Arthur J. Gallagher (AJG) FY2013 results: revenue $3.2 billion, up 26.2% on the year
Arthur J. Gallagher & Co. (AJG) reported revenue of $3.2 billion for fiscal 2013, the year ended 31 December 2013, up 26.2% on the year before. Net income was $269 million, up 37.7%, and diluted earnings per share $2.06. The figures are the company's own, from the 10-K it filed with the SEC on 7 February 2014.
Revenue
$3.2 billion
+26.2% on the year
FY2008FY2013
Operating margin
9.2%
9.7% a year earlier
FY2008FY2013
Net income
$269 million
+37.7% on the year
FY2008FY2013
Diluted EPS
$2.06
+29.6% on the year
FY2008FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
3,180
2,520
2,135
+26.2%
Cost of revenue
437
112
32.0
+291.8%
Gross profit
2,742
2,409
2,103
+13.8%
Gross margin
86.2%
95.6%
98.5%
Operating income
291
245
208
+18.6%
Operating margin
9.2%
9.7%
9.7%
Interest expense
50.1
43.0
40.8
+16.5%
Pre-tax income
291
245
208
+18.6%
Income tax
6.4
50.3
63.7
-87.3%
Effective tax rate
2.2%
20.5%
30.7%
Net income
269
195
144
+37.7%
Net margin
8.4%
7.7%
6.8%
Diluted EPS
$2.06
$1.59
$1.28
+29.6%
$ 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
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
350
343
284
+2.0%
Capital expenditure
93.6
51.0
45.9
+83.5%
Free cash flow
256
292
238
-12.2%
Free cash flow margin
8.1%
11.6%
11.2%
Cash from investing
-852
-382
-311
Cash from financing
503
45.9
65.6
+995.0%
Depreciation and amortisation
179
140
115
+27.2%
Share-based compensation
7.7
7.5
14.3
+2.7%
Buybacks
n/a
1.5
1.2
Dividends paid
183
204
146
-10.7%
Dividend per share
$1.40
$1.36
$1.32
+2.9%
Diluted shares, weighted
129m
121m
112m
+6.5%
Shares outstanding at period end
134m
126m
115m
+6.4%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
2,086
1,659
1,244
+25.7%
Non-controlling interest
29.3
14.2
n/a
+106.3%
Short-term borrowings
630
129
10.0
+388.8%
Debt
825
725
675
+13.8%
Other liabilities
3,290
2,826
2,555
+16.4%
Total liabilities and equity
6,860
5,352
4,484
+28.2%
Fixed assets
160
105
91.3
+52.2%
Goodwill
2,145
1,473
1,155
+45.7%
Intangible assets
1,079
810
562
+33.3%
Cash and equivalents
298
302
291
-1.3%
Other assets
3,178
2,662
2,384
+19.4%
Total assets
6,860
5,352
4,484
+28.2%
10-K for the year ended 31 December 2013, filed 7 February 2014: the filing.