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2021-03-31

 

 

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, 2022          

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, 2022 was approximately 210,068,000.

 

 

 


 

 

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: comments regarding the expected benefits of our acquisition of the Willis Towers Watson plc treaty reinsurance brokerage operations (the Willis Re acquisition); the remaining international deferred closings that require local regulatory approvals for such acquisition; the expected duration and costs of integration of such acquisition; the impact of the Ukraine/Russia conflict; 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, audits, 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, human capital management, including diversity and inclusion initiatives; environmental, social and governance matters, including climate-resilience products and services and carbon emissions; 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 related to the Willis Re acquisition that could impact results include:

 

Risks related to the integration;

 

Risks related to retention of clients;

 

The possibility that the remaining international deferred closing subject to local regulatory approval, which is expected to close in the second quarter of 2022, is not closed timely or at all;

 

Potential adverse reactions or changes to business or employee relationships;

 

The increased legal and regulatory complexity of entering additional geographic markets, including the risks associated with the labor and employment law frameworks in certain countries where the company did not previously operate;

 

Diversion of management’s attention from ongoing business operations and opportunities; and

 

The inability to retain certain key employees;

Additional potential factors that could impact results include:    

 

The ongoing COVID-19 pandemic, including its effect on the economy, our employees, our clients, the regulatory environment and our operations;

 

A future economic downturn or unstable economic conditions, whatever the cause, including the stalling or reversal of economic recovery following COVID-19, or other factors like inflation, worsening international relations, Russia’s invasion of Ukraine (see page 40 for a discussion of the expected impact of the Ukraine conflict on the company), tariffs, trade wars, political violence and unrest in the U.S. or around the world, or climate change and other long-term environmental, social and governance matters and global health risks;

 

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, poor cultural fit, 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;

 

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

- 2 -


 

 

 

Cyber attacks or other cybersecurity incidents such as the ransomware incident we publicly disclosed in September 2020 and the heightened risk of such attacks in the wake of Russia’s invasion of Ukraine (see page 40 for a discussion of the expected impact of the Ukraine conflict on the company); improper disclosure of confidential, personal or proprietary data; and changes to laws and regulations governing cybersecurity and data privacy;

 

Our failure to comply with regulatory requirements, including those related to governance and control requirements in particular jurisdictions, international sanctions, including new sanctions laws arising due to Russia’s invasion of Ukraine, or a change in regulations or enforcement policies that adversely affects our operations (for example, relating to insurance broker compensation methods);

 

Our failure to attract and retain experienced and qualified talent, including our senior management team;

 

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

 

The higher level of variability inherent in contingent and supplemental revenues versus standard commission revenues;

 

Risks arising from our international operations, including the risks posed by political and economic uncertainty in certain countries (including the repercussions of Russia’s invasion of Ukraine, risks related to maintaining regulatory and legal compliance across multiple jurisdictions (such as those relating to violations of anti-corruption, sanctions and privacy laws) including new sanctions laws arising due to Russia’s invasion of Ukraine, rising global tensions and protectionism, 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 Ukraine (see page 40 for a discussion of the expected impact of the Ukraine conflict on the company);

 

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;

 

Sustained increases in the cost of employee benefits;

 

Risks arising from changes in U.S. or foreign tax laws, including the current U.S. president’s administration’s potential reversal of all or part of the U.S. Tax Cuts and Jobs Act 2017 (which we refer to as the TCJA) and related regulations and the recent increase in U.K. corporate tax rates;

 

A disaster or other significant disruption to business continuity; including natural disasters and political violence and unrest in the U.S. or elsewhere around the world;

 

Damage to our reputation including as a result of environmental, social and governance (ESG) matters;

 

Climate risks, including the risk of a systemic economic crisis and disruptions to our business caused by the transition to a low-carbon economy;

 

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);

 

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

 

Risks particular to our benefit consulting operations, including risks to the business posed by potential changes to health legislation under the current U.S. president’s administration;

 

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;

 

Intellectual property risks;

 

Risks related to our legacy clean energy investments, including intellectual property claims, 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;

- 3 -


 

 

 

The risk of credit rating downgrades;

 

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, including new strains.  Our future performance and actual results or outcomes 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.  In addition, historical, current and forward-looking sustainability-related statements may be used on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future.

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 (SEC), including our Annual Report on Form 10-K for the fiscal year ended December 31, 2021, this Quarterly Report on Form 10-Q and any other reports we file with the SEC in the future.

- 4 -


 

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, 2022 and 2021

 

6

 

 

 

 

 

 

 

Consolidated Statement of Comprehensive Earnings for the Three-month Periods Ended March 31, 2022 and 2021

 

7

 

 

 

 

 

 

 

Consolidated Balance Sheet at March 31, 2022 and December 31, 2021

 

8

 

 

 

 

 

 

 

Consolidated Statement of Cash Flows for the Three-month Periods Ended March 31, 2022 and 2021

 

9

 

 

 

 

 

 

 

Consolidated Statement of Stockholders’ Equity for the Three-month Periods Ended March 31, 2022 and 2021

 

10-11

 

 

 

 

 

 

 

Notes to March 31, 2022 Consolidated Financial Statements

 

12-33

 

 

 

 

 

 

Item 2.

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

 

34-59

 

 

 

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

 

59-60

 

 

 

 

 

 

Item 4.

Controls and Procedures

 

61

 

 

 

 

 

Part II.

Other Information

 

 

 

 

 

 

 

Item 1.

Legal Proceedings

 

61

 

 

 

 

 

 

Item 1A.

Risk Factors.

 

61

 

 

 

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

 

61-62

 

 

 

 

 

 

Item 6.

Exhibits

 

63

 

 

 

 

 

 

Signature

 

64

 

- 5 -


 

 

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,

 

 

2022

 

 

2021

 

Commissions

$

1,565.3

 

 

$

1,125.4

 

Fees

 

650.9

 

 

 

553.8

 

Supplemental revenues

 

74.3

 

 

 

66.8

 

Contingent revenues

 

71.6

 

 

 

63.3

 

Investment income

 

18.2

 

 

 

17.1

 

Net gains on divestitures

 

1.4

 

 

 

4.1

 

Revenues from clean coal activities

 

22.7

 

 

 

300.6

 

Other net revenues

 

0.1

 

 

 

1.5

 

Revenues before reimbursements

 

2,404.5

 

 

 

2,132.6

 

Reimbursements

 

30.8

 

 

 

32.4

 

Total revenues

 

2,435.3

 

 

 

2,165.0

 

Compensation

 

1,282.0

 

 

 

975.6

 

Operating

 

317.3

 

 

 

233.1

 

Reimbursements

 

30.8

 

 

 

32.4

 

Cost of revenues from clean coal activities

 

22.9

 

 

 

309.1

 

Interest

 

63.9

 

 

 

48.1

 

Depreciation

 

35.2

 

 

 

38.1

 

Amortization

 

124.6

 

 

 

105.2

 

Change in estimated acquisition earnout payables

 

20.9

 

 

 

15.0

 

Total expenses

 

1,897.6

 

 

 

1,756.6

 

Earnings before income taxes

 

537.7

 

 

 

408.4

 

Provision for income taxes

 

98.6

 

 

 

14.7

 

Net earnings

 

439.1

 

 

 

393.7

 

Net earnings attributable to noncontrolling interests

 

0.4

 

 

 

11.6

 

Net earnings attributable to controlling interests

$

438.7

 

 

$

382.1

 

Basic net earnings per share

$

2.10

 

 

$

1.96

 

Diluted net earnings per share

 

2.05

 

 

 

1.92

 

Dividends declared per common share

 

0.51

 

 

 

0.48

 

 

See notes to consolidated financial statements.

- 6 -


 

Arthur J. Gallagher & Co.

Consolidated Statement of Comprehensive Earnings

(Unaudited - in millions)

 

 

Three-month period ended

 

 

March 31,

 

 

2022

 

 

2021

 

Net earnings

$

439.1

 

 

$

393.7

 

Change in pension liability, net of taxes

 

0.3

 

 

 

1.0

 

Foreign currency translation, net of taxes

 

14.9

 

 

 

58.0

 

Change in fair value of derivative investments,

   net of taxes

 

45.2

 

 

 

56.8

 

Comprehensive earnings

 

499.5

 

 

 

509.5

 

Comprehensive earnings attributable to

   noncontrolling interests

 

0.5

 

 

 

12.2

 

Comprehensive earnings attributable to

   controlling interests

$

499.0

 

 

$

497.3

 

 

See notes to consolidated financial statements.

- 7 -


 

Arthur J. Gallagher & Co.

Consolidated Balance Sheet

(Unaudited - in millions)

 

 

 

March 31,

2022

 

 

December 31,

2021

 

Cash and cash equivalents

 

$

528.6

 

 

$

402.6

 

Restricted cash

 

 

4,110.1

 

 

 

4,063.7

 

Premiums and fees receivable

 

 

21,608.1

 

 

 

11,753.1

 

Other current assets

 

 

1,272.5

 

 

 

1,451.0

 

Total current assets

 

 

27,519.3

 

 

 

17,670.4

 

Fixed assets - net

 

 

505.1

 

 

 

500.8

 

Deferred income taxes

 

 

1,169.4

 

 

 

1,228.5

 

Other noncurrent assets

 

 

980.2

 

 

 

966.5

 

Right-of-use assets

 

 

382.2

 

 

 

358.6

 

Goodwill

 

 

8,727.7

 

 

 

8,666.2

 

Amortizable intangible assets - net

 

 

3,877.6

 

 

 

3,954.0

 

Total assets

 

$

43,161.5

 

 

$

33,345.0

 

Premiums payable to underwriting enterprises

 

$

23,175.4

 

 

$

13,845.6

 

Accrued compensation and other current liabilities

 

 

1,968.2

 

 

 

1,895.1

 

Deferred revenue - current

 

 

577.8

 

 

 

520.9

 

Premium financing debt

 

 

173.4

 

 

 

228.4

 

Corporate related borrowings - current

 

 

250.0

 

 

 

245.0

 

Total current liabilities

 

 

26,144.8

 

 

 

16,735.0

 

Corporate related borrowings - noncurrent

 

 

5,760.9

 

 

 

5,810.2

 

Deferred revenue - noncurrent

 

 

64.5

 

 

 

58.7

 

Lease liabilities - noncurrent

 

 

333.3

 

 

 

309.3

 

Other noncurrent liabilities

 

 

1,814.9

 

 

 

1,871.7

 

Total liabilities

 

 

34,118.4

 

 

 

24,784.9

 

Stockholders' equity:

 

 

 

 

 

 

 

 

Common stock - issued and outstanding 210.1 shares in 2022 and 208.5 shares in 2021

 

 

210.1

 

 

 

208.5

 

Capital in excess of par value

 

 

6,232.0

 

 

 

6,143.7

 

Retained earnings

 

 

3,213.0

 

 

 

2,882.3

 

Accumulated other comprehensive loss

 

 

(665.7

)

 

 

(726.1

)

Stockholders' equity attributable to controlling interests

 

 

8,989.4

 

 

 

8,508.4

 

Stockholders' equity attributable to noncontrolling interests

 

 

53.7

 

 

 

51.7

 

Total stockholders' equity

 

 

9,043.1

 

 

 

8,560.1

 

Total liabilities and stockholders' equity

 

$

43,161.5

 

 

$

33,345.0

 

 

See notes to consolidated financial statements.

- 8 -


 

Arthur J. Gallagher & Co.

Consolidated Statement of Cash Flows

(Unaudited - in millions)

 

 

 

Three-month period ended

 

 

 

March 31,

 

 

 

2022

 

 

2021

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net earnings

 

$

439.1

 

 

$

393.7

 

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

 

 

 

 

 

 

 

 

Net gain on investments and other

 

 

(1.0

)

 

 

(6.1

)

Depreciation and amortization

 

 

159.8

 

 

 

143.3

 

Change in estimated acquisition earnout payables

 

 

20.9

 

 

 

15.0

 

Amortization of deferred compensation and restricted stock

 

 

18.1

 

 

 

14.3

 

Stock-based and other noncash compensation expense

 

 

2.4

 

 

 

3.7

 

Payments on acquisition earnouts in excess of original estimates

 

 

(29.4

)

 

 

(5.7

)

Provision for deferred income taxes

 

 

28.1

 

 

 

(6.2

)

Effect of changes in foreign exchange rates

 

 

(2.4

)

 

 

4.8

 

Net change in premiums and fees receivable

 

 

(9,827.3

)

 

 

(1,691.3

)

Net change in deferred revenue

 

 

59.3

 

 

 

37.9

 

Net change in premiums payable to underwriting enterprises

 

 

9,331.3

 

 

 

1,208.2

 

Net change in other current assets

 

 

120.1

 

 

 

46.2

 

Net change in accrued compensation and other accrued liabilities

 

 

162.7

 

 

 

155.9

 

Net change in income taxes payable

 

 

11.6

 

 

 

(7.4

)

Net change in other noncurrent assets and liabilities

 

 

(58.7

)

 

 

(87.6

)

Net cash provided by operating activities

 

 

434.6

 

 

 

218.7

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Capital expenditures

 

 

(37.7

)

 

 

(27.2

)

Cash paid for acquisitions, net of cash and restricted cash acquired

 

 

(121.7

)

 

 

(395.6

)

Net proceeds from sales of operations/books of business

 

 

1.0

 

 

 

5.3

 

Net funding of investment transactions

 

 

(0.1

)

 

 

(0.4

)

Net funding of premium finance loans

 

 

64.2

 

 

 

67.6

 

Net cash used by investing activities

 

 

(94.3

)

 

 

(350.3

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Payments on acquisition earnouts

 

 

(32.2

)

 

 

(17.9

)

Proceeds from issuance of common stock

 

 

45.9

 

 

 

37.2

 

Payments to noncontrolling interests

 

 

(0.8

)

 

 

(10.4

)

Dividends paid

 

 

(106.7

)

 

 

(97.4

)

Net borrowings on premium financing debt facility

 

 

(62.1

)

 

 

(54.6

)

Borrowings on line of credit facility

 

 

380.0