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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Brown and Brown Inc | NYSE:BRO | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.06 | -0.07% | 85.18 | 85.82 | 85.00 | 85.35 | 367,029 | 19:14:13 |
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ý
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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¨
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Florida
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59-0864469
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(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer
Identification Number)
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220 South Ridgewood Avenue,
Daytona Beach, FL
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32114
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(Address of principal executive offices)
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(Zip Code)
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Large accelerated filer
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ý
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Accelerated filer
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¨
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Non-accelerated filer
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¨
(Do not check if a smaller reporting company)
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Smaller reporting company
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¨
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Emerging growth company
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¨
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PAGE
NO.
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Item 1.
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Item 2.
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Item 3.
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Item 4.
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||
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Item 1.
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Item 1A.
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Item 2.
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||
Item 6.
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||
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•
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Future prospects;
|
•
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Material adverse changes in economic conditions in the markets we serve and in the general economy;
|
•
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Premium rates set by insurance companies and insurable exposure units, which have traditionally varied and are difficult to predict;
|
•
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Future regulatory actions and conditions in the states in which we conduct our business;
|
•
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The occurrence of adverse economic conditions, an adverse regulatory climate, or a disaster (such as the recent hurricanes in Florida and Texas and fires in California) in Arizona, California, Florida, Georgia, Illinois, Indiana, Kentucky, Massachusetts, Michigan, New Jersey, New York, North Carolina, Oregon, Pennsylvania, Texas, Virginia and Washington, because a significant portion of business written by us is for customers located in these states;
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•
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Our ability to attract, retain and enhance qualified personnel and to maintain our corporate culture;
|
•
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Competition from others in or entering into the insurance agency, wholesale brokerage, insurance programs and related service business;
|
•
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Disintermediation within the insurance industry, including increased competition from insurance companies, technology companies and the financial services industry, as well as the shift away from traditional insurance markets;
|
•
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The integration of our operations with those of businesses or assets we have acquired or may acquire in the future and the failure to realize the expected benefits of such integration;
|
•
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Risks that could negatively affect our acquisition strategy, including continuing consolidation among insurance intermediaries and the increasing presence of private equity investors driving up valuations;
|
•
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Our ability to forecast liquidity needs through at least the end of 2018;
|
•
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Our ability to renew or replace expiring leases;
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•
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Outcomes of existing or future legal proceedings and governmental investigations;
|
•
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Policy cancellations and renewal terms, which can be unpredictable;
|
•
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Potential changes to the tax rate that would affect the value of deferred tax assets and liabilities and the impact on income available for investment or distributable to shareholders;
|
•
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The inherent uncertainty in making estimates, judgments, and assumptions in the preparation of financial statements in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”);
|
•
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Our ability to effectively utilize technology to provide improved value for our customers or carrier partners as well as applying effective internal controls and efficiencies in operations; and
|
•
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Other risks and uncertainties as may be detailed from time to time in our public announcements and Securities and Exchange Commission (“SEC”) filings.
|
(in thousands, except per share data)
|
For the three months
ended June 30, |
|
For the six months
ended June 30, |
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
REVENUES
|
|
|
|
|
|
|
|
||||||||
Commissions and fees
|
$
|
472,068
|
|
|
$
|
464,724
|
|
|
$
|
972,406
|
|
|
$
|
909,290
|
|
Investment income
|
731
|
|
|
351
|
|
|
1,332
|
|
|
594
|
|
||||
Other income, net
|
388
|
|
|
1,230
|
|
|
910
|
|
|
21,501
|
|
||||
Total revenues
|
473,187
|
|
|
466,305
|
|
|
974,648
|
|
|
931,385
|
|
||||
EXPENSES
|
|
|
|
|
|
|
|
||||||||
Employee compensation and benefits
|
251,958
|
|
|
244,517
|
|
|
522,857
|
|
|
490,383
|
|
||||
Other operating expenses
|
83,694
|
|
|
71,312
|
|
|
160,007
|
|
|
138,231
|
|
||||
(Gain)/loss on disposal
|
(230
|
)
|
|
9
|
|
|
(2,650
|
)
|
|
(91
|
)
|
||||
Amortization
|
20,785
|
|
|
21,347
|
|
|
41,324
|
|
|
42,967
|
|
||||
Depreciation
|
5,599
|
|
|
5,655
|
|
|
11,151
|
|
|
11,753
|
|
||||
Interest
|
10,052
|
|
|
9,874
|
|
|
19,723
|
|
|
19,556
|
|
||||
Change in estimated acquisition earn-out payables
|
419
|
|
|
5,589
|
|
|
2,885
|
|
|
9,617
|
|
||||
Total expenses
|
372,277
|
|
|
358,303
|
|
|
755,297
|
|
|
712,416
|
|
||||
Income before income taxes
|
100,910
|
|
|
108,002
|
|
|
219,351
|
|
|
218,969
|
|
||||
Income taxes
|
26,988
|
|
|
41,900
|
|
|
54,601
|
|
|
82,757
|
|
||||
Net income
|
$
|
73,922
|
|
|
$
|
66,102
|
|
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$
|
164,750
|
|
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$
|
136,212
|
|
Net income per share:
|
|
|
|
|
|
|
|
||||||||
Basic
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$
|
0.27
|
|
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$
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0.24
|
|
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$
|
0.60
|
|
|
$
|
0.49
|
|
Diluted
|
$
|
0.26
|
|
|
$
|
0.23
|
|
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$
|
0.58
|
|
|
$
|
0.48
|
|
Dividends declared per share
|
$
|
0.075
|
|
|
$
|
0.068
|
|
|
$
|
0.150
|
|
|
$
|
0.135
|
|
(in thousands, except per share data)
|
June 30,
2018 |
|
December 31,
2017 |
||||
ASSETS
|
|
|
|
||||
Current Assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
477,928
|
|
|
$
|
573,383
|
|
Restricted cash and investments
|
309,231
|
|
|
250,705
|
|
||
Short-term investments
|
11,161
|
|
|
24,965
|
|
||
Premiums, commissions and fees receivable
|
736,341
|
|
|
546,402
|
|
||
Reinsurance recoverable
|
89,116
|
|
|
477,820
|
|
||
Prepaid reinsurance premiums
|
310,707
|
|
|
321,017
|
|
||
Other current assets
|
106,724
|
|
|
47,864
|
|
||
Total current assets
|
2,041,208
|
|
|
2,242,156
|
|
||
Fixed assets, net
|
85,213
|
|
|
77,086
|
|
||
Goodwill
|
2,845,854
|
|
|
2,716,079
|
|
||
Amortizable intangible assets, net
|
640,554
|
|
|
641,005
|
|
||
Investments
|
20,092
|
|
|
13,949
|
|
||
Other assets
|
68,636
|
|
|
57,275
|
|
||
Total assets
|
$
|
5,701,557
|
|
|
$
|
5,747,550
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
|
||||
Current Liabilities:
|
|
|
|
||||
Premiums payable to insurance companies
|
$
|
815,504
|
|
|
$
|
685,163
|
|
Losses and loss adjustment reserve
|
88,149
|
|
|
476,721
|
|
||
Unearned premiums
|
310,707
|
|
|
321,017
|
|
||
Premium deposits and credits due customers
|
101,184
|
|
|
91,648
|
|
||
Accounts payable
|
98,265
|
|
|
64,177
|
|
||
Accrued expenses and other liabilities
|
217,898
|
|
|
228,748
|
|
||
Current portion of long-term debt
|
25,000
|
|
|
120,000
|
|
||
Total current liabilities
|
1,656,707
|
|
|
1,987,474
|
|
||
Long-term debt less unamortized discount and debt issuance costs
|
841,959
|
|
|
856,141
|
|
||
Deferred income taxes, net
|
284,309
|
|
|
256,185
|
|
||
Other liabilities
|
87,100
|
|
|
65,051
|
|
||
Shareholders’ Equity:
|
|
|
|
||||
Common stock, par value $0.10 per share; authorized 560,000 shares; issued 287,085 shares and outstanding 276,198 shares at 2018, issued 286,929 shares and outstanding 276,210 shares at 2017 - in thousands. 2017 share amounts restated for the 2-for-1 stock split effective March 28, 2018
|
28,708
|
|
|
28,692
|
|
||
Additional paid-in capital
|
502,950
|
|
|
483,730
|
|
||
Treasury stock, at cost at 10,887 shares at 2018 and 10,719 shares at 2017, respectively - in thousands.
|
(397,572
|
)
|
|
(386,322
|
)
|
||
Retained earnings
|
2,697,396
|
|
|
2,456,599
|
|
||
Total shareholders’ equity
|
2,831,482
|
|
|
2,582,699
|
|
||
Total liabilities and shareholders’ equity
|
$
|
5,701,557
|
|
|
$
|
5,747,550
|
|
|
Six months ended
June 30, |
||||||
(in thousands)
|
2018
|
|
2017
|
||||
Cash flows from operating activities:
|
|
|
|
||||
Net income
|
$
|
164,750
|
|
|
$
|
136,212
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Amortization
|
41,324
|
|
|
42,967
|
|
||
Depreciation
|
11,151
|
|
|
11,753
|
|
||
Non-cash stock-based compensation
|
15,027
|
|
|
15,326
|
|
||
Change in estimated acquisition earn-out payables
|
2,885
|
|
|
9,617
|
|
||
Deferred income taxes
|
(16,437
|
)
|
|
14,793
|
|
||
Amortization of debt discount
|
79
|
|
|
79
|
|
||
Amortization and disposal of deferred financing costs
|
740
|
|
|
943
|
|
||
Accretion of discounts and premiums, investment
|
1
|
|
|
13
|
|
||
Net gain on sales of investments, fixed assets and customer accounts
|
(2,432
|
)
|
|
136
|
|
||
Payments on acquisition earn-outs in excess of original estimated payables
|
(3,408
|
)
|
|
(7,109
|
)
|
||
Changes in operating assets and liabilities, net of effect from acquisitions and divestitures:
|
|
|
|
||||
Premiums, commissions and fees receivable (increase)/decrease
|
(29,471
|
)
|
|
2,918
|
|
||
Reinsurance recoverables decrease
|
388,704
|
|
|
55,604
|
|
||
Prepaid reinsurance premiums decrease
|
10,310
|
|
|
10,925
|
|
||
Other assets (increase)
|
(15,731
|
)
|
|
(9,326
|
)
|
||
Premiums payable to insurance companies increase
|
106,839
|
|
|
59,219
|
|
||
Premium deposits and credits due customers increase
|
8,360
|
|
|
8,500
|
|
||
Losses and loss adjustment reserve (decrease)
|
(388,572
|
)
|
|
(55,604
|
)
|
||
Unearned premiums (decrease)
|
(10,310
|
)
|
|
(10,925
|
)
|
||
Accounts payable increase
|
31,343
|
|
|
38,510
|
|
||
Accrued expenses and other liabilities (decrease)
|
(34,837
|
)
|
|
(26,021
|
)
|
||
Other liabilities (decrease)
|
(2,909
|
)
|
|
(28,449
|
)
|
||
Net cash provided by operating activities
|
277,406
|
|
|
270,081
|
|
||
Cash flows from investing activities:
|
|
|
|
||||
Additions to fixed assets
|
(19,390
|
)
|
|
(8,848
|
)
|
||
Payments for businesses acquired, net of cash acquired
|
(141,803
|
)
|
|
(11,526
|
)
|
||
Proceeds from sales of fixed assets and customer accounts
|
2,906
|
|
|
669
|
|
||
Purchases of investments
|
(8,863
|
)
|
|
(5,916
|
)
|
||
Proceeds from sales of investments
|
16,346
|
|
|
2,911
|
|
||
Net cash used in investing activities
|
(150,804
|
)
|
|
(22,710
|
)
|
||
Cash flows from financing activities:
|
|
|
|
||||
Payments on acquisition earn-outs
|
(5,183
|
)
|
|
(8,668
|
)
|
||
Payments on long-term debt
|
(110,001
|
)
|
|
(86,750
|
)
|
||
Deferred debt issuance costs
|
—
|
|
|
(2,753
|
)
|
||
Issuances of common stock for employee stock benefit plans
|
720
|
|
|
500
|
|
||
Repurchase shares to fund tax withholdings for non-cash stock-based compensation
|
(7,656
|
)
|
|
(5,054
|
)
|
||
Purchase of treasury stock
|
(11,250
|
)
|
|
(11,159
|
)
|
||
Settlement (prepayment) of accelerated share repurchase program
|
11,250
|
|
|
—
|
|
||
Cash dividends paid
|
(41,411
|
)
|
|
(37,840
|
)
|
||
Net cash used in financing activities
|
(163,531
|
)
|
|
(151,724
|
)
|
||
Net (decrease)/increase in cash and cash equivalents inclusive of restricted cash
|
(36,929
|
)
|
|
95,647
|
|
||
Cash and cash equivalents inclusive of restricted cash at beginning of period
|
824,088
|
|
|
781,283
|
|
||
Cash and cash equivalents inclusive of restricted cash at end of period
|
$
|
787,159
|
|
|
$
|
876,930
|
|
(in thousands)
|
Balance at December 31, 2017
|
|
Adjustments due to the New Revenue Standard
|
|
Balance at January 1, 2018
|
Balance Sheet
|
|
|
|
|
|
Assets:
|
|
|
|
|
|
Premiums, commissions and fees receivable
|
546,402
|
|
153,058
|
|
699,460
|
Other current assets
|
47,864
|
|
52,680
|
|
100,544
|
|
|
|
|
|
|
Liabilities:
|
|
|
|
|
|
Premiums payable to insurance companies
|
685,163
|
|
12,107
|
|
697,270
|
Accounts payable
|
64,177
|
|
8,747
|
|
72,924
|
Accrued expenses and other liabilities
|
228,748
|
|
22,794
|
|
251,542
|
Deferred income taxes, net
|
256,185
|
|
44,575
|
|
300,760
|
|
|
|
|
|
|
Shareholders' Equity:
|
|
|
|
|
|
Retained earnings
|
2,456,599
|
|
117,515
|
|
2,574,114
|
|
Six months ended June 30, 2018
|
|||||||
(in thousands)
|
As reported
|
|
Impact of adopting the New Revenue Standard
|
|
Balances without the New Revenue Standard
|
|||
Statement of Income
|
|
|
|
|
|
|||
Revenues:
|
|
|
|
|
|
|||
Commissions and fees
|
972,406
|
|
|
224
|
|
|
972,182
|
|
|
|
|
|
|
|
|||
Expenses:
|
|
|
|
|
|
|||
Employee compensation and benefits
|
522,857
|
|
|
(2,119
|
)
|
|
524,976
|
|
Other operating expenses
|
160,007
|
|
|
4,684
|
|
|
155,323
|
|
Income taxes
|
54,601
|
|
|
(583
|
)
|
|
55,184
|
|
|
|
|
|
|
|
|||
Net income
|
164,750
|
|
|
(1,758
|
)
|
|
166,508
|
|
|
Three months ended June 30, 2018
|
||||||||||||||||||||||
(in thousands)
|
Retail
|
|
National Programs
|
|
Wholesale
Brokerage
|
|
Services
|
|
Other
|
|
Total
|
||||||||||||
Base commissions
(1)
|
$
|
193,242
|
|
|
$
|
80,281
|
|
|
$
|
60,215
|
|
|
$
|
—
|
|
|
$
|
(155
|
)
|
|
$
|
333,583
|
|
Fees
(2)
|
22,689
|
|
|
32,479
|
|
|
12,675
|
|
|
45,831
|
|
|
(286
|
)
|
|
113,388
|
|
||||||
Incentive commissions
(3)
|
8,389
|
|
|
(31
|
)
|
|
262
|
|
|
—
|
|
|
3
|
|
|
8,623
|
|
||||||
Profit-sharing contingent commissions
(4)
|
6,469
|
|
|
5,521
|
|
|
1,991
|
|
|
—
|
|
|
—
|
|
|
13,981
|
|
||||||
Guaranteed supplemental commissions
(5)
|
2,182
|
|
|
39
|
|
|
272
|
|
|
—
|
|
|
—
|
|
|
2,493
|
|
||||||
Investment income
(6)
|
—
|
|
|
132
|
|
|
81
|
|
|
36
|
|
|
482
|
|
|
731
|
|
||||||
Other income, net
(7)
|
346
|
|
|
19
|
|
|
72
|
|
|
—
|
|
|
(49
|
)
|
|
388
|
|
||||||
Total Revenues
|
$
|
233,317
|
|
|
$
|
118,440
|
|
|
$
|
75,568
|
|
|
$
|
45,867
|
|
|
$
|
(5
|
)
|
|
$
|
473,187
|
|
|
Six months ended June 30, 2018
|
||||||||||||||||||||||
(in thousands)
|
Retail
|
|
National Programs
|
|
Wholesale
Brokerage
|
|
Services
|
|
Other
|
|
Total
|
||||||||||||
Base commissions
(1)
|
$
|
401,548
|
|
|
$
|
157,383
|
|
|
$
|
112,676
|
|
|
$
|
—
|
|
|
$
|
(29
|
)
|
|
$
|
671,578
|
|
Fees
(2)
|
60,367
|
|
|
63,672
|
|
|
23,910
|
|
|
89,824
|
|
|
(522
|
)
|
|
237,251
|
|
||||||
Incentive commissions
(3)
|
31,949
|
|
|
9
|
|
|
469
|
|
|
—
|
|
|
12
|
|
|
32,439
|
|
||||||
Profit-sharing contingent commissions
(4)
|
12,599
|
|
|
9,503
|
|
|
3,563
|
|
|
—
|
|
|
—
|
|
|
25,665
|
|
||||||
Guaranteed supplemental commissions
(5)
|
4,704
|
|
|
54
|
|
|
715
|
|
|
—
|
|
|
—
|
|
|
5,473
|
|
||||||
Investment income
(6)
|
1
|
|
|
246
|
|
|
81
|
|
|
109
|
|
|
895
|
|
|
1,332
|
|
||||||
Other income, net
(7)
|
551
|
|
|
48
|
|
|
302
|
|
|
—
|
|
|
9
|
|
|
910
|
|
||||||
Total Revenues
|
$
|
511,719
|
|
|
$
|
230,915
|
|
|
$
|
141,716
|
|
|
$
|
89,933
|
|
|
$
|
365
|
|
|
$
|
974,648
|
|
(1)
|
Base commissions generally represent a percentage of the premium paid by an insured and are affected by fluctuations in both premium rate levels charged by insurance companies and the insureds’ underlying “insurable exposure units,” which are units that insurance companies use to measure or express insurance exposed to risk (such as property values, or sales and payroll levels) to determine what premium to charge the insured. Insurance companies establish these premium rates based upon many factors, including loss experience, risk profile and reinsurance rates paid by such insurance companies, none of which we control.
|
(2)
|
Fee revenues relate to fees for services other than securing coverage for our customers and fees negotiated in lieu of commissions.
|
(3)
|
Incentive commissions include additional commissions over base commissions received from insurance carriers based on predetermined production levels mutually agreed upon by both parties.
|
(4)
|
Profit-sharing contingent commissions are based primarily on underwriting results, but may also reflect considerations for volume, growth and/or retention.
|
(5)
|
Guaranteed supplemental commissions represent guaranteed fixed-base agreements in lieu of profit-sharing contingent commissions.
|
(6)
|
Investment income consists primarily of interest on cash and investments.
|
(7)
|
Other income consists primarily of legal settlements and other miscellaneous income.
|
(in thousands)
|
June 30, 2018
|
|
December 31, 2017
(1)
|
||||
Contract assets
|
$
|
213,477
|
|
|
$
|
210,323
|
|
Contract liabilities
|
$
|
59,361
|
|
|
$
|
51,236
|
|
(1)
|
The balances as of December 31, 2017 have been revised to reflect the impact of adopting the New Revenue Standard.
|
|
For the three months
ended June 30, |
|
For the six months
ended June 30, |
||||||||||||
(in thousands, except per share data)
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Net income
|
$
|
73,922
|
|
|
$
|
66,102
|
|
|
$
|
164,750
|
|
|
$
|
136,212
|
|
Net income attributable to unvested awarded performance stock
|
(1,618
|
)
|
|
(1,642
|
)
|
|
(3,529
|
)
|
|
(3,329
|
)
|
||||
Net income attributable to common shares
|
$
|
72,304
|
|
|
$
|
64,460
|
|
|
$
|
161,221
|
|
|
$
|
132,883
|
|
Weighted average number of common shares outstanding – basic
|
276,123
|
|
|
280,346
|
|
|
276,038
|
|
|
280,286
|
|
||||
Less unvested awarded performance stock included in weighted average number of common shares outstanding – basic
|
(6,042
|
)
|
|
(6,962
|
)
|
|
(5,912
|
)
|
|
(6,850
|
)
|
||||
Weighted average number of common shares outstanding for basic net income per common share
|
270,081
|
|
|
273,384
|
|
|
270,126
|
|
|
273,436
|
|
||||
Dilutive effect of stock options
|
5,827
|
|
|
4,818
|
|
|
5,683
|
|
|
4,692
|
|
||||
Weighted average number of shares outstanding – diluted
|
275,908
|
|
|
278,202
|
|
|
275,809
|
|
|
278,128
|
|
||||
Net income per share:
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
0.27
|
|
|
$
|
0.24
|
|
|
$
|
0.60
|
|
|
$
|
0.49
|
|
Diluted
|
$
|
0.26
|
|
|
$
|
0.23
|
|
|
$
|
0.58
|
|
|
$
|
0.48
|
|
(in thousands)
|
|
Opus
|
|
Kerxton
|
|
ADG
|
|
Servco
|
|
Other
|
|
Total
|
||||||||||||
Cash
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
8,189
|
|
|
$
|
—
|
|
|
$
|
8,189
|
|
Other current assets
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,743
|
|
|
—
|
|
|
7,743
|
|
||||||
Fixed assets
|
|
12
|
|
|
10
|
|
|
67
|
|
|
178
|
|
|
$
|
23
|
|
|
$
|
290
|
|
||||
Goodwill
|
|
17,938
|
|
|
13,417
|
|
|
35,436
|
|
|
53,967
|
|
|
9,017
|
|
|
129,775
|
|
||||||
Purchased customer accounts
|
|
5,051
|
|
|
4,712
|
|
|
9,136
|
|
|
16,902
|
|
|
4,912
|
|
|
40,713
|
|
||||||
Non-compete agreements
|
|
21
|
|
|
22
|
|
|
21
|
|
|
1
|
|
|
105
|
|
|
170
|
|
||||||
Other assets
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,528
|
|
|
—
|
|
|
1,528
|
|
||||||
Total assets acquired
|
|
23,022
|
|
|
18,161
|
|
|
44,660
|
|
|
88,508
|
|
|
14,057
|
|
|
188,408
|
|
||||||
Other current liabilities
|
|
—
|
|
|
(1,414
|
)
|
|
—
|
|
|
(11,041
|
)
|
|
(1,504
|
)
|
|
(13,959
|
)
|
||||||
Total liabilities assumed
|
|
—
|
|
|
(1,414
|
)
|
|
—
|
|
|
(11,041
|
)
|
|
(1,504
|
)
|
|
(13,959
|
)
|
||||||
Net assets acquired
|
|
23,022
|
|
|
$
|
16,747
|
|
|
44,660
|
|
|
77,467
|
|
|
$
|
12,553
|
|
|
$
|
174,449
|
|
(UNAUDITED)
|
Three months ended
June 30, |
|
Six months ended
June 30, |
||||||||||||
(in thousands, except per share data)
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Total revenues
|
$
|
478,414
|
|
|
$
|
479,225
|
|
|
$
|
991,188
|
|
|
$
|
956,510
|
|
Income before income taxes
|
$
|
102,056
|
|
|
$
|
111,018
|
|
|
$
|
223,189
|
|
|
$
|
224,855
|
|
Net income
|
$
|
74,761
|
|
|
$
|
67,948
|
|
|
$
|
167,633
|
|
|
$
|
139,874
|
|
Net income per share:
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
0.27
|
|
|
$
|
0.25
|
|
|
$
|
0.61
|
|
|
$
|
0.50
|
|
Diluted
|
$
|
0.27
|
|
|
$
|
0.24
|
|
|
$
|
0.60
|
|
|
$
|
0.49
|
|
Weighted average number of shares outstanding:
|
|
|
|
|
|
|
|
||||||||
Basic
|
270,081
|
|
|
273,384
|
|
|
270,126
|
|
|
273,436
|
|
||||
Diluted
|
275,908
|
|
|
278,202
|
|
|
275,809
|
|
|
278,128
|
|
|
Three months ended
June 30, |
|
Six months ended
June 30, |
||||||||||||
(in thousands)
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Balance as of the beginning of the period
|
$
|
40,600
|
|
|
$
|
57,408
|
|
|
$
|
36,175
|
|
|
$
|
63,821
|
|
Additions to estimated acquisition earn-out payables
|
17,549
|
|
|
493
|
|
|
22,071
|
|
|
282
|
|
||||
Payments for estimated acquisition earn-out payables
|
(6,028
|
)
|
|
(5,547
|
)
|
|
(8,591
|
)
|
|
(15,777
|
)
|
||||
Subtotal
|
52,121
|
|
|
52,354
|
|
|
49,655
|
|
|
48,326
|
|
||||
Net change in earnings from estimated acquisition earn-out payables:
|
|
|
|
|
|
|
|
||||||||
Change in fair value on estimated acquisition earn-out payables
|
(189
|
)
|
|
4,851
|
|
|
1,873
|
|
|
8,186
|
|
||||
Interest expense accretion
|
608
|
|
|
738
|
|
|
1,012
|
|
|
1,431
|
|
||||
Net change in earnings from estimated acquisition earn-out payables
|
419
|
|
|
5,589
|
|
|
2,885
|
|
|
9,617
|
|
||||
Balance as of June 30,
|
$
|
52,540
|
|
|
$
|
57,943
|
|
|
$
|
52,540
|
|
|
$
|
57,943
|
|
(in thousands)
|
Retail
|
|
National
Programs
|
|
Wholesale
Brokerage
|
|
Services
|
|
Total
|
||||||||||
Balance as of January 1, 2018
|
$
|
1,386,248
|
|
|
$
|
908,472
|
|
|
$
|
286,098
|
|
|
$
|
135,261
|
|
|
$
|
2,716,079
|
|
Goodwill of acquired businesses
|
124,230
|
|
|
—
|
|
|
5,545
|
|
|
—
|
|
|
129,775
|
|
|||||
Balance as of June 30, 2018
|
$
|
1,510,478
|
|
|
$
|
908,472
|
|
|
$
|
291,643
|
|
|
$
|
135,261
|
|
|
$
|
2,845,854
|
|
|
June 30, 2018
|
|
December 31, 2017
|
||||||||||||||||||||||||
(in thousands)
|
Gross
carrying
value
|
|
Accumulated
amortization
|
|
Net
carrying
value
|
|
Weighted
average
life
(years)
(1)
|
|
Gross
carrying
value
|
|
Accumulated
amortization
|
|
Net
carrying
value
|
|
Weighted
average
life
(years)
(1)
|
||||||||||||
Purchased customer accounts
|
$
|
1,504,859
|
|
|
$
|
(865,347
|
)
|
|
$
|
639,512
|
|
|
15.0
|
|
$
|
1,464,274
|
|
|
$
|
(824,584
|
)
|
|
$
|
639,690
|
|
|
15.0
|
Non-compete agreements
|
30,457
|
|
|
(29,415
|
)
|
|
1,042
|
|
|
6.8
|
|
30,287
|
|
|
(28,972
|
)
|
|
1,315
|
|
|
6.8
|
||||||
Total
|
$
|
1,535,316
|
|
|
$
|
(894,762
|
)
|
|
$
|
640,554
|
|
|
|
|
$
|
1,494,561
|
|
|
$
|
(853,556
|
)
|
|
$
|
641,005
|
|
|
|
(1)
|
Weighted average life calculated as of the date of acquisition.
|
(in thousands)
|
June 30,
2018 |
|
December 31, 2017
|
||||
Current portion of long-term debt:
|
|
|
|
||||
Current portion of 5-year term loan facility expires June 28, 2022
|
$
|
25,000
|
|
|
$
|
20,000
|
|
4.500% senior notes, Series E, quarterly interest payments, balloon due September 2018
|
—
|
|
|
100,000
|
|
||
Total current portion of long-term debt
|
25,000
|
|
|
120,000
|
|
||
Long-term debt:
|
|
|
|
||||
Note agreements:
|
|
|
|
||||
4.200% senior notes, semi-annual interest payments, net of the unamortized discount, balloon due 2024
|
499,022
|
|
|
498,943
|
|
||
Total notes
|
499,022
|
|
|
498,943
|
|
||
Credit agreements:
|
|
|
|
||||
5-year term-loan facility, periodic interest and principal payments, LIBOR plus up to 1.750%, expires June 28, 2022
|
350,000
|
|
|
365,000
|
|
||
5-year revolving-loan facility, periodic interest payments, LIBOR plus up to 1.500%, plus commitment fees up to 0.250%, expires June 28, 2022
|
—
|
|
|
—
|
|
||
Total credit agreements
|
350,000
|
|
|
365,000
|
|
||
Debt issuance costs (contra)
|
(7,063
|
)
|
|
(7,802
|
)
|
||
Total long-term debt less unamortized discount and debt issuance costs
|
841,959
|
|
|
856,141
|
|
||
Current portion of long-term debt
|
25,000
|
|
|
120,000
|
|
||
Total debt
|
$
|
866,959
|
|
|
$
|
976,141
|
|
|
Six months ended
June 30, |
||||||
(in thousands)
|
2018
|
|
2017
|
||||
Cash paid during the period for:
|
|
|
|
||||
Interest
|
$
|
19,112
|
|
|
$
|
18,556
|
|
Income taxes
|
$
|
65,521
|
|
|
$
|
77,343
|
|
|
Six months ended
June 30, |
||||||
(in thousands)
|
2018
|
|
2017
|
||||
Other payable issued for purchased customer accounts
|
$
|
2,386
|
|
|
$
|
11,069
|
|
Estimated acquisition earn-out payables and related charges
|
$
|
22,071
|
|
|
$
|
282
|
|
|
Balance as of June 30,
|
||||||
(in thousands)
|
2018
|
|
2017
|
||||
Table to reconcile cash and cash equivalents inclusive of restricted cash
|
|
|
|
||||
Cash and cash equivalents
|
$
|
477,928
|
|
|
$
|
600,296
|
|
Restricted cash
|
309,231
|
|
|
276,634
|
|
||
Total cash and cash equivalents inclusive of restricted cash at the end of the period
|
$
|
787,159
|
|
|
$
|
876,930
|
|
|
Balance as of December 31,
|
||||||
(in thousands)
|
2017
|
|
2016
|
||||
Table to reconcile cash and cash equivalents inclusive of restricted cash
|
|
|
|
||||
Cash and cash equivalents
|
$
|
573,383
|
|
|
$
|
515,646
|
|
Restricted cash
|
250,705
|
|
|
265,637
|
|
||
Total cash and cash equivalents inclusive of restricted cash at the end of the period
|
$
|
824,088
|
|
|
$
|
781,283
|
|
|
Three months ended June 30, 2018
|
||||||||||||||||||||||
(in thousands)
|
Retail
|
|
National
Programs
|
|
Wholesale
Brokerage
|
|
Services
|
|
Other
|
|
Total
|
||||||||||||
Total revenues
|
$
|
233,317
|
|
|
$
|
118,440
|
|
|
$
|
75,568
|
|
|
$
|
45,867
|
|
|
$
|
(5
|
)
|
|
$
|
473,187
|
|
Investment income
|
$
|
—
|
|
|
$
|
132
|
|
|
$
|
81
|
|
|
$
|
36
|
|
|
$
|
482
|
|
|
$
|
731
|
|
Amortization
|
$
|
10,502
|
|
|
$
|
6,324
|
|
|
$
|
2,822
|
|
|
$
|
1,137
|
|
|
$
|
—
|
|
|
$
|
20,785
|
|
Depreciation
|
$
|
1,273
|
|
|
$
|
1,354
|
|
|
$
|
426
|
|
|
$
|
379
|
|
|
$
|
2,167
|
|
|
$
|
5,599
|
|
Interest expense
|
$
|
7,112
|
|
|
$
|
6,376
|
|
|
$
|
1,371
|
|
|
$
|
583
|
|
|
$
|
(5,390
|
)
|
|
$
|
10,052
|
|
Income before income taxes
|
$
|
44,361
|
|
|
$
|
24,324
|
|
|
$
|
20,547
|
|
|
$
|
8,085
|
|
|
$
|
3,593
|
|
|
$
|
100,910
|
|
Total assets
|
$
|
4,668,251
|
|
|
$
|
2,844,485
|
|
|
$
|
1,267,207
|
|
|
$
|
419,876
|
|
|
$
|
(3,498,262
|
)
|
|
$
|
5,701,557
|
|
Capital expenditures
|
$
|
1,954
|
|
|
$
|
2,215
|
|
|
$
|
447
|
|
|
$
|
147
|
|
|
$
|
4,876
|
|
|
$
|
9,639
|
|
|
Three months ended June 30, 2017
|
||||||||||||||||||||||
(in thousands)
|
Retail
|
|
National
Programs
|
|
Wholesale
Brokerage
|
|
Services
|
|
Other
|
|
Total
|
||||||||||||
Total revenues
|
$
|
238,969
|
|
|
$
|
113,675
|
|
|
$
|
71,991
|
|
|
$
|
41,580
|
|
|
$
|
90
|
|
|
$
|
466,305
|
|
Investment income
|
$
|
1
|
|
|
$
|
81
|
|
|
$
|
—
|
|
|
$
|
72
|
|
|
$
|
197
|
|
|
$
|
351
|
|
Amortization
|
$
|
10,517
|
|
|
$
|
6,847
|
|
|
$
|
2,845
|
|
|
$
|
1,137
|
|
|
$
|
1
|
|
|
$
|
21,347
|
|
Depreciation
|
$
|
1,324
|
|
|
$
|
1,604
|
|
|
$
|
477
|
|
|
$
|
390
|
|
|
$
|
1,860
|
|
|
$
|
5,655
|
|
Interest expense
|
$
|
8,126
|
|
|
$
|
8,918
|
|
|
$
|
1,613
|
|
|
$
|
946
|
|
|
$
|
(9,729
|
)
|
|
$
|
9,874
|
|
Income before income taxes
|
$
|
47,978
|
|
|
$
|
23,397
|
|
|
$
|
20,085
|
|
|
$
|
8,449
|
|
|
$
|
8,093
|
|
|
$
|
108,002
|
|
Total assets
|
$
|
4,090,094
|
|
|
$
|
2,723,177
|
|
|
$
|
1,204,184
|
|
|
$
|
396,165
|
|
|
$
|
(3,134,611
|
)
|
|
$
|
5,279,009
|
|
Capital expenditures
|
$
|
1,404
|
|
|
$
|
1,448
|
|
|
$
|
1,014
|
|
|
$
|
342
|
|
|
$
|
1,608
|
|
|
$
|
5,816
|
|
|
Six months ended June 30, 2018
|
||||||||||||||||||||||
(in thousands)
|
Retail
|
|
National
Programs
|
|
Wholesale
Brokerage
|
|
Services
|
|
Other
|
|
Total
|
||||||||||||
Total revenues
|
$
|
511,719
|
|
|
$
|
230,915
|
|
|
$
|
141,716
|
|
|
$
|
89,933
|
|
|
$
|
365
|
|
|
$
|
974,648
|
|
Investment income
|
$
|
1
|
|
|
$
|
246
|
|
|
$
|
81
|
|
|
$
|
109
|
|
|
$
|
895
|
|
|
$
|
1,332
|
|
Amortization
|
$
|
20,744
|
|
|
$
|
12,647
|
|
|
$
|
5,659
|
|
|
$
|
2,274
|
|
|
$
|
—
|
|
|
$
|
41,324
|
|
Depreciation
|
$
|
2,510
|
|
|
$
|
2,741
|
|
|
$
|
853
|
|
|
$
|
790
|
|
|
$
|
4,257
|
|
|
$
|
11,151
|
|
Interest expense
|
$
|
13,909
|
|
|
$
|
13,872
|
|
|
$
|
2,806
|
|
|
$
|
1,177
|
|
|
$
|
(12,041
|
)
|
|
$
|
19,723
|
|
Income before income taxes
|
$
|
114,760
|
|
|
$
|
45,102
|
|
|
$
|
31,930
|
|
|
$
|
16,901
|
|
|
$
|
10,658
|
|
|
$
|
219,351
|
|
Total assets
|
$
|
4,668,251
|
|
|
$
|
2,844,485
|
|
|
$
|
1,267,207
|
|
|
$
|
419,876
|
|
|
$
|
(3,498,262
|
)
|
|
$
|
5,701,557
|
|
Capital expenditures
|
$
|
4,361
|
|
|
$
|
4,893
|
|
|
$
|
867
|
|
|
$
|
432
|
|
|
$
|
8,837
|
|
|
$
|
19,390
|
|
|
Six months ended June 30, 2017
|
||||||||||||||||||||||
(in thousands)
|
Retail
|
|
National
Programs
|
|
Wholesale
Brokerage
|
|
Services
|
|
Other
|
|
Total
|
||||||||||||
Total revenues
|
$
|
478,256
|
|
|
$
|
214,858
|
|
|
$
|
137,238
|
|
|
$
|
80,906
|
|
|
$
|
20,127
|
|
|
$
|
931,385
|
|
Investment income
|
$
|
3
|
|
|
$
|
155
|
|
|
$
|
—
|
|
|
$
|
152
|
|
|
$
|
284
|
|
|
$
|
594
|
|
Amortization
|
$
|
21,164
|
|
|
$
|
13,751
|
|
|
$
|
5,776
|
|
|
$
|
2,275
|
|
|
$
|
1
|
|
|
$
|
42,967
|
|
Depreciation
|
$
|
2,713
|
|
|
$
|
3,563
|
|
|
$
|
967
|
|
|
$
|
789
|
|
|
$
|
3,721
|
|
|
$
|
11,753
|
|
Interest expense
|
$
|
16,702
|
|
|
$
|
18,953
|
|
|
$
|
3,288
|
|
|
$
|
1,907
|
|
|
$
|
(21,294
|
)
|
|
$
|
19,556
|
|
Income before income taxes
|
$
|
96,833
|
|
|
$
|
35,924
|
|
|
$
|
35,350
|
|
|
$
|
14,570
|
|
|
$
|
36,292
|
|
|
$
|
218,969
|
|
Total assets
|
$
|
4,090,094
|
|
|
$
|
2,723,177
|
|
|
$
|
1,204,184
|
|
|
$
|
396,165
|
|
|
$
|
(3,134,611
|
)
|
|
$
|
5,279,009
|
|
Capital expenditures
|
$
|
2,540
|
|
|
$
|
2,528
|
|
|
$
|
1,392
|
|
|
$
|
492
|
|
|
$
|
1,896
|
|
|
$
|
8,848
|
|
(in thousands)
|
Cost
|
|
Gross unrealized
gains
|
|
Gross unrealized
losses
|
|
Fair value
|
||||||||
U.S. Treasury securities, obligations of U.S. Government agencies and Municipalities
|
$
|
22,717
|
|
|
$
|
1
|
|
|
$
|
(373
|
)
|
|
$
|
22,345
|
|
Corporate debt
|
823
|
|
|
1
|
|
|
(2
|
)
|
|
822
|
|
||||
Total
|
$
|
23,540
|
|
|
$
|
2
|
|
|
$
|
(375
|
)
|
|
$
|
23,167
|
|
|
Less than 12 Months
|
|
12 Months or More
|
|
Total
|
||||||||||||||||||
(in thousands)
|
Fair value
|
|
Unrealized
losses
|
|
Fair value
|
|
Unrealized
losses
|
|
Fair value
|
|
Unrealized
losses
|
||||||||||||
U.S. Treasury securities, obligations of U.S. Government agencies and Municipalities
|
$
|
18,495
|
|
|
$
|
(337
|
)
|
|
$
|
3,644
|
|
|
$
|
(36
|
)
|
|
$
|
22,139
|
|
|
$
|
(373
|
)
|
Corporate debt
|
654
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
654
|
|
|
(2
|
)
|
||||||
Total
|
$
|
19,149
|
|
|
$
|
(339
|
)
|
|
$
|
3,644
|
|
|
$
|
(36
|
)
|
|
$
|
22,793
|
|
|
$
|
(375
|
)
|
(in thousands)
|
Cost
|
|
Gross unrealized
gains
|
|
Gross unrealized
losses
|
|
Fair value
|
||||||||
U.S. Treasury securities, obligations of U.S. Government agencies and Municipalities
|
$
|
29,970
|
|
|
$
|
—
|
|
|
$
|
(206
|
)
|
|
$
|
29,764
|
|
Corporate debt
|
1,072
|
|
|
12
|
|
|
—
|
|
|
1,084
|
|
||||
Total
|
$
|
31,042
|
|
|
$
|
12
|
|
|
$
|
(206
|
)
|
|
$
|
30,848
|
|
|
Less than 12 Months
|
|
12 Months or More
|
|
Total
|
||||||||||||||||||
(in thousands)
|
Fair value
|
|
Unrealized
losses
|
|
Fair value
|
|
Unrealized
losses
|
|
Fair value
|
|
Unrealized
losses
|
||||||||||||
U.S. Treasury securities, obligations of U.S. Government agencies and Municipalities
|
$
|
17,919
|
|
|
$
|
(157
|
)
|
|
$
|
11,845
|
|
|
$
|
(49
|
)
|
|
$
|
29,764
|
|
|
$
|
(206
|
)
|
Corporate debt
|
400
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
400
|
|
|
—
|
|
||||||
Total
|
$
|
18,319
|
|
|
$
|
(157
|
)
|
|
$
|
11,845
|
|
|
$
|
(49
|
)
|
|
$
|
30,164
|
|
|
$
|
(206
|
)
|
(in thousands)
|
Amortized cost
|
|
Fair value
|
||||
Years to maturity:
|
|
|
|
||||
Due in one year or less
|
$
|
3,086
|
|
|
$
|
3,075
|
|
Due after one year through five years
|
20,221
|
|
|
19,859
|
|
||
Due after five years
|
233
|
|
|
233
|
|
||
Total
|
$
|
23,540
|
|
|
$
|
23,167
|
|
(in thousands)
|
Amortized cost
|
|
Fair value
|
||||
Years to maturity:
|
|
|
|
||||
Due in one year or less
|
$
|
16,934
|
|
|
$
|
16,899
|
|
Due after one year through five years
|
13,876
|
|
|
13,708
|
|
||
Due after five years
|
232
|
|
|
241
|
|
||
Total
|
$
|
31,042
|
|
|
$
|
30,848
|
|
|
|||||||
(in thousands)
|
Written
|
|
Earned
|
||||
Direct premiums
|
$
|
283,974
|
|
|
$
|
294,284
|
|
Ceded premiums
|
(283,967
|
)
|
|
(294,277
|
)
|
||
Net premiums
|
$
|
7
|
|
|
$
|
7
|
|
|
Three months ended
June 30, |
|
Six months ended
June 30, |
||||||||||||||||||
(in thousands, except percentages)
|
2018
|
|
2017
|
|
%
Change
|
|
2018
|
|
2017
|
|
%
Change
|
||||||||||
REVENUES
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Core commissions and fees
|
$
|
455,594
|
|
|
$
|
449,891
|
|
|
1.3
|
%
|
|
$
|
941,268
|
|
|
$
|
861,767
|
|
|
9.2
|
%
|
Profit-sharing contingent commissions
|
13,981
|
|
|
11,855
|
|
|
17.9
|
%
|
|
25,665
|
|
|
41,867
|
|
|
(38.7
|
)%
|
||||
Guaranteed supplemental commissions
|
2,493
|
|
|
2,978
|
|
|
(16.3
|
)%
|
|
5,473
|
|
|
5,656
|
|
|
(3.2
|
)%
|
||||
Investment income
|
731
|
|
|
351
|
|
|
108.3
|
%
|
|
1,332
|
|
|
594
|
|
|
124.2
|
%
|
||||
Other income, net
|
388
|
|
|
1,230
|
|
|
(68.5
|
)%
|
|
910
|
|
|
21,501
|
|
|
(95.8
|
)%
|
||||
Total revenues
|
473,187
|
|
|
466,305
|
|
|
1.5
|
%
|
|
974,648
|
|
|
931,385
|
|
|
4.6
|
%
|
||||
EXPENSES
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Employee compensation and benefits
|
251,958
|
|
|
244,517
|
|
|
3.0
|
%
|
|
522,857
|
|
|
490,383
|
|
|
6.6
|
%
|
||||
Other operating expenses
|
83,694
|
|
|
71,312
|
|
|
17.4
|
%
|
|
160,007
|
|
|
138,231
|
|
|
15.8
|
%
|
||||
Loss/(gain) on disposal
|
(230
|
)
|
|
9
|
|
|
NMF
|
|
|
(2,650
|
)
|
|
(91
|
)
|
|
NMF
|
|
||||
Amortization
|
20,785
|
|
|
21,347
|
|
|
(2.6
|
)%
|
|
41,324
|
|
|
42,967
|
|
|
(3.8
|
)%
|
||||
Depreciation
|
5,599
|
|
|
5,655
|
|
|
(1.0
|
)%
|
|
11,151
|
|
|
11,753
|
|
|
(5.1
|
)%
|
||||
Interest
|
10,052
|
|
|
9,874
|
|
|
1.8
|
%
|
|
19,723
|
|
|
19,556
|
|
|
0.9
|
%
|
||||
Change in estimated acquisition earn-out payables
|
419
|
|
|
5,589
|
|
|
(92.5
|
)%
|
|
2,885
|
|
|
9,617
|
|
|
(70.0
|
)%
|
||||
Total expenses
|
372,277
|
|
|
358,303
|
|
|
3.9
|
%
|
|
755,297
|
|
|
712,416
|
|
|
6.0
|
%
|
||||
Income before income taxes
|
100,910
|
|
|
108,002
|
|
|
(6.6
|
)%
|
|
219,351
|
|
|
218,969
|
|
|
0.2
|
%
|
||||
Income taxes
|
26,988
|
|
|
41,900
|
|
|
(35.6
|
)%
|
|
54,601
|
|
|
82,757
|
|
|
(34.0
|
)%
|
||||
NET INCOME
|
$
|
73,922
|
|
|
$
|
66,102
|
|
|
11.8
|
%
|
|
$
|
164,750
|
|
|
$
|
136,212
|
|
|
21.0
|
%
|
Income Before Income Taxes Margin
(1)
|
21.3
|
%
|
|
23.2
|
%
|
|
|
|
22.5
|
%
|
|
23.5
|
%
|
|
|
||||||
EBITDAC
(1)
|
$
|
137,765
|
|
|
$
|
150,467
|
|
|
(8.4
|
)%
|
|
$
|
294,434
|
|
|
$
|
302,862
|
|
|
(2.8
|
)%
|
EBITDAC Margin
(1)
|
29.1
|
%
|
|
32.3
|
%
|
|
|
|
30.2
|
%
|
|
32.5
|
%
|
|
|
||||||
Organic Revenue growth rate
(1)
|
5.2
|
%
|
|
1.6
|
%
|
|
|
|
5.4
|
%
|
|
2.5
|
%
|
|
|
||||||
Employee compensation and benefits relative to total revenues
|
53.2
|
%
|
|
52.4
|
%
|
|
|
|
53.6
|
%
|
|
52.7
|
%
|
|
|
||||||
Other operating expenses relative to total revenues
|
17.7
|
%
|
|
15.3
|
%
|
|
|
|
16.4
|
%
|
|
14.8
|
%
|
|
|
||||||
Capital expenditures
|
$
|
9,639
|
|
|
$
|
5,816
|
|
|
65.7
|
%
|
|
$
|
19,390
|
|
|
$
|
8,848
|
|
|
119.1
|
%
|
Total assets at June 30
|
|
|
|
|
|
|
$
|
5,701,557
|
|
|
$
|
5,279,009
|
|
|
8.0
|
%
|
|
|
Three months ended
June 30, |
|
Six months ended
June 30, |
||||||||||||
(in thousands)
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Change in fair value of estimated acquisition earn-out payables
|
$
|
(189
|
)
|
|
$
|
4,851
|
|
|
$
|
1,873
|
|
|
$
|
8,186
|
|
Interest expense accretion
|
608
|
|
|
738
|
|
|
1,012
|
|
|
1,431
|
|
||||
Net change in earnings from estimated acquisition earn-out payables
|
$
|
419
|
|
|
$
|
5,589
|
|
|
$
|
2,885
|
|
|
$
|
9,617
|
|
|
Three months ended
June 30, |
||||||
(in thousands)
|
2018
|
|
2017
|
||||
Commissions and fees
|
$
|
472,068
|
|
|
$
|
464,724
|
|
Profit-sharing contingent commissions
|
(13,981
|
)
|
|
(11,855
|
)
|
||
Guaranteed supplemental commissions
|
(2,493
|
)
|
|
(2,978
|
)
|
||
Core commissions and fees
|
455,594
|
|
|
449,891
|
|
||
New Revenue Standard impact on core commissions and fees
|
28,412
|
|
|
—
|
|
||
Acquisition revenues
|
(11,191
|
)
|
|
—
|
|
||
Divested business
|
—
|
|
|
(540
|
)
|
||
Organic Revenue
|
$
|
472,815
|
|
|
$
|
449,351
|
|
2018
|
Retail
(1)
|
|
National Programs
|
|
Wholesale Brokerage
|
|
Services
|
|
Total
|
||||||||||||||||||||||||||||||
(in thousands, except percentages)
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||||||||||||||
Commissions and fees
|
$
|
232,533
|
|
|
$
|
238,063
|
|
|
$
|
118,289
|
|
|
$
|
113,559
|
|
|
$
|
75,415
|
|
|
$
|
71,594
|
|
|
$
|
45,831
|
|
|
$
|
41,508
|
|
|
$
|
472,068
|
|
|
$
|
464,724
|
|
Total change
|
$
|
(5,530
|
)
|
|
|
|
$
|
4,730
|
|
|
|
|
$
|
3,821
|
|
|
|
|
$
|
4,323
|
|
|
|
|
$
|
7,344
|
|
|
|
||||||||||
Total growth %
|
(2.3
|
)%
|
|
|
|
4.2
|
%
|
|
|
|
5.3
|
%
|
|
|
|
10.4
|
%
|
|
|
|
1.6
|
%
|
|
|
|||||||||||||||
Profit-sharing contingent commissions
|
(6,469
|
)
|
|
(1,419
|
)
|
|
(5,521
|
)
|
|
(8,576
|
)
|
|
(1,991
|
)
|
|
(1,860
|
)
|
|
—
|
|
|
—
|
|
|
(13,981
|
)
|
|
(11,855
|
)
|
||||||||||
GSCs
|
(2,182
|
)
|
|
(2,677
|
)
|
|
(39
|
)
|
|
—
|
|
|
(272
|
)
|
|
(301
|
)
|
|
—
|
|
|
—
|
|
|
(2,493
|
)
|
|
(2,978
|
)
|
||||||||||
Core commissions and fees
|
$
|
223,882
|
|
|
$
|
233,967
|
|
|
$
|
112,729
|
|
|
$
|
104,983
|
|
|
$
|
73,152
|
|
|
$
|
69,433
|
|
|
$
|
45,831
|
|
|
$
|
41,508
|
|
|
$
|
455,594
|
|
|
$
|
449,891
|
|
New Revenue Standard
|
29,510
|
|
|
—
|
|
|
20
|
|
|
—
|
|
|
239
|
|
|
—
|
|
|
(1,357
|
)
|
|
—
|
|
|
28,412
|
|
|
—
|
|
||||||||||
Acquisition revenues
|
(9,916
|
)
|
|
—
|
|
|
(1,008
|
)
|
|
—
|
|
|
(267
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(11,191
|
)
|
|
—
|
|
||||||||||
Divested business
|
—
|
|
|
(540
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(540
|
)
|
||||||||||
Organic Revenue
(2)
|
$
|
243,476
|
|
|
$
|
233,427
|
|
|
$
|
111,741
|
|
|
$
|
104,983
|
|
|
$
|
73,124
|
|
|
$
|
69,433
|
|
|
$
|
44,474
|
|
|
$
|
41,508
|
|
|
$
|
472,815
|
|
|
$
|
449,351
|
|
Organic Revenue growth
(2)
|
$
|
10,049
|
|
|
|
|
$
|
6,758
|
|
|
|
|
$
|
3,691
|
|
|
|
|
$
|
2,966
|
|
|
|
|
$
|
23,464
|
|
|
|
||||||||||
Organic Revenue growth %
(2)
|
4.3
|
%
|
|
|
|
6.4
|
%
|
|
|
|
5.3
|
%
|
|
|
|
7.1
|
%
|
|
|
|
5.2
|
%
|
|
|
|
(1)
|
The Retail Segment includes commissions and fees reported in the “Other” column of the Segment Information in Note 11 of the Notes to the Condensed Consolidated Financial Statements, which includes corporate and consolidation items.
|
(2)
|
A non-GAAP financial measure.
|
|
Three months ended
June 30, |
||||||
(in thousands)
|
2017
|
|
2016
|
||||
Commissions and fees
|
$
|
464,724
|
|
|
$
|
445,662
|
|
Profit-sharing contingent commissions
|
(11,855
|
)
|
|
(7,358
|
)
|
||
Guaranteed supplemental commissions
|
(2,978
|
)
|
|
(2,842
|
)
|
||
Core commissions and fees
|
449,891
|
|
|
435,462
|
|
||
Acquisition revenues
|
(7,989
|
)
|
|
—
|
|
||
Divested business
|
—
|
|
|
(384
|
)
|
||
Organic Revenue
|
$
|
441,902
|
|
|
$
|
435,078
|
|
2017
|
Retail
(1)
|
|
National Programs
|
|
Wholesale Brokerage
|
|
Services
|
|
Total
|
||||||||||||||||||||||||||||||
(in thousands, except percentages)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||||||||||||||
Commissions and fees
|
$
|
238,063
|
|
|
$
|
234,247
|
|
|
$
|
113,559
|
|
|
$
|
108,542
|
|
|
$
|
71,594
|
|
|
$
|
61,203
|
|
|
$
|
41,508
|
|
|
$
|
41,670
|
|
|
$
|
464,724
|
|
|
$
|
445,662
|
|
Total change
|
$
|
3,816
|
|
|
|
|
$
|
5,017
|
|
|
|
|
$
|
10,391
|
|
|
|
|
$
|
(162
|
)
|
|
|
|
$
|
19,062
|
|
|
|
||||||||||
Total growth %
|
1.6
|
%
|
|
|
|
4.6
|
%
|
|
|
|
17.0
|
%
|
|
|
|
(0.4
|
)%
|
|
|
|
4.3
|
%
|
|
|
|||||||||||||||
Profit-sharing contingent commissions
|
(1,419
|
)
|
|
(1,374
|
)
|
|
(8,576
|
)
|
|
(4,410
|
)
|
|
(1,860
|
)
|
|
(1,574
|
)
|
|
—
|
|
|
—
|
|
|
(11,855
|
)
|
|
(7,358
|
)
|
||||||||||
GSCs
|
(2,677
|
)
|
|
(2,345
|
)
|
|
—
|
|
|
(4
|
)
|
|
(301
|
)
|
|
(493
|
)
|
|
—
|
|
|
—
|
|
|
(2,978
|
)
|
|
(2,842
|
)
|
||||||||||
Core commissions and fees
|
$
|
233,967
|
|
|
$
|
230,528
|
|
|
$
|
104,983
|
|
|
$
|
104,128
|
|
|
$
|
69,433
|
|
|
$
|
59,136
|
|
|
$
|
41,508
|
|
|
$
|
41,670
|
|
|
$
|
449,891
|
|
|
$
|
435,462
|
|
Acquisition revenues
|
(1,186
|
)
|
|
—
|
|
|
(158
|
)
|
|
—
|
|
|
(6,645
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(7,989
|
)
|
|
—
|
|
||||||||||
Divested business
|
—
|
|
|
(338
|
)
|
|
—
|
|
|
(161
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
115
|
|
|
—
|
|
|
(384
|
)
|
||||||||||
Organic Revenue
(2)
|
$
|
232,781
|
|
|
$
|
230,190
|
|
|
$
|
104,825
|
|
|
$
|
103,967
|
|
|
$
|
62,788
|
|
|
$
|
59,136
|
|
|
$
|
41,508
|
|
|
$
|
41,785
|
|
|
$
|
441,902
|
|
|
$
|
435,078
|
|
Organic Revenue growth
(2)
|
$
|
2,591
|
|
|
|
|
$
|
858
|
|
|
|
|
$
|
3,652
|
|
|
|
|
$
|
(277
|
)
|
|
|
|
$
|
6,824
|
|
|
|
||||||||||
Organic Revenue growth %
(2)
|
1.1
|
%
|
|
|
|
0.8
|
%
|
|
|
|
6.2
|
%
|
|
|
|
(0.7
|
)%
|
|
|
|
1.6
|
%
|
|
|
|
(1)
|
The Retail Segment includes commissions and fees reported in the “Other” column of the Segment Information in Note 11 of the Notes to the Condensed Consolidated Financial Statements, which includes corporate and consolidation items.
|
(2)
|
A non-GAAP financial measure.
|
|
Six months ended June 30,
|
||||||
(in thousands)
|
2018
|
|
2017
|
||||
Commissions and fees
|
$
|
972,406
|
|
|
$
|
909,290
|
|
Profit-sharing contingent commissions
|
(25,665
|
)
|
|
(41,867
|
)
|
||
Guaranteed supplemental commissions
|
(5,473
|
)
|
|
(5,656
|
)
|
||
Core commissions and fees
|
941,268
|
|
|
861,767
|
|
||
New Revenue Standard impact on core commissions and fees
|
(17,179
|
)
|
|
—
|
|
||
Acquisition revenues
|
(16,552
|
)
|
|
—
|
|
||
Divested business
|
—
|
|
|
(970
|
)
|
||
Organic Revenue
|
$
|
907,537
|
|
|
$
|
860,797
|
|
2018
|
Retail
(1)
|
|
National Programs
|
|
Wholesale Brokerage
|
|
Services
|
|
Total
|
||||||||||||||||||||||||||||||
(in thousands, except percentages)
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||||||||||||||
Commissions and fees
|
$
|
510,628
|
|
|
$
|
477,118
|
|
|
$
|
230,621
|
|
|
$
|
214,639
|
|
|
$
|
141,333
|
|
|
$
|
136,779
|
|
|
$
|
89,824
|
|
|
$
|
80,754
|
|
|
$
|
972,406
|
|
|
$
|
909,290
|
|
Total change
|
$
|
33,510
|
|
|
|
|
$
|
15,982
|
|
|
|
|
$
|
4,554
|
|
|
|
|
$
|
9,070
|
|
|
|
|
$
|
63,116
|
|
|
|
||||||||||
Total growth %
|
7.0
|
%
|
|
|
|
7.4
|
%
|
|
|
|
3.3
|
%
|
|
|
|
11.2
|
%
|
|
|
|
6.9
|
%
|
|
|
|||||||||||||||
Profit-sharing contingent commissions
|
(12,599
|
)
|
|
(20,936
|
)
|
|
(9,503
|
)
|
|
(14,290
|
)
|
|
(3,563
|
)
|
|
(6,641
|
)
|
|
—
|
|
|
—
|
|
|
(25,665
|
)
|
|
(41,867
|
)
|
||||||||||
GSCs
|
(4,704
|
)
|
|
(4,945
|
)
|
|
(54
|
)
|
|
(3
|
)
|
|
(715
|
)
|
|
(708
|
)
|
|
—
|
|
|
—
|
|
|
(5,473
|
)
|
|
(5,656
|
)
|
||||||||||
Core commissions and fees
|
$
|
493,325
|
|
|
$
|
451,237
|
|
|
$
|
221,064
|
|
|
$
|
200,346
|
|
|
$
|
137,055
|
|
|
$
|
129,430
|
|
|
$
|
89,824
|
|
|
$
|
80,754
|
|
|
$
|
941,268
|
|
|
$
|
861,767
|
|
New Revenue Standard
|
(14,378
|
)
|
|
|
|
(86
|
)
|
|
|
|
121
|
|
|
|
|
(2,836
|
)
|
|
|
|
(17,179
|
)
|
|
|
|||||||||||||||
Acquisition revenues
|
(14,248
|
)
|
|
—
|
|
|
(1,916
|
)
|
|
—
|
|
|
(388
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(16,552
|
)
|
|
—
|
|
||||||||||
Divested business
|
—
|
|
|
(971
|
)
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(970
|
)
|
||||||||||
Organic Revenue
(2)
|
$
|
464,699
|
|
|
$
|
450,266
|
|
|
$
|
219,062
|
|
|
$
|
200,347
|
|
|
$
|
136,788
|
|
|
$
|
129,430
|
|
|
$
|
86,988
|
|
|
$
|
80,754
|
|
|
$
|
907,537
|
|
|
$
|
860,797
|
|
Organic Revenue growth
(2)
|
$
|
14,433
|
|
|
|
|
$
|
18,715
|
|
|
|
|
$
|
7,358
|
|
|
|
|
$
|
6,234
|
|
|
|
|
$
|
46,740
|
|
|
|
||||||||||
Organic Revenue growth %
(2)
|
3.2
|
%
|
|
|
|
9.3
|
%
|
|
|
|
5.7
|
%
|
|
|
|
7.7
|
%
|
|
|
|
5.4
|
%
|
|
|
|
(1)
|
The Retail Segment includes commissions and fees reported in the “Other” column of the Segment Information in Note 11 of the Notes to the Condensed Consolidated Financial Statements, which includes corporate and consolidation items.
|
(2)
|
A non-GAAP financial measure.
|
|
Six months ended June 30,
|
||||||
(in thousands)
|
2017
|
|
2016
|
||||
Commissions and fees
|
$
|
909,290
|
|
|
$
|
867,997
|
|
Profit-sharing contingent commissions
|
(41,867
|
)
|
|
(38,339
|
)
|
||
Guaranteed supplemental commissions
|
(5,656
|
)
|
|
(5,952
|
)
|
||
Core commissions and fees
|
861,767
|
|
|
823,706
|
|
||
Acquisition revenues
|
(18,599
|
)
|
|
—
|
|
||
Divested business
|
—
|
|
|
(887
|
)
|
||
Organic Revenue
|
$
|
843,168
|
|
|
$
|
822,819
|
|
2017
|
Retail
(1)
|
|
National Programs
|
|
Wholesale Brokerage
|
|
Services
|
|
Total
|
||||||||||||||||||||||||||||||
(in thousands, except percentages)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||||||||||||||
Commissions and fees
|
$
|
477,118
|
|
|
$
|
465,934
|
|
|
$
|
214,639
|
|
|
$
|
209,349
|
|
|
$
|
136,779
|
|
|
$
|
114,541
|
|
|
$
|
80,754
|
|
|
$
|
78,173
|
|
|
$
|
909,290
|
|
|
$
|
867,997
|
|
Total change
|
$
|
11,184
|
|
|
|
|
$
|
5,290
|
|
|
|
|
$
|
22,238
|
|
|
|
|
$
|
2,581
|
|
|
|
|
$
|
41,293
|
|
|
|
||||||||||
Total growth %
|
2.4
|
%
|
|
|
|
2.5
|
%
|
|
|
|
19.4
|
%
|
|
|
|
3.3
|
%
|
|
|
|
4.8
|
%
|
|
|
|||||||||||||||
Profit-sharing contingent commissions
|
(20,936
|
)
|
|
(22,136
|
)
|
|
(14,290
|
)
|
|
(9,654
|
)
|
|
(6,641
|
)
|
|
(6,549
|
)
|
|
—
|
|
|
—
|
|
|
(41,867
|
)
|
|
(38,339
|
)
|
||||||||||
GSCs
|
(4,945
|
)
|
|
(4,972
|
)
|
|
(3
|
)
|
|
(10
|
)
|
|
(708
|
)
|
|
(970
|
)
|
|
—
|
|
|
—
|
|
|
(5,656
|
)
|
|
(5,952
|
)
|
||||||||||
Core commissions and fees
|
$
|
451,237
|
|
|
$
|
438,826
|
|
|
$
|
200,346
|
|
|
$
|
199,685
|
|
|
$
|
129,430
|
|
|
$
|
107,022
|
|
|
$
|
80,754
|
|
|
$
|
78,173
|
|
|
$
|
861,767
|
|
|
$
|
823,706
|
|
Acquisition revenues
|
(2,374
|
)
|
|
—
|
|
|
(158
|
)
|
|
—
|
|
|
(15,217
|
)
|
|
—
|
|
|
(850
|
)
|
|
—
|
|
|
(18,599
|
)
|
|
—
|
|
||||||||||
Divested business
|
—
|
|
|
(841
|
)
|
|
—
|
|
|
(249
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
203
|
|
|
—
|
|
|
(887
|
)
|
||||||||||
Organic Revenue
(2)
|
$
|
448,863
|
|
|
$
|
437,985
|
|
|
$
|
200,188
|
|
|
$
|
199,436
|
|
|
$
|
114,213
|
|
|
$
|
107,022
|
|
|
$
|
79,904
|
|
|
$
|
78,376
|
|
|
$
|
843,168
|
|
|
$
|
822,819
|
|
Organic Revenue growth
(2)
|
$
|
10,878
|
|
|
|
|
$
|
752
|
|
|
|
|
$
|
7,191
|
|
|
|
|
$
|
1,528
|
|
|
|
|
$
|
20,349
|
|
|
|
||||||||||
Organic Revenue growth %
(2)
|
2.5
|
%
|
|
|
|
0.4
|
%
|
|
|
|
6.7
|
%
|
|
|
|
1.9
|
%
|
|
|
|
2.5
|
%
|
|
|
|
(1)
|
The Retail Segment includes commissions and fees reported in the “Other” column of the Segment Information in Note 11 of the Notes to the Condensed Consolidated Financial Statements, which includes corporate and consolidation items.
|
(2)
|
A non-GAAP financial measure.
|
(in thousands)
|
Retail
|
|
National Programs
|
|
Wholesale Brokerage
|
|
Services
|
|
Other
|
|
Total
|
||||||||||||
Income before income taxes
|
$
|
44,361
|
|
|
$
|
24,324
|
|
|
$
|
20,547
|
|
|
$
|
8,085
|
|
|
$
|
3,593
|
|
|
$
|
100,910
|
|
Income Before Income Taxes Margin
|
19.0
|
%
|
|
20.5
|
%
|
|
27.2
|
%
|
|
17.6
|
%
|
|
NMF
|
|
|
21.3
|
%
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Amortization
|
10,502
|
|
|
6,324
|
|
|
2,822
|
|
|
1,137
|
|
|
—
|
|
|
20,785
|
|
||||||
Depreciation
|
1,273
|
|
|
1,354
|
|
|
426
|
|
|
379
|
|
|
2,167
|
|
|
5,599
|
|
||||||
Interest
|
7,112
|
|
|
6,376
|
|
|
1,371
|
|
|
583
|
|
|
(5,390
|
)
|
|
10,052
|
|
||||||
Change in estimated acquisition earn-out payables
|
785
|
|
|
181
|
|
|
(547
|
)
|
|
—
|
|
|
—
|
|
|
419
|
|
||||||
EBITDAC
|
$
|
64,033
|
|
|
$
|
38,559
|
|
|
$
|
24,619
|
|
|
$
|
10,184
|
|
|
$
|
370
|
|
|
$
|
137,765
|
|
EBITDAC Margin
|
27.4
|
%
|
|
32.6
|
%
|
|
32.6
|
%
|
|
22.2
|
%
|
|
NMF
|
|
|
29.1
|
%
|
|
(in thousands)
|
|
Retail
|
|
National Programs
|
|
Wholesale Brokerage
|
|
Services
|
|
Other
|
|
Total
|
||||||||||||
Income before income taxes
|
|
$
|
47,978
|
|
|
$
|
23,397
|
|
|
$
|
20,085
|
|
|
$
|
8,449
|
|
|
$
|
8,093
|
|
|
$
|
108,002
|
|
Income Before Income Taxes Margin
|
|
20.1
|
%
|
|
20.6
|
%
|
|
27.9
|
%
|
|
20.3
|
%
|
|
NMF
|
|
|
23.2
|
%
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Amortization
|
|
10,517
|
|
|
6,847
|
|
|
2,845
|
|
|
1,137
|
|
|
1
|
|
|
21,347
|
|
||||||
Depreciation
|
|
1,324
|
|
|
1,604
|
|
|
477
|
|
|
390
|
|
|
1,860
|
|
|
5,655
|
|
||||||
Interest
|
|
8,126
|
|
|
8,918
|
|
|
1,613
|
|
|
946
|
|
|
(9,729
|
)
|
|
9,874
|
|
||||||
Change in estimated acquisition earn-out payables
|
|
5,039
|
|
|
598
|
|
|
(48
|
)
|
|
—
|
|
|
—
|
|
|
5,589
|
|
||||||
EBITDAC
|
|
$
|
72,984
|
|
|
$
|
41,364
|
|
|
$
|
24,972
|
|
|
$
|
10,922
|
|
|
$
|
225
|
|
|
$
|
150,467
|
|
EBITDAC Margin
|
|
30.5
|
%
|
|
36.4
|
%
|
|
34.7
|
%
|
|
26.3
|
%
|
|
NMF
|
|
|
32.3
|
%
|
|
(in thousands)
|
Retail
|
|
National Programs
|
|
Wholesale Brokerage
|
|
Services
|
|
Other
|
|
Total
|
||||||||||||
Income before income taxes
|
$
|
114,760
|
|
|
$
|
45,102
|
|
|
$
|
31,930
|
|
|
$
|
16,901
|
|
|
$
|
10,658
|
|
|
$
|
219,351
|
|
Income Before Income Taxes Margin
|
22.4
|
%
|
|
19.5
|
%
|
|
22.5
|
%
|
|
18.8
|
%
|
|
NMF
|
|
|
22.5
|
%
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Amortization
|
20,744
|
|
|
12,647
|
|
|
5,659
|
|
|
2,274
|
|
|
—
|
|
|
41,324
|
|
||||||
Depreciation
|
2,510
|
|
|
2,741
|
|
|
853
|
|
|
790
|
|
|
4,257
|
|
|
11,151
|
|
||||||
Interest
|
13,909
|
|
|
13,872
|
|
|
2,806
|
|
|
1,177
|
|
|
(12,041
|
)
|
|
19,723
|
|
||||||
Change in estimated acquisition earn-out payables
|
1,620
|
|
|
249
|
|
|
1,016
|
|
|
—
|
|
|
—
|
|
|
2,885
|
|
||||||
EBITDAC
|
$
|
153,543
|
|
|
$
|
74,611
|
|
|
$
|
42,264
|
|
|
$
|
21,142
|
|
|
$
|
2,874
|
|
|
$
|
294,434
|
|
EBITDAC Margin
|
30.0
|
%
|
|
32.3
|
%
|
|
29.8
|
%
|
|
23.5
|
%
|
|
NMF
|
|
|
30.2
|
%
|
|
(in thousands)
|
|
Retail
|
|
National Programs
|
|
Wholesale Brokerage
|
|
Services
|
|
Other
|
|
Total
|
||||||||||||
Income before income taxes
|
|
$
|
96,833
|
|
|
$
|
35,924
|
|
|
$
|
35,350
|
|
|
$
|
14,570
|
|
|
$
|
36,292
|
|
|
$
|
218,969
|
|
Income Before Income Taxes Margin
|
|
20.2
|
%
|
|
16.7
|
%
|
|
25.8
|
%
|
|
18.0
|
%
|
|
180.3
|
%
|
|
23.5
|
%
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Amortization
|
|
21,164
|
|
|
13,751
|
|
|
5,776
|
|
|
2,275
|
|
|
1
|
|
|
42,967
|
|
||||||
Depreciation
|
|
2,713
|
|
|
3,563
|
|
|
967
|
|
|
789
|
|
|
3,721
|
|
|
11,753
|
|
||||||
Interest
|
|
16,702
|
|
|
18,953
|
|
|
3,288
|
|
|
1,907
|
|
|
(21,294
|
)
|
|
19,556
|
|
||||||
Change in estimated acquisition earn-out payables
|
|
8,975
|
|
|
650
|
|
|
(8
|
)
|
|
—
|
|
|
—
|
|
|
9,617
|
|
||||||
EBITDAC
|
|
$
|
146,387
|
|
|
$
|
72,841
|
|
|
$
|
45,373
|
|
|
$
|
19,541
|
|
|
$
|
18,720
|
|
|
$
|
302,862
|
|
EBITDAC Margin
|
|
30.6
|
%
|
|
33.9
|
%
|
|
33.1
|
%
|
|
24.2
|
%
|
|
93.0
|
%
|
|
32.5
|
%
|
|
Three months ended
June 30, |
|
Six months ended
June 30, |
||||||||||||||||||
(in thousands, except percentages)
|
2018
|
|
2017
|
|
%
Change |
|
2018
|
|
2017
|
|
%
Change |
||||||||||
REVENUES
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Core commissions and fees
|
$
|
224,320
|
|
|
$
|
234,188
|
|
|
(4.2
|
)%
|
|
$
|
493,864
|
|
|
$
|
451,533
|
|
|
9.4
|
%
|
Profit-sharing contingent commissions
|
6,469
|
|
|
1,419
|
|
|
NMF
|
|
|
12,599
|
|
|
20,936
|
|
|
(39.8
|
)%
|
||||
Guaranteed supplemental commissions
|
2,182
|
|
|
2,677
|
|
|
(18.5
|
)%
|
|
4,704
|
|
|
4,945
|
|
|
(4.9
|
)%
|
||||
Investment income
|
—
|
|
|
1
|
|
|
(100.0
|
)%
|
|
1
|
|
|
3
|
|
|
(66.7
|
)%
|
||||
Other income, net
|
346
|
|
|
684
|
|
|
(49.4
|
)%
|
|
551
|
|
|
839
|
|
|
(34.3
|
)%
|
||||
Total revenues
|
233,317
|
|
|
238,969
|
|
|
(2.4
|
)%
|
|
511,719
|
|
|
478,256
|
|
|
7.0
|
%
|
||||
EXPENSES
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Employee compensation and benefits
|
126,865
|
|
|
127,821
|
|
|
(0.7
|
)%
|
|
276,309
|
|
|
257,063
|
|
|
7.5
|
%
|
||||
Other operating expenses
|
42,659
|
|
|
38,255
|
|
|
11.5
|
%
|
|
82,054
|
|
|
75,052
|
|
|
9.3
|
%
|
||||
Loss/(gain) on disposal
|
(240
|
)
|
|
(91
|
)
|
|
163.7
|
%
|
|
(187
|
)
|
|
(246
|
)
|
|
(24.0
|
)%
|
||||
Amortization
|
10,502
|
|
|
10,517
|
|
|
(0.1
|
)%
|
|
20,744
|
|
|
21,164
|
|
|
(2.0
|
)%
|
||||
Depreciation
|
1,273
|
|
|
1,324
|
|
|
(3.9
|
)%
|
|
2,510
|
|
|
2,713
|
|
|
(7.5
|
)%
|
||||
Interest
|
7,112
|
|
|
8,126
|
|
|
(12.5
|
)%
|
|
13,909
|
|
|
16,702
|
|
|
(16.7
|
)%
|
||||
Change in estimated acquisition earn-out payables
|
785
|
|
|
5,039
|
|
|
(84.4
|
)%
|
|
1,620
|
|
|
8,975
|
|
|
(81.9
|
)%
|
||||
Total expenses
|
188,956
|
|
|
190,991
|
|
|
(1.1
|
)%
|
|
396,959
|
|
|
381,423
|
|
|
4.1
|
%
|
||||
Income before income taxes
|
$
|
44,361
|
|
|
$
|
47,978
|
|
|
(7.5
|
)%
|
|
$
|
114,760
|
|
|
$
|
96,833
|
|
|
18.5
|
%
|
Income Before Income Taxes Margin
(1)
|
19.0
|
%
|
|
20.1
|
%
|
|
|
|
22.4
|
%
|
|
20.2
|
%
|
|
|
||||||
EBITDAC
(1)
|
$
|
64,033
|
|
|
$
|
72,984
|
|
|
(12.3
|
)%
|
|
$
|
153,543
|
|
|
$
|
146,387
|
|
|
4.9
|
%
|
EBITDAC Margin
(1)
|
27.4
|
%
|
|
30.5
|
%
|
|
|
|
30.0
|
%
|
|
30.6
|
%
|
|
|
||||||
Organic Revenue growth rate
(1)
|
4.3
|
%
|
|
1.1
|
%
|
|
|
|
3.2
|
%
|
|
2.5
|
%
|
|
|
||||||
Employee compensation and benefits relative to total revenues
|
54.4
|
%
|
|
53.5
|
%
|
|
|
|
54.0
|
%
|
|
53.8
|
%
|
|
|
||||||
Other operating expenses relative to total revenues
|
18.3
|
%
|
|
16.0
|
%
|
|
|
|
16.0
|
%
|
|
15.7
|
%
|
|
|
||||||
Capital expenditures
|
$
|
1,954
|
|
|
$
|
1,404
|
|
|
|
|
$
|
4,361
|
|
|
$
|
2,540
|
|
|
71.7
|
%
|
|
Total assets at June 30
|
|
|
|
|
|
|
$
|
4,668,251
|
|
|
$
|
4,090,094
|
|
|
14.1
|
%
|
|
|
Three months ended
June 30, |
|
Six months ended
June 30, |
||||||||||||||||||
(in thousands, except percentages)
|
2018
|
|
2017
|
|
% Change
|
|
2018
|
|
2017
|
|
%
Change |
||||||||||
REVENUES
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Core commissions and fees
|
$
|
112,729
|
|
|
$
|
104,983
|
|
|
7.4
|
%
|
|
$
|
221,064
|
|
|
$
|
200,346
|
|
|
10.3
|
%
|
Profit-sharing contingent commissions
|
5,521
|
|
|
8,576
|
|
|
(35.6
|
)%
|
|
9,503
|
|
|
14,290
|
|
|
(33.5
|
)%
|
||||
Guaranteed supplemental commissions
|
39
|
|
|
—
|
|
|
—
|
%
|
|
54
|
|
|
3
|
|
|
NMF
|
|
||||
Investment income
|
132
|
|
|
81
|
|
|
63.0
|
%
|
|
246
|
|
|
155
|
|
|
58.7
|
%
|
||||
Other income, net
|
19
|
|
|
35
|
|
|
(45.7
|
)%
|
|
48
|
|
|
64
|
|
|
(25.0
|
)%
|
||||
Total revenues
|
118,440
|
|
|
113,675
|
|
|
4.2
|
%
|
|
230,915
|
|
|
214,858
|
|
|
7.5
|
%
|
||||
EXPENSES
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Employee compensation and benefits
|
54,112
|
|
|
49,081
|
|
|
10.3
|
%
|
|
107,647
|
|
|
97,828
|
|
|
10.0
|
%
|
||||
Other operating expenses
|
25,769
|
|
|
23,130
|
|
|
11.4
|
%
|
|
48,657
|
|
|
44,089
|
|
|
10.4
|
%
|
||||
Loss/(gain) on disposal
|
—
|
|
|
100
|
|
|
—
|
%
|
|
—
|
|
|
100
|
|
|
—
|
%
|
||||
Amortization
|
6,324
|
|
|
6,847
|
|
|
(7.6
|
)%
|
|
12,647
|
|
|
13,751
|
|
|
(8.0
|
)%
|
||||
Depreciation
|
1,354
|
|
|
1,604
|
|
|
(15.6
|
)%
|
|
2,741
|
|
|
3,563
|
|
|
(23.1
|
)%
|
||||
Interest
|
6,376
|
|
|
8,918
|
|
|
(28.5
|
)%
|
|
13,872
|
|
|
18,953
|
|
|
(26.8
|
)%
|
||||
Change in estimated acquisition earn-out payables
|
181
|
|
|
598
|
|
|
(69.7
|
)%
|
|
249
|
|
|
650
|
|
|
(61.7
|
)%
|
||||
Total expenses
|
94,116
|
|
|
90,278
|
|
|
4.3
|
%
|
|
185,813
|
|
|
178,934
|
|
|
3.8
|
%
|
||||
Income before income taxes
|
$
|
24,324
|
|
|
$
|
23,397
|
|
|
4.0
|
%
|
|
$
|
45,102
|
|
|
$
|
35,924
|
|
|
25.5
|
%
|
Income Before Income Taxes Margin
(1)
|
20.5
|
%
|
|
20.6
|
%
|
|
|
|
19.5
|
%
|
|
16.7
|
%
|
|
|
||||||
EBITDAC
(1)
|
38,559
|
|
|
41,364
|
|
|
(6.8
|
)%
|
|
$
|
74,611
|
|
|
$
|
72,841
|
|
|
2.4
|
%
|
||
EBITDAC Margin
(1)
|
32.6
|
%
|
|
36.4
|
%
|
|
|
|
32.3
|
%
|
|
33.9
|
%
|
|
|
||||||
Organic Revenue growth rate
(1)
|
6.4
|
%
|
|
0.8
|
%
|
|
|
|
9.3
|
%
|
|
0.4
|
%
|
|
|
||||||
Employee compensation and benefits relative to total revenues
|
45.7
|
%
|
|
43.2
|
%
|
|
|
|
46.6
|
%
|
|
45.5
|
%
|
|
|
||||||
Other operating expenses relative to total revenues
|
21.8
|
%
|
|
20.3
|
%
|
|
|
|
21.1
|
%
|
|
20.5
|
%
|
|
|
||||||
Capital expenditures
|
$
|
2,215
|
|
|
$
|
1,448
|
|
|
|
|
$
|
4,893
|
|
|
$
|
2,528
|
|
|
93.6
|
%
|
|
Total assets at June 30
|
|
|
|
|
|
|
$
|
2,844,485
|
|
|
$
|
2,723,177
|
|
|
4.5
|
%
|
|
|
Three months ended
June 30, |
|
Six months ended
June 30, |
||||||||||||||||||
(in thousands, except percentages)
|
2018
|
|
2017
|
|
% Change
|
|
2018
|
|
2017
|
|
% Change
|
||||||||||
REVENUES
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Core commissions and fees
|
$
|
73,152
|
|
|
$
|
69,433
|
|
|
5.4
|
%
|
|
$
|
137,055
|
|
|
$
|
129,430
|
|
|
5.9
|
%
|
Profit-sharing contingent commissions
|
1,991
|
|
|
1,860
|
|
|
7.0
|
%
|
|
3,563
|
|
|
6,641
|
|
|
(46.3
|
)%
|
||||
Guaranteed supplemental commissions
|
272
|
|
|
301
|
|
|
(9.6
|
)%
|
|
715
|
|
|
708
|
|
|
1.0
|
%
|
||||
Investment income
|
81
|
|
|
—
|
|
|
—
|
%
|
|
81
|
|
|
—
|
|
|
—
|
%
|
||||
Other income, net
|
72
|
|
|
397
|
|
|
(81.9
|
)%
|
|
302
|
|
|
459
|
|
|
(34.2
|
)%
|
||||
Total revenues
|
75,568
|
|
|
71,991
|
|
|
5.0
|
%
|
|
141,716
|
|
|
137,238
|
|
|
3.3
|
%
|
||||
EXPENSES
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Employee compensation and benefits
|
38,340
|
|
|
35,934
|
|
|
6.7
|
%
|
|
74,958
|
|
|
69,420
|
|
|
8.0
|
%
|
||||
Other operating expenses
|
12,609
|
|
|
11,085
|
|
|
13.7
|
%
|
|
24,494
|
|
|
22,445
|
|
|
9.1
|
%
|
||||
Loss/(gain) on disposal
|
—
|
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
|
|
—
|
%
|
||||
Amortization
|
2,822
|
|
|
2,845
|
|
|
(0.8
|
)%
|
|
5,659
|
|
|
5,776
|
|
|
(2.0
|
)%
|
||||
Depreciation
|
426
|
|
|
477
|
|
|
(10.7
|
)%
|
|
853
|
|
|
967
|
|
|
(11.8
|
)%
|
||||
Interest
|
1,371
|
|
|
1,613
|
|
|
(15.0
|
)%
|
|
2,806
|
|
|
3,288
|
|
|
(14.7
|
)%
|
||||
Change in estimated acquisition earn-out payables
|
(547
|
)
|
|
(48
|
)
|
|
NMF
|
|
|
1,016
|
|
|
(8
|
)
|
|
NMF
|
|
||||
Total expenses
|
55,021
|
|
|
51,906
|
|
|
6.0
|
%
|
|
109,786
|
|
|
101,888
|
|
|
7.8
|
%
|
||||
Income before income taxes
|
$
|
20,547
|
|
|
$
|
20,085
|
|
|
2.3
|
%
|
|
$
|
31,930
|
|
|
$
|
35,350
|
|
|
(9.7
|
)%
|
Income Before Income Taxes Margin
(1)
|
27.2
|
%
|
|
27.9
|
%
|
|
|
|
22.5
|
%
|
|
25.8
|
%
|
|
|
||||||
EBITDAC
(1)
|
24,619
|
|
|
24,972
|
|
|
(1.4
|
)%
|
|
$
|
42,264
|
|
|
$
|
45,373
|
|
|
(6.9
|
)%
|
||
EBITDAC Margin
(1)
|
32.6
|
%
|
|
34.7
|
%
|
|
|
|
29.8
|
%
|
|
33.1
|
%
|
|
|
||||||
Organic Revenue growth rate
(1)
|
5.3
|
%
|
|
6.2
|
%
|
|
|
|
5.7
|
%
|
|
6.7
|
%
|
|
|
||||||
Employee compensation and benefits relative to total revenues
|
50.7
|
%
|
|
49.9
|
%
|
|
|
|
52.9
|
%
|
|
50.6
|
%
|
|
|
||||||
Other operating expenses relative to total revenues
|
16.7
|
%
|
|
15.4
|
%
|
|
|
|
17.3
|
%
|
|
16.4
|
%
|
|
|
||||||
Capital expenditures
|
$
|
447
|
|
|
$
|
1,014
|
|
|
|
|
$
|
867
|
|
|
$
|
1,392
|
|
|
(37.7
|
)%
|
|
Total assets at June 30
|
|
|
|
|
|
|
$
|
1,267,207
|
|
|
$
|
1,204,184
|
|
|
5.2
|
%
|
|
|
Three months ended
June 30, |
|
Six months ended
June 30, |
||||||||||||||||||
(in thousands, except percentages)
|
2018
|
|
2017
|
|
% Change
|
|
2018
|
|
2017
|
|
% Change
|
||||||||||
REVENUES
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Core commissions and fees
|
$
|
45,831
|
|
|
$
|
41,508
|
|
|
10.4
|
%
|
|
$
|
89,824
|
|
|
$
|
80,754
|
|
|
11.2
|
%
|
Profit-sharing contingent commissions
|
—
|
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
|
|
—
|
%
|
||||
Guaranteed supplemental commissions
|
—
|
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
|
|
—
|
%
|
||||
Investment income
|
36
|
|
|
72
|
|
|
(50.0
|
)%
|
|
109
|
|
|
152
|
|
|
(28.3
|
)%
|
||||
Other income, net
|
—
|
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
|
|
—
|
%
|
||||
Total revenues
|
45,867
|
|
|
41,580
|
|
|
10.3
|
%
|
|
89,933
|
|
|
80,906
|
|
|
11.2
|
%
|
||||
EXPENSES
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Employee compensation and benefits
|
20,834
|
|
|
19,963
|
|
|
4.4
|
%
|
|
41,353
|
|
|
39,613
|
|
|
4.4
|
%
|
||||
Other operating expenses
|
14,839
|
|
|
10,695
|
|
|
38.7
|
%
|
|
29,901
|
|
|
21,697
|
|
|
37.8
|
%
|
||||
Loss/(gain) on disposal
|
10
|
|
|
—
|
|
|
—
|
%
|
|
(2,463
|
)
|
|
55
|
|
|
NMF
|
|
||||
Amortization
|
1,137
|
|
|
1,137
|
|
|
—
|
%
|
|
2,274
|
|
|
2,275
|
|
|
—
|
%
|
||||
Depreciation
|
379
|
|
|
390
|
|
|
(2.8
|
)%
|
|
790
|
|
|
789
|
|
|
0.1
|
%
|
||||
Interest
|
583
|
|
|
946
|
|
|
(38.4
|
)%
|
|
1,177
|
|
|
1,907
|
|
|
(38.3
|
)%
|
||||
Change in estimated acquisition earn-out payables
|
—
|
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
|
|
—
|
%
|
||||
Total expenses
|
37,782
|
|
|
33,131
|
|
|
14.0
|
%
|
|
73,032
|
|
|
66,336
|
|
|
10.1
|
%
|
||||
Income before income taxes
|
$
|
8,085
|
|
|
$
|
8,449
|
|
|
(4.3
|
)%
|
|
$
|
16,901
|
|
|
$
|
14,570
|
|
|
16.0
|
%
|
Income Before Income Taxes Margin
(1)
|
17.6
|
%
|
|
20.3
|
%
|
|
|
|
18.8
|
%
|
|
18.0
|
%
|
|
|
||||||
EBITDAC
(1)
|
10,184
|
|
|
10,922
|
|
|
(6.8
|
)%
|
|
$
|
21,142
|
|
|
$
|
19,541
|
|
|
8.2
|
%
|
||
EBITDAC Margin
(1)
|
22.2
|
%
|
|
26.3
|
%
|
|
|
|
23.5
|
%
|
|
24.2
|
%
|
|
|
||||||
Organic Revenue growth rate
(1)
|
7.1
|
%
|
|
(0.7
|
)%
|
|
|
|
7.7
|
%
|
|
1.9
|
%
|
|
|
||||||
Employee compensation and benefits relative to total revenues
|
45.4
|
%
|
|
48.0
|
%
|
|
|
|
46.0
|
%
|
|
49.0
|
%
|
|
|
||||||
Other operating expenses relative to total revenues
|
32.4
|
%
|
|
25.7
|
%
|
|
|
|
33.2
|
%
|
|
26.8
|
%
|
|
|
||||||
Capital expenditures
|
$
|
147
|
|
|
$
|
342
|
|
|
|
|
$
|
432
|
|
|
$
|
492
|
|
|
(12.2
|
)%
|
|
Total assets at June 30
|
|
|
|
|
|
|
$
|
419,876
|
|
|
$
|
396,165
|
|
|
6.0
|
%
|
|
|
Payments Due by Period
|
||||||||||||||||||
(in thousands)
|
Total
|
|
Less than
1 year
|
|
1-3 years
|
|
4-5 years
|
|
After 5
years
|
||||||||||
Long-term debt
|
$
|
875,000
|
|
|
$
|
25,000
|
|
|
$
|
80,000
|
|
|
$
|
270,000
|
|
|
$
|
500,000
|
|
Other liabilities
(1)
|
54,846
|
|
|
5,276
|
|
|
4,668
|
|
|
2,479
|
|
|
42,423
|
|
|||||
Operating leases
|
191,762
|
|
|
41,808
|
|
|
69,333
|
|
|
44,344
|
|
|
36,277
|
|
|||||
Interest obligations
|
174,897
|
|
|
33,865
|
|
|
64,431
|
|
|
51,226
|
|
|
25,375
|
|
|||||
Unrecognized tax benefits
|
1,654
|
|
|
—
|
|
|
1,654
|
|
|
—
|
|
|
—
|
|
|||||
Maximum future acquisition contingency payments
(2)
|
106,141
|
|
|
38,120
|
|
|
48,361
|
|
|
19,660
|
|
|
—
|
|
|||||
Total contractual cash obligations
|
$
|
1,404,300
|
|
|
$
|
144,069
|
|
|
$
|
268,447
|
|
|
$
|
387,709
|
|
|
$
|
604,075
|
|
|
(1)
|
Includes the current portion of other long-term liabilities.
|
(2)
|
Includes $52.6 million of current and non-current estimated earn-out payables.
|
|
Total number
of shares
purchased
(1)
|
|
Average price
paid per share
|
|
Total number
of shares
purchased as
part of
publicly
announced
plans or
programs
|
|
Maximum value that
may yet be purchased
under the plans or
programs
(2)
|
||||||
April 1, 2018 to April 30, 2018
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
227,453,029
|
|
May 1, 2018 to May 31, 2018
|
813
|
|
|
27.28
|
|
|
—
|
|
|
227,453,029
|
|
||
June 1, 2018 to June 30, 2018
|
—
|
|
|
—
|
|
|
—
|
|
|
227,453,029
|
|
||
Total
|
813
|
|
|
$
|
27.28
|
|
|
—
|
|
|
$
|
227,453,029
|
|
(1)
|
We purchased 813 shares during the quarter ended June 30, 2018 which were acquired from our employees to cover required tax withholdings on the vesting of shares in our equity compensation plans.
|
(2)
|
On July 21, 2014, our Board of Directors approved the repurchase of up to $200.0 million of the Company’s outstanding common stock. On July 20, 2015, the Company’s Board of Directors authorized the repurchase of up to an additional $400.0 million of the Company's outstanding common stock. As of June 30, 2018, the Company’s outstanding Board-approved share repurchase authorization is $227.5 million. As of
June 30, 2018
, a total of 10,886,546 shares were acquired prior to the split on March 28, 2018; treasury shares did not participate in the stock split.
|
|
|
|
3.1
|
|
Articles of Amendment to the Articles of Incorporation (incorporated by reference to Exhibit 3.1 to Form 8-K filed on March 29, 2018),
Articles of Amendment to Articles of Incorporation (adopted April 24, 2003) (incorporated by reference to Exhibit 3a to Form 10-Q for the quarter ended March 31, 2003)
and
Amended and Restated Articles of Incorporation (incorporated by reference to Exhibit 3a to Form 10-Q for the quarter ended March 31, 1999).
|
|
|
|
3.2
|
|
|
|
|
|
31.1
|
|
|
|
|
|
31.2
|
|
|
|
|
|
32.1
|
|
|
|
|
|
32.2
|
|
|
|
|
|
101.INS
|
|
XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
|
|
|
|
101.SCH
|
|
XBRL Taxonomy Extension Schema Document.
|
|
|
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document.
|
|
|
|
101.DEF
|
|
XBRL Taxonomy Definition Linkbase Document.
|
|
|
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document.
|
|
|
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document.
|
|
|
|
|
|
|
|
|
|
BROWN & BROWN, INC.
|
|
|
|
|
|
|
|
|
||
|
|
|
|
/s/ R. Andrew Watts
|
Date: August 7, 2018
|
|
|
|
R. Andrew Watts
|
|
|
|
|
Executive Vice President, Chief Financial Officer and Treasurer
|
|
|
|
|
(duly authorized officer, principal financial officer and principal accounting officer)
|
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