Arthur J. Gallagher & Co. (AJG) 2023 Q3 法說會逐字稿

Good afternoon, and welcome to Arthur J. Gallagher & Co.'s Third Quarter 2023 Earnings Conference Call. (Operator Instructions) Today's call is being recorded. (Operator Instructions)

下午好，歡迎參加 Arthur J. Gallagher & Co. 的 2023 年第三季財報電話會議。 （操作員說明）今天的通話正在錄音。 （操作員說明）

Some of the comments made during this conference call, including answers given in response to questions, may constitute forward-looking statements within the meaning of the securities laws. The company does not assume any obligation to update information or forward-looking statements provided on this call. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially. Please refer to the information concerning forward-looking statements and Risk Factors sections contained in the company's most recent 10-K, 10-Q and 8-K filings for more details on such risks and uncertainties.

本次電話會議期間發表的一些評論，包括對問題的回答，可能構成證券法意義內的前瞻性陳述。本公司不承擔更新本次電話會議中提供的資訊或前瞻性陳述的任何義務。這些前瞻性陳述存在風險和不確定性，可能導致實際結果有重大差異。請參閱公司最近的 10-K、10-Q 和 8-K 文件中包含的有關前瞻性陳述和風險因素部分的信息，以了解有關此類風險和不確定性的更多詳細信息。

In addition, for reconciliations of the non-GAAP measures discussed on this call as well as other information regarding these measures, please refer to the earnings release and other materials in the Investor Relations section of the company's website.

此外，有關本次電話會議中討論的非公認會計原則措施的調節以及有關這些措施的其他信息，請參閱公司網站投資者關係部分的收益發布和其他材料。

It is now my pleasure to introduce J. Patrick Gallagher, Jr., Chairman, President and CEO of Arthur J. Gallagher & Co. Mr. Gallagher, you may begin.

現在我很高興向您介紹 Arthur J. Gallagher & Co. 董事長、總裁兼執行長 J. Patrick Gallagher, Jr.。加拉格爾先生，您可以開始了。

Good afternoon. Thank you for joining us for our third quarter '23 earnings call. On the call with me today is Doug Howell, our CFO, as well as the heads of our operating divisions.

午安.感謝您參加我們的 23 年第三季財報電話會議。今天與我通話的是我們的財務長 Doug Howell 以及我們營運部門的負責人。

We had an excellent third quarter. For our combined brokerage and risk management segments, we posted 22% growth in revenue, 10.5% organic growth; GAAP earnings per share of $1.72, adjusted earnings per share of $2.35, up 22% year-over-year, reported net earnings margin of 15.5%, adjusted EBITDAC margin of 30.8%, up 78 basis points. We also completed 12 mergers totaling $57 million of estimated annualized revenue. Another great quarter by the team on all measures.

我們第三季表現出色。對於我們的合併經紀和風險管理部門，我們的收入成長了 22%，有機成長 10.5%； GAAP 每股收益為 1.72 美元，調整後每股收益為 2.35 美元，年增 22%，報告淨利潤率為 15.5%，調整後 EBITDAC 利潤率為 30.8%，增長 78 個基點。我們也完成了 12 項合併，預計年收入總計 5,700 萬美元。球隊在所有方面都表現出色的一個季度。

Before I dive into more detail about the quarter and our outlook, I want to make a comment regarding the leadership appointments that were also announced this afternoon. Tom Gallagher will assume the role of President, and Patrick Gallagher will become COO, both effective January 1, 2024. These appointments are being made to better position us for the next phase of our growth. And before you ask, I have no plans to retire. I will continue to be CEO and Chairman focused on Gallagher's strategy and global expansion.

在詳細介紹本季和我們的前景之前，我想對今天下午宣布的領導層任命發表評論。 Tom Gallagher 將擔任總裁，Patrick Gallagher 將擔任首席營運官，兩人均於 2024 年 1 月 1 日生效。這些任命是為了讓我們更好地為下一階段的成長做好準備。在你問之前，我沒有退休的計畫。我將繼續擔任執行長兼董事長，專注於加拉格爾的策略和全球擴張。

In their future roles, Tom and Patrick will help me lead organic and merger and acquisition growth initiatives, drive operational improvement and further promote our bedrock culture across the entire organization. This is the best business on the planet. I love my job and believe we are just getting started.

在未來的角色中，湯姆和派崔克將幫助我領導有機成長和併購成長計劃，推動營運改進，並進一步在整個組織內推廣我們的基石文化。這是地球上最好的生意。我熱愛我的工作，並相信我們才剛開始。

Moving to results on a segment basis. Let me give you some more detail on our quarter's performance. Starting with the Brokerage segment. Reported revenue growth was 22%. Organic was 9.3%. Acquisition rollover revenues were $153 million. Adjusted EBITDAC growth was 23%, and we posted adjusted EBITDAC margin expansion of about 55 basis points.

轉向以細分為基礎的結果。讓我向您提供有關本季度業績的更多詳細資訊。從經紀業務開始。報告營收成長 22%。有機率為9.3%。收購展期收入為 1.53 億美元。調整後 EBITDAC 成長率為 23%，調整後 EBITDAC 利潤率擴大約 55 個基點。

Let me walk you around the world and provide some more detailed commentary on our brokerage organic. And just to level set versus some of our peers, the following figures do not include interest income. Starting with our retail brokerage operations. In our U.S. P/C business underlying organic growth was about 8%. New business production and retention was better than last year, while less nonrecurring construction and capital markets business was a bit of a headwind. Our U.K. P/C business posted 7% organic with new business production and retention similar to last year. Our Canadian P/C operation was up 10% organically, reflecting solid new business and retention and more modest renewal premium increases.

讓我帶您環遊世界，並對我們的經紀業務提供一些更詳細的評論。為了與我們的一些同行相比，以下數字不包括利息收入。從我們的零售經紀業務開始。在我們的美國財產保險業務中，基本有機成長約為 8%。新業務生產和保留情況好於去年，而非經常性建築和資本市場業務的減少則有點不利。我們的英國 P/C 業務有機成長 7%，新業務產量和保留率與去年相似。我們的加拿大財產保險業務有機成長了 10%，反映出穩定的新業務和保留率以及更溫和的續保保費成長。

Rounding out the retail P/C business, our combined operations in Australia and New Zealand posted 13% organic. Core new business wins remain excellent, and renewal premium increases were ahead of third quarter '22 levels. Our global employee benefit brokerage and consulting business posted organic of 6% with solid health and welfare results and continued strength across many of our retirement and HR consulting practice groups.

除了零售財產保險業務外，我們在澳洲和紐西蘭的合併業務有機成長率為 13%。核心新業務依然出色，續保費增幅高於 22 年第三季的水平。我們的全球員工福利經紀和諮詢業務的有機增長率為 6%，健康和福利業績強勁，我們的許多退休和人力資源諮詢實踐團隊持續保持實力。

Shifting to our reinsurance, wholesale and specialty businesses. Gallagher Re posted 20% organic, thanks to a strong 7/1 renewal season, another outstanding quarter by the team following an excellent first half. Risk Placement Services, our U.S. wholesale operations posted organic of 7%, including a couple points headwind from lower contingents. Open brokerage organic was 13% and organic was about 5% in our MGA programs and binding businesses. And finally, U.K. Specialty posted organic of 18%, benefiting from outstanding new business production, strong retention and continued firm market conditions.

轉向我們的再保險、批發和專業業務。 Gallagher Re 憑藉強勁的 7/1 續約賽季實現了 20% 的有機率，這是球隊繼上半場表現出色之後又一個出色的季度。我們的美國批發業務風險安置服務的有機成長率為 7%，其中包括來自較低隊伍的幾個百分點的阻力。開放經紀業務的有機比例為 13%，在我們的 MGA 計劃和綁定業務中，有機比例約為 5%。最後，英國專業公司的有機成長率為 18%，這得益於出色的新業務生產、強勁的保留率和持續強勁的市場狀況。

Next, let me provide some thoughts on the P/C insurance pricing environment, starting with the primary insurance market. Global third quarter renewal premiums, which include both rate and exposure changes were up 10%. That's at the top end of the 8% to 10% renewal premium change we had been reporting throughout '22 and early '23 and very similar to second quarter renewal premiums adjusting for business mix.

接下來，我將從主險市場開始，談談對財產險定價環境的一些思考。全球第三季續保保費（包括費率和風險敞口變化）增加了 10%。這是我們在整個 22 年和 23 年初報告的 8% 至 10% 續保費變化的上限，與第二季度根據業務組合調整的續保保費非常相似。

Renewal premium increases remained broad-based, up across all of our major geographies and most product lines. For example, property is up more than 20%. General liability is up about 6%. Workers' comp is up about 2%. Umbrella and package are each up about 10%. Overall, the primary market continues to behave rationally in our view, with carriers pushing for rate where it's needed to generate an acceptable underwriting profit. Remember, though, our job as brokers is to help our clients find the best coverage while mitigating price increases. So not all of these premium increases ultimately show up in our organic.

續保費的成長仍然廣泛，在我們所有主要地區和大多數產品線中都有所增長。例如，房地產上漲超過20%。一般責任上升約6%。工人報酬上漲約2%。雨傘和包裹各上漲10%左右。總體而言，我們認為一級市場繼續表現理性，營運商在需要產生可接受的承保利潤的情況下推動費率。但請記住，我們作為經紀人的工作是幫助我們的客戶找到最佳的承保範圍，同時抑制價格上漲。因此，並非所有這些保費成長最終都會體現在我們的有機中。

Shifting to the reinsurance market. Following the orderly July 1 renewal season, all eyes are turning to January renewals. Assuming no major cat events before year-end, we believe the property reinsurance market will see adequate capacity, continued firm pricing, rising insured values and increased demand overall. When it comes to casualty, reinsurers appear to be taking a cautious view of risk. With that said, we believe adequate capacity will be available to support increased demand at firmer pricing.

轉向再保險市場。在有序的 7 月 1 日續訂季之後，所有的目光都轉向 1 月的續訂。假設年底前沒有重大巨災事件，我們認為財產再保險市場將出現容量充足、定價持續堅挺、保險價值上升和整體需求增加的情況。當談到傷亡時，再保險公司似乎對風險持謹慎態度。話雖如此，我們相信將有足夠的產能以更堅挺的價格來支持不斷增長的需求。

Here in the U.S., our retail and reinsurance teams met with more than 25 of our key U.S. insurance carrier partners at the annual CIAB conference earlier this month. It remains a tough environment for carriers, dealing with frequency and severity of weather events, including secondary perils, pockets of unfavorable prior year development in casualty lines, higher replacement costs, social inflation and rising reinsurance costs. So we believe carriers are likely to seek out further renewal premium increases and to maintain their cautious underwriting posture.

在美國，我們的零售和再保險團隊在本月稍早舉行的年度 CIAB 會議上會見了超過 25 家美國主要保險公司合作夥伴。對承運人來說，這仍然是一個艱難的環境，需要應對天氣事件的頻率和嚴重程度，包括次生災害、去年傷亡險的不利發展、更高的重置成本、社會通貨膨脹和不斷上升的再保險成本。因此，我們認為承運人可能會尋求進一步提高續保保費，並保持謹慎的核保態度。

Moving to our customers' business activity. Overall, it continues to be more resilient than headlines would suggest and we continue to characterize it as strong. During the third quarter, our daily indications showed year-over-year increases in positive midyear policy endorsements and audits. Additionally, the U.S. labor market remains strong. With continued growth in U.S. nonfarm payrolls and a wide gap between the amount of job openings and the number of people unemployed and looking for work.

轉向我們客戶的業務活動。總體而言，它仍然比頭條新聞所暗示的更有彈性，我們繼續將其描述為強勁。在第三季度，我們的日常指標顯示，積極的年中政策認可和審計同比有所增加。此外，美國勞動市場依然強勁。隨著美國非農業就業人數持續增長，職缺數量與失業和尋找工作的人數之間存在巨大差距。

We also just passed the 6-month mark of the Buck acquisition, and the team is off to a fantastic start with integration on track and financial performance in line with our expectations, and I am most pleased with how the teams have come together to better serve our clients. So I believe our HR Consulting, Retirement and Benefits business is well positioned headed into the 2024 enrollment period. So bringing it all together, as we sit here today, we see full year brokerage organic in the upper 8s and pushing towards 9%, posting that would be another fantastic year.

我們也剛度過了巴克收購的6 個月大關，團隊有了一個良好的開端，整合已步入正軌，財務業績符合我們的預期，我對團隊如何齊心協力，取得更好的成績感到非常高興。服務我們的客戶。因此，我相信我們的人力資源諮詢、退休和福利業務在 2024 年招生期中處於有利位置。因此，當我們今天坐在這裡時，將所有這些綜合起來，我們看到全年經紀業務的有機率處於前 8 位，並正在向 9% 邁進，這將是又一個美妙的一年。

Let me move on to mergers and acquisitions. We had an active third quarter, completing 12 new tuck-in brokerage mergers representing about $57 million of estimated annualized revenue. I'd like to thank all of our new partners for joining us and extend a very warm welcome to our growing Gallagher family of professionals. We also recently signed definitive agreements to acquire the insurance brokerage operations of Eastern Bank and Cadence Bank, with total pro forma annualized revenue towards $275 million. Building on our success from the 2022 M&T Bank transaction, we are extremely excited about these mergers and believe these 2 regional banks have built brokerage businesses that operate and feel a lot like us.

讓我繼續談談併購。我們的第三季表現活躍，完成了 12 項新的經紀業務合併，預計年化收入約為 5,700 萬美元。我要感謝所有新合作夥伴的加入，並對我們不斷成長的加拉格爾專業人士大家庭表示熱烈歡迎。我們最近也簽署了收購 Eastern Bank 和 Cadence Bank 保險經紀業務的最終協議，預計年化總收入將達到 2.75 億美元。基於 2022 年 M&T 銀行交易的成功，我們對這些合併感到非常興奮，並相信這兩家區域銀行已經建立了經紀業務，其運作方式和感覺與我們非常相似。

And if that isn't exciting enough, we also have a very strong merger pipeline. Excluding these 2 pending mergers, we have around 45 term sheets signed or being prepared, representing more than $450 million of annualized revenue, and we know all of these won't ultimately close, but we believe we'll get our fair share.

如果這還不夠令人興奮的話，我們還有非常強大的合併管道。排除這兩項待決的合併，我們已經簽署或正在準備大約45 個條款清單，代表著超過4.5 億美元的年化收入，我們知道所有這些最終都不會完成，但我們相信我們會得到公平的份額。

Moving on to our Risk Management segment, Gallagher Bassett. Third quarter organic growth was 17.9% ahead of September expectations due to continued growth in claim counts and new business from 22 new business wins. We still expect to grow over these wins by double digits during the fourth quarter due to our superior client offerings, some smaller new business wins in '23 and continued growth in claim activity. Third quarter adjusted EBITDAC margin of 20.4% was strong and in line with our September expectation. Looking forward, we see full year '23 organic above 15% and adjusted EBITDAC margins pushing 20%, and that would be another fantastic year.

接下來是我們的風險管理部分，Gallagher Bassett。由於索賠數量持續增長以及 22 項新業務獲勝帶來的新業務，第三季度有機增長 17.9%，超出 9 月份的預期。由於我們卓越的客戶服務、23 年一些規模較小的新業務勝利以及索賠活動的持續增長，我們仍預計第四季度這些勝利將實現兩位數的增長。第三季調整後 EBITDAC 利潤率為 20.4%，強勁，符合我們 9 月的預期。展望未來，我們預計 23 年全年有機成長率將超過 15%，調整後的 EBITDAC 利潤率將達到 20%，那將是另一個美好的一年。

And I'll conclude with some comments regarding our bedrock culture. A few weeks ago, I had the pleasure to visit our associates in our India Gallagher Center of Excellence. It was awesome to see our team in action again. The energy, the excitement and relentless pursuit of improvement is thriving among our 10,000 colleagues. It's a huge competitive advantage for us because we can take a process, streamline and standardize it and then move it to our centers of excellence. Once there, the process is refined even further, and then we make the service available to all our geographies. At the same time, we are refining, automating, deploying robotics and using AI. We are a machine that is driving out rework, improving turnaround times and raising our quality. And remember, we don't outsource these important roles. Rather, these full-time Gallagher employees represent the very best service and support professionals who are passionate about our customers and have a culture of constant improvement, which is the Gallagher way.

最後我將提出一些關於我們的基石文化的評論。幾週前，我有幸拜訪了印度加拉格爾卓越中心的同事。很高興看到我們的團隊再次採取行動。我們的 10,000 名同事充滿活力、興奮和對改進的不懈追求。這對我們來說是一個巨大的競爭優勢，因為我們可以採用一個流程，對其進行簡化和標準化，然後將其轉移到我們的卓越中心。一旦到達那裡，流程就會進一步完善，然後我們向所有地區提供服務。同時，我們正在改進、自動化、部署機器人技術和使用人工智慧。我們是一台消除返工、縮短週轉時間並提高品質的機器。請記住，我們不會外包這些重要的角色。相反，這些全職 Gallagher 員工代表了最優秀的服務和支援專業人員，他們對客戶充滿熱情，並擁有不斷改進的文化，這就是 Gallagher 之道。

Okay. I'll stop now and turn it over to Doug. It was a great quarter. Doug, over to you.

好的。我現在停下來，把它交給道格。這是一個很棒的季度。道格，交給你了。

All right. Thanks, Pat, and hello, everyone. Today, I'll walk through third quarter organic and margins by segment, make some comments about how we see the fourth quarter shaping up and provide some early thoughts on full year '24. Then I'll provide some comments on our typical modeling helpers using the CFO commentary document that we posted on our website, and I'll conclude my prepared remarks with a few comments on cash, M&A and capital management.

好的。謝謝帕特，大家好。今天，我將按部門介紹第三季的有機和利潤率，就我們如何看待第四季度的情況發表一些評論，並提供一些關於 24 年全年的初步想法。然後，我將使用我們在網站上發布的 CFO 評論文件對我們典型的建模助手提供一些評論，並且我將通過一些關於現金、併購和資本管理的評論來結束我準備好的評論。

Okay, let's flip to Page 3 of the earnings release. All-in brokerage organic of 9.3% which, as a reminder, does not include interest income like some of our peers report. Organic, including interest income would be about 12%.

好的，讓我們翻到財報發布的第三頁。總經紀業務有機率為 9.3%，提醒一下，其中不包括我們一些同業報告的利息收入。有機收入（包括利息收入）約 12%。

A few soundbites: first, in total, we came in a little bit better than we foreshadowed at our September IR Day due to really strong results from reinsurance and London specialty; second, base commission and fee organic was strong at 9.6%; third, supplementals and contingents, together up 5%. At our IR day, we flagged some softness, mostly related to the Maui fires. Since then, we have also seen a very slight uptick in expected insurance carrier loss ratios that also had a modest unfavorable impact to organic. Regardless, 9.3% in total without interest income, 12% with, both are fantastic results for the quarter.

一些要點：首先，總的來說，由於再保險和倫敦專業的強勁業績，我們的表現比我們在 9 月 IR Day 上預想的要好一些；其次，基本佣金和有機費用強勁，達 9.6%；第三，補充品和特遣隊，合計上漲5%。在我們的投資者關係日，我們注意到了一些疲軟的情況，主要與毛伊島火災有關。從那時起，我們也看到保險公司的預期損失率略有上升，這也對有機損失產生了適度的不利影響。無論如何，總計 9.3% 沒有利息收入，12% 有利息收入，這兩個季度的表現都非常出色。

One special mention. Pat discussed that global renewal premium increases, we were seeing around 10% this quarter. And on the surface, it might appear this increase is a bit lower, maybe about a point from what we said in September and also from second quarter. It's important to note, when we look at our data by line and customer and then adjust for mix, the renewal premium increases for the third quarter are very similar to second quarter. So please don't interpret that there has been any meaningful shift in the market. We're just not seeing that.

特別值得一提的是。 Pat 討論了全球續保保費的增加，本季我們看到約 10%。從表面上看，這一增幅可能會略低一些，大約比我們 9 月和第二季所說的要低一個點。值得注意的是，當我們按線路和客戶查看數據，然後根據組合進行調整時，第三季的續保費增幅與第二季非常相似。因此，請不要解讀為市場發生了任何有意義的轉變。我們只是沒有看到這一點。

Looking ahead to Q4 organic. Over the last year, we have reminded that we have an accounting headwind to overcome. Recall in Q4 '22, we booked a change in estimate related to our 606 deferred revenue accounting. That will now create a more difficult compare, called out about a point of organic headwind. Again, no new news here, but just a reminder as you update your models. Controlling for this, we see fourth quarter underlying organic growth approaching 9%, but the headline might look more like 8%. If we post that, that would mean full year brokerage organic in the upper 8s pushing towards 9%. Again, these percentages do not include interest income. What a great year that would be.

展望第四季有機。去年，我們提醒我們需要克服會計上的困難。回想一下，在 22 年第 4 季度，我們登記了與 606 遞延收入會計相關的估計變更。現在這將產生一個更困難的比較，稱為有機逆風點。再次強調，這裡沒有新消息，只是在更新模型時提醒您。控制這一點後，我們預計第四季度的基本有機成長將接近 9%，但整體來看可能更像 8%。如果我們發布這項數據，這將意味著全年經紀業務有機率在 8% 左右，將上升至 9%。同樣，這些百分比不包括利息收入。那將是多麼美好的一年。

Flip now to Page 5 of the earnings release to the Brokerage segment adjusted EBITDAC table. We posted adjusted EBITDAC margin of 32.4% for the quarter. That's up 55 basis points over third quarter '22's FX-adjusted margin. That's great work by the team to end up a bit better than our September IR Day expectations.

現在翻到收益發布的第 5 頁，查看經紀業務部門調整後的 EBITDAC 表。我們發布的本季調整後 EBITDAC 利潤率為 32.4%。這比 22 年第三季的匯率調整後利潤率上升了 55 個基點。團隊的工作非常出色，最終比我們 9 月 IR Day 的預期要好一些。

Looking at margins like a bridge from Q3 '22, organic gave us 80 points of expansion. Incremental interest income gave us 90 basis points. All-in M&A, mostly Buck which naturally runs at lower margins, impacted it by about 65 basis points. We also made incremental technology investments, called out about $7 million, and had some continued inflation on T&E, called out about $3 million, which in total used about 50 basis points. Follow that bridge and the math gets you close to that 55 basis points of FX adjusted margin expansion in the third quarter.

從 22 年第三季開始，利潤率就像一座橋樑，有機為我們提供了 80 個擴展點。增量利息收入為我們帶來了 90 個基點。全部併購（主要是巴克）的併購，其利潤率自然較低，對其產生了約 65 個基點的影響。我們也進行了增量技術投資，籌集了約 700 萬美元，並對 T&E 進行了一些持續的通貨膨脹，籌集了約 300 萬美元，總共使用了約 50 個基點。沿著這座橋，數學會讓你接近第三季外匯調整後的利潤率擴張的 55 個基點。

As for adjusted EBITDAC margin outlook for the fourth quarter, we expect about 40 to 50 basis points of expansion. And remember, that's off of fourth quarter '22 margins recomputed at current FX levels. However, unlike the past few quarters where FX created some noise, we're fortunate that now there's not much impact to consider, so much easier to model. If we deliver on that full year '23 which show margins expanding 30 to 40 basis points or 80 to 90 basis points levelizing for the roll-in impact of Buck, that would be a terrific year.

至於第四季調整後的 EBITDAC 利潤率前景，我們預計將擴大約 40 至 50 個基點。請記住，這是根據當前外匯水準重新計算的 22 年第四季利潤率。然而，與過去幾個季度外匯產生一些噪音不同，我們很幸運，現在沒有太多影響需要考慮，因此更容易建模。如果我們在 23 年全年實現利潤率擴大 30 至 40 個基點或 80 至 90 個基點以平衡巴克的滾動影響，那將是一個了不起的一年。

Looking ahead to next year, we are just beginning our budgeting process. And -- but our early -- very early thinking is that organic -- we're seeing organic in that 7% to 9% range. As for margins, we would anticipate seeing some margin expansion starting at 4% organic growth and perhaps if we hit 7%, call it around 50 basis points of expansion. And also, one other modeling heads up, please don't forget, first quarter '24 margins will have a slightly tougher year-over-year compare since Buck will still be rolling into our results.

展望明年，我們才剛開始預算流程。而且 - 但我們早期 - 非常早期的想法是有機的 - 我們看到有機在 7% 到 9% 的範圍內。至於利潤率，我們預計利潤率將以 4% 的有機成長開始擴張，如果我們達到 7%，則可能會達到 50 個基點左右的擴張。另外，請不要忘記，另一位建模人員請不要忘記，24 年第一季的利潤率同比將略有下降，因為 Buck 仍將計入我們的業績。

Okay. Let's move on to the Risk Management segment and the organic and EBITDAC tables on Page 5 and 6, a really strong finish to the third quarter. 17.9% organic growth and margins at 20.4%. As Pat mentioned, we continue to benefit from higher claim counts related to the new business wins from the second half of '22.

好的。讓我們繼續討論第 5 頁和第 6 頁的風險管理部分以及有機和 EBITDAC 表格，這是第三季度的一個非常強勁的結尾。有機成長 17.9%，利潤率為 20.4%。正如 Pat 所提到的，我們繼續受益於 22 年下半年新業務獲勝相關的索賠數量增加。

Looking forward, we see organic in the fourth quarter around 13% and margins just above 20%. Organic does reflect the lapping of last year's newer large business wins and margins remain terrific. So if we deliver on that, full year organic would be above 15% and margins pushing 20%. That would be another record year for Gallagher Bassett. Looking ahead to full year '24, our early thinking is pointing towards 9% to 11% organic and margins around 20%.

展望未來，我們預期第四季的有機成長率約為 13%，利潤率略高於 20%。有機確實反映了去年新的大型業務勝利的成果，並且利潤率仍然很高。因此，如果我們實現這一目標，全年有機成長率將超過 15%，利潤率將提高 20%。對加拉格爾·巴塞特來說，那將是另一個創紀錄的一年。展望 24 年全年，我們的早期想法是有機成長 9% 至 11%，利潤率約為 20%。

Okay. Let's turn to Page 7 of the earnings release and the corporate segment shortcut table. In total, adjusted third quarter came in $0.03 better than the midpoint of the range we provided during our September IR day. Two reasons: first, lower borrowings on our line of credit and some of the M&A opportunities were pushed into October and November and second, lesser FX remeasurement headwinds.

好的。讓我們轉向收益發布的第 7 頁和企業部​​門快捷方式表。總體而言，調整後的第三季收益比我們在 9 月 IR 日期間提​​供的範圍中位數高出 0.03 美元。原因有二：首先，我們的信貸額度借款減少，部分併購機會被推遲到 10 月和 11 月；其次，外匯重新計量阻力較小。

Let's move now to the CFO commentary document to Page 3. A couple of things versus our September IR Day estimates. You'll see third quarter amortization expense is better by $7 million. But remember, this is noncash and doesn't impact adjusted EBITDAC nor adjusted EPS. This was simply due to balance sheet true-ups when we get our third-party M&A valuations. Then you'll also see depreciation is a touch higher by $2 million, but that is offset by change in acquisition earn-outs, which is lower by $2 million, so no net impact there. Looking ahead, we've updated our fourth quarter numbers and footnotes, so just do a double check of your models. And we will also update this page again during our December IR Day and give you a first look at 2024 numbers.

現在讓我們轉到第 3 頁的財務長評論文件。有幾件事與我們對 9 月份投資者關係日的估計的比較。您會發現第三季攤銷費用增加了 700 萬美元。但請記住，這是非現金，不會影響調整後的 EBITDAC 或調整後的每股盈餘。這只是由於我們取得第三方併購估值時資產負債表的調整。然後您還會看到折舊略高了 200 萬美元，但這被收購盈利的變化所抵消，收購盈利下降了 200 萬美元，因此沒有淨影響。展望未來，我們更新了第四季度的數字和腳註，因此請仔細檢查您的模型。我們還將在 12 月 IR 日期間再次更新此頁面，讓您搶先了解 2024 年的數據。

Flip over to Page 4 of the CFO commentary document to the corporate segment outlook for the fourth quarter. Only real movement is that Q4 interest and banking expense is up a bit, reflecting more anticipated borrowing.

翻到財務長評論文件的第 4 頁，了解第四季的企業部門前景。唯一真正的變化是第四季度的利息和銀行費用略有上升，反映出更多的預期借款。

Moving to Page 5. This is the page that shows our tax credit carryforwards. As of September 30, we have about $670 million available, a nice future cash flow sweetener that helps fund future M&A.

請前往第 5 頁。此頁面顯示我們的稅收抵免結轉。截至 9 月 30 日，我們擁有約 6.7 億美元的可用資金，這是一個很好的未來現金流甜味劑，有助於為未來的併購提供資金。

When you turn to Page 6, you'll see the rollover revenue table for third quarter -- the rollover revenues for the third quarter were $153 million, that's a little better than our IR Day expectation, mostly due notably to 1 merger that really hit it out of the park during the second half of September. It really shows you the potential upside mergers can see after joining Gallagher.

當你翻到第6 頁時，你會看到第三季的展期收入表——第三季的展期收入為1.53 億美元，這比我們IR Day 的預期要好一些，主要是由於1 次合併真正帶來了影響九月下半月它離開了公園。它確實向您展示了加入加拉格爾後可以看到的潛在的積極合併。

Looking forward, we have included estimated revenues for M&A closed and announced through yesterday. That's important to note these numbers already include expected revenues from Eastern and Cadence. We've assumed a mid-fourth quarter closing date, so please don't double count. And also, as we always say, please don't forget, you need to make a pick for future M&A also.

展望未來，我們已包括截至昨天已完成並宣布的併購的預計收入。值得注意的是，這些數字已經包括來自 Eastern 和 Cadence 的預期收入。我們假設截止日期為第四季中期，因此請不要重複計算。而且，正如我們常說的，請不要忘記，您還需要為未來的併購做出選擇。

In terms of funding M&A, first, available cash on hand at September 30 was around $550 million. Second, our fourth quarter is historically a very strong cash flow quarter. Third, we currently have nothing outstanding on our line of credit, so we can use that or do a bond offering. And finally, if we close a lot of the tuck-in M&A pipeline that Pat discussed, before year-end, we may use a small amount of stock, but call it a couple of hundred million dollars.

在併購融資方面，首先，截至9月30日，手上可用現金約為5.5億美元。其次，我們的第四季歷來是現金流非常強勁的季度。第三，我們目前沒有任何未償還的信用額度，因此我們可以使用它或發行債券。最後，如果我們在年底前關閉帕特討論的大量併購管道，我們可能會使用少量股票，但稱之為幾億美元。

As we consider these alternatives, we're always being very mindful of maintaining our solid investment-grade rating also. As for 2024, we are currently estimating about $3.5 billion of capacity to fund future M&A using only free cash and incremental borrowings.

當我們考慮這些替代方案時，我們始終非常注意維持我們穩固的投資等級。至於 2024 年，我們目前估計僅使用自由現金和增量借款即可為未來併購提供約 35 億美元的資金。

Okay. Those are my comments, another fantastic quarter by the team. It's looking like another fantastic year. Congratulations to Patrick and Tom on their new roles. We have terrific momentum taking us into '24. Back to you, Pat.

好的。這些是我的評論，這是團隊的另一個精彩季度。看起來又是美好的一年。恭喜派崔克和湯姆擔任新角色。我們擁有強大的動力，帶領我們進入 24 世紀。回到你身邊，帕特。

Okay. I think we're ready for some questions and answers. Operator, will you open it up?

好的。我想我們已經準備好回答一些問題了。接線員，您能打開嗎？

(Operator Instructions) Our first question comes from the line of Rob Cox with Goldman Sachs.

（操作員說明）我們的第一個問題來自高盛的 Rob Cox。

Thanks for the outlook on the organic growth for 2024. Just curious, you had previously mentioned that you didn't think there would be that much of a difference in sort of the different areas within the business growing at different rates. Curious if you have any updated thoughts on how different businesses may perform in 2024 versus 2023.

感謝您對 2024 年有機成長的展望。只是好奇，您之前提到您認為業務中不同領域以不同速度成長不會有太大差異。我想知道您對不同企業在 2024 年與 2023 年的表現有何最新想法。

Rob, thanks for that. I think let us get through the budget process here, we'll have more for you at our December IR day. But right now, we're not seeing anything significantly different kind of across the portfolio of operations, but it's going to roll up somewhere into that 7% to 9% range as we're looking at it now.

羅布，謝謝你。我想讓我們先完成預算流程，我們將在 12 月的 IR 日為您提供更多資訊。但目前，我們在整個業務組合中沒有看到任何顯著不同的情況，但正如我們現在所看到的，它將上升到 7% 到 9% 的範圍內。

Okay. Got it. And then just on the 2024 margin expansion of 50 bps. If you could achieve 7%, just curious on if that includes impacts from investment income or maybe a potential slight uplift from some of these higher-margin acquisitions you've done recently?

好的。知道了。然後到 2024 年利潤率將擴大 50 個基點。如果您能達到 7%，只是想知道這是否包括投資收入的影響，或者您最近進行的一些高利潤收購可能帶來的潛在輕微提升？

All right. So 3 things in there on that. Right now, the way I got to that number, doesn't assume much incremental lift from investment income. It does assume a little bit of a drag from one quarter of Buck rolling into our numbers that naturally runs lower margins. But by and large, maybe those 2 offset each other a little bit. And maybe there's a little extra roll-in impact from M&A from Buck. The rest of the M&A that we're planning on in our outlook for next year comes in pretty close to the same margins that we're at.

好的。所以裡面有三件事。目前，我得出這個數字的方式並沒有假設投資收入會帶來太大的增量提升。它確實假設四分之一的巴克對我們的數字產生了一點拖累，這自然會導致利潤率降低。但總的來說，這兩者可能會互相抵消一點。也許巴克的併購會產生一些額外的影響。我們在明年的展望中計劃進行的其餘併購的利潤率與我們的利潤率非常接近。

Our next question is coming from Elyse Greenspan with Wells Fargo.

我們的下一個問題來自富國銀行的艾莉絲‧格林斯潘。

My first question, reinsurance. Pat, you guys said 20% organic growth in the quarter. That's the strongest you guys have printed since you closed that deal. Obviously, Q3 is smaller from a revenue perspective, but I was hoping, is there more within that number? And then when you guys are guiding to 7% to 9% next year, I mean, what are you assuming just in terms of the momentum and the growth within that reinsurance business?

我的第一個問題，再保險。帕特，你們說本季有機成長 20%。這是自達成交易以來你們印出的最強勁的一份。顯然，從收入角度來看，第三季較小，但我希望這個數字還有更多嗎？然後，當你們指導明年的成長率為 7% 到 9% 時，我的意思是，你們對再保險業務的勢頭和成長有何假設？

That's a good question, Elyse. I think as Doug said earlier, we're just in the throes now of budgeting, and I'd have to say that the reinsurance team has outperformed our expectations. They came aboard and have just continued to do an unbelievable job. And that 20% does include new business and great retention. So when I look forward, I'm not going to comment on rate. I'm not there yet. I got to get their professional view as we get into the budget. But I think that the business momentum will be good. I think retention will continue to be very, very strong. So would I tell you that I think we're going to see 20% organic next year? I don't know. That would be awfully hard. But I'm really -- this is a good business for us.

這是個好問題，愛麗絲。我認為正如道格之前所說，我們現在正處於預算的陣痛之中，我不得不說再保險團隊的表現超出了我們的預期。他們加入並繼續做著令人難以置信的工作。這 20% 確實包括新業務和大量保留。因此，當我展望未來時，我不會評論利率。我還沒到那裡。當我們進入預算時，我必須了解他們的專業觀點。但我認為業務勢頭會很好。我認為保留率將繼續非常非常高。那麼我可以告訴你，我認為明年我們會看到 20% 的有機產品嗎？我不知道。那會非常困難。但我真的——這對我們來說是一筆好生意。

The market there, similar to what we're seeing on retail, we are not seeing softening. As we said in our prepared remarks, there's capacity, but you're going to pay for it. And I don't think that's going to change between 1/1 and 7/1 next year. So I think that what you've got is kind of an interesting market. And again, this is -- if nothing happens in the cat world. So I'm not trying to waffle you. I don't have a really good clear answer for you at this point.

那裡的市場與我們在零售業看到的類似，我們沒有看到疲軟的情況。正如我們在準備好的發言中所說，容量是有的，但你要為此付出代價。我認為明年 1 月 1 日到 7 月 1 日之間這種情況不會改變。所以我認為你所擁有的是一個有趣的市場。再說一次，如果貓咪的世界裡什麼都沒發生的話。所以我並不是想糊弄你。目前我還沒有一個很明確的答案給你。

Yes. Same thing I said to Rob. I said let's give you that -- let's give more flavor by division in December. That will be -- we'll be talking to you again in 6 weeks.

是的。我對羅布也說過同樣的話。我說過讓我們給你這個——讓我們在 12 月按部門提供更多風味。那將是——我們將在 6 週後再次與您交談。

And then a good problem to have, the results there have been really strong. I know there's an earn-out associated with that transaction. Is that something that you would account for in '25? Or is that something that's already been accounted for?

然後是一個好問題，結果非常好。我知道該交易會帶來收益。這是你在 25 年會考慮的事情嗎？還是這是已經被考慮的事情？

I think we'll have -- okay, the way it works is that we'll have to -- it gets triggered off a full year '24 revenues because it's heavily skewed towards 1/1 renewals, I think we'll have a pretty good estimate of where we sit here before December. So I think I'll be able to give you a number on what we think we're going to end up booking for acquisition earn-out. Now we adjust that out, but I think I should have a good number by our December IR day, and then that would be paid out in the first quarter or second quarter of '25.

我認為我們將 - 好吧，它的工作方式是我們必須 - 它會從 24 年全年的收入中觸發，因為它嚴重偏向 1/1 續訂，我認為我們將有一個對12 月之前我們坐這裡的位置進行了很好的估計。因此，我想我可以向您提供一些關於我們認為最終將預訂收購收益的數字。現在我們對此進行調整，但我認為到 12 月 IR 日我應該會得到一個不錯的數字，然後將在 25 年第一季或第二季支付。

Okay. And then the M&A pipeline sounds still pretty robust. Doug, you mentioned that some deals were pushed into October and November. Are those the Eastern and the Cadence transactions? Or are there other transactions that were pushed from a timing perspective that could be forthcoming?

好的。而且併購通路聽起來仍然相當強勁。道格，您提到一些交易被推遲到 10 月和 11 月。那些是Eastern和Cadence的交易嗎？或者是否還有其他從時間角度推動的交易可能即將發生？

I would say that it would be more so the Eastern transaction and it wasn't necessarily pushed. We had to file an HSR on that. So really, our early estimates of maybe getting it done in September might have been a little optimistic on that. But I wouldn't -- there's nothing else that you don't know about, let me put it that way.

我想說的是，東部交易更是如此，而且不一定是被推動的。我們必須就此提交 HSR。所以說真的，我們對可能在 9 月完成的早期估計可能有點樂觀。但我不會——沒有什麼是你不知道的，讓我這麼說吧。

Our next question comes from the line of Paul Newsome with Piper Sandler.

我們的下一個問題來自保羅·紐瑟姆和派珀·桑德勒的對話。

Congratulations on the quarter. I want to ask a little bit more about the M&A environment. Is there anything to be read here that there's going to be these big deals are coming out of banks. And maybe just some thoughts, if you have any about sort of how the buyers may be changing in this environment. I think we've been waiting for shifts in the market, but at least I've been sort of surprised at how they sort of happened or not happened in the last couple of quarters. But love your thoughts on that.

恭喜本季。我想多問一些有關併購環境的問題。這裡有什麼值得讀的嗎？銀行將會進行這些大筆交易。如果您對買家在這種環境下可能發生的變化有任何了解，也許只是一些想法。我認為我們一直在等待市場的變化，但至少我對過去幾季這些變化的發生或未發生感到有點驚訝。但喜歡你對此的想法。

Well, I'll give you some and then Doug can make some comments as well. I do think, and we've said this before, that some of the competition relative to some of the private equity stuff is a little bit less robust. There is still plenty of competition. And if you put a nice piece of property out for bid, you're going to get a lot of bids. So there's good competition for these good properties.

好吧，我會給你一些，然後道格也可以發表一些評論。我確實認為，我們之前已經說過，相對於一些私募股權公司來說，一些競爭的激烈程度有點弱。競爭仍然很多。如果您將一處不錯的房產進行競標，您將會收到很多競標。因此，這些優質房產存在著激烈的競爭。

I can't get into the strategy of the banks as to by their deciding now is the time to exit, and we've seen that across a broad base. And I think it's probably because multiples are at very, very solid high levels. And whether [smart money] thinks that those multiples may, at some point in time, begin to diminish, I'm not sure. But we've had incredible success with our friends at M&T. We're very excited about Eastern and Cadence. And frankly, if there's other banks that are looking in that direction, we're a very good place to look.

我無法了解銀行的策略，因為他們決定現在是退出的時候，我們已經在廣泛的基礎上看到了這一點。我認為這可能是因為市盈率處於非常非常高的水平。我不確定[聰明的錢]是否認為這些本益比可能會在某個時間點開始下降。但我們與 M&T 的朋友們一起取得了令人難以置信的成功。我們對 Eastern 和 Cadence 感到非常興奮。坦白說，如果有其他銀行正在朝這個方向發展，我們是一個非常好的選擇。

In terms of other M&A opportunities, you've got 30,000 agents and brokers across America. A good number of them are still owned and run by baby boomers. They're good businesses. This has been a very robust time for them. The last 5 years have been outstanding for them. A lot of change going on in our market, an awful lot of data and analytics that they can't compete with. Now you have the advent of AI, which is coming on stronger and faster than I think any of us thought. And I think people look at it and say, maybe it's time to check who's out there. Maybe now it's not a bad time for me to look. And when you take a look at our pipeline, we gave you some numbers today. I mean, it's just incredibly robust.

就其他併購機會而言，您在美國擁有 30,000 名經紀人和經紀人。其中許多仍然由嬰兒潮世代擁有和經營。他們都是好生意。這對他們來說是一個非常強勁的時期。過去的五年對他們來說非常出色。我們的市場正在發生很多變化，大量的數據和分析是他們無法競爭的。現在人工智慧已經出現，它的發展比我們任何人想像的都更強大、更快。我認為人們看到它後會說，也許是時候檢查一下誰在外面了。也許現在對我來說並不是一個糟糕的時機。當您查看我們的管道時，我們今天給了您一些數字。我的意思是，它非常堅固。

And then completely shifting to a different topic, if I could. There's been some comments this quarter, I think about the shift back and forth between excess lines and especially in the standard carriers. And I was wondering if from your perspective, you're seeing any of that shift back to the standard carrier. Is there really anything that's major from a terms and conditions environment sort of excluding pricing?

然後如果可以的話，完全轉移到另一個話題。本季度有一些評論，我認為超額線路之間的來回轉移，特別是在標準運營商中。我想知道從您的角度來看，您是否看到了向標準運營商的轉變。在排除定價的條款和條件環境中，真的有什麼重要的事情嗎？

No, we're not. I mean, the stuff that's in the E&S market has gone there for a reason, and that is growing every single month in terms of 15%, 20%. Our submissions at RPS are up substantially this year. We measure that every day, frankly. And our submissions into RPS, our wholesaling operation, are at an all-time high. Property, in particular, is a big driving line for sure, and there just is a lack of capacity, and it is getting -- it continues to be -- whoever can tell the best story might just get a quote. So no, I'm not seeing -- and we are not seeing terms and conditions soften while things still stay in the excess market. And we're not seeing business flow back to the primaries.

沒有，我們沒有。我的意思是，E&S 市場上的東西進入那裡是有原因的，而且每個月都以 15%、20% 的速度成長。今年我們向 RPS 提交的資料大幅增加。坦白說，我們每天都會衡量這一點。我們對 RPS（我們的批發業務）的提交量達到了歷史最高水準。尤其是房地產，無疑是一條重要的推動線，只是缺乏能力，而且它正在——而且仍然如此——誰能講出最好的故事，誰就可能得到報價。所以不，我沒有看到——而且我們也沒有看到條款和條件軟化，而事情仍然停留在過剩市場。我們沒有看到業務回流到初選。

Our next question comes from the line of Greg Peters with Raymond James.

我們的下一個問題來自格雷格·彼得斯和雷蒙德·詹姆斯的對話。

Pat, I feel like you have been saying you feel like you're just getting started for over 20 years now. So I guess no change there. Can we go back to your comments on the bank acquisitions. And I think you said some of the banks Cadence and Eastern are getting solid high multiples for those businesses. I think those were your words. And I look at the CFO commentary, and it looks like the -- you're -- inside that you're looking for -- your multiples are paying are 10 to 11x EBITDAC. Is that inclusive of Cadence and Eastern because it feels like those numbers were -- multiples for those businesses were a little bit higher.

派特，我覺得你 20 多年來一直在說你感覺自己才剛開始。所以我想那裡沒有改變。我們可以回到您對銀行收購的評論嗎？我想你說過，一些銀行 Cadence 和 Eastern 的這些業務的本益比都很高。我想這就是你的話。我看了財務長的評論，看起來——你正在尋找——你正在支付的倍數是 10 到 11 倍 EBITDAC。這是否包括 Cadence 和 Eastern，因為感覺這些數字是——這些企業的倍數要高一些。

Yes. Typically, what we do is for a larger transaction like that, and we have a couple of -- 1 a year or something like that, we typically exclude that. The purpose of that disclosure is really showing you what we're seeing in the tuck-ins. The reality is, is we're still seeing great opportunities, a little north of 10x, maybe sometimes you get 1 at 12, some at 10. But there's a really -- there's a ton of tuck-in opportunities that are still realizing there's terrific value in that 10% to 12% range. And the reason why is they understand that they have careers inside of Gallagher afterwards. Their employees and their producers and themselves have great careers inside of Gallagher. So what a terrific thing? Sell your business at 10 to 12x, come in and work, take on increasing responsibilities, double your agency or your location.

是的。通常，我們所做的是像這樣的較大交易，而我們有幾次——一年一次或類似的交易，我們通常會排除這種情況。該披露的目的實際上是向您展示我們在折邊中看到的內容。現實是，我們仍然看到巨大的機會，略高於 10 倍，也許有時你在 12 倍時獲得 1 倍，有些在 10 倍時獲得。但確實有大量的機會，但仍然意識到有10% 到12% 範圍內的值非常好。原因是他們知道他們之後在加拉格爾內部有自己的職業生涯。他們的員工、製片人和他們自己在加拉格爾都擁有偉大的職業生涯。那麼有什麼了不起的事呢？以 10 到 12 倍的價格出售您的業務，進來工作，承擔越來越多的責任，將您的代理商或地點擴大一倍。

So the reason why we can still be effective buyers at 10 to 12x is the future opportunity of getting better together. We set it for 20 years since I've been here. When 1 plus 1 is equal 3, 4 and 5, that's what they're seeing. So we continue to click those off day in and day out kind of in those multiple ranges.

因此，我們之所以能夠以 10 到 12 倍的價格仍然成為有效買家，是因為未來有機會共同進步。自從我來到這裡以來，我們已經設定了 20 年。當 1 加 1 等於 3、4 和 5 時，這就是他們所看到的。因此，我們繼續日復一日地在這些多個範圍內點擊這些內容。

Okay. That makes sense. And then on those -- the larger transactions, it doesn't seem like -- maybe I'm -- I don't know the answer. So is there a lot of synergies to be harvested from as you integrate the businesses? Or are the stand-alone teams sort of like what you got with the WTW reinsurance operations.

好的。這就說得通了。然後，對於那些較大的交易，我似乎不知道答案。那麼，當您整合業務時，是否會產生許多協同效應？或者獨立團隊有點像 WTW 再保險業務。

I think with Eastern and Cadence, I mean, it's not a -- there's no -- there's very few human synergies to be gained on this. As a matter of fact, they do a really great job servicing their customers and selling the insurance. But there are efficiencies that can be gained through a common general ledger, a common agency management system only needing 1 cyber protocol that runs over your platform. So there are some synergies there. But those are in the $3 million, $4 million, $5 million type numbers, not in the $25 million, $30 million or $40 million type number.

我認為對於 Eastern 和 Cadence，我的意思是，這不是——沒有——在這方面幾乎沒有人類協同作用。事實上，他們在為客戶提供服務和銷售保險方面做得非常出色。但是，透過通用總帳（通用機構管理系統）可以提高效率，只需要在您的平台上執行一個網路協定。因此，存在一些協同效應。但這些都是 300 萬美元、400 萬美元、500 萬美元類型的數字，而不是 2500 萬美元、3000 萬美元或 4000 萬美元類型的數字。

The real kicker there, Greg, is that look at these bigger deals run by banks, and this is why we say it very much feels like we're buying somebody similar to us. These are firms that were rolled up by the bank, typically good community people. I've heard 3 separate outreaches from Cadence people in the last 2 days that I've known in 1 instance that they came in to kick the tires with us in 1998. And I remember the guy wrote to me and he goes, "Hey, I came with Shorty and I remember Shorty and I came with Jim, I remember Jim and I can't tell you how excited we are." Now what we're bringing to them that Cadence could never do is that whole discussion of moving upstream.

格雷格，真正令人興奮的是看看銀行進行的這些更大的交易，這就是為什麼我們說感覺就像我們正在購買與我們相似的人。這些是銀行旗下的公司，通常都是優秀的社區人士。在過去的2 天裡，我聽到了來自Cadence 人員的3 次單獨的外展活動，其中有一次我知道他們在1998 年來和我們一起踢輪胎。我記得那個人寫信給我，他說：“嘿，我和肖蒂一起來，我記得肖蒂和我和吉姆一起來，我記得吉姆，我無法告訴你我們有多興奮。”現在，我們為他們帶來的是 Cadence 永遠無法做到的，就是關於向上游移動的整個討論。

We can show you statistically that our closing rate on bigger deals, and I'm not talking risk management, huge accounts. I'm just saying the bigger deals that are generating over $125,000 to $150,000 of commission are significantly greater today than they were 5 or 10 years ago. This is what we're giving them the opportunity to go after. They're typical agents in these banks that look just like everybody else, and now they're going to go out. And frankly, they're going to have our tools and they're terrifically excited about it. So that's, I think, the whole synergy thing. This is not take out headcount. This is turn them on, show them what we do, give them the tools and watch them eat the market all around them.

我們可以透過統計數據向您展示我們在較大交易上的成交率，我不是說風險管理、巨額帳戶。我只是說，目前產生超過 125,000 美元至 150,000 美元佣金的較大交易比 5 或 10 年前要高得多。這就是我們為他們提供的機會。他們是這些銀行裡的典型代理人，看起來和其他人沒什麼兩樣，但現在他們要出去了。坦白說，他們將擁有我們的工具，並且對此感到非常興奮。我認為這就是整個協同效應。這不是取出員工人數。這就是讓他們興奮起來，向他們展示我們所做的事情，給他們工具，然後看著他們佔領周圍的市場。

Okay. That makes sense. I guess the final question, I know -- I think it was Paul who was trying to get at this. But frankly, we're hearing of some stress in some of the PE-backed roll-ups where the combination of higher interest costs and earn-outs are pressuring their free cash flow. What's your view of some of those smaller entities that might be having problems? Could we see you be interested in some of those properties at some point in time if they should become available?

好的。這就說得通了。我想最後一個問題，我知道──我認為是保羅試圖解決這個問題。但坦白說，我們聽說一些私募股權投資支持的合併公司面臨著一些壓力，較高的利息成本和收益相結合正在給他們的自由現金流帶來壓力。您對可能遇到問題的一些較小實體有何看法？如果其中一些房產可供使用，我們是否可以看到您在某個時間點對其中一些房產感興趣？

Well, here's the thing. First of all, Greg, we'll look at every single opportunity we can. And our first question every single time is what's the culture. What was it that went into this group. In most of these, there are situations where we didn't succeed in buying something they bought. Let's talk about that around this table, not with them in the room. XYZ didn't sell to us. Why is that? Okay, fine. What's left there? And yes, I would say that there are some of those that we would be interested in. But we'd have to get through this whole cultural piece. When you chose not to join Gallagher, I'll tell you the one main reason why you chose not to join Gallagher is because you didn't want change.

嗯，事情是這樣的。首先，格雷格，我們將盡可能尋找每一個機會。我們每次的第一個問題就是文化是什麼。進入這個群體的是什麼？在大多數情況下，我們沒有成功購買他們購買的東西。讓我們在這張桌子周圍討論這個問題，而不是和他們在房間裡討論。 XYZ 並沒有賣給我們。這是為什麼？好的。那裡還剩下什麼？是的，我想說，我們會對其中一些感興趣。但我們必須完成整個文化作品。當你選擇不加入加拉格爾時，我會告訴你你選擇不加入加拉格爾的一個主要原因是因為你不想改變。

And our competition has done a very good job of saying, "Hey, why join Gallagher when I'll give you the money? I'm going to give you the cash, keep some in. Our returns have been terrific. You'll get a second bite on the apple and you don't need to change anything. You don't need to change your name, you don't need to change your agency system," and while they've been doing that, we've been building power-to-power, data, analytics, capabilities and vertical strength. They've got none of that. And now it's coming to roost with higher interest rates and tougher earnouts, and you got to make do -- you got to come due on your promises. So yes, we'd look at them. But we're going to have to fall in love.

我們的競爭對手做得很好，「嘿，當我給你錢時為什麼要加入加拉格爾？我會給你現金，保留一些。我們的回報非常好。你會的咬第二口蘋果，你不需要改變任何東西。你不需要改變你的名字，你不需要改變你的代理系統，」當他們一直在這樣做時，我們'我們一直在構建實力對實力、數據、分析、能力和垂直實力。這些他們都沒有。現在，它會隨著更高的利率和更嚴格的利潤而出現，你必須湊合著——你必須兌現你的承諾。所以是的，我們會看看它們。但我們必須相愛。

Our next question comes from the line of Mike Zaremski with BMO Capital Markets.

我們的下一個問題來自 BMO 資本市場部的 Mike Zaremski。

Maybe I missed this, but on the Cadence deal, is it -- am I right looking at the revenue and EBITDA disclosure that Cadence has a 36% to 37% margin, which is pretty great. And then also on the deal there was -- you called out tax benefits. I don't recall you guys calling out tax benefits in the past.

也許我錯過了這一點，但就 Cadence 交易而言，我對收入和 EBITDA 披露的資訊是否正確，Cadence 的利潤率為 36% 至 37%，這相當不錯。然後，在這筆交易中，您還提到了稅收優惠。我不記得你們過去說過稅務優惠。

Yes. All right. First, you're right. I think it might be about 34%, but I think (inaudible) over a point or 2 on that. I think that when it comes to the tax, I think it's important on these margins, we always get a step-up in basis on smaller deals, but on many larger mergers that these sellers are not willing to allow a step up in basis. In this case, the sellers were willing to and we paid a little bit more cash upfront on it. But we're going to get $250 million worth of deductions over the next 15 years. Your present value that back at 5% or 6%, you get something [150]. So it really doesn't impact them all that much because I don't know if they're -- they might be able to shield it with NOL carryforwards or something like that, but it benefits us a lot.

是的。好的。首先，你是對的。我認為可能約為 34%，但我認為（聽不清楚）超過一兩點。我認為，當談到稅收時，我認為這對這些利潤很重要，我們總是在較小的交易中獲得基礎上的提高，但在許多較大的合併中，這些賣家不願意允許基礎上的提高。在這種情況下，賣家願意，我們提前支付了一點現金。但未來 15 年我們將獲得價值 2.5 億美元的扣除額。你的現值回到 5% 或 6%，你會得到一些東西 [150]。所以這確實不會對他們產生太大影響，因為我不知道他們是否能夠用 NOL 結轉或類似的東西來保護它，但這對我們有很多好處。

So to be able to achieve that. And it's not all that important in many times for, let's say, a PE firm that buys a bigger one over at trades because they've got the large interest shield coming off of the high levels of debt they run there. But for us to be able to negotiate that benefit and to be able to have a seller that's willing to allow that benefit to pass out, that makes a big difference. So in this case, this is a true win-win for them. They get more cash, we get more cash, and it brings our multiple down considerably on it.

所以能夠實現這個目標。比方說，對於一家在交易中購買更大的私募股權公司來說，很多時候這並不那麼重要，因為他們在那裡經營的高額債務中獲得了巨大的利益盾。但對我們來說，如果能夠協商這種利益，並且能夠有一個願意讓這種利益傳遞出去的賣家，就會產生很大的不同。所以在這種情況下，這對他們來說是真正的雙贏。他們得到更多現金，我們得到更多現金，這大大降低了我們的本益比。

This is not using our clean energy credit. We have $670 million of clean energy credits available. Think about that. We'll use those over the next few years. It's almost like we have another free Cadence coming our way because of those tax credits. So tax does matter. And in this case, we think that a conservative view of that benefit is $150-some million.

這沒有使用我們的清潔能源信用。我們有 6.7 億美元的清潔能源信貸可用。考慮一下。我們將在接下來的幾年中使用它們。由於這些稅收抵免，這幾乎就像我們迎來了另一個免費的 Cadence。所以稅收確實很重要。在這種情況下，我們認為保守觀點認為該收益為 1.5 億美元——約 100 萬美元。

Interesting. And I guess this one probably for -- this one question is for Pat, and congrats to Thomas and Patrick on our new appointments. Just curious on Pat. Will these new appointments cause any of your existing managers other than yourself to share responsibilities they didn't previously share?

有趣的。我想這個問題可能是問帕特的，祝賀托馬斯和帕特里克獲得我們的新任命。只是對帕特感到好奇。這些新任命是否會導致除您之外的任何現有經理分擔他們以前未分擔的職責？

There will be some follow-on promotions. Sure. There's good opportunities for everybody at Gallagher, yes.

後續還會有一些促銷活動。當然。是的，加拉格爾的每個人都有很好的機會。

And so were these promotions well-telegraphed? Or is this kind of like -- were these promotions like about well-telegraphed, like within the firm, like over time or were these kind of...

那麼這些促銷活動是否得到了充分宣傳？或者是這樣的——這些晉升是否像在公司內部一樣，隨著時間的推移，或者是這樣的…

I'm going to ask you the Gallagher answer. There's not a lot secret at Gallagher, right? Yes, I would say that these moves have been telegraphed over about 20 years.

我要問你加拉格爾的答案。加拉格爾並沒有什麼秘密，對吧？是的，我想說的是，這些舉措已經被傳達了大約 20 年。

Our next question comes from the line of Mark Hughes with Truist Securities.

我們的下一個問題來自 Truist Securities 的 Mark Hughes。

On the -- could you give any guidance on the corporate segment profit for 2024. Any early thoughts there?

關於—您能否對 2024 年企業部門利潤提供任何指導？有什麼早期想法嗎？

We haven't. And can you give until December? I know you're trying to figure out your '24 models. You might want to take what we did this year and just take it by line by line and make a site pick on it to see what you think it -- what would happen there. I know it's really difficult to do, Mark, because of FX remeasurement gains. I know we put some acquisition costs through there that can be lumpy. And there's a lot of tax, restructure numbers that run through there as we implement tax planning strategy. I know it's really difficult. But if you could you just give me until December and I can get that to you.

我們沒有。能捐到十二月嗎？我知道您正在嘗試找出 '24 模型。您可能想採用我們今年所做的事情，逐行進行，然後進行站點選擇，看看您的想法 - 那裡會發生什麼。我知道這真的很難做到，馬克，因為外匯重新計量收益。我知道我們在那裡投入了一些可能會很不穩定的採購成本。當我們實施稅務規劃策略時，會有大量的稅務、重組數據貫穿其中。我知道這真的很難。但如果可以的話，請給我 12 月之前的時間，我可以把它交給你。

Yes. Yes.

是的。是的。

We get this every year.

我們每年都會得到這個。

Any thoughts on medical inflation? Just curious to get, I think, the benefit is being helped by higher health care costs for employees, but the medical inflation impact on, say, workers' comp or GL.

對醫療通膨有什麼想法嗎？我只是好奇地想知道，員工的醫療保健費用上漲有助於帶來好處，但醫療通膨對工人補償或總帳的影響。

It's interesting you should ask because we were talking about that with the board this week. And yes, we're seeing a lot of pressure on medical costs. Full insured renewals at our largest carriers are showing 7% to 9% increases right now as we speak. When you start to take retentions and you start to get in the stop-loss market, we're seeing averages there closer to 17% to 18%. That's on premium now. That's not on the underlying costs. But that's because more of the claims are tagging those carriers. So they're not only trying to move away in terms of the low end of the cost, but also they're having to pay that. So if you take a look at all of it, all in, Mark, I'd say that our numbers that we're seeing are about 8% to 9% and that's embedded both in work comp as well as health insurance across the United States.

有趣的是，您應該問這個問題，因為我們本周正在與董事會討論這個問題。是的，我們看到醫療費用面臨很大壓力。就在我們說話之際，我們最大的承運商的全額保險續保率目前已成長 7% 至 9%。當你開始保留並開始進入停損市場時，我們看到平均值接近 17% 到 18%。現在是溢價。這不包括基本成本。但這是因為更多的索賠都是針對這些業者的。因此，他們不僅試圖擺脫低端成本，而且還必須為此付出代價。因此，如果你看一下所有這些，馬克，我想說的是，我們看到的數字約為 8% 到 9%，這既包含在整個美國的工作補償中，也包含在健康保險中狀態。

Our next question comes from the line of David Motemaden with Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 David Motemaden。

I was wondering if you could just help me think through just how much of the organic growth over the last several years and even this quarter is driven by just the macro environment versus what you guys have been doing behind the scenes to accelerate share gains? Because it feels like there's been a lot going on to help you guys gain share and that the share gains are accelerating.

我想知道您是否可以幫我思考一下，過去幾年甚至本季的有機成長有多少是由宏觀環境推動的，而不是你們為加速股票收益而在幕後所做的事情？因為感覺已經做了很多事情來幫助你們獲得份額，而且份額成長正在加速。

So I'm just wondering as kind of a big picture question. as you guys head into next year and you think about that 7% to 9% organic, I guess, how much of that do you think is coming from market share gains as you guys continue to execute versus like rate and exposure improvements?

所以我只是想知道一個大問題。當你們進入明年時，你們會想到 7% 到 9% 的有機增長，我猜，你們認為其中有多少來自市場份額的增長，因為你們繼續執行與利率和曝光度的改進相比？

Well, let me split the question with Doug in this regard. Let me talk about market gains in terms of share gain and then he can tear the numbers a bit. But we're seeing and we're measuring this literally every single day, every month. We know now where we're producing business. We know, for instance, that 90% of the time, we compete with somebody smaller than we are. We know exactly what's happening in our verticals. We have 32 verticals that we're very, very clear on management expectation, knowing what's going on, building products and what have you. That's in the property casualty arena. We have another 7 or 8 in benefits. And in those verticals, we know that our growth rate is substantially greater than what is in our just general book of business. So internally, we know that we are taking definite share in those verticals. And I would probably -- I'd throw out a number, Mike, maybe you throw a number out on the table of what...

好吧，讓我在這方面與道格分開討論這個問題。讓我談談市佔率收益方面的收益，然後他可以稍微撕扯一下數字。但我們每天、每個月都在觀察並衡量這一點。我們現在知道我們在哪裡開展業務。例如，我們知道，90% 的情況下，我們都在與比我們小的人競爭。我們確切地知道我們的垂直領域正在發生什麼。我們有 32 個垂直行業，我們對管理層的期望非常非常明確，了解正在發生的事情、建立產品以及您擁有什麼。那是在財產傷亡領域。我們還有另外七、八項福利。在這些垂直領域，我們知道我們的成長率大大高於我們一般業務中的成長率。因此，在內部，我們知道我們在這些垂直領域中佔據了一定的份額。我可能會——我會拋出一個數字，邁克，也許你會在桌子上拋出一個數字…

In terms of?

按照？

Just in terms of the growth rate in the vertical as opposed to general.

只是就垂直成長率而言，而不是整體成長率。

92% of our new business.

我們新業務的 92%。

19% of our new business falls...

我們的新業務下降了 19%...

Into one of our verticals.

進入我們的垂直領域之一。

In one of those -- 19?

其中之一——19？

92%.

92%。

92, that's what I thought. I heard 19, I apologize. So each of those are growing faster than the general book. So value -- again, you've got to look at rate, you've got to look at exposure and all that other stuff. But when you talk about share, there is absolutely no doubt you go back to Doug's comment. An acquisition can be 1 plus 1 equals 5 because when Gallagher shows up with the relationships and the capabilities of the local broker and brings those relationships together with what we have as capabilities and the culture works, we don't have to force sharing on people. The fact that they can pick up the phone and say, "I've got a college University. I've never worked on one before. Can somebody help me."

92，我也是這麼想的。我聽說是19，抱歉。因此，每一本書的成長速度都比一般書籍快。所以價值——再說一遍，你必須考慮利率，你必須考慮曝光率和所有其他因素。但當你談論分享時，毫無疑問你會回到道格的評論。收購可以是 1 加 1 等於 5，因為當加拉格爾帶著當地經紀人的關係和能力出現，並將這些關係與我們擁有的能力和文化結合在一起時，我們不必強迫人們分享。事實上，他們可以拿起電話說：“我有一所大學。我以前從未在其中工作過。有人可以幫助我嗎？”

We will swarm that opportunity. We will write that college University they'll get their fair share, everybody wins, and we're not fighting that as a local entrepreneur who doesn't want to play with the big boys. That's the excitement. So I know that's a long-winded weird way of saying it, but we are definitely taking share. To the numbers, Doug, I'd throw over to you.

我們將抓住這個機會。我們會寫大學大學他們會得到公平的份額，每個人都會贏，作為一個不想和大男孩一起玩的當地企業家，我們不會反對這一點。這就是興奮。所以我知道這是冗長奇怪的說法，但我們肯定會分享。至於數字，道格，我會把它交給你。

(inaudible) that 7% organic growth next year, I'd say that half comes from net new business wins or taking share. I would say, 1/4 is coming from exposure units and another quarter is coming from rate. If you got 9%, you probably got 1/3, 1/3, 1/3 in there.

（聽不清楚）明年 7% 的有機成長，我想說其中一半來自淨新業務贏得或占有份額。我想說，1/4 來自曝光單位，另外四分之一來自利率。如果你得到了 9%，那麼你可能得到了 1/3、1/3、1/3。

Got it. That's really helpful. I appreciate that. And then maybe just a follow-up. We've seen obviously the 2 -- the Cadence and Eastern deals on top of the M&T Bank broker last year or earlier this year. So I guess I'm sort of wondering -- as we think about the sustainability of that organic, I know you're the preferred provider for I think it was Cadence. But I guess, how do you manage the fact that -- or the potential that there might be more of like an open process for some of those existing customers now that it's not wholly owned. I don't know if that's something that you guys have worked through planning? Or just maybe help us think through that.

知道了。這真的很有幫助。我很感激。然後也許只是後續行動。去年或今年早些時候，我們顯然已經看到了 2 項交易——Cadence 和 Eastern 收購了 M&T Bank 經紀商。所以我想我有點想知道 - 當我們考慮有機產品的可持續性時，我知道你是首選的供應商，我認為它是 Cadence。但我想，你如何管理這樣一個事實——或者由於它不是全資擁有的，對於一些現有客戶來說可能更像是一個開放的流程。不知道大家有沒有這樣的計畫呢？或者只是幫助我們思考這個問題。

I'll help you think through it and probably the people from Cadence Bank and say, he's maybe talking off the top of the head, blah, blah, blah. But I don't think the bank did much to help them produce insurance, like probably hurt their production, which is why when you look at some of these deals, the Board goes well, where is the growth. Cadence and Eastern good growth, but the fact is -- those people have gone out and scrape for that business around the bank relationship, which was, of course, when they bought those firms, supposed to be the golden nugget in terms of being able to produce business that just isn't true. In fact, I think we're going to unleash an opportunity to really grow the top line.

我會幫你思考一下，可能還有來自 Cadence Bank 的人，他們會說，他可能是在胡言亂語，等等，等等。但我不認為銀行做了太多事情來幫助他們生產保險，就像可能損害他們的生產一樣，這就是為什麼當你看到其中一些交易時，董事會進展順利，成長在哪裡。 Cadence 和 Eastern 的成長良好，但事實是——這些人已經出去圍繞銀行關係爭取業務，當然，當他們購買這些公司時，這應該是能夠獲得金塊的金塊。創造出不真實的業務。事實上，我認為我們將釋放一個真正增加收入的機會。

Our next question comes from the line of Meyer Shields with KBW.

我們的下一個問題來自 Meyer Shields 和 KBW 的產品線。

Two big picture questions. One, there's been some press about larger insurance brokers getting back into wholesale. Would that matter at all to Gallagher?

兩個大問題。第一，有一些媒體報告大型保險經紀人重返批發市場。這對加拉格爾來說重要嗎？

Not really. If you take a look at our wholesale business, RPS. We do not mandate inside Gallagher, so it's not 100% Gallagher placements there. We did consolidate down to a smaller number of players and RPS does about 50% of Gallagher's placements. So we're very cognizant of what the world is like out there. But really, RPS trades with 15,000 to 18,000 independent agents. And RPS does not trade particularly at all with our 3 larger competitors. So if they were the ones that choose to come in back into the market, we think it would have virtually no impact on us at all.

並不真地。如果您看看我們的批發業務 RPS。我們不強制要求在加拉格爾內部，所以不是 100% 加拉格爾在那裡安置。我們確實整合了較少數量的玩家，RPS 佔據了加拉格爾大約 50% 的位置。所以我們非常了解外面的世界是什麼樣子。但實際上，RPS 與 15,000 至 18,000 名獨立代理商進行交易。 RPS 根本不會與我們的 3 個較大競爭對手進行交易。因此，如果他們選擇重返市場，我們認為這對我們幾乎不會產生任何影響。

That's very helpful. Second question, and this relates to what you've been talking about, Pat, with the additional resources that being part of Gallagher brings. How rapidly can acquisitions take advantage of that? And is that something we should factor in when we're modeling acquired revenues?

這非常有幫助。第二個問題，這與你一直在談論的內容有關，帕特，以及加入加拉格爾帶來的額外資源。收購能多快利用這一點？當我們對所獲得的收入進行建模時，這是我們應該考慮的因素嗎？

Day 1, and I do mean day 1 and the team will swarm that opportunity. Now do they get used to operating that way? Have they got the customer teed up. It takes -- it's still a learning curve in all fairness, they'll call and we'll jump on the plane and have a shot at that university. But it will probably be a year or 2 before we land it. So I can't sit here and go, day 1, it just ratchets up. But I'll tell you what it does. It gets everybody in that firm excited. It worked. Gallagher helped, you can't believe it. We turned this risk manager on their head. This is really cool. Next time around, what's the strategy? What's the methodology. So the resources are truly available to that team on day 1. Now would I factor into the earn-out. Some of them take great advantage of it and really does help. It makes their earnout. Others, as I said, it's a longer ramp-up speed and it's just a matter of the individual leaders.

第一天，我的意思是第一天，團隊將抓住這個機會。現在他們已經習慣這樣的操作了嗎？他們讓顧客做好準備了嗎？公平地說，這仍然是一個學習曲線，他們會打電話，我們會跳上飛機，試著進入那所大學。但我們可能需要一兩年的時間才能實現它。所以我不能坐在這裡離開，第一天，事情就會逐漸加劇。但我會告訴你它的作用。這讓公司裡的每個人都興奮不已。有效。加拉格爾幫忙了，你簡直不敢相信。我們改變了這位風險經理的想法。這真的很酷。下次，策略是什麼？有什麼方法論。因此，資源在第一天就真正可供該團隊使用。現在我將把收入因素考慮在內。他們中的一些人充分利用了這一點，並且確實有所幫助。這讓他們賺到了錢。其他人，正如我所說，這是一個較長的上升速度，這只是個別領導者的問題。

Yes. One thing, I think we actually understate true organic because we don't consider any new business, net new business wins by those mergers in the first year. That doesn't get counted as organic. Was it $20 million, $30 million more of net new maybe across the business every year? I don't know. It might be worth 20 basis points on our organic growth over the course of the year. So I think it naturally understates it. But I think the point is, like I said on this one just a minute ago. We had a merger partner that just crushed it here at the end of September, and that doesn't go into organic, but it sure impacts our acquisition revenues. Now we try to give you that when we do these projections.

是的。有一件事，我認為我們實際上低估了真正的有機，因為我們不考慮任何新業務，第一年透過這些合併贏得的淨新業務。這不算是有機的。整個業務每年的淨新增收入是否會增加 2,000 萬美元、3,000 萬美元？我不知道。我們全年的有機成長可能值得 20 個基點。所以我認為這自然是輕描淡寫了。但我認為重點是，就像我一分鐘前在這個問題上所說的。我們有一個合併夥伴，九月底剛剛在這裡粉碎了它，這並沒有進入有機狀態，但它肯定會影響我們的收購收入。現在，當我們進行這些預測時，我們會盡力向您提供這一點。

So look at that on Page 6 of our CFO commentary. But the point is the great mergers are the ones that come in, hit the ground running, use our resources and capabilities. And next thing you know over the next 2, 3, 4 years, they're just hitting it out of the park.

請看看我們財務長評論第 6 頁的內容。但關鍵是，偉大的合併是那些進來、立即投入使用、利用我們的資源和能力的合併。接下來你知道，在接下來的 2 年、3 年、4 年裡，他們將會取得出色的成績。

We've showed you in our IR Day, things like our drive, just Gallagher Drive. One, just one item that is so cool to these people. And it's basically the ability to sit with a client and say, people like you buy this. And here's what the lines of insurance are there going to these types of truckers in your area or construction companies or senior living. Here's the layers that they're buying. And by the way, you're holding a $10 million liability limit. Most of your competitors are paying 20 -- or buying $20 million of umbrella. Let me show you the losses we have in our book that appears to $10 million. You probably ought to buy the 20, there's reason for that. It blows the competition away and our merger partners can't wait to get their hands on it. That's 1 thing, and there's a dozen of those.

我們在投資者關係日向您展示了諸如我們的車道之類的東西，只是加拉格爾車道。一，只有一件對這些人來說很酷的東西。這基本上就是與客戶坐在一起說，像你這樣的人會買這個的能力。以下是您所在地區的此類卡車司機、建築公司或老年生活的保險範圍。這是他們購買的層數。順便說一句，您的責任限額為 1000 萬美元。大多數競爭對手都支付 20 美元或 2000 萬美元購買雨傘。讓我向您展示我們帳面上的損失，大約為 1000 萬美元。你可能應該買 20 個，這是有原因的。它在競爭中脫穎而出，我們的合併合作夥伴迫不及待地想要獲得它。這只是一件事，還有十幾件事。

Our last question is coming from Yaron Kinar with Jefferies.

我們的最後一個問題來自亞倫·基納爾 (Yaron Kinar) 和傑弗里斯 (Jefferies)。

I apologize, I had some technical difficulties. So I hope I'm not asking stuff that's already been asked. With regards to Eastern and Cadence, do they have any different seasonal patterns? I think you touched on growth on the margin profile. But I'm curious if that margin profile kind of holds true to what you see in brokers already throughout the year.

抱歉，我遇到了一些技術困難。所以我希望我沒有問過已經被問過的事情。 Eastern和Cadence的季節模式有什麼不同嗎？我認為您談到了利潤率的成長。但我很好奇這種利潤率狀況是否符合您全年在經紀商中看到的情況。

No, there's no seasonality.

不，沒有季節性。

Yes. Remember, we're seasonally larger primarily because of our benefits and because of our reinsured business, our P&C business is fairly steady throughout the year over the 4 quarters. And maybe it's 23% on one quarter and 27% another, but we're not getting the wild swings like you do in reinsurance and employee benefits.

是的。請記住，我們的季節性規模擴大主要是因為我們的福利以及我們的再保險業務，我們的財產和意外險業務在全年的四個季度中相當穩定。也許一個季度是 23%，另一個季度是 27%，但我們不會像再保險和員工福利那樣劇烈波動。

Got it. And do either of those deals fall any vertical space that you were looking to boost stop? Or is it more of a geographic play? What's the rationale there?

知道了。這些交易中的任何一筆是否會落入您希望提高停損的垂直空間？或者這更像是一場地理遊戲？這裡面有什麼道理嗎？

Mike, go ahead.

麥克，繼續吧。

Yes, this is Mike Pesch. So I would say both of them are -- in their geographies are strong where we are maybe strong in other industries. So in Cadence, in their perspective, we do a lot of public entity in the mid-south region, and that's not one of their strengths. But they do a lot in construction and manufacturing. So it complements us really, really well. It's one of the reasons we like them so much. Eastern is the same way. If you look in New England, New England is heavily weighted towards life sciences, technology and D&O, and they balance that book considerably with a lot of other industry verticals, including construction. So it is very much a complementary business to each of those areas.

是的，這是麥克·佩什。所以我想說，他們在他們的地區都很強大，而我們在其他行業可能也很強大。所以在Cadence，在他們看來，我們在中南部地區做了很多公共實體，而這不是他們的優勢之一。但他們在建築和製造領域做了很多工作。所以它真的非常非常好地補充了我們。這就是我們如此喜歡它們的原因之一。東方也是同樣的道理。如果你看看新英格蘭，你會發現新英格蘭非常重視生命科學、技術和 D&O，他們在很大程度上平衡了這本書與許多其他垂直行業，包括建築業。因此，它在很大程度上是這些領域的互補業務。

Got it. And then one quick one to end up. Corporate expenses were quite high this quarter. Were there any one-offs there?

知道了。然後很快就結束了。本季的企業支出相當高。有沒有一次性的事情發生？

I think when you look at it, if you look at the adjustment -- if you look at it on an adjusted basis, there were some tax and litigation items when we adjusted that out. On an adjusted basis, it's kind of noisy. Comp might be up $3 million or $4 million. I think we're a little further ahead on our corporate bonus accruals than we have been in the past. And when you look at operating expense, it looks down considerably on an adjusted basis, but that's the FX remeasurement gains that you're seeing. So if you're looking at it on a pretax basis on an unadjusted basis, that's what you'll see in there. But there's nothing fundamentally underlying our expense structure in the corporate segment.

我認為當你看它時，如果你看調整——如果你在調整後的基礎上看它，當我們調整時，有一些稅收和訴訟項目。在調整後的基礎上，它有點吵。補償可能會增加 300 萬或 400 萬美元。我認為我們在公司獎金應計方面比過去領先了一些。當您查看營運費用時，它在調整後的基礎上顯著下降，但這就是您看到的外匯重新計量收益。因此，如果您在未調整的稅前基礎上查看它，這就是您將在其中看到的內容。但我們公司部門的費用結構並沒有任何根本性的基礎。

Well, thank you again, everyone, for joining us this evening. To our 50,000 colleagues across the globe, thank you for your hard work this quarter and every quarter. Our operational and financial success is a direct reflection of your efforts. And as pleased as I am with our third quarter performance, I'm even more excited about our future, future organic prospects, future M&A opportunities and our ability to become more productive and increase quality. We look forward to speaking with the investment community in person at our IR Day in December. Thank you again, everybody, and have a good evening.

好吧，再次感謝大家今晚加入我們。感謝我們全球 50,000 名同事本季和每季的辛勤工作。我們的營運和財務成功直接反映了您的努力。儘管我對我們第三季的業績感到滿意，但我對我們的未來、未來的有機前景、未來的併購機會以及我們提高生產力和提高品質的能力更加感到興奮。我們期待在 12 月的投資者關係日與投資界面對面交流。再次感謝大家，祝大家晚上愉快。

Thank you. This does conclude today's conference call. You may now disconnect your lines at this time.

謝謝。今天的電話會議到此結束。此時您可以斷開線路。