The company said operating cash flow was $2,031.7 million in 2023 and $1,390.0 million in 2022. It cited growth in its core brokerage and risk management businesses, timing differences in cash collected and paid on current assets and liabilities, and collections of receivables related to clean coal as factors behind the increase.

1. 01

   The company said operating cash flow was $2,031.7 million in 2023 and $1,390.0 million in 2022. It cited growth in its core brokerage and risk management businesses, timing differences in cash collected and paid on current assets and liabilities, and collections of receivables related to clean coal as factors behind the increase.

2. 02

   The company reported consolidated EBITDAC of $2,555.6 million in 2023 and $2,266.5 million in 2022, and net earnings attributable to controlling interests of $969.5 million in 2023 and $1,114.2 million in 2022.

3. 03

   Arthur J. Gallagher said the increase in base commissions and fees in 2023 came from revenue associated with acquisitions made in 2023 and 2022 ($531.8 million) and from organic revenue growth. It said commission revenues rose 13% and fee revenues rose 28%, and that the organic change in base commission and fee revenues was 9%.

4. 04

   Arthur J. Gallagher said it acquired the net assets of Eastern Insurance on October 31, 2023, acquired all of the issued and outstanding shares of Cadence Insurance on November 30, and acquired all of the issued and outstanding shares of My Plan Manager on December 6. It said it funded all three deals with free cash flow and proceeds from an unsecured senior notes offering.

Key figures

Fiscal year ended December 31, 2023

Revenue

$10.1B

Net income

$970M

EPS

$4.42

Operating cash flow

$2.0B

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.