Cash flow Arthur J. Gallagher & Co.

Equities

AJG

US3635761097

Multiline Insurance & Brokers

Market Closed - Nyse Other stock markets 04:00:02 2025-01-17 pm EST			5-day change	1st Jan Change
294.82 ^USD	-0.33%		+2.72%	+3.86%

Jan. 16	Gallagher Appoints Ajit Horra as New CEO for Its Indian Operations	CI
Jan. 10	Arthur J. Gallagher Acquires Wealth Management Partners	MT

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Published financial data: ARTHUR J. GALLAGHER & CO.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues	6.9B	6.78B	7.97B	8.27B	9.56B
Other Revenues, Total	-	-400K	500K	700K	-
Total Revenues	6.9B	6.78B	7.97B	8.27B	9.56B
Cost of Goods Sold, Total	4.62B	4.27B	5.03B	4.63B	5.41B
Gross Profit	2.28B	2.51B	2.94B	3.64B	4.15B
Selling General & Admin Expenses, Total	1.03B	878M	1.01B	1.21B	1.55B
Depreciation & Amortization - (IS)	140M	145M	151M	145M	165M
Amortization of Goodwill and Intangible Assets - (IS)	334M	366M	398M	453M	528M
Other Operating Expenses	0	0	0	0	-367M
Other Operating Expenses, Total	1.51B	1.39B	1.56B	1.81B	1.88B
Operating Income	769M	1.12B	1.38B	1.83B	2.28B
Interest Expense, Total	-180M	-196M	-226M	-257M	-297M
Interest And Investment Income	86.9M	75.9M	83.1M	136M	-
Net Interest Expenses	-92.9M	-120M	-143M	-121M	-297M
Income (Loss) On Equity Invest.	-	-	-	-	-
Other Non Operating Income (Expenses)	-	-	-	-	-
EBT, Excl. Unusual Items	676M	1B	1.24B	1.71B	1.98B
Restructuring Charges	-52.7M	-51.8M	-27.7M	-55.3M	-66.8M
Merger & Related Restructuring Charges	-37.8M	-34.5M	-72.5M	-210M	-278M
Impairment of Goodwill	-	-	-1M	-	-
Gain (Loss) On Sale Of Investments	-	-	-	-	-
Gain (Loss) On Sale Of Assets	75.3M	-5.8M	18.9M	13M	-
Asset Writedown	-100K	-51.7M	-16.6M	-2M	-3.5M
Legal Settlements	-	-	-	-	-
Other Unusual Items	-35M	13.7M	-164M	-130M	-447M
EBT, Incl. Unusual Items	626M	871M	975M	1.33B	1.19B
Income Tax Expense	-89.7M	12.8M	20.1M	211M	219M
Earnings From Continuing Operations	716M	858M	955M	1.12B	966M
Net Income to Company	716M	858M	955M	1.12B	966M
Minority Interest	-47M	-39.3M	-48.2M	-1.8M	3.5M
Net Income - (IS)	669M	819M	907M	1.11B	970M
Net Income to Common Incl Extra Items	669M	819M	907M	1.11B	970M
Net Income to Common Excl. Extra Items	669M	819M	907M	1.11B	970M
Per Share Items
Net EPS - Basic	3.6	4.29	4.47	5.3	4.51
Basic EPS - Continuing Operations	3.6	4.29	4.47	5.3	4.51
Basic Weighted Average Shares Outstanding	186M	191M	203M	210M	215M
Net EPS - Diluted	3.52	4.2	4.37	5.19	4.42
Diluted EPS - Continuing Operations	3.52	4.2	4.37	5.19	4.42
Diluted Weighted Average Shares Outstanding	190M	195M	207M	215M	219M
Normalized Basic EPS	2.02	3.07	3.58	5.08	5.78
Normalized Diluted EPS	1.98	3.01	3.5	4.98	5.66
Dividend Per Share	1.72	1.8	1.92	2.04	2.2
Payout Ratio	48.01	42.43	43.23	38.55	48.85
American Depositary Receipts Ratio (ADR)	0.5	0.5	0.5	0.5	0.5
Supplemental Items
EBITDA	1.24B	1.63B	1.93B	2.43B	2.97B
EBITA	1.1B	1.49B	1.78B	2.29B	2.81B
EBIT	769M	1.12B	1.38B	1.83B	2.28B
EBITDAR	1.39B	1.79B	2.08B	2.61B	3.15B
Total Revenues (As Reported)	7.2B	7B	8.21B	8.55B	10.07B
Effective Tax Rate - (Ratio)	-14.33	1.47	2.06	15.9	18.49
Current Domestic Taxes	14.9M	80.2M	95.2M	223M	-36.8M
Current Foreign Taxes	66.6M	94.6M	109M	197M	213M
Total Current Taxes	81.5M	175M	204M	420M	176M
Deferred Domestic Taxes	-148M	-132M	-163M	-87M	156M
Deferred Foreign Taxes	-22.7M	-30.3M	-20.7M	-122M	-113M
Total Deferred Taxes	-171M	-162M	-184M	-209M	43.1M
Normalized Net Income	376M	586M	725M	1.07B	1.24B
Non-Cash Pension Expense	2M	-2.2M	-5.4M	-9.9M	1.4M
Supplemental Operating Expense Items
Net Rental Expense, Total	147M	153M	152M	175M	182M
Imputed Operating Lease Interest Expense	48.54M	47.97M	47.36M	55.02M	58.35M
Imputed Operating Lease Depreciation	98.36M	105M	105M	120M	124M
Stock-Based Comp., COGS (Total)	78M	82.6M	110M	126M	165M
Total Stock-Based Compensation	78M	82.6M	110M	126M	165M

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	605M	665M	403M	342M	972M
Total Cash And Short Term Investments	605M	665M	403M	342M	972M
Accounts Receivable, Total	5.89B	6.89B	12.39B	16.98B	3.79B
Notes Receivable	388M	443M	510M	546M	-
Total Receivables	6.28B	7.34B	12.9B	17.53B	3.79B
Prepaid Expenses	116M	112M	172M	197M	-
Deferred Tax Assets Current	-	-	-	-	-
Restricted Cash	2.02B	2.91B	4.06B	4.62B	-
Other Current Assets, Total	98.3M	102M	130M	144M	27.36B
Total Current Assets	9.12B	11.12B	17.67B	22.83B	32.12B
Gross Property Plant And Equipment	1.45B	1.55B	1.67B	1.81B	2.15B
Accumulated Depreciation	-592M	-729M	-808M	-886M	-1.02B
Net Property Plant And Equipment	861M	825M	859M	923M	1.13B
Long-term Investments	45.4M	22.4M	8.9M	56.6M	-
Goodwill	5.62B	6.13B	8.67B	9.49B	11.48B
Other Intangibles, Total	2.32B	2.4B	3.95B	3.37B	4.63B
Deferred Tax Assets Long-Term	946M	1.09B	1.23B	1.3B	1.13B
Other Long-Term Assets, Total	728M	748M	958M	933M	1.13B
Total Assets	19.63B	22.33B	33.34B	38.91B	51.62B
Liabilities
Accounts Payable, Total	6.35B	7.78B	13.85B	18.7B	-
Accrued Expenses, Total	1.23B	1.45B	1.81B	1.99B	2.46B
Short-term Borrowings	171M	204M	228M	242M	295M
Current Portion of Long-Term Debt	645M	130M	246M	310M	670M
Current Portion of Leases	86.4M	88.8M	82.7M	82.4M	84.2M
Unearned Revenue Current, Total	434M	476M	521M	547M	645M
Deferred Tax Liability Current	-	-	-	-	-
Other Current Liabilities	1.8M	600K	1.3M	18.5M	26.91B
Total Current Liabilities	8.92B	10.14B	16.74B	21.89B	31.06B
Long-Term Debt	3.84B	4.28B	5.82B	5.56B	7.01B
Long-Term Leases	341M	321M	309M	300M	352M
Unearned Revenue Non Current	69.7M	65.7M	58.7M	62.6M	61.5M
Pension & Other Post Retirement Benefits	30.7M	27.8M	-	-	-
Deferred Tax Liability Non Current	128M	107M	166M	92.4M	130M
Other Non Current Liabilities	1.09B	1.17B	1.69B	1.81B	2.19B
Total Liabilities	14.42B	16.1B	24.78B	29.72B	40.8B
Common Stock, Total	188M	194M	208M	212M	217M
Additional Paid In Capital	3.83B	4.26B	6.14B	6.51B	7.3B
Retained Earnings	1.9B	2.37B	2.88B	3.56B	4.05B
Comprehensive Income and Other	-760M	-644M	-726M	-1.14B	-792M
Total Common Equity	5.16B	6.19B	8.51B	9.14B	10.78B
Minority Interest	60M	46.5M	51.7M	46.6M	40M
Total Equity	5.22B	6.23B	8.56B	9.19B	10.82B
Total Liabilities And Equity	19.63B	22.33B	33.34B	38.91B	51.62B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	188M	194M	209M	212M	217M
ECS Total Common Shares Outstanding	188M	194M	208M	212M	217M
Book Value / Share	27.41	31.94	40.81	43.15	49.72
Tangible Book Value	-2.78B	-2.34B	-4.11B	-3.72B	-5.33B
Tangible Book Value Per Share	-14.79	-12.08	-19.72	-17.55	-24.61
Total Debt	5.08B	5.02B	6.69B	6.5B	8.41B
Net Debt	4.48B	4.36B	6.29B	6.16B	7.44B
Debt Equivalent of Unfunded Proj. Benefit Obligation	30.7M	27.8M	-2.9M	-600K	-12.9M
Debt Equivalent Oper. Leases	1.18B	1.22B	1.22B	1.4B	1.46B
Minority Interest, Total (Incl. Fin. Div)	60M	46.5M	51.7M	46.6M	40M
Equity Method Investments, Total	6M	6M	-	-	-
Account Code - Inventory Valuation	3	3	3	3	3
Land - (BS)	145M	145M	145M	145M	169M
Machinery, Total	335M	386M	420M	470M	540M
Full Time Employees	33.25K	32.4K	39K	44K	52K
Accumulated Allowance for Doubtful Accounts (Supple)	8.7M	10.1M	8.3M	11.1M	23M

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	669M	819M	907M	1.11B	970M
Depreciation & Amortization - CF	140M	145M	151M	145M	165M
Amortization of Goodwill and Intangible Assets - (CF)	334M	366M	398M	453M	528M
Depreciation & Amortization, Total	474M	511M	549M	598M	693M
Minority Interest in Earnings - (CF)	-	-	-	-	-
(Gain) Loss on Sale of Investments - (CF)	-72M	6.3M	-17M	-11M	-8.4M
Asset Writedown & Restructuring Costs	100K	51.7M	17.6M	2M	3.5M
Stock-Based Compensation (CF)	61.2M	74.5M	82.3M	110M	136M
Other Operating Activities, Total	52.4M	-5.2M	-33.8M	-240M	359M
Change In Accounts Receivable	-435M	-796M	133M	-4.79B	-504M
Change in Unearned Revenues	12.8M	18.5M	23.1M	29.3M	49M
Change In Income Taxes	35.5M	51.8M	-124M	49.9M	-77.7M
Change In Deferred Taxes	-151M	-176M	-	-	-
Change in Other Net Operating Assets	472M	1.2B	167M	5.26B	411M
Cash from Operations	1.12B	1.75B	1.7B	2.13B	2.03B
Capital Expenditure	-139M	-99.3M	-129M	-183M	-194M
Cash Acquisitions	-1.27B	-324M	-3.25B	-765M	-3.04B
Divestitures	81M	8.2M	15.7M	11M	9.9M
Investment in Marketable and Equity Securities, Total	-52M	-1.4M	-1.1M	1M	5.5M
Net (Increase) Decrease in Loans Originated / Sold - Investing	-	-	-66.8M	-69.2M	-72.9M
Cash from Investing	-1.38B	-417M	-3.43B	-1B	-3.29B
Short Term Debt Issued, Total	19.2M	16M	37M	25.3M	41.7M
Long-Term Debt Issued, Total	5.04B	3.05B	2.96B	2.57B	5.43B
Total Debt Issued	5.06B	3.07B	2.99B	2.6B	5.47B
Short Term Debt Repaid, Total	-	-	-	-	-
Long-Term Debt Repaid, Total	-4.06B	-3.15B	-1.24B	-2.76B	-3.61B
Total Debt Repaid	-4.06B	-3.15B	-1.24B	-2.76B	-3.61B
Issuance of Common Stock	101M	112M	1.55B	123M	120M
Repurchase of Common Stock	-	-	-	-	-
Common Dividends Paid	-321M	-347M	-392M	-430M	-474M
Common & Preferred Stock Dividends Paid	-321M	-347M	-392M	-430M	-474M
Other Financing Activities, Total	-141M	-190M	-230M	-55.2M	1.37B
Cash from Financing	638M	-505M	2.68B	-523M	2.87B
Foreign Exchange Rate Adjustments	6.1M	120M	-64.5M	-99.9M	-33.5M
Net Change in Cash	387M	950M	892M	498M	1.58B
Supplemental Items
Cash Interest Paid	169M	189M	216M	240M	271M
Cash Income Tax Paid (Refund)	22.2M	113M	325M	318M	226M
Levered Free Cash Flow	638M	733M	819M	1.29B	1.48B
Unlevered Free Cash Flow	751M	856M	961M	1.46B	1.66B
Change In Net Working Capital	144M	339M	432M	231M	425M
Net Debt Issued / Repaid	999M	-79.1M	1.76B	-161M	1.86B

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	2.67	3.34	3.1	3.17	3.16
Return on Total Capital	5.2	6.53	6.53	7.42	8.17
Return On Equity %	14.63	14.99	12.91	12.57	9.66
Return on Common Equity	13.85	14.44	12.34	12.62	9.73
Margin Analysis
Gross Profit Margin %	32.99	37.02	36.9	44.06	43.45
SG&A Margin	14.96	12.95	12.7	14.67	16.21
EBITDA Margin %	18.03	24.07	24.19	29.38	31.08
EBITA Margin %	16	21.93	22.3	27.63	29.35
EBIT Margin %	11.15	16.54	17.31	22.16	23.83
Income From Continuing Operations Margin %	10.38	12.65	11.98	13.49	10.11
Net Income Margin %	9.7	12.07	11.37	13.47	10.14
Net Avail. For Common Margin %	9.7	12.07	11.37	13.47	10.14
Normalized Net Income Margin	5.45	8.65	9.1	12.92	12.99
Levered Free Cash Flow Margin	9.25	10.81	10.27	15.65	15.45
Unlevered Free Cash Flow Margin	10.88	12.62	12.05	17.6	17.39
Asset Turnover
Asset Turnover	0.38	0.32	0.29	0.23	0.21
Fixed Assets Turnover	10.63	8.05	9.47	9.28	9.33
Receivables Turnover (Average Receivables)	1.23	1.06	0.83	0.56	2.85
Short Term Liquidity
Current Ratio	1.02	1.1	1.06	1.04	1.03
Quick Ratio	0.73	0.75	0.76	0.79	0.15
Operating Cash Flow to Current Liabilities	0.13	0.17	0.1	0.1	0.07
Days Sales Outstanding (Average Receivables)	297.88	344.96	441.4	648.24	127.87
Average Days Payable Outstanding	477.32	605.52	784.47	1.28K	-
Long Term Solvency
Total Debt/Equity	97.44	80.54	78.13	70.7	77.73
Total Debt / Total Capital	49.35	44.61	43.86	41.42	43.74
LT Debt/Equity	80.15	73.77	71.62	63.8	68.04
Long-Term Debt / Total Capital	40.59	40.86	40.21	37.37	38.28
Total Liabilities / Total Assets	73.44	72.09	74.33	76.38	79.05
EBIT / Interest Expense	4.28	5.71	6.11	7.13	7.68
EBITDA / Interest Expense	7.73	9.09	9.21	10.14	10.63
(EBITDA - Capex) / Interest Expense	6.96	8.58	8.64	9.43	9.97
Total Debt / EBITDA	3.65	2.81	3.21	2.49	2.67
Net Debt / EBITDA