Arthur J. Gallagher (AJG) FY2012 results: revenue $2.5 billion, up 18.1% on the year
Arthur J. Gallagher & Co. (AJG) reported revenue of $2.5 billion for fiscal 2012, the year ended 31 December 2012, up 18.1% on the year before. Net income was $195 million, up 35.3%, and diluted earnings per share $1.59. The figures are the company's own, from the 10-K it filed with the SEC on 8 February 2013.
Revenue
$2.5 billion
+18.1% on the year
FY2008FY2012
Operating margin
9.7%
9.7% a year earlier
FY2008FY2012
Net income
$195 million
+35.3% on the year
FY2008FY2012
Diluted EPS
$1.59
+24.2% on the year
FY2008FY2012
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Revenue
2,520
2,135
1,864
+18.1%
Cost of revenue
112
32.0
64.0
+248.7%
Gross profit
2,409
2,103
1,800
+14.6%
Gross margin
95.6%
98.5%
96.6%
Operating income
245
208
203
+18.0%
Operating margin
9.7%
9.7%
10.9%
Interest expense
43.0
40.8
34.6
+5.4%
Pre-tax income
245
208
203
+18.0%
Income tax
50.3
63.7
39.7
-21.0%
Effective tax rate
20.5%
30.7%
19.6%
Net income
195
144
174
+35.3%
Net margin
7.7%
6.8%
9.3%
Diluted EPS
$1.59
$1.28
$1.66
+24.2%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Operating cash flow
343
284
230
+20.8%
Capital expenditure
51.0
45.9
25.1
+11.1%
Free cash flow
292
238
204
+22.6%
Free cash flow margin
11.6%
11.2%
11.0%
Cash from investing
-382
-311
-92.6
Cash from financing
45.9
65.6
-96.2
-30.0%
Depreciation and amortisation
140
115
93.1
+21.9%
Share-based compensation
7.5
14.3
9.0
-47.6%
Buybacks
1.5
1.2
0.8
+25.0%
Dividends paid
204
146
134
+40.2%
Dividend per share
$1.36
$1.32
$1.28
+3.0%
Diluted shares, weighted
121m
112m
105m
+8.3%
Shares outstanding at period end
126m
115m
108m
+9.5%
Balance sheet
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Shareholders' equity
1,659
1,244
1,107
+33.4%
Non-controlling interest
14.2
n/a
n/a
Short-term borrowings
129
10.0
n/a
+1,190.0%
Debt
725
675
550
+7.4%
Other liabilities
2,826
2,555
1,939
+10.6%
Total liabilities and equity
5,352
4,484
3,596
+19.4%
Fixed assets
105
91.3
75.8
+15.4%
Goodwill
1,473
1,155
884
+27.5%
Intangible assets
810
562
484
+44.2%
Cash and equivalents
302
291
250
+3.7%
Other assets
2,662
2,384
1,903
+11.7%
Total assets
5,352
4,484
3,596
+19.4%
10-K for the year ended 31 December 2012, filed 8 February 2013: the filing.