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Arthur J. Gallagher & Co. (AJG)

Gallagher, a global insurance brokerage, risk management and consulting services firm, is headquartered in Rolling Meadows, Illinois. The company has operations in 49 countries and offers client-service capabilities in more than 150 countries around the world through a network of correspondent brokers and consultants.

Company profile

Ticker
AJG
Exchange
Website
CEO
J. Patrick Gallagher
Employees
Incorporated
Location
Fiscal year end
Former names
GALLAGHER ARTHUR J & CO
SEC CIK
Subsidiaries
AJG Meadows, LLC • 2950 Land Company LLC • 2950 Land Company • Gallagher Risk Group LLC • Gallagher (Bermuda) Insurance Solutions Ltd. • Fortress Insurance, LLC • RIL Administrators (Guernsey) Ltd. • Sentinel Indemnity, LLC • Artex Risk Solutions, Inc. • Protected Insurance Company ...
IRS number
362151613

AJG stock data

Calendar

3 Aug 22
20 Aug 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 4.79B 4.79B 4.79B 4.79B 4.79B 4.79B
Cash burn (monthly) (no burn) 132.11M (no burn) (no burn) (no burn) (no burn)
Cash used (since last report) n/a 222.78M n/a n/a n/a n/a
Cash remaining n/a 4.57B n/a n/a n/a n/a
Runway (months of cash) n/a 34.6 n/a n/a n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
16 Aug 22 Douglas K Howell Common Stock Sell Dispose S No No 190.32 6,000 1.14M 88,123.062
11 Aug 22 Cavaness Joel D Common Stock Sell Dispose S No No 187.07 16,200 3.03M 121,087
11 Aug 22 Cavaness Joel D Common Stock Option exercise Acquire M No No 43.71 16,200 708.1K 137,287
11 Aug 22 Cavaness Joel D NQSO Common Stock Option exercise Dispose M No No 43.71 16,200 708.1K 10,000
10 Aug 22 Bay Walter D. Common Stock Sell Dispose S No No 185 5,100 943.5K 33,117
10 Aug 22 Bay Walter D. Common Stock Option exercise Acquire M No No 43.71 5,100 222.92K 38,217
10 Aug 22 Bay Walter D. NQSO Common Stock Option exercise Dispose M No No 43.71 5,100 222.92K 0
9 Aug 22 Bay Walter D. Common Stock Sell Dispose S No No 181 5,100 923.1K 38,217
9 Aug 22 Bay Walter D. Common Stock Option exercise Acquire M No No 43.71 5,100 222.92K 43,317
9 Aug 22 Bay Walter D. NQSO Common Stock Option exercise Dispose M No No 43.71 5,100 222.92K 5,100
13F holders Current Prev Q Change
Total holders 776 794 -2.3%
Opened positions 73 64 +14.1%
Closed positions 91 106 -14.2%
Increased positions 279 290 -3.8%
Reduced positions 279 287 -2.8%
13F shares Current Prev Q Change
Total value 27.29B 29.54B -7.6%
Total shares 170.99M 169.3M +1.0%
Total puts 96.7K 107.8K -10.3%
Total calls 249.8K 104.2K +139.7%
Total put/call ratio 0.4 1.0 -62.6%
Largest owners Shares Value Change
Vanguard 25.52M $4.16B +2.7%
BLK Blackrock 16.3M $2.66B +1.5%
FMR 10.23M $1.67B +9.4%
STT State Street 9.08M $1.48B -7.1%
JPM JPMorgan Chase & Co. 8.24M $1.34B -1.3%
Baillie Gifford & Co 7.31M $1.19B -1.4%
Capital International Investors 6.78M $1.11B +25.9%
Massachusetts Financial Services 5.23M $853.38M +28.5%
Geode Capital Management 4.38M $713.19M +3.9%
Bishop Rock Capital 3.73M $22.86M NEW
Largest transactions Shares Bought/sold Change
Bishop Rock Capital 3.73M +3.73M NEW
LGEN Legal & General 0 -1.45M EXIT
Capital International Investors 6.78M +1.39M +25.9%
Massachusetts Financial Services 5.23M +1.16M +28.5%
Wellington Management 3.48M +1.1M +46.5%
Brown Brothers Harriman & Co 2.56M -912.66K -26.3%
FMR 10.23M +880.31K +9.4%
Artisan Partners Limited Partnership 0 -781.55K EXIT
STT State Street 9.08M -694.92K -7.1%
Vanguard 25.52M +670.04K +2.7%

Financial report summary

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Risks
  • Risks Relating to our Investments, Debt and Common Stock
  • Economic conditions that result in financial difficulties for underwriting enterprises or lead to reduced risk-taking capital capacity could adversely affect our results of operations and financial condition.
  • We have historically acquired large numbers of insurance brokers, benefit consulting firms and, to a lesser extent, third party claims administration and risk management firms. We may not be able to continue such an acquisition strategy in the future and there are risks associated with such acquisitions, which could adversely affect our growth and results of operations.
  • We face significant competitive pressures in each of our businesses.
  • Volatility or declines in premiums or other adverse trends in the insurance industry may seriously undermine our profitability.
  • If we are unable to apply technology effectively in driving value for our clients through technology-based solutions or gain internal efficiencies and effective internal controls through the application of technology and related tools, our operating results, client relationships, growth and compliance programs could be adversely affected.
  • Damage to our reputation could have a material adverse effect on our business.
  • Our ESG-related aspirations, goals and initiatives, and our public statements and disclosures regarding them, expose us to numerous risks.
  • Our future success depends, in part, on our ability to attract and retain experienced and qualified talent, including our senior management team.
  • We face a variety of risks in our risk management third-party claims administration operations that are distinct from those we face in our insurance brokerage and benefit consulting operations.
  • Business disruptions could have a material adverse effect on our operations, damage our reputation and impact client relationships.
  • Regulatory, Legal and Accounting Risks
  • Changes in data privacy and protection laws and regulations, or any failure to comply with such laws and regulations, could adversely affect our business and financial results.
  • We are subject to regulation worldwide. If we fail to comply with regulatory requirements or if regulations change in a way that adversely affects our operations, we may not be able to conduct our business, or we may be less profitable.
  • We are subject to a number of contingencies and legal proceedings which, if determined unfavorably to us, would adversely affect our financial results.
  • Changes in our accounting estimates and assumptions could negatively affect our financial position and operating results.
  • Limited protection of our intellectual property could harm our business and our ability to compete effectively, and we face the risk that our services or products may infringe upon the intellectual property rights of others.
  • Risks Relating to our Investments, Debt and Common Stock
  • The IRC Section 45 operations in which we have invested and the by-products from such operations may result in environmental and product liability claims and environmental compliance costs.
  • We have debt outstanding that could adversely affect our financial flexibility and subjects us to restrictions and limitations that could significantly impact our ability to operate our business.
  • Credit rating downgrades would increase our financing costs and could subject us to operational risk.
  • We are a holding company and, therefore, may not be able to receive dividends or other distributions in needed amounts from our subsidiaries.
  • Future sales or other dilution of our equity could adversely affect the market price of our common stock.
Management Discussion
  • In the discussion and analysis of our results of operations that follows, in addition to reporting financial results in accordance with GAAP, we provide information regarding EBITDAC, EBITDAC margin, adjusted EBITDAC, adjusted EBITDAC margin, diluted net earnings per share, as adjusted (adjusted EPS), adjusted revenues, adjusted compensation and operating expenses, adjusted compensation expense ratio, adjusted operating expense ratio and organic revenue.  These measures are not in accordance with, or an alternative to, the GAAP information provided in this report. We believe that these presentations provide useful information to management, analysts and investors regarding financial and business trends relating to our results of operations and financial condition because they provide investors with measures that our chief operating decision maker uses when reviewing the company’s performance, and for the other reasons described below.  Our industry peers may provide similar supplemental non-GAAP information with respect to one or more of these measures, although they may not use the same or comparable terminology and may not make identical adjustments.  The non-GAAP information we provide should be used in addition to, but not as a substitute for, the GAAP information provided.  We make determinations regarding certain elements of executive officer incentive compensation, performance share awards and annual cash incentive awards, partly on the basis of measures related to adjusted EBITDAC.  

Content analysis

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