ARTHUR J. GALLAGHER & CO. AJG Cash Flow

Arthur j. gallagher & co. (AJG)

CashFlow / TTM

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
719,500	715,800	738,000	739,300	741,600	675,900	679,000	606,300	560,900	516,900	472,300	537,000	614,400	430,300	412,200	422,700	414,600	389,100	396,500	349,200	310,600	327,500	729,100	560,900	358,400	268,600	-565,100	-428,800	-263,600	-195,000	-86,200	-101,200	-131,200	-144,100	149,600	149,100	149,300	163,300	0	0	0
Adjustments to reconcile net earnings to net cash provided by operating activities:
Net loss (gain) on investments and other
14,700	72,000	59,200	59,500	63,600	8,400	6,500	5,000	700	100	3,700	6,100	5,700	6,500	4,200	6,300	8,900	6,600	6,800	1,500	1,900	23,000	22,700	29,500	28,500	17,100	20,100	15,700	12,800	3,900	5,700	2,600	6,300	5,500	1,600	6,200	1,000	5,900	0	0	0
Depreciation and amortization
536,300	474,400	454,600	441,500	430,700	419,000	405,800	399,700	390,800	385,800	378,500	367,300	360,600	350,800	355,300	348,300	342,000	334,200	314,000	305,000	282,200	258,900	235,600	207,800	191,100	178,600	165,000	156,400	150,000	140,400	137,600	130,500	121,500	115,200	105,400	98,800	96,000	93,100	0	0	0
Change in estimated acquisition earnout payables
-76,600	15,300	14,400	14,500	5,100	9,600	10,600	15,400	26,500	30,900	38,400	31,900	40,000	32,100	35,900	41,500	33,900	40,600	26,800	21,600	23,000	17,500	16,800	11,900	2,400	1,700	3,900	8,000	5,300	3,400	800	-7,200	-4,500	-6,200	-5,700	-5,300	-3,700	-2,600	0	0	0
Amortization of deferred compensation and restricted stock
52,500	47,200	44,700	42,400	41,700	41,600	39,800	38,500	37,200	33,500	32,300	30,800	29,000	28,500	27,500	26,000	24,200	22,700	22,400	23,000	22,300	22,900	25,700	24,500	21,600	19,000	12,500	9,600	8,800	8,300	7,900	7,400	6,900	6,800	7,100	7,100	6,800	6,600	0	0	0
Stock-based and other noncash compensation expense
13,700	14,000	14,100	14,400	12,500	13,700	14,500	15,200	18,000	17,300	16,700	16,100	15,500	14,700	13,900	13,200	12,300	11,200	11,000	10,600	10,400	10,600	10,100	9,600	9,200	7,700	7,400	7,400	7,400	7,500	8,400	8,800	14,500	14,300	13,700	13,900	8,800	9,000	0	0	0
Payments on acquisition earnouts in excess of original estimates
-10,600	-16,600	-16,500	-74,800	-80,700	-64,600	-143,800	-54,800	-58,000	-57,900	26,400	24,100	22,500	22,800	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Effect of changes in foreign exchange rates
8,300	-6,700	-1,900	-2,600	1,600	2,900	2,400	-1,600	-3,700	-3,900	2,000	3,100	3,900	5,300	-600	1,700	200	200	-400	-100	200	500	900	0	200	200	-1,000	-1,000	-1,500	-1,900	0	0	0	-	-	-	-	-	-	-	-
Net change in premiums and fees receivable
1,204,900	434,700	832,900	794,800	563,300	783,100	568,400	-389,400	-6,300	47,700	1,012,100	1,888,200	2,275,800	777,200	149,700	374,100	190,800	209,300	-59,100	13,300	31,800	-95,300	197,800	77,000	60,200	85,400	1,300	-151,700	-61,100	-11,500	-32,000	30,700	20,000	-52,100	-66,500	21,600	-10,400	2,700	0	0	0
Net change in deferred revenue
-1,300	12,800	2,500	13,000	7,700	18,400	0	0	0	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net change in restricted cash
-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	115,300	-	49,500	388,300	17,400	62,100	26,600	-256,000	-26,000	58,600	53,800	45,400	82,600	90,200	36,800	72,900	-36,600	-31,900	-18,300	-7,300	12,600	16,900	0	0	0
Net change in premiums payable to underwriting enterprises
1,447,800	461,600	933,900	792,000	717,200	819,700	697,300	-105,600	27,300	166,900	880,300	1,675,700	2,003,200	770,000	121,900	401,400	219,400	252,200	239,700	339,800	173,700	60,000	160,500	-12,200	-45,200	114,300	81,600	-145,900	14,100	33,300	-31,100	32,800	-18,800	-55,800	-148,400	28,000	-39,600	-11,500	0	0	0
Net change in other current assets
-12,500	60,500	64,700	85,300	120,400	134,700	87,100	67,600	14,400	35,300	41,900	-13,700	33,200	45,500	19,600	40,500	45,500	34,700	70,700	113,300	33,200	150,500	109,400	90,700	26,600	57,400	31,300	7,800	26,300	-52,400	16,500	-26,100	-5,600	8,100	-17,700	13,100	-12,200	11,700	0	0	0
Net change in accrued compensation and other current liabilities
21,000	-77,000	-50,100	-12,800	-1,300	-44,900	-44,200	8,300	161,200	-69,600	-111,200	-94,300	-154,200	-69,800	-108,300	-118,300	-158,700	-217,800	-113,000	-155,500	-120,600	-191,600	-108,600	-102,400	-111,900	-42,700	-111,900	-81,600	31,900	-19,200	-5,100	1,500	-170,200	-12,800	2,600	18,200	-400	-5,900	0	0	0
Net change in fees receivable/unearned fees
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-18,700	1,900	16,500	49,600	58,200	40,700	35,800	26,000	18,400	16,300	4,900	5,900	-900	4,400	-2,600	-4,300	5,400	6,900	10,500	4,100	3,700	3,800	12,700	11,800	0	0	0
Net change in income taxes payable
2,600	35,500	-46,500	-45,100	-26,700	-46,000	8,500	18,300	24,100	2,000	-17,000	-15,300	-13,300	-10,800	-1,400	17,300	8,500	-18,500	-12,700	-38,700	-19,900	4,900	700	1,900	700	4,300	10,600	1,200	13,700	14,000	12,300	7,100	-7,900	-10,400	-52,300	-33,400	-30,800	-23,100	0	0	0
Net change in deferred income taxes
120,400	150,700	185,600	163,200	208,200	216,000	254,500	275,200	250,900	219,300	175,700	194,600	193,400	166,100	173,400	168,800	175,800	161,200	162,000	134,100	112,100	126,100	92,700	74,400	62,500	53,800	60,300	47,500	29,300	20,400	3,500	-12,000	-19,900	-21,500	-40,700	-28,900	-29,000	-31,000	0	0	0
Net change in other noncurrent assets and liabilities
3,100	6,600	19,200	-1,200	24,800	22,000	14,500	58,700	-3,400	13,200	-14,700	-20,100	39,200	27,500	51,900	87,900	72,600	89,500	38,700	-61,800	8,900	22,900	62,900	144,700	38,700	11,500	27,900	25,600	31,200	33,700	30,400	39,500	35,900	24,900	2,200	-4,300	-6,000	-7,700	0	0	0
Unrealized foreign currency remeasurement gain (loss)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	258,500	234,400	215,800	141,500	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net cash (used) provided by operating activities
-	-	-	-	-	-	-	-	-	-	-	-	537,600	-	728,500	727,000	672,800	686,100	504,900	302,300	465,800	436,600	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net cash provided (used) by operating activities
1,324,000	1,119,200	1,029,600	871,400	886,500	765,100	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	277,800	250,700	242,800	284,000	202,700	236,200	217,600	229,500	0	0	0
Cash flows from investing activities:
Capital expenditures
129,000	138,800	141,300	137,000	132,600	124,400	126,200	126,300	131,000	129,200	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Cash paid for acquisitions, net of cash and restricted cash acquired
1,167,400	1,266,800	1,160,400	1,123,300	903,100	784,800	631,100	557,400	296,300	376,100	416,900	360,200	336,000	243,400	220,100	280,200	272,100	249,600	260,200	583,000	1,916,700	1,918,300	2,229,300	2,016,300	732,700	727,700	539,200	380,400	345,500	344,100	160,900	127,400	262,900	264,800	277,700	269,600	94,900	80,100	0	0	0
Net additions to fixed assets
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	143,100	-	93,600	84,900	79,500	81,500	83,500	99,800	104,100	93,600	84,700	60,300	47,300	51,000	46,700	50,200	50,600	45,900	42,300	34,400	27,400	25,100	0	0	0
Net proceeds from sales of operations/books of business
8,100	81,000	81,300	79,500	86,300	14,500	12,900	12,700	4,000	3,200	3,400	7,300	7,500	7,800	7,800	7,900	10,100	9,200	13,800	9,900	7,000	8,200	5,300	5,300	7,100	5,500	5,800	6,100	7,100	11,400	10,200	10,300	17,600	14,000	0	0	0	-	-	-	-
Net funding of investment transactions
52,000	52,000	16,500	16,600	15,300	15,600	400	2,300	4,400	8,900	18,200	26,200	30,600	31,900	31,200	33,800	34,700	29,500	21,200	7,800	18,300	20,100	24,400	37,000	33,700	35,900	40,200	30,600	-9,400	-1,500	7,500	1,200	27,600	14,500	-7,400	-3,700	-3,400	9,400	0	0	0
Net cash used by investing activities
-1,340,300	-1,376,600	-1,236,900	-1,197,400	-964,700	-910,300	-744,800	-673,300	-427,700	-511,000	-604,500	-559,400	-544,300	-485,300	-409,500	-462,700	-439,800	-368,900	-361,200	-665,800	-2,007,500	-2,011,700	-2,331,900	-2,147,800	-863,400	-851,700	-658,300	-465,200	-402,700	-382,200	-197,500	-168,700	-297,300	-311,200	-311,500	-292,600	-121,400	-92,600	0	0	0
Cash flows from financing activities:
Payments on acquisition earnouts
59,100	46,300	42,900	51,000	60,900	62,100	68,000	41,000	40,500	41,700	34,100	40,600	48,300	45,500	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from issuance of common stock
92,300	101,200	95,100	99,300	82,400	81,900	80,100	73,200	72,400	60,400	59,000	59,600	59,100	45,600	41,100	36,000	192,000	203,300	235,400	237,200	997,000	997,000	972,300	972,800	67,300	76,200	85,900	85,100	82,600	82,300	80,000	75,800	74,300	73,900	65,100	60,300	51,000	36,700	0	0	0
Tax impact from issuance of common stock
-	-	-	-	-	-	-	-	-	-	-	-	-	6,500	2,700	-400	1,800	5,300	7,600	8,000	7,200	6,900	7,900	10,300	7,300	7,500	3,100	3,200	4,700	500	5,200	3,900	1,800	3,700	2,500	1,000	2,000	1,400	0	0	0
Repurchases of common stock
-	-	-	-	-	11,300	0	0	0	-	-	-	-	101,000	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,200	1,300	1,600	900	800	0	0	0
Payments to noncontrolling interests
139,500	75,400	63,400	62,600	56,300	54,200	39,700	41,700	36,000	35,000	35,200	40,300	40,500	41,800	42,600	38,000	38,200	39,900	39,400	37,200	36,900	34,300	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Dividends paid
328,900	321,100	315,400	310,600	305,300	301,800	297,300	292,000	287,400	282,700	279,500	277,400	274,700	272,200	269,300	267,200	263,700	257,500	251,300	243,700	236,500	223,100	210,900	198,600	187,700	182,600	220,700	215,900	209,800	204,400	156,900	152,800	149,900	145,800	142,400	139,200	135,400	133,500	0	0	0
Net borrowings on premium financing debt facility
13,200	19,200	37,100	52,000	42,700	32,900	1,600	-2,600	-1,900	600	16,700	-4,000	4,300	-12,200	8,600	14,000	7,900	23,900	-24,400	-161,100	-20,800	7,500	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Borrowings on line of credit facility
5,020,000	4,315,000	3,515,000	3,270,000	3,285,000	3,075,000	2,715,000	3,338,000	3,503,000	3,643,000	4,343,500	3,827,500	3,363,000	2,740,000	1,934,500	1,608,500	1,164,000	849,000	626,500	502,500	759,500	1,109,900	1,462,400	1,532,900	1,239,900	890,500	586,500	369,000	164,000	303,000	0	0	0	-	-	-	-	48,000	0	0	0
Repayments on line of credit facility
5,000,000	4,060,000	3,255,000	3,080,000	3,385,000	3,000,000	2,660,000	3,521,000	3,538,000	3,731,000	4,526,500	3,744,500	3,274,000	2,657,000	1,829,500	1,528,500	973,000	794,000	620,500	500,500	1,011,900	1,500,400	1,450,900	1,379,900	922,500	489,000	451,000	417,000	206,000	184,000	0	0	0	-	-	-	-	-	-	-	-
Net borrowings of corporate related long-term debt
700,000	725,000	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,300,000	0	0	0	-	-	-	-	-	-	-	-	125,000	0	0	0	-	-	-	-
Debt acquisition costs
5,000	3,900	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Settlements on terminated interest rate swaps
-	-15,300	-6,400	-6,400	1,200	2,900	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net cash provided by financing activities
278,900	638,400	633,900	580,500	599,900	162,000	155,600	34,800	1,800	-47,800	-48,100	92,000	50,200	-11,600	-43,000	-53,100	30,800	-31,700	-66,100	-294,800	1,057,600	1,563,500	1,969,500	2,337,900	973,700	480,000	202,300	72,900	-116,000	45,900	-21,800	-60,200	17,300	65,600	48,900	80,500	6,700	-96,200	0	0	0
Effect of changes in foreign exchange rates on cash and cash equivalents and restricted cash
-170,200	6,100	-79,800	-52,600	-89,600	-85,000	-7,000	7,700	91,500	72,000	-74,100	-68,000	-86,500	-107,600	-69,400	-77,300	-70,700	-75,000	1,600	6,500	21,700	27,900	13,900	21,900	-500	-4,800	0	0	0	-	-	-	0	-	-	-	-	-	-	-	-
Net increase in cash, cash equivalents and restricted cash
92,400	387,100	346,800	201,900	432,100	-68,200	303,500	275,800	286,700	367,400	13,100	245,700	-15,500	45,100	206,600	133,900	193,100	210,500	79,200	-651,800	-462,400	16,300	3,600	733,500	515,200	-4,000	-18,300	-42,100	-77,800	10,900	63,800	18,900	-31,400	41,400	-54,900	33,200	106,100	43,900	0	0	0
Supplemental disclosures of cash flow information:
Interest paid
-	-	-	-	-	-	-	-	-	-	120,600	120,500	113,900	112,800	105,400	106,000	104,100	103,900	103,800	106,800	91,800	82,500	68,500	53,700	51,100	49,200	44,600	44,100	43,400	42,200	42,600	42,400	41,600	38,400	38,300	34,800	35,100	34,700	0	0	0
Income taxes paid
-	-	-	-	-	-	-	-	-	-	62,900	65,800	64,500	66,100	74,700	69,000	79,200	78,300	77,100	87,600	70,600	72,900	63,700	59,200	54,600	49,200	60,100	59,000	52,400	47,500	25,500	23,000	29,100	32,000	47,400	46,000	41,500	37,600	0	0	0