Company Quick10K Filing
Arthur J Gallagher
Price89.64 EPS4
Shares187 P/E23
MCap16,720 P/FCF22
Net Debt1,208 EBIT791
TEV17,928 TEV/EBIT23
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-03-31 Filed 2020-05-05
10-K 2019-12-31 Filed 2020-02-07
10-Q 2019-09-30 Filed 2019-10-25
10-Q 2019-06-30 Filed 2019-07-26
10-Q 2019-03-31 Filed 2019-04-29
10-K 2018-12-31 Filed 2019-02-08
10-Q 2018-09-30 Filed 2018-10-26
10-Q 2018-06-30 Filed 2018-07-27
10-Q 2018-03-31 Filed 2018-05-07
10-K 2017-12-31 Filed 2018-02-12
10-Q 2017-09-30 Filed 2017-10-30
10-Q 2017-06-30 Filed 2017-07-28
10-Q 2017-03-31 Filed 2017-04-28
10-K 2016-12-31 Filed 2017-02-13
10-Q 2016-09-30 Filed 2016-10-28
10-Q 2016-06-30 Filed 2016-07-29
10-Q 2016-03-31 Filed 2016-05-02
10-K 2015-12-31 Filed 2016-02-10
10-Q 2015-09-30 Filed 2015-10-28
10-Q 2015-06-30 Filed 2015-07-31
10-Q 2015-03-31 Filed 2015-04-28
10-K 2014-12-31 Filed 2015-02-13
10-Q 2014-09-30 Filed 2014-10-29
10-Q 2014-06-30 Filed 2014-08-01
10-Q 2014-03-31 Filed 2014-04-24
10-K 2013-12-31 Filed 2014-02-07
10-Q 2013-09-30 Filed 2013-10-30
10-Q 2013-06-30 Filed 2013-07-31
10-Q 2013-03-31 Filed 2013-05-01
10-Q 2012-09-30 Filed 2012-10-31
10-Q 2012-06-30 Filed 2012-08-01
10-Q 2012-03-31 Filed 2012-05-02
10-K 2011-12-31 Filed 2012-02-14
10-Q 2011-09-30 Filed 2011-10-28
10-Q 2011-06-30 Filed 2011-08-03
10-Q 2011-03-31 Filed 2011-04-29
10-K 2010-12-31 Filed 2011-02-07
10-Q 2010-09-30 Filed 2010-10-29
10-Q 2010-06-30 Filed 2010-07-30
10-Q 2010-03-31 Filed 2010-04-26
10-K 2009-12-31 Filed 2010-02-05
8-K 2020-06-17
8-K 2020-05-12
8-K 2020-04-30
8-K 2020-03-12
8-K 2020-01-30
8-K 2020-01-29
8-K 2019-12-18
8-K 2019-10-24
8-K 2019-09-12
8-K 2019-07-25
8-K 2019-06-12
8-K 2019-06-07
8-K 2019-05-14
8-K 2019-04-25
8-K 2019-03-12
8-K 2019-01-31
8-K 2018-12-11
8-K 2018-10-25
8-K 2018-09-13
8-K 2018-07-26
8-K 2018-06-13
8-K 2018-05-15
8-K 2018-05-01
8-K 2018-04-10
8-K 2018-03-14
8-K 2018-01-25

AJG 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements (Unaudited)
Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-10.16 ajg-ex1016_123.htm
EX-31.1 ajg-ex311_122.htm
EX-31.2 ajg-ex312_121.htm
EX-32.1 ajg-ex321_119.htm
EX-32.2 ajg-ex322_120.htm

Arthur J Gallagher Earnings 2020-03-31

Balance SheetIncome StatementCash Flow
2016128402012201420172020
Assets, Equity
2.01.61.20.80.40.02012201420172020
Rev, G Profit, Net Income
1.61.00.4-0.3-0.9-1.52012201420172020
Ops, Inv, Fin

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

Quarterly report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended March 31, 2020          

or

 

Transition report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from                           to                           

Commission File Number:  1-09761        

 

ARTHUR J. GALLAGHER & CO.

(Exact name of registrant as specified in its charter)

 

 

Delaware

 

36-2151613

(State or other jurisdiction of

 

(I.R.S. Employer

incorporation or organization)

 

Identification No.)

 

2850 Golf Road, Rolling Meadows, Illinois 60008

(Address of principal executive offices) (Zip Code)

(630) 773-3800

(Registrant’s telephone number, including area code)

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading symbol(s)

 

Name of each exchange on which registered

Common Stock, par value $1.00 per share

 

AJG

 

New York Stock Exchange

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes  No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes  No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b‑2 of the Exchange Act.

 

Large accelerated filer

 

 

Accelerated filer

 

 

 

 

 

 

 

 

Non-accelerated filer

 

 

Smaller reporting company 

 

 

 

 

 

 

 

 

 

 

 

 

Emerging growth company

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No 

The number of outstanding shares of the registrant’s common stock, $1.00 par value, as of March 31, 2020 was approximately 189,621,000.

 

 

 


 

Information Concerning Forward-Looking Statements

This report contains certain statements related to future results, or states our intentions, beliefs and expectations or predictions for the future, which are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995.  Forward-looking statements relate to expectations or forecasts of future events. Such statements use words such as “anticipate,” “believe,” “estimate,” “expect,” “contemplate,” “forecast,” “project,” “intend,” “plan,” “potential,” and other similar terms, and future or conditional tense verbs like “could,” “may,” “might,” “see,” “should,” “will” and “would.”  You can also identify forward-looking statements by the fact that they do not relate strictly to historical or current facts.  For example, we may use forward-looking statements when addressing topics such as: market and industry conditions, including competitive and pricing trends; acquisition strategy including the expected size of our acquisition program; the expected impact of acquisitions and dispositions; the development and performance of our services and products; changes in the composition or level of our revenues or earnings; our cost structure and the size and outcome of cost-saving or restructuring initiatives; future capital expenditures; future debt levels and anticipated actions to be taken in connection with maturing debt; future debt to earnings ratios; the outcome of contingencies; dividend policy; pension obligations; cash flow and liquidity; capital structure and financial losses; future actions by regulators; the outcome of existing regulatory actions, investigations, reviews or litigation; the impact of changes in accounting rules; financial markets; interest rates; foreign exchange rates; matters relating to our operations; income taxes; expectations regarding our investments, including our clean energy investments; and integrating recent acquisitions.  These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from either historical or anticipated results depending on a variety of factors.  

Potential factors that could impact results include:  

 

The current or a future economic downturn or unstable economic conditions, whatever the cause, including the effects of the coronavirus pandemic (which we refer to as COVID-19), or other factors like Brexit, tariffs, trade wars or climate change and other long-term social, environmental and global health risks;

 

Volatility or declines in premiums or other adverse trends in the insurance industry;

 

Competitive pressures, including as a result of innovation, in each of our businesses;

 

Risks that could negatively affect the success of our acquisition strategy, including the impact of current economic uncertainty on our ability to source, review and price acquisitions, continuing consolidation in our industry and growing interest in acquiring insurance brokers on the part of private equity firms and newly public insurance brokers, which could make it more difficult to identify targets and could make them more expensive, the risk that we may not receive timely regulatory approval of desired transactions, execution risks, integration risks, the risk of post-acquisition deterioration leading to intangible asset impairment charges, and the risk we could incur or assume unanticipated liabilities such as cybersecurity issues or those relating to violations of anti-corruption and sanctions laws;

 

Failure to successfully and cost-effectively integrate recently acquired businesses and their operations or fully realize synergies from such acquisitions in the expected time frame;

 

Cyber attacks or other cybersecurity incidents; improper disclosure of confidential, personal or proprietary data; and changes to laws and regulations governing cybersecurity and data privacy;

 

Risks arising from changes in U.S. or foreign tax laws, including our ability to effectively account for the U.S. Tax Cuts and Jobs Act (which we refer to as the Tax Act) and related regulations;

 

Uncertainty from the expected discontinuance of LIBOR and transition to any other interest rate benchmark;

 

Our failure to attract and retain experienced and qualified talent, including our senior management team, and the risk of our CEO or another senior executive contracting COVID-19;

 

Risks arising from our substantial international operations, including the risks posed by political and economic uncertainty in certain countries (such as the risks posed by Brexit), risks related to maintaining regulatory and legal compliance across multiple jurisdictions (such as those relating to violations of anti-corruption, sanctions and privacy laws), and risks arising from the complexity of managing businesses across different time zones, languages, geographies, cultures and legal regimes that conflict with one another at times;

 

Risks particular to our risk management segment, including any slowing of the trend toward outsourcing claims administration, and of the concentration of large amounts of revenue with certain clients;

 

The higher level of variability inherent in contingent and supplemental revenues versus standard commission revenues, particularly in light of the changed revenue recognition accounting standard;

 

Sustained increases in the cost of employee benefits;

- 2 -


 

 

A disaster or other significant disruption to business continuity;

 

Damage to our reputation;

 

Our failure to apply technology effectively in driving value for our clients through technology-based solutions, or failure to gain internal efficiencies and effective internal controls through the application of technology and related tools;

 

Our failure to comply with regulatory requirements, including those related to governance and control requirements in particular jurisdictions, international sanctions, or a change in regulations or enforcement policies that adversely affects our operations (for example, relating to insurance broker compensation methods or the failure of state and local governments to follow through on agreed-upon income tax credits or other tax related incentives, relating to our corporate headquarters);

 

Violations or alleged violations of the U.S. Foreign Corrupt Practices Act (which we refer to as FCPA), the U.K. Bribery Act 2010 or other anti-corruption laws, and the Foreign Account Tax Compliance provisions of the Hiring Incentives to Restore Employment Act (which we refer to as FATCA);

 

The outcome of any existing or future investigation, review, regulatory action or litigation;

 

Unfavorable determinations related to contingencies and legal proceedings;

 

Significant changes in foreign exchange rates;

 

Changes to our financial presentation from new accounting estimates and assumptions;

 

Changes in healthcare-related laws and regulations with the potential to negatively impact our employee benefits consulting business, including “Medicare-for-all” and other proposed laws expanding the role of public programs in healthcare;

 

Risks related to our clean energy investments, including intellectual property claims, utilities switching from coal to natural gas or renewable energy sources, environmental and product liability claims, environmental compliance costs and the risk of disallowance by the Internal Revenue Service (which we refer to as the IRS) of previously claimed tax credits;

 

The risk that our outstanding debt adversely affects our financial flexibility and restrictions and limitations in the agreements and instruments governing our debt;

 

The risk we may not be able to receive dividends or other distributions from subsidiaries;

 

The risk of share ownership dilution when we issue common stock as consideration for acquisitions and for other reasons; and

 

Volatility of the price of our common stock.

Forward-looking statements are not guarantees of future performance.  They involve risks, uncertainties and assumptions, including the risk factors referred to above, and are currently, or in the future could be, amplified by the COVID-19 pandemic.  Our future performance and actual results may differ materially from those expressed in forward-looking statements.  Accordingly, you should not place undue reliance on forward-looking statements, which speak only as of, and are based on information available to us on, the date of the applicable document.  Many of the factors that will determine these results are beyond our ability to control or predict.  All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section.  Forward-looking statements speak only as of the date that they are made, and we do not undertake any obligation to update any such statements or release publicly any revisions to these forward-looking statements to reflect events or circumstances after the date of this report or to reflect new information, future or unexpected events or otherwise, except as required by applicable law or regulation.

A detailed discussion of the factors that could cause actual results to differ materially from our published expectations is contained under the heading “Risk Factors” in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the fiscal year ended December 31, 2019, as well as Item 1A “Risk Factors” of Part II of this quarterly report on Form 10-Q and any other reports we file with the SEC in the future.

 

 

 

- 3 -


 

Arthur J. Gallagher & Co.

Index

 

 

 

 

Page No.

Part I.

Financial Information

 

 

 

 

 

 

 

Item 1.

Financial Statements (Unaudited):

 

 

 

 

 

 

 

 

 

Consolidated Statement of Earnings for the Three-month Periods Ended March 31, 2020 and 2019

 

5

 

 

 

 

 

 

 

Consolidated Statement of Comprehensive Earnings for the Three-month Periods Ended March 31, 2020
and 2019

 

6

 

 

 

 

 

 

 

Consolidated Balance Sheet at March 31, 2020 and December 31, 2019

 

7

 

 

 

 

 

 

 

Consolidated Statement of Cash Flows for the Three-month Periods Ended March 31, 2020 and 2019

 

8

 

 

 

 

 

 

 

Consolidated Statement of Stockholders’ Equity for the Three-month Periods Ended March 31, 2020
and 2019

 

9-10

 

 

 

 

 

 

 

Notes to March 31, 2020 Consolidated Financial Statements

 

11-32

 

 

 

 

 

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

33-58

 

 

 

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

 

58-60

 

 

 

 

 

 

Item 4.

Controls and Procedures

 

60

 

 

 

 

 

Part II.

Other Information

 

 

 

 

 

 

 

Item 1.

Legal Proceedings

 

61

 

 

 

 

 

 

Item 1A.

Risk Factors.

 

61-62

 

 

 

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

 

62-63

 

 

 

 

 

 

Item 6.

Exhibits

 

64

 

 

 

 

 

 

Signature

 

65

 

- 4 -


 

Part I - Financial Information

Item 1.

Financial Statements (Unaudited)

Arthur J. Gallagher & Co.

Consolidated Statement of Earnings

(Unaudited - in millions, except per share data)

 

 

 

Three-month period ended

 

 

 

March 31,

 

 

 

2020

 

 

2019

 

Commissions

 

$

1,017.2

 

 

$

940.4

 

Fees

 

 

507.3

 

 

 

464.7

 

Supplemental revenues

 

 

59.0

 

 

 

56.7

 

Contingent revenues

 

 

45.1

 

 

 

48.0

 

Investment income

 

 

18.6

 

 

 

18.3

 

Net gains on divestitures

 

 

0.2

 

 

 

57.1

 

Revenues from clean coal activities

 

 

181.8

 

 

 

372.3

 

Revenues before reimbursements

 

 

1,829.2

 

 

 

1,957.5

 

Reimbursements

 

 

37.7

 

 

 

33.1

 

Total revenues

 

 

1,866.9

 

 

 

1,990.6

 

Compensation

 

 

896.2

 

 

 

837.1

 

Operating

 

 

257.7

 

 

 

262.5

 

Reimbursements

 

 

37.7

 

 

 

33.1

 

Cost of revenues from clean coal activities

 

 

185.4

 

 

 

382.5

 

Interest

 

 

50.5

 

 

 

40.2

 

Depreciation

 

 

36.8

 

 

 

34.0

 

Amortization

 

 

135.6

 

 

 

76.5

 

Change in estimated acquisition earnout payables

 

 

(89.0

)

 

 

2.9

 

Total expenses

 

 

1,510.9

 

 

 

1,668.8

 

Earnings before income taxes

 

 

356.0

 

 

 

321.8

 

Provision (benefit) for income taxes

 

 

0.6

 

 

 

(29.9

)

Net earnings

 

 

355.4

 

 

 

351.7

 

Net earnings attributable to noncontrolling interests

 

 

9.1

 

 

 

17.6

 

Net earnings attributable to controlling interests

 

$

346.3

 

 

$

334.1

 

Basic net earnings per share

 

$

1.83

 

 

$

1.81

 

Diluted net earnings per share

 

 

1.79

 

 

 

1.77

 

Dividends declared per common share

 

 

0.45

 

 

 

0.43

 

 

See notes to consolidated financial statements.

- 5 -


 

Arthur J. Gallagher & Co.

Consolidated Statement of Comprehensive Earnings

(Unaudited - in millions)

 

 

 

Three-month period ended

 

 

 

March 31,

 

 

 

2020

 

 

2019

 

Net earnings

 

$

355.4

 

 

$

351.7

 

Change in pension liability, net of taxes

 

 

1.2

 

 

 

1.6

 

Foreign currency translation, net of taxes

 

 

(381.3

)

 

 

74.5

 

Change in fair value of derivative investments, net of taxes

 

 

(91.4

)

 

 

(11.8

)

Comprehensive (loss) earnings

 

 

(116.1

)

 

 

416.0

 

Comprehensive earnings attributable to noncontrolling interests

 

 

10.3

 

 

 

18.2

 

Comprehensive (loss) earnings attributable to controlling interests

 

$

(126.4

)

 

$

397.8

 

 

See notes to consolidated financial statements.

- 6 -


 

Arthur J. Gallagher & Co.

Consolidated Balance Sheet

(Unaudited - in millions)

 

 

 

March 31,

2020

 

 

December 31,

2019

 

Cash and cash equivalents

 

$

352.8

 

 

$

604.8

 

Restricted cash

 

 

2,280.4

 

 

 

2,019.1

 

Premiums and fees receivable

 

 

7,094.3

 

 

 

5,419.2

 

Other current assets

 

 

799.7

 

 

 

1,074.4

 

Total current assets

 

 

10,527.2

 

 

 

9,117.5

 

Fixed assets - net

 

 

454.3

 

 

 

467.4

 

Deferred income taxes

 

 

1,003.8

 

 

 

945.6

 

Other noncurrent assets

 

 

674.4

 

 

 

773.6

 

Right-of-use assets

 

 

374.8

 

 

 

393.5

 

Goodwill

 

 

5,555.2

 

 

 

5,618.5

 

Amortizable intangible assets - net

 

 

2,246.8

 

 

 

2,318.7

 

Total assets

 

$

20,836.5

 

 

$

19,634.8

 

Premiums payable to underwriting enterprises

 

$

7,778.7

 

 

$

6,348.5

 

Accrued compensation and other current liabilities

 

 

1,058.2

 

 

 

1,347.8

 

Deferred revenue - current

 

 

423.3

 

 

 

434.1

 

Premium financing debt

 

 

122.6

 

 

 

170.6

 

Corporate related borrowings - current

 

 

455.0

 

 

 

620.0

 

Total current liabilities

 

 

9,837.8

 

 

 

8,921.0

 

Corporate related borrowings - noncurrent

 

 

4,315.1

 

 

 

3,816.1

 

Deferred revenue - noncurrent

 

 

68.2

 

 

 

69.7

 

Lease liabilities - noncurrent

 

 

319.4

 

 

 

340.9

 

Other noncurrent liabilities

 

 

1,225.9

 

 

 

1,271.6

 

Total liabilities

 

 

15,766.4

 

 

 

14,419.3

 

Stockholders' equity:

 

 

 

 

 

 

 

 

Common stock - issued and outstanding 189.6 shares in 2020 and 188.1 shares in 2019

 

 

189.6

 

 

 

188.1

 

Capital in excess of par value

 

 

3,909.6

 

 

 

3,825.7

 

Retained earnings

 

 

2,161.4

 

 

 

1,901.3

 

Accumulated other comprehensive loss

 

 

(1,231.1

)

 

 

(759.6

)

Stockholders' equity attributable to controlling interests

 

 

5,029.5

 

 

 

5,155.5

 

Stockholders' equity attributable to noncontrolling interests

 

 

40.6

 

 

 

60.0

 

Total stockholders' equity

 

 

5,070.1

 

 

 

5,215.5

 

Total liabilities and stockholders' equity

 

$

20,836.5

 

 

$

19,634.8

 

 

See notes to consolidated financial statements.

- 7 -


 

Arthur J. Gallagher & Co.

Consolidated Statement of Cash Flows

(Unaudited - in millions)

 

 

 

Three-month period ended

 

 

 

March 31,

 

 

 

2020

 

 

2019

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net earnings

 

$

355.4

 

 

$

351.7

 

Adjustments to reconcile net earnings to net cash provided by operating activities:

 

 

 

 

 

 

 

 

Net loss (gain) on investments and other

 

 

0.1

 

 

 

(57.2

)

Depreciation and amortization

 

 

172.4

 

 

 

110.5

 

Change in estimated acquisition earnout payables

 

 

(89.0

)

 

 

2.9

 

Amortization of deferred compensation and restricted stock

 

 

15.3