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 | ||||||||
4th Quarter | Loss | Benefit | Interests | Loss | Benefit | Interests | |||||||
Components of Corporate Segment, as reported | |||||||||||||
Interest and banking costs | $ (93.7) | $ 24.4 | $ (69.3) | $ (79.2) | $ 20.6 | $ (58.6) | |||||||
Clean energy related (1) | 0.3 | (0.1) | 0.2 | (6.7) | 1.7 | (5.0) | |||||||
Acquisition costs (2) | (24.8) | 5.1 | (19.7) | (18.5) | 2.8 | (15.7) | |||||||
Corporate (3) (4) | (31.9) | 18.8 | (13.1) | (63.1) | 43.5 | (19.6) | |||||||
Reported 4th Quarter | (150.1) | 48.2 | (101.9) | (167.5) | 68.6 | (98.9) | |||||||
Adjustments | |||||||||||||
Clean energy related (1) | (2.3) | 0.6 | (1.7) | 4.4 | (1.1) | 3.3 | |||||||
Transaction-related costs (2) | 17.3 | (2.6) | 14.7 | 12.4 | (2.3) | 10.1 | |||||||
Legal and income tax related (3) | - | - | - | 22.0 | (18.6) | 3.4 | |||||||
Components of Corporate Segment, as adjusted | |||||||||||||
Interest and banking costs | (93.7) | 24.4 | (69.3) | (79.2) | 20.6 | (58.6) | |||||||
Clean energy related (1) | (2.0) | 0.5 | (1.5) | (2.3) | 0.6 | (1.7) | |||||||
Acquisition costs | (7.5) | 2.5 | (5.0) | (6.1) | 0.5 | (5.6) | |||||||
Corporate (4) | (31.9) | 18.8 | (13.1) | (41.1) | 24.9 | (16.2) | |||||||
Adjusted 4th Quarter | $ (135.1) | $ 46.2 | $ (88.9) | $ (128.7) | $ 46.6 | $ (82.1) | |||||||
Year Ended December 31, | |||||||||||||
Components of Corporate Segment, as reported | |||||||||||||
Interest and banking costs | $ (375.5) | $ 97.7 | $ (277.8) | $ (299.8) | $ 78.0 | $ (221.8) | |||||||
Clean energy related (1) | (5.7) | 1.3 | (4.4) | (15.5) | 4.0 | (11.5) | |||||||
Acquisition costs (2) | (52.0) | 9.7 | (42.3) | (42.1) | 6.4 | (35.7) | |||||||
Corporate (3) (4) | (188.9) | 123.6 | (65.3) | (228.0) | 149.4 | (78.6) | |||||||
Reported Year | (622.1) | 232.3 | (389.8) | (585.4) | 237.8 | (347.6) | |||||||
Adjustments | |||||||||||||
Clean energy related (1) | (2.3) | 0.6 | (1.7) | 4.4 | (1.1) | 3.3 | |||||||
Transaction-related costs (2) | 32.2 | (5.9) | 26.3 | 22.6 | (4.9) | 17.7 | |||||||
Legal and tax related (3) | - | 3.5 | 3.5 | 48.0 | (21.8) | 26.2 | |||||||
Components of Corporate Segment, as adjusted | |||||||||||||
Interest and banking costs | (375.5) | 97.7 | (277.8) | (299.8) | 78.0 | (221.8) | |||||||
Clean energy related (1) | (8.0) | 1.9 | (6.1) | (11.1) | 2.9 | (8.2) | |||||||
Acquisition costs | (19.8) | 3.8 | (16.0) | (19.5) | 1.5 | (18.0) | |||||||
Corporate (4) | (188.9) | 127.1 | (61.8) | (180.0) | 127.6 | (52.4) | |||||||
Adjusted Year | $ (592.2) | $ 230.5 | $ (361.7) | $ (510.4) | $ 210.0 | $ (300.4) | |||||||
(1) | Pretax loss for the fourth quarter is presented net of amounts attributable to noncontrolling interests of zero in 2024 and |
(2) | Gallagher incurred transaction-related costs, which include legal, consulting, employee compensation and other professional fees associated with completed, future and terminated acquisitions. Adjustments primarily relate to the acquisitions of the Willis Towers Watson treaty reinsurance brokerage operations, the acquisition of Buck, which closed in second quarter 2023, the acquisitions of Cadence Insurance, Eastern Insurance Group and My Plan Manager, all of which closed in fourth quarter 2023, and the pending acquisition of AssuredPartners. |
(3) | Adjustments in fourth quarter 2023 include costs associated with legal and tax matters as well as the impact of tax planning items associated with 2022 tax returns filed in fourth quarter 2023. |
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(4) | Corporate pretax loss includes a net unrealized foreign exchange remeasurement gain of |
Interest and banking costs and debt - At December 31, 2024, Gallagher had
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
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 December 31, 2024 and 2023 were
Webcast Conference Call - Gallagher will host a webcast conference call on Thursday, January 30, 2025 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
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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; geo-economic fragmentation and protectionism such as tariffs, trade wars or similar governmental actions affecting the flows of goods, services or currency; potential
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, its subsequently filed Quarterly Reports on Form 10-Q and its Form 8-K filed on December 11, 2024 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.
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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 associated with completed, future and terminated acquisitions. Costs primarily relate to the acquisitions of the Willis Towers Watson treaty reinsurance brokerage operations, Buck, Cadence Insurance, Eastern Insurance Group and My Plan Manager and the pending acquisition of AssuredPartners. 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 (a) adjustments in fourth quarter 2023 related to costs associated with legal and tax matters, as well as costs associated with the impact of tax items associated with 2022 tax returns filed in October 2023, and (b) 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.
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- 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).
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Arthur J. Gallagher & Co. | ||||||||
Reported Statement of Earnings and EBITDAC - 4th Quarter December 31, | ||||||||
(Unaudited - in millions except per share, percentage and workforce data) | ||||||||
4th Q Ended | 4th Q Ended | Year Ended | Year Ended | |||||
Brokerage Segment | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2024 | Dec 31, 2023 | ||||
Commissions | $ 1,500.6 | $ 1,326.0 | $ 6,693.8 | $ 5,865.0 | ||||
Fees | 523.1 | 470.8 | 2,192.6 | 1,885.0 | ||||
Supplemental revenues | 97.7 | 90.6 | 359.4 | 314.2 | ||||
Contingent revenues | 52.5 | 55.4 | 267.6 | 235.3 | ||||
Interest income, premium finance revenues and other income | 122.3 | 108.7 | 420.4 | 337.7 | ||||
Total revenues | 2,296.2 | 2,051.5 | 9,933.8 | 8,637.2 | ||||
Compensation | 1,291.4 | 1,176.9 | 5,501.4 | 4,769.1 | ||||
Operating | 344.1 | 334.7 | 1,363.4 | 1,272.3 | ||||
Depreciation | 34.0 | 33.0 | 133.1 | 124.4 | ||||
Amortization | 163.2 | 142.8 | 651.0 | 523.6 | ||||
Change in estimated acquisition earnout payables | 38.5 | 328.5 | 25.6 | 376.8 | ||||
Expenses | 1,871.2 | 2,015.9 | 7,674.5 | 7,066.2 | ||||
Earnings before income taxes | 425.0 | 35.6 | 2,259.3 | 1,571.0 | ||||
Provision for income taxes | 107.7 | 10.8 | 573.6 | 401.6 | ||||
Net earnings | 317.3 | 24.8 | 1,685.7 | 1,169.4 | ||||
Net earnings (loss) attributable to noncontrolling interests | (0.1) | 0.4 | 7.7 | 6.3 | ||||
Net earnings attributable to controlling interests | $ 317.4 | $ 24.4 | $ 1,678.0 | $ 1,163.1 | ||||
EBITDAC | ||||||||
Net earnings | $ 317.3 | $ 24.8 | $ 1,685.7 | $ 1,169.4 | ||||
Provision for income taxes | 107.7 | 10.8 | 573.6 | 401.6 | ||||
Depreciation | 34.0 | 33.0 | 133.1 | 124.4 | ||||
Amortization | 163.2 | 142.8 | 651.0 | 523.6 | ||||
Change in estimated acquisition earnout payables | 38.5 | 328.5 | 25.6 | 376.8 | ||||
EBITDAC | $ 660.7 | $ 539.9 | $ 3,069.0 | $ 2,595.8 | ||||
4th Q Ended | 4th Q Ended | Year Ended | Year Ended | |||||
Risk Management Segment | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2024 | Dec 31, 2023 | ||||
Fees | $ 360.2 | $ 331.6 | $ 1,414.0 | $ 1,259.7 | ||||
Interest income and other income | 9.2 | 8.8 | 36.5 | 27.9 | ||||
Revenues before reimbursements | 369.4 | 340.4 | 1,450.5 | 1,287.6 | ||||
Reimbursements | 36.0 | 38.8 | 154.3 | 145.4 | ||||
Total revenues | 405.4 | 379.2 | 1,604.8 | 1,433.0 | ||||
Compensation | 224.7 | 207.5 | 882.4 | 776.8 | ||||
Operating | 72.2 | 62.7 | 278.7 | 257.4 | ||||
Reimbursements | 36.0 | 38.8 | 154.3 | 145.4 | ||||
Depreciation | 10.3 | 9.4 | 37.6 | 35.9 | ||||
Amortization | 3.8 | 3.2 | 13.8 | 7.7 | ||||
Change in estimated acquisition earnout payables | 0.1 | 0.1 | 0.4 | 0.5 | ||||
Expenses | 347.1 | 321.7 | 1,367.2 | 1,223.7 | ||||
Earnings before income taxes | 58.3 | 57.5 | 237.6 | 209.3 | ||||
Provision for income taxes | 15.5 | 15.2 | 63.1 | 55.3 | ||||
Net earnings | 42.8 | 42.3 | 174.5 | 154.0 | ||||
Net earnings attributable to noncontrolling interests | - | - | - | - | ||||
Net earnings attributable to controlling interests | $ 42.8 | $ 42.3 | $ 174.5 | $ 154.0 | ||||
EBITDAC | ||||||||
Net earnings | $ 42.8 | $ 42.3 | $ 174.5 | $ 154.0 | ||||
Provision for income taxes | 15.5 | 15.2 | 63.1 | 55.3 | ||||
Depreciation | 10.3 | 9.4 | 37.6 | 35.9 | ||||
Amortization | 3.8 | 3.2 | 13.8 | 7.7 | ||||
Change in estimated acquisition earnout payables | 0.1 | 0.1 | 0.4 | 0.5 | ||||
EBITDAC | $ 72.5 | $ 70.2 | $ 289.4 | $ 253.4 | ||||
See "Information Regarding Non-GAAP Measures" beginning on page 9 of 15. | ||||||||
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Arthur J. Gallagher & Co. | ||||||||
Reported Statement of Earnings and EBITDAC - 4th Quarter December 31, | ||||||||
(Unaudited - in millions except share and per share data) | ||||||||
4th Q Ended | 4th Q Ended | Year Ended | Year Ended | |||||
Corporate Segment | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2024 | Dec 31, 2023 | ||||
Other income | $ 14.4 | $ 1.2 | $ 16.3 | $ 1.7 | ||||
Total revenues | 14.4 | 1.2 | 16.3 | 1.7 | ||||
Compensation | 38.3 | 43.8 | 138.5 | 135.3 | ||||
Operating | 22.6 | 53.2 | 111.8 | 160.0 | ||||
Interest | 101.9 | 78.2 | 381.3 | 296.7 | ||||
Depreciation | 1.7 | 1.3 | 6.8 | 4.9 | ||||
Expenses | 164.5 | 176.5 | 638.4 | 596.9 | ||||
Loss before income taxes | (150.1) | (175.3) | (622.1) | (595.2) | ||||
Benefit for income taxes | (48.2) | (68.6) | (232.3) | (237.8) | ||||
Net loss | (101.9) | (106.7) | (389.8) | (357.4) | ||||
Net loss attributable to noncontrolling interests | - | (7.8) | - | (9.8) | ||||
Net loss attributable to controlling interests | $ (101.9) | $ (98.9) | $ (389.8) | $ (347.6) | ||||
EBITDAC | ||||||||
Net loss | $ (101.9) | $ (106.7) | $ (389.8) | $ (357.4) | ||||
Benefit for income taxes | (48.2) | (68.6) | (232.3) | (237.8) | ||||
Interest | 101.9 | 78.2 | 381.3 | 296.7 | ||||
Depreciation | 1.7 | 1.3 | 6.8 | 4.9 | ||||
EBITDAC | $ (46.5) | $ (95.8) | $ (234.0) | $ (293.6) | ||||
4th Q Ended | 4th Q Ended | Year Ended | Year Ended | |||||
Total Company | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2024 | Dec 31, 2023 | ||||
Commissions | $ 1,500.6 | $ 1,326.0 | $ 6,693.8 | $ 5,865.0 | ||||
Fees | 883.3 | 802.4 | 3,606.6 | 3,144.7 | ||||
Supplemental revenues | 97.7 | 90.6 | 359.4 | 314.2 | ||||
Contingent revenues | 52.5 | 55.4 | 267.6 | 235.3 | ||||
Interest income, premium finance revenues and other income | 145.9 | 118.7 | 473.2 | 367.3 | ||||
Revenues before reimbursements | 2,680.0 | 2,393.1 | 11,400.6 | 9,926.5 | ||||
Reimbursements | 36.0 | 38.8 | 154.3 | 145.4 | ||||
Total revenues | 2,716.0 | 2,431.9 | 11,554.9 | 10,071.9 | ||||
Compensation | 1,554.4 | 1,428.2 | 6,522.3 | 5,681.2 | ||||
Operating | 438.9 | 450.6 | 1,753.9 | 1,689.7 | ||||
Reimbursements | 36.0 | 38.8 | 154.3 | 145.4 | ||||
Interest | 101.9 | 78.2 | 381.3 | 296.7 | ||||
Depreciation | 46.0 | 43.7 | 177.5 | 165.2 | ||||
Amortization | 167.0 | 146.0 | 664.8 | 531.3 | ||||
Change in estimated acquisition earnout payables | 38.6 | 328.6 | 26.0 | 377.3 | ||||
Expenses | 2,382.8 | 2,514.1 | 9,680.1 | 8,886.8 | ||||
Earnings (loss) before income taxes | 333.2 | (82.2) | 1,874.8 | 1,185.1 | ||||
Provision (benefit) for income taxes | 75.0 | (42.6) | 404.4 | 219.1 | ||||
Net earnings (loss) | 258.2 | (39.6) | 1,470.4 | 966.0 | ||||
Net earnings (loss) attributable to noncontrolling interests | (0.1) | (7.4) | 7.7 | (3.5) | ||||
Net earnings (loss) attributable to controlling interests | $ 258.3 | $ (32.2) | $ 1,462.7 | $ 969.5 | ||||
Diluted net earnings (loss) per share | $ 1.12 | $ (0.15) | $ 6.50 | $ 4.42 | ||||
Dividends declared per share | $ 0.60 | $ 0.55 | $ 2.40 | $ 2.20 | ||||
EBITDAC | ||||||||
Net earnings (loss) | $ 258.2 | $ (39.6) | $ 1,470.4 | $ 966.0 | ||||
Provision (benefit) for income taxes | 75.0 | (42.6) | 404.4 | 219.1 | ||||
Interest | 101.9 | 78.2 | 381.3 | 296.7 | ||||
Depreciation | 46.0 | 43.7 | 177.5 | 165.2 | ||||
Amortization | 167.0 | 146.0 | 664.8 | 531.3 | ||||
Change in estimated acquisition earnout payables | 38.6 | 328.6 | 26.0 | 377.3 | ||||
EBITDAC | $ 686.7 | $ 514.3 | $ 3,124.4 | $ 2,555.6 | ||||
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) | ||||
Dec 31, 2024 | Dec 31, 2023 | |||
Cash and cash equivalents | $ 14,987.3 | $ 971.5 | ||
Fiduciary assets (includes fiduciary cash of | 24,712.1 | 26,907.9 | ||
Accounts receivable, net | 3,895.9 | 3,786.6 | ||
Other current assets | 518.0 | 450.1 | ||
Total current assets | 44,113.3 | 32,116.1 | ||
Fixed assets - net | 650.3 | 726.4 | ||
Deferred income taxes (includes tax credit carryforwards of | 959.1 | 1,132.3 | ||
Other noncurrent assets | 1,354.4 | 1,131.8 | ||
Right-of-use assets | 377.8 | 400.3 | ||
Goodwill | 12,270.2 | 11,475.6 | ||
Amortizable intangible assets - net | 4,530.1 | 4,633.3 | ||
Total assets | $ 64,255.2 | $ 51,615.8 | ||
Fiduciary liabilities | $ 24,712.1 | $ 26,907.9 | ||
Accrued compensation and other current liabilities | 3,586.3 | 2,553.1 | ||
Deferred revenue - current | 537.2 | 644.7 | ||
Premium financing debt | 225.2 | 289.0 | ||
Corporate related borrowings - current | 200.0 | 670.0 | ||
Total current liabilities | 29,260.8 | 31,064.7 | ||
Corporate related borrowings - noncurrent | 12,731.9 | 7,006.0 | ||
Deferred revenue - noncurrent | 67.1 | 61.5 | ||
Lease liabilities - noncurrent | 328.1 | 352.2 | ||
Other noncurrent liabilities | 1,687.7 | 2,316.1 | ||
Total liabilities | 44,075.6 | 40,800.5 | ||
Stockholders' equity: | ||||
Common stock - issued and outstanding | 250.0 | 216.7 | ||
Capital in excess of par value | 16,068.9 | 7,297.8 | ||
Retained earnings | 4,985.7 | 4,052.9 | ||
Accumulated other comprehensive loss | (1,151.1) | (792.1) | ||
Total controlling interests stockholders' equity | 20,153.5 | 10,775.3 | ||
Noncontrolling interests | 26.1 | 40.0 | ||
Total stockholders' equity | 20,179.6 | 10,815.3 | ||
Total liabilities and stockholders' equity | $ 64,255.2 | $ 51,615.8 | ||
Arthur J. Gallagher & Co. | ||||||||
Other Information | ||||||||
(Unaudited - data is rounded where indicated) | ||||||||
4th Q Ended | 4th Q Ended | Year Ended | Year Ended | |||||
OTHER INFORMATION | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2024 | Dec 31, 2023 | ||||
Basic weighted average shares outstanding (000s) | 226,425 | 216,326 | 220,502 | 214,934 | ||||
Diluted weighted average shares outstanding (000s) | 231,059 | 221,104 | 224,966 | 219,358 | ||||
Number of common shares outstanding at end of period (000s) | * | 249,999 | 216,686 | |||||
Workforce at end of period (includes acquisitions): | ||||||||
Brokerage | 42,091 | 39,337 | ||||||
Risk Management | 10,339 | 9,747 | ||||||
Total Company | 55,977 | 52,118 | ||||||
* Gallagher completed a follow on public offering of 30,357,143 shares of its common stock on December 11, 2024, intended to fund a portion of the pending acquisition of AssuredPartners. |
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 | |||||||
4th Q Ended December 31, 2024 | ||||||||||||
Brokerage, as reported | $ 425.0 | $ 107.7 | $ 317.3 | $ (0.1) | $ 317.4 | $ 1.37 | ||||||
Net losses on divestitures | 0.8 | 0.2 | 0.6 | - | 0.6 | - | ||||||
Acquisition integration | 39.2 | 10.0 | 29.2 | - | 29.2 | 0.13 | ||||||
Workforce and lease termination | 30.9 | 7.9 | 23.0 | - | 23.0 | 0.10 | ||||||
Acquisition related adjustments | 53.2 | 13.6 | 39.6 | - | 39.6 | 0.17 | ||||||
Amortization of intangible assets | 163.2 | 41.6 | 121.6 | - | 121.6 | 0.53 | ||||||
Brokerage, as adjusted | $ 712.3 | $ 181.0 | $ 531.3 | $ (0.1) | $ 531.4 | $ 2.30 | ||||||
Risk Management, as reported | $ 58.3 | $ 15.5 | $ 42.8 | $ - | $ 42.8 | $ 0.19 | ||||||
Net (gains) on divestitures | (0.1) | - | (0.1) | - | (0.1) | - | ||||||
Acquisition integration | 1.1 | 0.3 | 0.8 | - | 0.8 | - | ||||||
Workforce and lease termination | 3.5 | 1.0 | 2.5 | - | 2.5 | 0.01 | ||||||
Acquisition related adjustments | 0.1 | - | 0.1 | - | 0.1 | - | ||||||
Amortization of intangible assets | 3.8 | 1.1 | 2.7 | - | 2.7 | 0.01 | ||||||
Risk Management, as adjusted | $ 66.7 | $ 17.9 | $ 48.8 | $ - | $ 48.8 | $ 0.21 | ||||||
Corporate, as reported | $ (150.1) | $ (48.2) | $ (101.9) | $ - | $ (101.9) | $ (0.44) | ||||||
Transaction-related costs | 17.3 | 2.6 | 14.7 | - | 14.7 | 0.06 | ||||||
Clean energy-related | (2.3) | (0.6) | (1.7) | - | (1.7) | - | ||||||
Corporate, as adjusted | $ (135.1) | $ (46.2) | $ (88.9) | $ - | $ (88.9) | $ (0.38) | ||||||
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 | |||||||
4th Q Ended December 31, 2023 | ||||||||||||
Brokerage, as reported | $ 35.6 | $ 10.8 | $ 24.8 | $ 0.4 | $ 24.4 | $ 0.11 | ||||||
Net (gains) on divestitures | (4.0) | (1.0) | (3.0) | - | (3.0) | (0.02) | ||||||
Acquisition integration | 67.3 | 16.7 | 50.6 | - | 50.6 | 0.23 | ||||||
Workforce and lease termination | 9.5 | 2.4 | 7.1 | - | 7.1 | 0.03 | ||||||
Acquisition related adjustments | 343.9 | 85.7 | 258.2 | - | 258.2 | 1.17 | ||||||
Amortization of intangible assets | 142.8 | 35.4 | 107.4 | - | 107.4 | 0.49 | ||||||
Effective income tax rate impact | - | 1.4 | (1.4) | - | (1.4) | (0.01) | ||||||
Levelized foreign currency translation | (5.5) | (1.4) | (4.1) | - | (4.1) | (0.02) | ||||||
Brokerage, as adjusted | $ 589.6 | $ 150.0 | $ 439.6 | $ 0.4 | $ 439.2 | $ 1.98 | ||||||
Risk Management, as reported | $ 57.5 | $ 15.2 | $ 42.3 | $ - | $ 42.3 | $ 0.19 | ||||||
Net (gains) on divestitures | (0.1) | - | (0.1) | - | (0.1) | - | ||||||
Acquisition integration | 0.2 | - | 0.2 | - | 0.2 | - | ||||||
Workforce and lease termination | 1.0 | 0.2 | 0.8 | - | 0.8 | - | ||||||
Acquisition related adjustments | 0.2 | 0.1 | 0.1 | - | 0.1 | - | ||||||
Amortization of intangible assets | 3.2 | 0.9 | 2.3 | - | 2.3 | 0.02 | ||||||
Levelized foreign currency translation | (0.7) | (0.2) | (0.5) | - | (0.5) | - | ||||||
Risk Management, as adjusted | $ 61.3 | $ 16.2 | $ 45.1 | $ - | $ 45.1 | $ 0.21 | ||||||
Corporate, as reported | $ (175.3) | $ (68.6) | $ (106.7) | $ (7.8) | $ (98.9) | $ (0.45) | ||||||
Transaction-related costs | 12.4 | 2.3 | 10.1 | - | 10.1 | 0.05 | ||||||
Legal and tax related | 22.0 | 18.6 | 3.4 | - | 3.4 | 0.02 | ||||||
Clean energy related | 12.0 | 1.1 | 10.9 | 7.6 | 3.3 | 0.01 | ||||||
Corporate, as adjusted | $ (128.9) | $ (46.6) | $ (82.3) | $ (0.2) | $ (82.1) | $ (0.37) | ||||||
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 | |||||||
Year Ended December 31, 2024 | ||||||||||||
Brokerage, as reported | $ 2,259.3 | $ 573.6 | $ 1,685.7 | $ 7.7 | $ 1,678.0 | $ 7.46 | ||||||
Net (gains) on divestitures | (24.2) | (6.2) | (18.0) | - | (18.0) | (0.08) | ||||||
Acquisition integration | 190.2 | 48.3 | 141.9 | - | 141.9 | 0.63 | ||||||
Workforce and lease termination | 118.9 | 30.3 | 88.6 | - | 88.6 | 0.39 | ||||||
Acquisition related adjustments | 85.5 | 21.6 | 63.9 | (3.0) | 66.9 | 0.28 | ||||||
Amortization of intangible assets | 651.0 | 165.2 | 485.8 | - | 485.8 | 2.16 | ||||||
Brokerage, as adjusted | $ 3,280.7 | $ 832.8 | $ 2,447.9 | $ 4.7 | $ 2,443.2 | $ 10.84 | ||||||
Risk Management, as reported | $ 237.6 | $ 63.1 | $ 174.5 | $ - | $ 174.5 | $ 0.78 | ||||||
Net (gains) on divestitures | (0.1) | - | (0.1) | - | (0.1) | - | ||||||
Acquisition integration | 2.9 | 0.8 | 2.1 | - | 2.1 | 0.01 | ||||||
Workforce and lease termination | 8.1 | 2.2 | 5.9 | - | 5.9 | 0.03 | ||||||
Acquisition related adjustments | 0.3 | 0.1 | 0.2 | - | 0.2 | - | ||||||
Amortization of intangible assets | 13.8 | 3.9 | 9.9 | - | 9.9 | 0.04 | ||||||
Risk Management, as adjusted | $ 262.6 | $ 70.1 | $ 192.5 | $ - | $ 192.5 | $ 0.86 | ||||||
Corporate, as reported | $ (622.1) | $ (232.3) | $ (389.8) | $ - | $ (389.8) | $ (1.74) | ||||||
Transaction-related costs | 32.2 | 5.9 | 26.3 | - | 26.3 | 0.12 | ||||||
Legal and tax related | - | (3.5) | 3.5 | - | 3.5 | 0.02 | ||||||
Clean energy-related | (2.3) | (0.6) | (1.7) | - | (1.7) | (0.01) | ||||||
Corporate, as adjusted | $ (592.2) | $ (230.5) | $ (361.7) | $ - | $ (361.7) | $ (1.61) | ||||||
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 | |||||||
Year Ended December 31, 2023 | ||||||||||||
Brokerage, as reported | $ 1,571.0 | $ 401.6 | $ 1,169.4 | $ 6.3 | $ 1,163.1 | $ 5.30 | ||||||
Net (gains) on divestitures | (9.6) | (2.4) | (7.2) | - | (7.2) | (0.03) | ||||||
Acquisition integration | 243.7 | 59.2 | 184.5 | - | 184.5 | 0.84 | ||||||
Workforce and lease termination | 63.8 | 15.8 | 48.0 | - | 48.0 | 0.22 | ||||||
Acquisition related adjustments | 370.5 | 91.7 | 278.8 | - | 278.8 | 1.27 | ||||||
Amortization of intangible assets | 523.6 | 131.3 | 392.3 | - | 392.3 | 1.79 | ||||||
Effective income tax rate impact | - | 4.9 | (4.9) | - | (4.9) | (0.02) | ||||||
Levelized foreign currency translation | (10.9) | (2.6) | (8.3) | - | (8.3) | (0.04) | ||||||
Brokerage, as adjusted | $ 2,752.1 | $ 699.5 | $ 2,052.6 | $ 6.3 | $ 2,046.3 | $ 9.33 | ||||||
Risk Management, as reported | $ 209.3 | $ 55.3 | $ 154.0 | $ - | $ 154.0 | $ 0.70 | ||||||
Net (gains) on divestitures | (0.4) | (0.1) | (0.3) | - | (0.3) | - | ||||||
Workforce and lease termination | 3.4 | 0.9 | 2.5 | - | 2.5 | 0.01 | ||||||
Acquisition related adjustments | 0.5 | 0.1 | 0.4 | - | 0.4 | - | ||||||
Acquisition integration | 1.0 | 0.3 | 0.7 | - | 0.7 | - | ||||||
Amortization of intangible assets | 7.7 | 2.1 | 5.6 | - | 5.6 | 0.03 | ||||||
Levelized foreign currency translation | (0.3) | (0.1) | (0.2) | - | (0.2) | - | ||||||
Risk Management, as adjusted | $ 221.2 | $ 58.5 | $ 162.7 | $ - | $ 162.7 | $ 0.74 | ||||||
Corporate, as reported | $ (595.2) | $ (237.8) | $ (357.4) | $ (9.8) | $ (347.6) | $ (1.58) | ||||||
Transaction-related costs | 22.6 | 4.9 | 17.7 | - | 17.7 | 0.08 | ||||||
Legal and tax related | 48.0 | 21.8 | 26.2 | - | 26.2 | 0.12 | ||||||
Clean energy related | 12.0 | 1.1 | 10.9 | 7.6 | 3.3 | 0.01 | ||||||
Corporate, as adjusted | $ (512.6) | $ (210.0) | $ (302.6) | $ (2.2) | $ (300.4) | $ (1.37) | ||||||
See "Information Regarding Non-GAAP Measures" on page 9 of 15. | ||||||||||||
Contact:
Ray Iardella
Vice President - Investor Relations
630-285-3661 or ray_iardella@ajg.com
(15 of 15)
View original content:https://www.prnewswire.com/news-releases/arthur-j-gallagher--co-announces-fourth-quarter-and-full-year-2024-financial-results-302364670.html
SOURCE Arthur J. Gallagher & Co.
FAQ
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