ARTHUR J. GALLAGHER & CO. AJG Cash Flow

Arthur j. gallagher & co. (AJG)

CashFlow / Quarterly

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11	Dec'10	Sep'10	Jun'10	Mar'10
Cash flows from operating activities:
Net earnings
355,400	105,600	137,100	121,400	351,700	127,800	138,400	123,700	286,000	130,900	65,700	78,300	242,000	86,300	130,400	155,700	57,900	68,200	140,900	147,600	32,400	75,600	93,600	109,000	49,300	477,200	-74,600	-93,500	-40,500	-356,500	61,700	71,700	28,100	-247,700	46,700	41,700	15,200	46,000	46,200	41,900	29,200
Adjustments to reconcile net earnings to net cash provided by operating activities:
Net loss (gain) on investments and other
-100	13,000	300	1,500	57,200	200	600	5,600	2,000	-1,700	-900	1,300	1,400	1,900	1,500	900	2,200	-400	3,600	3,500	-100	-200	-1,700	3,900	21,000	-500	5,100	2,900	9,600	2,500	700	0	700	4,300	-2,400	3,700	-100	400	2,200	-1,500	4,800
Depreciation and amortization
172,400	129,600	119,300	115,000	110,500	109,800	106,200	104,200	98,800	96,600	100,100	95,300	93,800	89,300	88,900	88,600	84,000	93,800	81,900	82,300	76,200	73,600	72,900	59,500	52,900	50,300	45,100	42,800	40,400	36,700	36,500	36,400	30,800	33,900	29,400	27,400	24,500	24,100	22,800	24,600	21,600
Change in estimated acquisition earnout payables
-89,000	3,300	5,700	3,400	2,900	2,400	5,800	-6,000	7,400	3,400	10,600	5,100	11,800	10,900	4,100	13,200	3,900	14,700	9,700	5,600	10,600	900	4,500	7,000	5,100	200	-400	-2,500	4,400	2,400	3,700	-5,200	2,500	-200	-4,300	-2,500	800	300	-3,900	-900	1,900
Amortization of deferred compensation and restricted stock
15,300	12,400	12,100	12,700	10,000	9,900	9,800	12,000	9,900	8,100	8,500	10,700	6,200	6,900	7,000	8,900	5,700	5,900	5,500	7,100	4,200	5,600	6,100	6,400	4,800	8,400	4,900	3,500	2,200	1,900	2,000	2,700	1,700	1,500	1,500	2,200	1,600	1,800	1,500	1,900	1,400
Stock-based and other noncash compensation expense
3,300	3,500	3,400	3,500	3,600	3,600	3,700	1,600	4,800	4,400	4,400	4,400	4,100	3,800	3,800	3,800	3,300	3,000	3,100	2,900	2,200	2,800	2,700	2,700	2,400	2,300	2,200	2,300	900	2,000	2,200	2,300	1,000	2,900	2,600	8,000	800	2,300	2,800	2,900	1,000
Payments on acquisition earnouts in excess of original estimates
-1,100	-1,900	-24,500	16,900	-7,100	-1,800	-82,800	11,000	9,000	-81,000	6,200	7,800	9,100	3,300	3,900	6,200	9,400	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Effect of changes in foreign exchange rates
12,400	-3,900	1,300	-1,500	-2,600	900	600	2,700	-1,300	400	-3,400	600	-1,500	6,300	-2,300	1,400	-100	400	0	-100	-100	-200	300	200	200	200	-600	400	200	-1,000	-600	-100	-200	-	-	-	-	-	-	-	-
Net change in premiums and fees receivable
2,055,800	-397,400	-276,900	-176,600	1,285,600	800	-315,000	-408,100	1,505,400	-213,900	-1,272,800	-25,000	1,559,400	750,500	-396,700	362,600	60,800	123,000	-172,300	179,300	79,300	-145,400	-99,900	197,800	-47,800	147,700	-220,700	181,000	-22,600	63,600	-373,700	271,600	27,000	43,100	-311,000	260,900	-45,100	28,700	-222,900	228,900	-32,000
Net change in deferred revenue
4,500	-4,300	-9,900	8,400	18,600	-14,600	600	3,100	29,300	-	-	7,400	22,300	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net change in restricted cash
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-33,300	147,200	-92,800	-	-97,000	244,200	-162,500	64,800	241,800	-126,700	-117,800	29,300	-40,800	103,300	-33,200	24,500	-49,200	140,500	-25,600	-28,900	-13,100	31,000	-20,900	-15,300	-2,100	50,900	-16,600
Net change in premiums payable to underwriting enterprises
1,863,100	-381,700	-235,900	202,300	876,900	90,600	-377,800	127,500	979,400	-31,800	-1,180,700	260,400	1,119,000	681,600	-385,300	587,900	-114,200	33,500	-105,800	405,900	-81,400	21,000	-5,700	239,800	-195,100	121,500	-178,400	206,800	-35,600	88,800	-405,900	366,800	-16,400	24,400	-342,000	315,200	-53,400	-68,200	-165,600	247,600	-25,300
Net change in other current assets
-206,400	53,700	57,200	83,000	-133,400	57,900	77,800	118,100	-119,100	10,300	58,300	64,900	-98,200	16,900	2,700	111,800	-85,900	-9,000	23,600	116,800	-96,700	27,000	66,200	36,700	20,600	-14,100	47,500	-27,400	51,400	-40,200	24,000	-8,900	-27,300	28,700	-18,600	11,600	-13,600	2,900	12,200	-13,700	10,300
Net change in accrued compensation and other current liabilities
307,000	-127,900	-116,900	-41,200	209,000	-101,000	-79,600	-29,700	165,400	-100,300	-27,100	123,200	-65,400	-141,900	-10,200	63,300	19,000	-180,400	-20,200	22,900	-40,100	-75,600	-62,700	57,800	-111,100	7,400	-56,500	48,300	-41,900	-61,800	-26,200	161,800	-93,000	-47,700	-19,600	-9,900	64,400	-32,300	-4,000	-28,500	58,900
Net change in fees receivable/unearned fees
-	-	-	-	-	-	-	-	-	-	-	-	-	-	500	3,800	-16,600	-6,400	21,100	18,400	16,500	2,200	3,600	13,500	6,700	-5,400	1,500	2,100	7,700	-12,200	6,800	-4,900	6,000	-2,500	8,300	-1,300	-400	-2,900	8,400	7,600	-1,300
Net change in income taxes payable
2,600	30,300	-400	-29,900	35,500	-51,700	1,000	-11,500	16,200	2,800	10,800	-5,700	-5,900	-16,200	12,500	-3,700	-3,400	-6,800	31,200	-12,500	-30,400	-1,000	5,200	6,300	-5,600	-5,200	6,400	5,100	-2,000	1,100	-3,000	17,600	-1,700	-600	-8,200	2,600	-4,200	-42,500	10,700	5,200	3,500
Net change in deferred income taxes
37,500	12,700	44,400	25,800	67,800	47,600	22,000	70,800	75,600	86,100	42,700	46,500	44,000	42,500	61,600	45,300	16,700	49,800	57,000	52,300	2,100	50,600	29,100	30,300	16,100	17,200	10,800	18,400	7,400	23,700	-2,000	200	-1,500	6,800	-17,500	-7,700	-3,100	-12,400	-5,700	-7,800	-5,100
Net change in other noncurrent assets and liabilities
11,700	-3,500	-32,400	27,300	15,200	9,100	-52,800	53,300	12,400	1,600	-8,600	-8,800	29,000	-26,300	-14,000	50,500	17,300	-1,900	22,000	35,200	34,200	-52,700	-78,500	105,900	48,200	-12,700	3,300	-100	21,000	3,700	1,000	5,500	23,500	400	10,100	1,900	12,500	-22,300	3,600	200	10,800
Unrealized foreign currency remeasurement gain (loss)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	8,200	32,000	7,200	-	90,700	-8,800	67,900	108,700	66,600	-27,400	-6,400	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net cash (used) provided by operating activities
-	-	-	-	-	-	-	-	-	-	-	-	15,500	-	239,500	29,400	100,000	359,600	238,000	-24,800	113,300	178,400	35,400	138,700	84,100	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net cash provided (used) by operating activities
108,600	350,100	349,500	515,800	-96,200	260,500	191,300	530,900	-217,600	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	204,800	22,600	51,200	-	116,400	112,600	-49,600	98,400	89,300	104,700	-8,400	17,100	122,800	86,100	3,500
Cash flows from investing activities:
Capital expenditures
29,500	31,100	32,400	36,000	39,300	33,600	28,100	31,600	31,100	35,400	28,200	36,300	29,300	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Cash paid for acquisitions, net of cash and restricted cash acquired
76,200	315,700	217,200	558,300	175,600	209,300	180,100	338,100	57,300	55,600	106,400	77,000	137,100	96,400	49,700	52,800	44,500	73,100	109,800	44,700	22,000	83,700	432,600	1,378,400	23,600	394,700	219,600	94,800	18,600	206,200	60,800	59,900	17,200	23,000	27,300	195,400	19,100	35,900	19,200	20,700	4,300
Net additions to fixed assets
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	41,200	61,900	-	26,300	27,700	17,800	21,800	17,600	22,300	19,800	23,800	33,900	26,600	9,300	14,900	9,500	13,600	13,000	10,600	13,000	14,000	8,300	7,000	5,100	7,000	6,000
Net proceeds from sales of operations/books of business
1,100	1,600	2,300	3,100	74,000	1,900	500	9,900	2,200	300	300	1,200	1,400	500	4,200	1,400	1,700	500	4,300	3,600	800	5,100	400	700	2,000	2,200	400	2,500	400	2,500	700	3,500	4,700	1,300	800	10,800	1,100	-	-	-	-
Net funding of investment transactions
400	51,000	300	300	400	15,500	400	-1,000	700	300	2,300	1,100	5,200	9,600	10,300	5,500	6,500	8,900	12,900	6,400	1,300	600	-500	16,900	3,100	4,900	12,100	13,600	5,300	9,200	2,500	-26,400	13,200	18,200	-3,800	0	100	-3,700	-100	300	12,900
Net cash used by investing activities
-105,000	-396,200	-247,600	-591,500	-141,300	-256,500	-208,100	-358,800	-86,900	-91,000	-136,600	-113,200	-170,200	-184,500	-91,500	-98,100	-111,200	-108,700	-144,700	-75,200	-40,300	-101,000	-449,300	-1,416,900	-44,500	-421,200	-265,200	-132,500	-32,800	-227,800	-72,100	-70,000	-12,300	-43,100	-43,300	-198,600	-26,200	-43,400	-24,400	-27,400	2,600
Cash flows from financing activities:
Payments on acquisition earnouts
21,000	8,900	23,400	5,800	8,200	5,500	31,500	15,700	9,400	11,400	4,500	15,200	10,600	3,800	11,000	22,900	7,800	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from issuance of common stock
23,900	18,100	18,000	32,300	32,800	12,000	22,200	15,400	32,300	10,200	15,300	14,600	20,300	8,800	15,900	14,100	6,800	4,300	10,800	170,100	18,100	36,400	12,600	929,900	18,100	11,700	13,100	24,400	27,000	21,400	12,300	21,900	26,700	19,100	8,100	20,400	26,300	10,300	3,300	11,100	12,000
Tax impact from issuance of common stock
-	-	-	-	-	-	-	-	-	-	-	-	-	1,700	1,700	2,500	600	-2,100	-1,400	4,700	4,100	200	-1,000	3,900	3,800	1,200	1,400	900	4,000	-3,200	1,500	2,400	-200	1,500	200	300	1,700	300	-1,300	1,300	1,100
Repurchases of common stock
-	-	-	-	-	0	0	0	11,300	-	-	-	-	0	0	70,600	30,400	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	100	0	800	300	200	300	100	200
Payments to noncontrolling interests
74,800	35,300	9,500	19,900	10,700	23,300	8,700	13,600	8,600	8,800	10,700	7,900	7,600	9,000	15,800	8,100	8,900	9,800	11,200	8,300	10,600	9,300	9,000	8,000	8,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Dividends paid
87,400	81,300	80,100	80,100	79,600	75,600	75,300	74,800	76,100	71,100	70,000	70,200	71,400	67,900	67,900	67,500	68,900	65,000	65,800	64,000	62,700	58,800	58,200	56,800	49,300	46,600	45,900	45,900	44,200	84,700	41,100	39,800	38,800	37,200	37,000	36,900	34,700	33,800	33,800	33,100	32,800
Net borrowings on premium financing debt facility
-26,500	-4,000	38,600	5,100	-20,500	13,900	53,500	-4,200	-30,300	-17,400	49,300	-3,500	-27,800	-1,300	28,600	4,800	-44,300	19,500	34,000	-1,300	-28,300	-28,800	-102,700	139,000	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Borrowings on line of credit facility
1,730,000	1,580,000	735,000	975,000	1,025,000	780,000	490,000	990,000	815,000	420,000	1,113,000	1,155,000	955,000	1,120,500	597,000	690,500	332,000	315,000	271,000	246,000	17,000	92,500	147,000	503,000	367,400	445,000	217,500	210,000	18,000	141,000	0	5,000	157,000	-	-	-	-	0	0	13,000	35,000
Repayments on line of credit facility
1,970,000	1,450,000	670,000	910,000	1,030,000	645,000	495,000	1,215,000	645,000	305,000	1,356,000	1,232,000	838,000	1,100,500	574,000	761,500	221,000	273,000	273,000	206,000	42,000	99,500	153,000	717,400	530,500	50,000	82,000	260,000	97,000	12,000	48,000	49,000	75,000	-	-	-	-	-	-	-	-
Net borrowings of corporate related long-term debt
575,000	0	0	125,000	600,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	100,000	-100,000	700,000	600,000	-	-	-	-	-	-	-	-	0	0	0	125,000	-	-	-	-
Debt acquisition costs
1,300	0	0	3,700	200	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Settlements on terminated interest rate swaps
-	-8,900	0	-7,600	1,200	0	0	0	2,900	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net cash provided by financing activities
147,900	9,700	8,600	112,700	507,400	5,200	-44,800	132,100	69,500	-1,200	-165,600	99,100	19,900	-1,500	-25,500	57,300	-41,900	-32,900	-35,600	141,200	-104,400	-67,300	-264,300	1,493,600	401,500	338,700	104,100	129,400	-92,200	61,000	-25,300	-59,500	69,700	-6,700	-63,700	18,000	118,000	-23,400	-32,100	-55,800	15,100
Effect of changes in foreign exchange rates on cash and cash equivalents and restricted cash
-142,200	53,000	-49,800	-31,200	34,100	-32,900	-22,600	-68,200	38,700	45,100	-7,900	15,600	19,200	-101,000	-1,800	-2,900	-1,900	-62,800	-9,700	3,700	-6,200	13,800	-4,800	18,900	0	-200	3,200	-3,500	-4,300	-	-	-	2,800	-	-	-	-	-	-	-	-
Net increase in cash, cash equivalents and restricted cash
9,300	16,600	60,700	5,800	304,000	-23,700	-84,200	236,000	-196,300	348,000	-111,900	246,900	-115,600	-6,300	120,700	-14,300	-55,000	155,200	48,000	44,900	-37,600	23,900	-683,000	234,300	441,100	11,200	46,900	16,000	-78,100	-3,100	23,100	-19,700	10,600	49,800	-21,800	-70,000	83,400	-46,500	66,300	2,900	21,200
Supplemental disclosures of cash flow information:
Interest paid
-	-	-	-	-	-	-	-	-	-	28,400	31,800	30,100	30,300	28,300	25,200	29,000	22,900	28,900	23,300	28,800	22,800	31,900	8,300	19,500	8,800	17,100	5,700	17,600	4,200	16,600	5,000	16,400	4,600	16,400	4,200	13,200	4,500	12,900	4,500	12,800
Income taxes paid
-	-	-	-	-	-	-	-	-	-	10,200	26,600	12,200	13,900	13,100	25,300	13,800	22,500	7,400	35,500	12,900	21,300	17,900	18,500	15,200	12,100	13,400	13,900	9,800	23,000	12,300	7,300	4,900	1,000	9,800	13,400	7,800	16,400	8,400	8,900	3,900