Arthur J. Gallagher & Co. (AJG) 2024 Q1 法說會逐字稿

Good afternoon, and welcome to Arthur J. Gallagher & Co's First Quarter 2024 Earnings Conference Call. (Operator Instructions) Today's call is being recorded. If you have any objections, you may disconnect at this time. 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.

下午好，歡迎參加 Arthur J. Gallagher & Co 的 2024 年第一季財報電話會議。 （操作員說明）今天的通話正在錄音。如果您有任何異議，您可以此時斷開連接。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。

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

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。現在我很高興向您介紹 Arthur J. Gallagher & Co 的董事長兼首席執行官 J. Patrick Gallagher, Jr.。

Thank you. Good afternoon. Thank you for joining us for our first quarter '24 earnings call. On the call with me today is Doug Howell, our CFO; and other members of the management team and the heads of our operating divisions. We had a great first quarter to begin 2024.

謝謝。午安.感謝您參加我們 24 年第一季的財報電話會議。今天與我通話的是我們的財務長 Doug Howell；以及管理團隊的其他成員和我們營運部門的負責人。 2024 年伊始，我們的第一季表現出色。

For our combined Brokerage and Risk Management segments, we posted 20% growth in revenue, our 13th straight quarter of double-digit growth, 9.4% organic; Virgin acquisition rollover revenues of approximately $250 million. We also completed 12 mergers totaling nearly $70 million of estimated annualized revenue. Reported net earnings margin of 21.5%, adjusted EBITDAC margin of 37.8%, GAAP earnings per share of $3.10 and adjusted earnings per share of $3.83, up 17% year-over-year. So another terrific quarter by the team.

對於我們合併的經紀和風險管理部門，我們的收入成長了 20%，這是我們連續第 13 個季度實現兩位數成長，有機成長 9.4%；維珍收購的展期收入約為 2.5 億美元。我們也完成了 12 項合併，預計年化收入總計近 7,000 萬美元。報告淨利潤率為 21.5%，調整後 EBITDAC 利潤率為 37.8%，GAAP 每股收益為 3.10 美元，調整後每股收益為 3.83 美元，年成長 17%。球隊又度過了一個精彩的季度。

Moving to results on a segment basis, starting with the Brokerage segment. Reported revenue growth of 21%. Organic growth was 8.9% and about 10% if you include interest income. Adjusted EBITDAC was up 18% year-over-year. And we posted adjusted EBITDAC margin of 39.9% a bit better than our March IR Day expectations.

從經紀業務開始，轉向以細分市場為基礎的結果。報告營收成長21%。有機成長率為 8.9%，如果算上利息收入則約為 10%。調整後 EBITDAC 年增 18%。我們發布的調整後 EBITDAC 利潤率為 39.9%，略高於我們 3 月份投資者關係日的預期。

Let me give some insights behind our Brokerage segment organic, and just to level set, the following figures do not include interest income. Our global retail brokerage operations posted 7% organic. Within our P/C operations, we delivered 7% in the United States, 6% in the U.K., 2% in Canada and 8% in Australia and New Zealand. And our global employee benefit brokerage and consulting business posted organic of about 8%, including some large live case sales that were completed in late March.

讓我給一些關於我們的經紀業務有機背後的見解，只是為了水平設定，以下數字不包括利息收入。我們的全球零售經紀業務有機成長率為 7%。在我們的財產險業務中，我們在美國交付了 7%，在英國交付了 6%，在加拿大交付了 2%，在澳洲和紐西蘭交付了 8%。我們的全球員工福利經紀和諮詢業務的有機成長率約為 8%，其中包括 3 月底完成的一些大型現場銷售。

Shifting to our reinsurance wholesale and specialty businesses, overall organic of 13%. This includes Gallagher Re at 13%, U.K. specialty at 10% and U.S. wholesale at 13%. Fantastic growth, whether retail, wholesale or reinsurance.

轉向我們的再保險批發和專業業務，整體有機率為 13%。其中包括 Gallagher Re 的 13%、英國專業的 10% 和美國的批發 13%。無論是零售、批發或再保險，都出現了驚人的成長。

Next, let me provide some thoughts on the PC insurance pricing environment, starting with the primary insurance market. Global first quarter renewal premiums, which include both rate and exposure changes, were up about 7%. Renewal premium increases continue to be broad-based, up across all of our major geographies and most product lines.

接下來，我將從主保險市場開始，談談個人保險定價環境的一些想法。第一季全球續保保費（包括費率和風險敞口變化）上漲約 7%。續保費繼續廣泛增長，遍及我們所有主要地區和大多數產品線。

For example, property was up nearly 10%; umbrella, up 9%; general liability, up 7%; workers' comp, up 2%; package, up 8%; and personal lines, up 13%. So many lines are seeing sizable increases. There are 2 exceptions within professional lines. First, D&O, where renewal premiums are down about 5%; and second, cyber, where renewal premiums are flattish.

例如，房地產上漲近10%；雨傘，上漲9%；一般責任，上升7%；工人補償，上漲2%；套餐，上漲8%；和個人線路，成長 13%。許多線路都出現了大幅成長。專業領域內有兩個例外。首先是 D&O，續保保費下降了約 5%；其次是網絡，續訂保費持平。

These 2 lines appear close to reaching a pricing bottom, but combined, represent around 5% of our P/C business globally. So overall, our clients continue to see insurance costs increase, but our job as brokers is to mitigate these increases and deliver comprehensive insurance programs that align with their risk appetite and fit their budget.

這兩條線似乎接近定價底部，但加起來約占我們全球財產保險業務的 5%。因此，總的來說，我們的客戶繼續看到保險成本增加，但我們作為經紀人的工作是減輕這些增加，並提供符合他們的風險偏好和預算的全面的保險計劃。

Moving to the reinsurance market. First quarter dynamics were dominated by the January 1 renewal season where we saw stable pricing and increased demand for property cat cover. Reinsurers continue to exercise discipline and met the increased client demand with sufficient capacity. Importantly, the team was able to secure many new business wins while retaining most of our existing clients.

轉向再保險市場。第一季的動態主要由 1 月 1 日的續保季節主導，我們看到價格穩定，並且對房地產貓保險的需求增加。再保險公司繼續遵守紀律，以足夠的能力滿足不斷增長的客戶需求。重要的是，該團隊能夠贏得許多新業務，同時保留大部分現有客戶。

During April renewals, reinsurance carriers maintain their discipline, and with increased demand and stable pricing, we saw more coverage being purchased. Within property, more capacity was available at the top end of programs and the quoting of renewal process was disciplined and predictable.

在四月的續保期間，再保險公司保持了紀律，隨著需求的增加和定價的穩定，我們看到了更多的保險購買。在房地產領域，專案的高端提供了更多的容量，更新流程的報價是嚴格且可預測的。

The casualty treaty market saw stable pricing overall. However, carriers able to differentiate themselves through good management of prior year reserves were able to secure better reinsurance placements. Specialty class renewals were a bit more complex with some changes in terms and conditions. However, many clients were able to secure modestly lower pricing.

傷亡條約市場整體定價穩定。然而，能夠透過對上一年準備金的良好管理來使自己脫穎而出的承運人能夠獲得更好的再保險安排。專業課程的續約有點複雜，條款和條件也發生了一些變化。然而，許多客戶能夠獲得適度較低的價格。

With that said, the tragedy in Baltimore may cause reinsurance carriers more pricing [resolve] throughout the rest of the year. Those interested in more detailed commentary on January or April renewals can find our first new market reports on our website.

話雖如此，巴爾的摩的悲劇可能會導致再保險公司在今年剩餘時間採取更多定價措施。那些對一月或四月續訂的更詳細評論感興趣的人可以在我們的網站上找到我們的第一份新市場報告。

In our view, insurance and reinsurance carriers continue to behave rationally. Carriers know where they need rate by line, by industry and by geography. We are seeing this differentiation in our data. Premiums are increasing the most, where it's needed to generate an acceptable underwriting profit. Great example of this is primary casualty, where we are seeing renewal premiums moving higher.

我們認為，保險和再保險公司的行為繼續保持理性。運營商知道他們需要按線路、按行業和按地理位置的費率。我們在數據中看到了這種差異。當需要產生可接受的承保利潤時，保費成長幅度最大。主要傷亡事故就是一個很好的例子，我們看到續保保費不斷上升。

Global first quarter umbrella and general liability renewal premium increases are in the high single digits, including 9% increases in U.S. retail. A. M. Best recently maintained its negative outlook on the U.S. general liability insurance market due to worsening social inflation, medical expenses and litigation financing. We've been highlighting these dynamics for a while, along with hearing concerns around historical reserves, which leads us to believe further rate increases are to come in casualty.

第一季全球傘險及一般責任續保保費增幅均為高個位數，其中美國零售業增幅高達 9%。由於社會通膨、醫療費用和訴訟融資惡化，A. M. Best 最近維持對美國普通責任保險市場的負面展望。一段時間以來，我們一直在強調這些動態，以及對歷史儲備的擔憂，這使我們相信進一步的升息將會帶來損失。

At the other end of the spectrum, we have property. As insurance and reinsurance carriers believe they are getting closer to price and exposure adequacy, we are seeing property renewal premium increases moderating. With that said, first quarter insurance renewal premiums were still pushing double digits. As we look out for the remainder of the year, increased frequency or severity of catastrophes could again move the market in '24.

另一方面，我們擁有財產。由於保險和再保險公司認為他們越來越接近價格和風險充足性，我們看到財產續保保費增長放緩。儘管如此，第一季的保險續保保費仍在兩位數成長。當我們展望今年剩餘時間時，災難頻率或嚴重程度的增加可能會在 24 年再次影響市場。

And while capacity was very challenging to come by during '22 and '23, we are now finding, when clients are looking to add coverage or limits, carriers are more than willing to provide additional cover. Notably, we are not seeing a change in the underwriting standards from our carrier partners.

雖然在 22 年和 23 年期間獲得容量非常具有挑戰性，但我們現在發現，當客戶希望增加承保範圍或限制時，營運商非常願意提供額外的承保範圍。值得注意的是，我們沒有看到我們的營運商合作夥伴的承保標準發生變化。

While continued premium increases seem rational to our carrier partners, our clients have experienced multiple years of increased costs, having a trusted adviser like Gallagher to help businesses navigating a complex insurance market by finding the best coverage for our clients while mitigating price increases. That's what we do.

雖然保費持續上漲對我們的承運商合作夥伴來說似乎是合理的，但我們的客戶已經經歷了多年的成本增加，擁有像加拉格爾這樣值得信賴的顧問可以幫助企業在復雜的保險市場中找到最佳的保險範圍，同時緩解價格上漲。這就是我們所做的。

Moving to our customers' business activity. Overall, it continues to be solid. During the first quarter, our daily indication showed positive midyear policy endorsements and audits ahead of last year's levels across most geographies. So we are not seeing signs of a broad global economic slowdown.

轉向我們客戶的業務活動。總體而言，它仍然保持穩健。在第一季度，我們的日常指標顯示，大多數地區的年中政策認可和審計都高於去年的水平。因此，我們沒有看到全球經濟普遍放緩的跡象。

Within the U.S., the labor market remains tight. Nonfarm payrolls continue to increase and more people are reentering the workforce. Yet there continues to be nearly 9 million job openings. Wage increases have persisted at the same time, medical cost trends are rising. With these dynamics, employers are focused on total rewards strategy to help them achieve their human capital goals while reining in costs. That's why I believe our benefits businesses will have a terrific opportunities in '24.

在美國國內，勞動市場依然緊張。非農就業人數持續增加，更多人重新進入勞動市場。但仍有近 900 萬個職缺。薪資持續上漲的同時，醫療費用也呈​​現上升趨勢。有了這些動力，雇主就專注於整體獎勵策略，以幫助他們實現人力資本目標，同時控製成本。這就是為什麼我相信我們的福利業務將在 24 年擁有絕佳的機會。

Overall, we continue to win new brokerage clients while retaining our existing customers. In fact, our new business production has been on an upward trend in recent quarters, and our retention is holding. We believe this is a direct reflection of our client value proposition, CORE360 and Gallagher Better Works, our niche expert service and our data and analytics.

整體而言，我們在保留現有客戶的同時，繼續贏得新的經紀客戶。事實上，最近幾季我們的新業務產量一直呈上升趨勢，我們的保留率也保持不變。我們相信，這直接反映了我們的客戶價值主張、CORE360 和 Gallagher Better Works、我們的利基專家服務以及我們的數據和分析。

Don't forget, we're competing with someone smaller than us, 90% of the time. These local brokers just can't match the value we provide. So putting it all together, we continue to see full year '24 brokerage organic in the 7% to 9% range, and that would be another outstanding year.

別忘了，90% 的情況下，我們是在與比我們小的人競爭。這些本地經紀人無法與我們提供的價值相符。因此，將所有因素放在一起，我們繼續看到 24 年全年經紀業務有機率在 7% 至 9% 範圍內，那將是另一個出色的一年。

Moving on to our Risk Management segment, Gallagher Bassett. Revenue growth was 19%, including organic of 13.3% and rollover revenues of $14 million. Adjusted EBITDAC margins were 20.6%, up 140 basis points versus last year and a bit better than our March IR Day expectations. Our results continue to reflect solid new business, outstanding retention, continued increases in new arising claims across both workers' comp and liability and resilient customer business activity.

接下來是我們的風險管理部分，Gallagher Bassett。營收成長 19%，其中有機成長 13.3%，展期營收 1,400 萬美元。調整後 EBITDAC 利潤率為 20.6%，比去年增長 140 個基點，略優於我們 3 月份投資者關係日的預期。我們的業績繼續反映出穩健的新業務、出色的保留率、工人賠償和責任方面新出現的索賠持續增加以及富有彈性的客戶業務活動。

Looking forward, we continue to see '24 full year organic in the 9% to 11% range as our larger '23 new business wins have been fully onboarded. We now expect full year margin of approximately 20.5%. That would also be another outstanding year.

展望未來，隨著我們更大的「23」新業務勝利已全面啟動，我們繼續認為「24」全年有機成長率在 9% 至 11% 範圍內。我們目前預計全年利潤率約為 20.5%。那也將是另一個出色的一年。

Shifting to mergers and acquisitions. We had an active first quarter completing 12 new mergers, representing about $70 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.

轉向併購。我們在第一季表現活躍，完成了 12 項新合併，預計年化收入約為 7,000 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。

Looking ahead, our pipeline remains strong. We have around 50 term sheets signed or being prepared, representing around $350 million of annualized revenue. Good firms always have a choice, and we'll be very excited if they choose to join Gallagher.

展望未來，我們的管道仍然強勁。我們已簽署或正在準備約 50 份投資意向書，相當於年化收入約 3.5 億美元。優秀的公司總是有選擇的，如果他們選擇加入加拉格爾，我們會非常興奮。

Let me conclude with some comments regarding our bedrock culture. It's a culture that has remained constant through the decades of incredible growth. This is largely due to the 25 tenants of The Gallagher Way, which is entering its fifth decade next month. It is deeply rooted in the values of integrity, ethics and trust, which have been guiding us since 1927.

最後，我想對我們的基石文化發表一些評論。這是一種在數十年令人難以置信的成長中始終保持不變的文化。這主要歸功於加拉格爾路 (Gallagher Way) 的 25 名租戶，該路下個月將進入第五個十年。它深深植根於正直、道德和信任的價值觀，自 1927 年以來這些價值觀一直指導著我們。

Our culture is not just a differentiator, it's a competitive advantage. It attracts the right talent to our organization and the best merger partners and enables us to build enduring relationships. What makes me particularly proud is that I witness our culture in action every day as our employees demonstrate their commitment to our clients, and that is The Gallagher Way. Okay. I'll stop now and turn it over to Doug. Doug?

我們的文化不僅是差異化因素，更是一種競爭優勢。它為我們的組織吸引了合適的人才和最好的合併合作夥伴，並使我們能夠建立持久的關係。讓我特別自豪的是，當我們的員工向客戶展示他們的承諾時，我每天都會見證我們的文化在行動，這就是加拉格爾之道。好的。我現在停下來，把它交給道格。道格？

Thanks, Pat, and hello, everyone. Today, I'll walk you through our earnings release. I'll comment on first quarter organic growth and margins by segment, including how we are seeing full year organic growth and margins in each of the next 3 quarters. Then I'll provide some typical comments on the modeling helpers we provide in 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.

謝謝帕特，大家好。今天，我將向您介紹我們的收益發布。我將按部門評論第一季的有機成長和利潤率，包括我們如何看待未來三個季度中每季的全年有機成長和利潤率。然後，我將對我們在網站上發布的財務長評論文件中提供的建模助理提供一些典型的評論，並且我將以一些關於現金、併購和資本管理的評論來結束我準備好的評論。

Okay. Let's look to Page 2 of the earnings release. Headline, first quarter brokerage organic growth of 8.9%. That's a bit better than our March IR Day expectation of 8% to 8.5%. And remember, we exclude interest income. Including such, we would have shown about 10% organic growth. Looking ahead, we continue to see strong new business production and favorable client retention.

好的。讓我們看看財報發布的第二頁。整體來看，第一季券商業務有機成長8.9%。這比我們 3 月份投資者關係日預期的 8% 至 8.5% 稍好一些。請記住，我們不包括利息收入。包括這些在內，我們將實現約 10% 的有機成長。展望未來，我們將繼續看到強勁的新業務生產和良好的客戶保留率。

Combine that with further rate increases, a resilient economic backdrop and sticky inflation, our 2024 brokerage organic outlook is unchanged. We are still seeing full year organic growth in that 7% to 9% range.

再加上進一步升息、有彈性的經濟背景和黏性通膨，我們 2024 年經紀業務的有機前景保持不變。我們仍預計全年有機成長在 7% 至 9% 的範圍內。

Moving to Page 4 of the earnings release, to the Brokerage segment adjusted EBITDAC table. First quarter adjusted EBITDAC margin was 39.9%, a bit better than our March IR Day expectations. The footnote on that page explains what we discussed in our January earnings call and again at our March IR Day. There is 90 basis points of roll-in impact from M&A, principally Buck, that naturally runs lower margins.

轉到收益發布的第 4 頁，經紀業務部門調整後的 EBITDAC 表。第一季調整後 EBITDAC 利潤率為 39.9%，略優於我們 3 月份投資者關係日的預期。該頁的腳註解釋了我們在 1 月份的財報電話會議以及 3 月份的投資者關係日中再次討論的內容。併購（主要是巴克）會產生 90 個基點的滾動影響，自然會降低利潤率。

So on the surface, it is showing 30 basis points lower, but underlying margins actually expanded 60 basis points. Again, that improvement is a little better than what we forecasted in March. Let me walk you through a bridge from last year. First, if you were to pull out last year's 2023 first quarter, you would see we reported, back then, adjusted EBITDAC margin of 40.4%.

因此，表面上看，它顯示下降了 30 個基點，但基礎利潤率實際上擴大了 60 個基點。同樣，這種改善比我們三月的預測要好一些。讓我帶你走過去年的一座橋。首先，如果你拿出去年 2023 年第一季的數據，你會發現我們當時報告的調整後 EBITDAC 利潤率為 40.4%。

Second, when we update that margin using current period FX rate, gets you to an FX adjusted margin of about 40.2%. And we've done that here. So you can see that in the 2023 column in this table. Third, deduct that the 90 basis point roll-in impact. Again, that's all due to the roll-in math. And let's -- just to be clear, these are not businesses with margins that are going backwards.

其次，當我們使用當前外匯匯率更新保證金時，您將獲得約 40.2% 的外匯調整保證金。我們已經在這裡做到了。所以您可以在此表的 2023 列中看到這一點。第三，扣除90個基點的轉入影響。再說一次，這都是因為數學計算造成的。讓我們澄清一下，這些企業的利潤率並沒有倒退。

So that gets you to 39.3%, Compare that to the 39.9% we show today, and that gives you the underlying 60 basis points of margin expansion. That is really great work by the team. As we look ahead to the following 3 quarters of '24, it is looking like we could expand margins in the 90 to 100 basis point range in each of the next 3 quarters. Let me give you some flavor on that.

這樣你就可以得到 39.3%，與我們今天顯示的 39.9% 相比，這給你帶來了潛在的 60 個基點的利潤擴張。這確實是團隊的偉大工作。當我們展望 2024 年接下來的 3 個季度時，看起來我們可以在接下來的 3 個季度中每季將利潤率擴大 90 到 100 個基點範圍。讓我給你一些味道。

First, as Pat said, Buck passed its 1-year anniversary, so that roll-in noise is behind us. Second, as discussed at our March IR Day, the carryover impact of raises given in 2023 is comparatively lesser over the next 3 quarters. And third, the reality is we are typically posting margins higher than most of our M&A targets.

首先，正如帕特所說，巴克已經過了一周年紀念日，因此滾滾噪音已經成為過去。其次，正如我們在 3 月 IR Day 上討論的那樣，2023 年加薪的結轉影響在接下來的 3 個季度相對較小。第三，現實情況是，我們公佈的利潤率通常高於大多數併購目標。

While that slightly impacts what we report as margin expansion, we will do these mergers all day, any day. These are great businesses with terrific talent. And when we combine, we are better together. So to repeat, expansion in 90 to 100 basis points range in each of the next 3 quarters would get you to about 60 basis points of full year margin expansion. That assumes we would post organic in that 7% to 9% range and it still is allowing us to continue to make substantial investments in data analytics, sales tools, digital service and arming our sales and service folks with the best resources in the business.

雖然這對我們報告的利潤擴張略有影響，但我們將全天候進行這些合併。這些都是擁有優秀人才的偉大企業。當我們結合起來時，我們會變得更好。因此，重複一遍，在接下來的 3 個季度中，每個季度的擴張幅度都在 90 到 100 個基點範圍內，全年利潤率擴張將達到約 60 個基點。假設我們將在7% 到9% 的範圍內發布有機收入，但它仍然允許我們繼續在數據分析、銷售工具、數位服務方面進行大量投資，並為我們的銷售和服務人員提供業內最好的資源。

Okay. Let's move to the Risk Management segment and organic and EBITDAC tables on Pages 4 and 5. Another fantastic quarter benefiting from new business wins and excellent client retention, 13.3% organic growth and margins at 20.6%. Looking forward, we are now lapping growth associated with our large new business wins from '23, and so we see quarterly organic for the rest of '24 in the 8% to 9% range. As for margins, the team has done a great job posting margins above 20% this quarter, and we believe we can hold that for the remainder of the year. That also is a bit better than our March IR Day outlook.

好的。讓我們轉到第 4 頁和第 5 頁的風險管理部分以及有機和 EBITDAC 表格。展望未來，我們現在正在實現與 23 年以來的大型新業務勝利相關的成長，因此我們預計 24 年剩餘時間的季度有機成長將在 8% 至 9% 的範圍內。至於利潤率，團隊做得很好，本季利潤率超過 20%，我們相信我們可以在今年剩餘時間內保持這一水平。這也比我們對 3 月份投資人關係日的展望好一些。

Turning to Page 6 of the earnings release, in the corporate segment shortcut table. Adjusted first quarter numbers came in better than the favorable end of our March IR Day expectations due to lower acquisition costs and some favorable tax items, primarily associated with stock-based compensation, and that's shown in the corporate line.

翻到收益發布的第 6 頁，在企業部門捷徑表。調整後的第一季數據好於我們對3 月份投資者關係日預期的有利預期，原因是收購成本降低以及一些有利的稅收項目（主要與基於股票的薪酬相關），這在公司數據中得到了體現。

So now let's move to the CFO commentary document that we posted on our website. Not much changes at all on Page 3 or 4 other than a few tweaks to a few numbers such as FX, noncash items, et cetera. Just do a double check with your models using these numbers.

現在讓我們看看我們在網站上發布的財務長評論文件。除了對一些數字（如外匯、非現金項目等）進行一些調整外，第 3 頁或第 4 頁沒有太大變化。只需使用這些數字仔細檢查您的模型即可。

Page 5 updates our tax credit carryforwards. It shows about $820 million available at March 31, and that we would be -- that we are benefiting our cash flows about $150 million to $180 million a year. Doesn't flow through our P&L, but still a nice annual cash flow benefit to help us fund future M&A.

第 5 頁更新了我們的稅收抵免結轉。它顯示，截至 3 月 31 日，可用資金約為 8.2 億美元，而我們每年將受益於約 1.5 億至 1.8 億美元的現金流。不流經我們的損益表，但仍然是一個不錯的年度現金流收益，可以幫助我們為未來的併購提供資金。

Turning to Page 6, the top table. Recall, we introduced this modeling helper in January. It breaks down the components of investment income, premium finance revenues, book gains and equity investments in third-party brokers. Not much has changed from what we provided in March but we are still embedding 225 basis point rate cuts in the second half of '24. And we've also updated for current FX rates.

翻到第 6 頁，最上面的表格。回想一下，我們在一月推出了這個建模助手。它細分了第三方經紀商的投資收入、溢價融資收入、帳面收益和股權投資的組成部分。與我們 3 月提供的內容相比沒有太大變化，但我們仍將在 2024 年下半年降息 225 個基點。我們也更新了目前的外匯匯率。

The lower table on Page 6 is rollover revenues. Blue column subtotal of about $228 million is very close to the $224 million we provided at our March IR day. And remember, the pinkish columns only include estimated revenues for M&A through -- that we've closed through yesterday. So just a reminder, you'll need to make a pick for future M&A.

第 6 頁下方的表格是展期收入。藍色欄小計約 2.28 億美元，非常接近我們在 3 月 IR 日提供的 2.24 億美元。請記住，粉紅色的欄只包括我們昨天截止的併購預計收入。所以提醒一下，您需要為未來的併購做出選擇。

Also a little housekeeping. When you read Note 3 on that page, you'll see we had an estimate change related to some historical acquisitions that causes the gross up of revenues and expenses. It nets close to nothing, but it does flow through the P&L. We've adjusted these out, so there's no impact to organic adjusted net earnings or adjusted EBITDAC or adjusted EPS.

還有一點家事服務。當您閱讀該頁上的註 3 時，您會發現我們對一些歷史收購相關的估計發生了變化，這些變化導致了收入和費用的總和。它的淨收益幾乎為零，但它確實流經了損益表。我們已將這些調整掉，因此對有機調整後淨利潤或調整後 EBITDAC 或調整後每股收益沒有影響。

Moving to cash, capital management and M&A funding. Available cash on hand at March 31 was around $1 billion, which includes a portion of the proceeds from our February debt offering. So with $1 billion in the bank and expected strong future cash flows, we are still estimating we have total capacity in '24 of about $3.5 billion to fund M&A without issuing stock nor having to borrow much of any more.

轉向現金、資本管理和併購融資。截至 3 月 31 日，手頭上可用現金約為 10 億美元，其中包括我們 2 月發債的部分收益。因此，鑑於銀行存款有10 億美元，並且預期未來現金流強勁，我們仍估計24 年我們的總能力約為35 億美元，可以為併購提供資金，而無需發行股票，也無需再藉入太多資金。

As for 2025, it looks like we could fund over $4 billion of M&A with free cash and debt, all of this while maintaining a solid investment-grade rating. Okay. Another terrific quarter and start to the year. Looking ahead, we see continued strong organic growth, a growing pipeline of M&A, further opportunities for productivity improvements and a culture that makes us hard to beat. I believe we are very well positioned to deliver another fantastic year here in '24. Back to you, Pat.

至於 2025 年，我們似乎可以利用自由現金和債務為超過 40 億美元的併購提供資金，同時保持穩健的投資等級。好的。又是一個精彩的季度，也是新的一年的開始。展望未來，我們看到持續強勁的有機成長、不斷成長的併購管道、進一步提高生產力的機會以及讓我們難以被擊敗的文化。我相信我們已經做好充分準備，在 24 年再創輝煌的一年。回到你身邊，帕特。

Thank you, Doug. Operator, I think we're ready for some questions.

謝謝你，道格。接線員，我想我們已經準備好回答一些問題了。

(Operator Instructions) Our first question comes from the line of Elyse Greenspan with Wells Fargo.

（操作員說明）我們的第一個問題來自愛麗絲‧格林斯潘與富國銀行的電話線。

My first question is on the brokerage segment. So organic, as you guys said, right, a bit better than what you expected in March. So close to the top end of the full year guided range, right, that you guys are maintaining that outlook, could you just give us a sense, do you expect growth to slow over the balance of the year? Is there some level of conservatism?

我的第一個問題是關於經紀業務的。正如你們所說，如此有機，對吧，比你們三月的預期要好一點。如此接近全年指導範圍的上限，對吧，你們維持這一前景，您能否給我們一個感覺，您預計今年剩餘時間增長會放緩嗎？是否存在一定程度的保守主義？

I mean, Pat, you seemed positive on the pricing environment. We saw a little bit like GDP numbers today come out. I'm just trying to think about how you put that all together and how you would think growth would trend within brokerage over the next 3 quarters.

我的意思是，帕特，你似乎對定價環境持正面態度。我們今天看到了一些類似 GDP 的數據。我只是想考慮一下您如何將所有這些放在一起，以及您認為未來三個季度經紀業的成長趨勢如何。

Well, I'm going to let Doug do the numbers. But yes, I mean, I think you're reading me right, Elyse. I'm bullish on the environment. We are not seeing a downturn in terms of our clients. They're employing more people. We're seeing robust client activity at Gallagher Bassett. That's a very good bellwether of what's going on in the economy.

好吧，我要讓道格來做數字。但是，是的，我的意思是，我想你沒看錯，Elyse。我看好環境。我們沒有看到客戶出現下滑。他們正在僱用更多的人。我們在加拉格爾巴塞特看到了強勁的客戶活動。這是經濟狀況的一個很好的風向標。

Interest rates are up. The market hates inflation, but it's good for brokers and high interest rates help us as well in terms of the growth in revenues and head count and all the rest of it. So the fundamental business environment is really, really good for us. As far as the numbers, Doug, go ahead.

利率上漲。市場討厭通貨膨脹，但這對經紀商來說是件好事，高利率也有助於我們收入和員工數量的增長以及其他方面的增長。所以基本的營商環境對我們來說真的非常好。至於數字，道格，繼續吧。

Yes. Listen, we don't see much difference in each quarter going forward. We think we'll be in that 7% to 9% range, Elyse. We do have a large first quarter and it is heavily weighted to reinsurance. So you would naturally expect us to -- if we're going to be in that range, that maybe the first quarter is a touch above the next 3 quarters, but I wouldn't say it's anything meaningful.

是的。聽著，我們認為未來每季都沒有太大差異。我們認為我們會在 7% 到 9% 的範圍內，Elyse。我們的第一季業績確實很大，而且再保險的權重很大。因此，您自然會期望我們 - 如果我們要處於這個範圍內，那麼第一季可能會略高於接下來的三個季度，但我不會說這有任何意義。

And so we're in that 7% to 9% range each of the next 3 quarters, which would bring us in, in that range for the full year. So really nothing different than what we've talked about the last couple of times we've been with you.

因此，接下來的三個季度我們每個季度都會處於 7% 到 9% 的範圍內，這將使我們全年處於該範圍內。所以實際上與我們過去幾次與您討論的內容沒有什麼不同。

And then the second one is on margin, right? So a little bit, like you said, the Q1 was a little bit better than the March guide, but you previously had said, right, 100 basis points in the -- all three quarters. Now it's 90 to 100 and the full year guide seems unchanged. Is it just maybe Q1 was a little bit better so now you're taking some of that to invest internally? I know it's a little nitpicky because it's still 90 to 100, but just trying to kind of square the updated out-quarter margin view with what you told us in March.

然後第二個就處於保證金狀態了，對吧？所以，就像您所說的，第一季比 3 月的指導要好一點，但您之前說過，對，所有三個季度都有 100 個基點。現在是 90 比 100，全年指南似乎沒有變化。是否只是第一季的情況好一點，所以現在你們將其中的一些用於內部投資？我知道這有點挑剔，因為它仍然是 90 比 100，但只是試圖將更新的季度外利潤率視圖與您在 3 月告訴我們的內容進行調整。

Well, listen, I think that the CFO commentary document has kind of said 90 to 100, I think, consistently. If I said 100% of the last IR Day, I may have said towards 100 basis points. So I think our guidance feels, to us, about the same.

好吧，聽著，我認為 CFO 評論文件一直在說 90 到 100。如果我說上個 IR 日的 100%，我可能會說接近 100 個基點。所以我認為我們的指導對我們來說是一樣的。

Okay. And then one last one. The FTC, right, is looking to potentially remove noncompetes from -- I guess my question is two-pronged from both the ability, I guess, to bring folks into Gallagher and also considering the potential to lose talent to other players, how do you think this could impact the company if it does actually go through?

好的。然後是最後一張。聯邦貿易委員會（FTC），對，正在尋求潛在地消除非競爭者——我想我的問題是雙管齊下的，我想，一方面是為了將人們帶入加拉格爾，另一方面是考慮到其他球員可能會失去人才，你怎麼做？

Well, let me comment on that one. First of all, I think everybody saw that the U.S. Chamber has filed a lawsuit in Texas that's challenging this, and we're supportive of the Chamber's efforts. We think it's an overreach by the executive branch.

好吧，讓我對此發表評論。首先，我想大家都看到美國商會在德州提起訴訟，對此提出質疑，我們支持商會的努力。我們認為這是行政部門的越權行為。

But having said that, if the new rules actually hold up, there's a count in noncompete agreements as part of the sale of the business. And so we see that rule is having a little impact, really, on our M&A strategy. And that's -- when it first came out, that was kind of my concern. Our agreements with our production staff do not contain noncompete provisions, rather we use non-solicitation clauses.

但話雖如此，如果新規則確實有效，那麼競業禁止協議也將作為業務出售的一部分。因此，我們看到該規則確實對我們的併購策略產生了一些影響。當它第一次出現時，這是我所關心的。我們與製作人員簽訂的協議不包含非競爭條款，而是使用非招攬條款。

And there is a fine line difference there, but those cover clients and employees. And from our first look, we think those are going to remain enforceable. Having said all that, we want people to want to work here. The reason, this is why culture is so important. This is a great place to work, and we attract highly motivated salespeople and entrepreneurs that are passionate about doing what they do, and they want to leverage their expertise and capabilities.

其中存在細微的差別，但這些差別涵蓋了客戶和員工。從我們的第一眼看來，我們認為這些將仍然是可執行的。話雖如此，我們希望人們願意在這裡工作。原因，這就是文化如此重要的原因。這是一個很棒的工作場所，我們吸引了積極主動的銷售人員和企業家，他們對自己所做的事情充滿熱情，並且希望利用自己的專業知識和能力。

And we give them the data and analytics and the centers of excellence to work with. We arm them with way better armament that they get from being part of a local competitor. We're a great place to work. So while I don't agree with the FTC, and I do agree with the Chamber's position, we're supportive of that, for our business, I think it's a nonissue.

我們為他們提供數據和分析以及可供合作的卓越中心。我們為他們配備了更好的武器，這些武器是他們從當地競爭對手那裡獲得的。我們是一個工作的好地方。因此，雖然我不同意聯邦貿易委員會的觀點，但我確實同意商會的立場，但我們支持這一點，但對於我們的業務來說，我認為這不是問題。

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。

Just as a quick follow-up on the FTC question. One of the top 10 brokers is on record saying that their California margins are a bit lower than the rest of the rest of the regions due to a little bit higher turnover, which might be due to [Cali] not having non-solicited noncompetes. Just curious, have you ever sliced and diced your California margins? And are they a little bit lower than the rest of the company?

就像對聯邦貿易委員會問題的快速跟進。根據記錄，十大經紀商之一表示，由於營業額略高，他們在加州的利潤率略低於其他地區，這可能是由於[加州]沒有非主動邀請的非競爭行為。只是好奇，您是否曾經對加州的利潤進行過切片和切塊？他們的薪水比公司其他人低一點嗎？

Sliced and diced every margin by every possible measure you can think of. And no, they're not a bit lower. We've been trading in California for 50 years. We love the state, we're big, big there, and our people love working there.

用你能想到的每一種可能的措施，對每一個邊際進行切片和切塊。不，它們並不低一點。我們在加州從事貿易已有 50 年了。我們熱愛這個州，我們在那裡很大，我們的人民喜歡在那裡工作。

Okay. That's clear. Switching gears to M&A. You guys -- and I've asked this in the past, but I'll just keep asking, because these are big numbers. So Doug, you said $4 billion of capacity for next year. That's clear. But these are just big numbers, $3.5 billion this year, $4 billion next year. Does this imply, if you look at, like, the top 100 list of brokers, I know that's just U.S., there's lots of overseas stuff. But just -- should we be thinking that you guys do some chunkier size deals as time progresses to be able to kind of fully deploy cash and debt?

好的。很清楚。轉向併購。你們——我過去曾問過這個問題，但我會繼續問，因為這些數字很大。 Doug，您說明年的產能為 40 億美元。很清楚。但這些只是個大數字，今年 35 億美元，明年 40 億美元。這是否意味著，如果你看看前 100 名經紀商名單，我知道那隻是美國，還有很多海外的東西。但只是——我們是否應該認為，隨著時間的推移，你們會做一些規模更大的交易，以便能夠充分部署現金和債務？

Mike, this is Pat. I think it's fair to say that when opportunity presents itself, we're not afraid. I mean, 10 years ago, we stepped up and bought Wesfarmers out of Australia for $1 billion. That was the biggest play we'd ever made, and had, in fact, some financing for it that's worked out incredibly well.

麥克，這是帕特。我認為可以公平地說，當機會出現時，我們並不害怕。我的意思是，10 年前，我們以 10 億美元收購了澳洲的 Wesfarmers。這是我們製作過的最大的作品，事實上，它也獲得了一些融資，效果非常好。

I think our purchase of Willis was somewhere on the order of -- Willis Re was somewhere on the order of $4 billion. And last year, we spent a good bit as well. So we're not afraid to look at chunkier deals, but you hit on it. There's 100 top 100. There happens to be 29,900 in the United States alone that are smaller than that. That's where our activity is based most of the time.

我認為我們對 Willis Re 的收購金額約為 40 億美元。去年，我們也花了很多錢。因此，我們並不害怕考慮更大的交易，但您卻偶然發現了它。前 100 名中有 100 家。這是我們大部分時間活動的所在地。

Yes. I think -- Mike, this is Doug. I think that we have a chassis now that we can bring on a lot of smaller acquisitions, nice family-owned businesses that realize that they can be better together with us. I think that our M&A integration process is pretty smooth, very refined, 700 deals over the last 20 years. So we've got that down.

是的。我想——麥克，這是道格。我認為我們現在有了一個基礎，我們可以進行許多較小的收購，優秀的家族企業意識到與我們一起可以做得更好。我認為我們的併購整合過程非常順利、非常完善，在過去 20 年裡完成了 700 筆交易。所以我們已經把它記下來了。

And I think more and more, smaller or local brokers are realizing they can get the resources from us overnight that they've been wanting to have for maybe 20 years. So I think we have an advantage right now that family-owned broker now sees that they get to join us. This is their forever home.

我認為，越來越多的小型或本地經紀商意識到，他們可以在一夜之間從我們這裡獲得他們可能 20 年來一直想要的資源。所以我認為我們現在有一個優勢，家族經紀人現在看到他們可以加入我們。這是他們永遠的家。

They don't have to sell into a different model that maybe will flip them or sell them to a different owner or break them apart in order to get value. They see that what's being talked about of capabilities is real inside of us. And sometimes when they go to another quarter for them, they're saying what they're going to do versus what they have done.

他們不必以不同的模式出售，這可能會翻轉它們或將它們賣給不同的所有者或將它們拆散以獲得價值。他們看到所談論的能力是我們內心真實存在的。有時，當他們去另一個季度時，他們會說他們將要做什麼與他們已經做了什麼。

So I think that we have the opportunity to increase the volume of that nice tuck-in deals that we see out there. And I think that our story is getting stronger and stronger every day. Higher interest rate, it does not help others reinvest into their business. We reinvest so much into our business day in and day out.

因此，我認為我們有機會增加我們看到的那些不錯的內購交易的數量。我認為我們的故事每天都變得越來越強大。較高的利率，並不能幫助其他人再投資他們的業務。我們日復一日地對我們的業務進行了大量的再投資。

There are new ideas for tools and capabilities and the others just can't say that. They haven't done it. I don't think they're going to do it in a higher interest rate. So I think the volume of our tuck-in deals will increase. Will we spend $3.5 billion this year and $4 billion next year. Yes, maybe we'll see. I think we've got a good shot at it.

對於工具和功能有新的想法，而其他人卻不能這麼說。他們還沒有做到。我認為他們不會以更高的利率來做這件事。所以我認為我們的內購交易量將會增加。我們今年會花35億美元，明年會花40億美元嗎？是的，也許我們會看到。我認為我們有很好的機會。

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。

But Pat, I wanted to just talk about your comments you made on the property insurance side and on clients looking to add incremental coverage or limits and just how I can think about that as a potential offset to some of the moderation in property insurance pricing that you were talking about as well. Just help me think about the -- both of those factors and sort of how to think about that moderation and the impact that could have on your organic growth in the future.

但是帕特，我只想談談您對財產保險方面以及希望增加增量承保範圍或限制的客戶所做的評論，以及我如何將其視為對財產保險定價中某些適度調整的潛在抵消你也在談論。請幫我思考這兩個因素，以及如何思考這種適度以及可能對未來有機成長的影響。

Well, first of all, I think that when you look at that, those were in the section of the prepared remarks that had to do with reinsurance. There's been a lot of demand the last number of years for cat covers and what have you that frankly were hard to meet. And that's why we talk about the fact that it was more orderly this 1/1. We were able to complete what people wanted more or less.

嗯，首先，我認為當你看到這一點時，這些都在準備好的評論中與再保險有關的部分。過去幾年，人們對貓罩的需求量很大，但坦白說，很難滿足您的需求。這就是為什麼我們談論這個 1/1 更加有序這一事實。我們或多或少能夠完成人們想要的東西。

But there has been an appetite for more cover there that buyers and sellers have walked away from. But I think as we start to see pricing stabilize, become more predictable, that allows it to flow into their rating structure, et cetera. There's demand for more cover on their part, and we're meeting that demand. And I think that is offsetting some of the potential.

但買家和賣家都放棄了對那裡更多保護的需求。但我認為，當我們開始看到定價穩定並變得更加可預測時，這將使其流入他們的評級結構等。他們需要更多的保障，我們正在滿足這項需求。我認為這抵消了一些潛力。

Now remember, we didn't see property rates come down this quarter. What we're saying is that the increase moderated. So I think that there's kind of -- on the retail side, if you're a retail buyer -- and remember, most of our book of business is the commercial middle market. Don't get me wrong, we do a lot of risk management business, but these tuck-in acquisitions and the like that we're doing are clearly middle market players. Those people don't have a lot of choice. They're buying full cover at higher prices. And if that moderates a bit, it's good for the client.

現在請記住，本季我們沒有看到房地產價格下降。我們所說的是成長放緩。所以我認為，在零售方面，如果你是零售買家，請記住，我們的大部分業務都是商業中間市場。不要誤會我的意思，我們做了很多風險管理業務，但我們正在進行的這些收購等顯然是中間市場參與者。那些人沒有太多選擇。他們以更高的價格購買全面保險。如果這種情況稍微緩和一些，對客戶來說是有好處的。

Interestingly, David, we have -- we're seeing rate increases and the exposure unit increases in the middle and smaller market greater than we did in the larger account size whereas, say, you go back a year or so ago, it might have been just the opposite. So we're starting to see -- if you're talking about some rate moderation and the increase, it's starting to pick up a little bit in the middle and small market space.

有趣的是，大衛，我們看到中小型市場的利率上升和風險敞口單位的增加比我們在較大帳戶規模中的增加要大，而，比如說，你回到一年左右前，它可能已經恰恰相反。因此，我們開始看到，如果您談論的是利率調整和升息，那麼中小型市場空間的利率開始回升。

The second thing is, remember, if the rate moderates, our customers are very good about opting out of coverage or as much coverage as rates go up and then opting back in for coverage to buy more when rates are coming down. So we've never captured the full increase of the rate and we won't suffer the entire give back if rates moderate a little bit. So there's that opt in, opt out. We haven't really talked about that much in the last 5 years or so. But we're seeing customers opt back in to buy more coverage if there are some moderation in the increase of the rates.

第二件事是，請記住，如果利率下降，我們的客戶非常願意選擇退出承保或在利率上升時選擇盡可能多的承保，然後在利率下降時選擇重新加入承保以購買更多產品。因此，我們從未捕捉到利率的全部成長，如果利率稍微緩和一點，我們也不會遭受全部回饋。所以有選擇加入，選擇退出。在過去五年左右的時間裡，我們並沒有真正談論過那麼多。但我們看到，如果費率上漲放緩，客戶會選擇重新購買更多保險。

Also on the property side, back to that, David, you've got -- many years were 0 interest rates, not the last couple, but 0 interest rates left the schedules pretty much untouched. So you do have underwriters now being much more disciplined around the values, and that's pushing values up. So we've got the benefit of more values being insured in the property business.

同樣在房地產方面，大衛，很多年都是零利率，不是最近幾年，但零利率使時間表幾乎沒有受到影響。因此，承銷商現在確實對價值更加嚴格，這正在推高價值。因此，我們在房地產業務中獲得了更多價值的保障。

And my prepared remarks basically pointed out that property was up nearly 10% this quarter. So we're not seeing rates dropping. We're seeing rates go up in property a little less viciously. Now having said that, if the wind blows this fall, we're 1 month away from the start of the hurricane season, I'm just telling you all bets are off. I don't know what's going to happen. So for our clients sake, I hope that we have a benign season.

我準備好的發言基本上指出，本季房地產上漲了近 10%。所以我們沒有看到利率下降。我們看到房地產價格上漲的幅度沒有那麼劇烈。話雖如此，如果今年秋天刮風，我們距離颶風季節開始還有一個月的時間，我只是告訴你所有的賭注都落空了。我不知道會發生什麼事。因此，為了我們的客戶，我希望我們有一個好的季節。

No, thanks for that. And yes, I do -- I was referring also, and you guys answered it, just the primary market, the moderation there. It is interesting to hear more about sort of that opt-in which I have not thought about. So that is helpful to hear about that. And then if I could just add 1 more, just 1 more question.

不，謝謝你。是的，我確實 - 我也指的是，你們回答了這個問題，只是一級市場，那裡的適度。聽到更多關於我沒有考慮過的選擇加入的資訊很有趣。所以聽到這個消息很有幫助。然後我可以再增加 1 個問題嗎？

So it sounds like there were some large life sales that came through towards the end of March. Was that a pull forward from future quarters? Or I guess, sort of outlook on the pipeline of the life sales and just how that -- how you're thinking about that throughout the rest of the year.

聽起來三月底有一些大型的壽險銷售。這是未來幾季的推動嗎？或者我想，是對壽險銷售管道的展望，以及你在今年剩餘時間裡如何思考這一點。

As probably more of the -- if you remember, in December, we had some push out of the fourth quarter. So I would say it might be more catch-up than it is pulling from the future. And we're talking about $5 million on a $3 billion revenue quarter. So it was -- it's not meaningful in any of our numbers. The difference. We love the business, but it's not -- it doesn't make a big difference in any of our numbers.

如果你還記得，12 月份，我們可能會推遲第四季度的業績。所以我想說，這可能更多的是追趕，而不是未來。我們談論的是 30 億美元季度收入中的 500 萬美元。所以，這對我們的任何數字來說都沒有意義。區別。我們熱愛這項業務，但事實並非如此——它對我們的任何數字都沒有太大影響。

Got it. So that was in your sort of outlook range that you gave in March. So the upside this quarter was not just solely from the life sale?

知道了。這就是您在三月給出的展望範圍。那麼本季的上漲不僅來自於壽險銷售？

That's right.

這是正確的。

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。

Pat, did you give the breakout for open brokerage versus the MGA or binding business within the wholesale?

帕特，您是否對公開經紀業務與 MGA 或批發業務中的綁定業務進行了比較？

I did not.

我沒有。

You got about 16% open brokerage this quarter.

本季您的開放經紀業務比例約為 16%。

And then with the binding, I think it's been running mid-single digits. Is that…

然後透過綁定，我認為它一直在運行中個位數。是這樣嗎…

Higher than that. So more like 10%, 11%.

比那還高。所以更像是 10%、11%。

Okay. And then anything on the workers' comp side? Or just waiting for signs of life there in terms of frequencies, severity, pricing? Is it more of the same? Or do we have some reason to think it could be in selecting?

好的。那麼工人補償方面有什麼嗎？還是只是等待頻率、嚴重程度、定價方面的生命跡象？是不是更相似呢？或者我們有什麼理由認為它可以在選擇中發生？

No, I think that's really interesting, Mark. In my career, that line has been, at times, pretty darn cyclical, and it is just as flat as a pancake. It's just going along. You might see 2 here, 3 there. And it's really just kind of flat.

不，我認為這真的很有趣，馬克。在我的職業生涯中，這條線有時非常具有周期性，而且它就像煎餅一樣平坦。它只是順其自然。您可能會在這裡看到 2 個，那裡看到 3 個。它真的只是有點平。

Our next question comes from the line of Katie Sakys with Autonomous Research.

我們的下一個問題來自自主研究中心的凱蒂·薩克斯 (Katie Sakys)。

First, just kind of wanted to touch on the margin expansion guidance for the full year. If organic revenue growth were to come in higher than the current guide, whether that comes from the wind blowing and property rates reaccelerating or for something else, how much of that would you guys kind of envision letting fall to the bottom line? Like, should we expect to see greater margin expansion? Or are there other areas of investment opportunities that you guys would kind of like to see some progress made on.

首先，我想談談全年的利潤擴張指導。如果有機收入成長高於目前的指導，無論是來自風吹和房地產價格重新加速還是其他原因，你們會想像其中有多少會落入底線？例如，我們是否應該期望看到更大的利潤率擴張？或者你們是否希望看到其他領域的投資機會取得一些進展。

Well, listen, I don't think that our investment opportunities would be rolled out fast enough in order to spend more going into if we had to pop up in organic growth and starting in August, if something -- the wind blows or something like that. So I don't think we would have the ability even to ramp up on some of the -- some big investment opportunities to offset that additional organic growth.

好吧，聽著，我不認為我們的投資機會會以足夠快的速度推出，以便在我們必須突然出現有機增長並從八月開始，如果有什麼事情——風吹過或類似的事情——投入更多資金。因此，我認為我們甚至沒有能力增加一些大型投資機會來抵消額外的有機成長。

But I'm trying to do some mental math here. If we're up another 0.25 point in organic, it might produce another, in a quarter, to $10 million or $15 million if we had it for half a year, something like that, if I'm doing my math right. So I don't think -- it would probably naturally improve the margins a little bit.

但我想在這裡做一些心算。如果我們的有機率再提高 0.25 個百分點，如果我算得對的話，一個季度內可能會產生另一個 1000 萬美元或 1500 萬美元的收入，如果我們有半年的話，類似的事情。所以我不認為——這可能會自然地提高利潤率。

I want to make sure we go back and clarify the question within wholesale, right? When you combine [binding] and programs, 11%. The programs are really more running around 2% to 3%. And open brokerage is in that 16% range. So just to make sure that we -- I answered 1 question, Pat has answered a combined question and just to break those 3 out, 16%, over 10% and low single digits on the program side.

我想確保我們回去並澄清批發中的問題，對吧？當你將[綁定]和程式結合時，11%。這些程式的運行速度實際上在 2% 到 3% 左右。開放經紀業務就在 16% 的範圍內。因此，為了確保我們——我回答了 1 個問題，帕特回答了一個綜合問題，只是為了將這 3 個問題分開，即 16%、超過 10% 和項目方面的低個位數。

It's a helpful clarification. Just maybe as a quick follow-up. In terms of benefits from head count controls and client-related expense saves, are those things that you expect to persist as the year goes on? Or are those more specific to 1Q in particular?

這是一個很有幫助的澄清。也許只是作為快速跟進。就人員數量控制和客戶相關費用節省的好處而言，您預計這些事情會隨著時間的推移而持續下去嗎？或是那些更具體地針對 1Q？

Listen, I think the team does a really nice job of looking at our head count controls. We have work model that show how many people we need to have, how many do we have. Do we need to hire in July, August and September, we can kind of forecast that.

聽著，我認為團隊在人員數量控制方面做得非常好。我們的工作模型顯示我們需要多少人，我們有多少人。我們是否需要在 7 月、8 月和 9 月招聘，我們可以對此進行預測。

Our retention's been very good. I got to say that when you look at it, our retention is better today than it was, let's say, in '18 and '19. So I think we've done a really nice job of taking care of our employees throughout this inflation period. So we're not seeing significant terminations here.

我們的保留率非常好。我必須說，當你看它時，我們今天的保留率比 18 年和 19 年要好。因此，我認為我們在整個通貨膨脹時期照顧員工方面做得非常好。所以我們在這裡沒有看到重大終止。

So overall, I think our work planning models and our ability to kind of forecast retention has helped us not have to push and pull on the joystick there to see how many more we need to bring on, how many do we need to take off. So it's pretty steady right now.

總的來說，我認為我們的工作規劃模型和我們預測保留的能力幫助我們不必推拉操縱桿來看看我們還需要帶多少人，我們需要起飛多少人。所以目前還是比較穩定的。

Our next question comes from the line of Yaron Kinar with Jefferies.

我們的下一個問題來自 Yaron Kinar 和 Jefferies 的對話。

I just want to touch on a couple of market questions, if I could. I think in the prepared remarks, you were talking about general liability and retail being up, like, 9%. If I go back to the investor meeting from, like, a month or so ago, I think you were talking about maybe seeing liability lines moving up to the 9%, 10% range over the course of 1 year or 2. So are you -- are we talking apples-to-apples here? Or are you surprised by the magnitude of improvement that you're seeing in liability lines right now?

如果可以的話，我只想談幾個市場問題。我認為在準備好的發言中，您談論的是一般責任和零售業的成長，例如 9%。如果我回到大約一個月前的投資者會議，我想你正在談論可能會看到負債線在一年或兩年內上升到 9%、10% 的範圍。同類嗎？或者您對目前責任線的改善幅度感到驚訝嗎？

I think -- let me go back to my prepared remarks. We've seen umbrella in the quarter, up 9%, which is kind of in line with what we're talking about in March. GL 7%, and that's where I think probably we've got to look at our carriers and say, are there going to be some reserve challenges going forward. So the 7% seems pretty -- it seems pretty stable. Maybe there'll be a push up a bit. And package, which is, of course, property and liability together at 8%; where comp, really not much, 2%. I think that feels like it's going to be there for the year. I think you could take our March discussions and kind of update them 6 weeks later for those numbers.

我想——讓我回到我準備好的發言。我們看到雨傘在本季度增長了 9%，這與我們在 3 月談論的情況一致。 GL 7%，我認為這可能是我們必須審視我們的航空公司並說，未來是否會遇到一些儲備挑戰。所以 7% 看起來相當不錯——看起來相當穩定。也許會有一點伏地挺身。還有一攬子計劃，當然是財產和責任合計為 8%；其中comp，確實不多，2%。我認為這感覺就像是今年都會存在。我認為您可以參加我們 3 月的討論，並在 6 週後更新這些數字。

There's a tone of concerns that seems to be louder today in our interactions with carriers and clients around casualty rate adequacy. So I would say that what we were chatting about in January and February seems to be louder today -- that confirms to be a little bit louder today. And so I think that -- and we're just -- I don't know if I have enough data yet to say absolutely that there was a tone shift in March in our data compared to what we were seeing in January and February.

今天，在我們與營運商和客戶的互動中，圍繞傷亡率充足性的擔憂似乎更加強烈。所以我想說，我們在一月和二月談論的話題今天似乎更響亮了——今天證實了這一點。所以我認為——我們只是——我不知道我是否有足夠的數據來絕對地說，與我們在一月和二月看到的數據相比，三月的數據發生了基調轉變。

But when you look at some isolated situations, you boil that down with what we all read. When you combine that with what we hear in meetings with the carriers, we feel that casualty rates probably are more likely going up again in the next 3 quarters -- each of the next 3 quarters than we would see going down by any means. So there is a tone shift there. I just can't quite see it 100% in our data yet, but it seems like it's coming.

但當你觀察一些孤立的情況時，你就會將其歸結為我們都讀過的內容。當你將這一點與我們在與運營商的會議中聽到的情況結合起來時，我們認為傷亡率很可能在未來3 個季度再次上升——接下來3 個季度的每個季度，我們都不會看到傷亡率下降。所以那裡有語氣轉變。我只是還不能在我們的數據中 100% 看到它，但它似乎即將到來。

That makes sense. I appreciate the color. And then -- and I apologize if you've already addressed this, and I missed it. But we saw the stamping office data come out in March around E&S flows and in the [REITS]. And it seems like it was a little bit of a surprise and disappointment.

這就說得通了。我很欣賞它的顏色。然後——如果你已經解決了這個問題，我很抱歉，但我錯過了。但我們看到了 3 月關於 E&S 流量和 [REITS] 的印花稅辦公室數據。而且似乎有點意外又有點失望。

How much of that do you think is noise? Are you seeing that slowdown in your wholesale business? Or is that real? And sorry, or is that just noise and you're kind of looking past that and still see a very strong E&S market?

您認為其中有多少是噪音？您的批發業務是否出現放緩？或者那是真的嗎？抱歉，或者這只是噪音，而您忽略了這一點，仍然看到了非常強勁的 E&S 市場？

That is noise. Our E&S business is on fire. We are seeing submissions come in. We're renewing our business. I don't have any caution on that.

那是噪音。我們的 E&S 業務蒸蒸日上。我們正在看到提交的資料。我對此沒有任何謹慎。

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。

I was hoping to start on the reinsurance side. I think you talked about 13% organic growth. And is there any way of breaking that down between maybe the increasing limits that are being purchased versus market share wins versus pricing?

我希望從再保險方面開始。我認為您談到了 13% 的有機增長。有沒有什麼方法可以打破購買限制與市場佔有率贏得與定價之間的差距？

I don't have the actual stats on that.

我沒有這方面的實際統計數據。

Well, listen. I will tell you this that we had a terrific new business quarter. Our teams are working together. I think we're starting to see some nice wins of working with our retailers on that. When you go down -- we were hearing a lot of great stories about teams settled in. When we look back and see it and try to measure our success on doing that merger. Our teams are working together. We're selling more new business.

好吧，聽著。我會告訴你，我們有一個非常棒的新業務季度。我們的團隊正在共同努力。我認為我們開始看到與零售商在這方面的合作取得了一些不錯的成果。當你下去時——我們聽到了很多關於團隊入駐的精彩故事。我們的團隊正在共同努力。我們正在出售更多新業務。

Our retention seems to be pretty darn good on that. And I think the fact is customers are buying some more cover while you're seeing a little price stability maybe. So we're checking the box on everything that we've considered to be this to be a successful merger.

我們的保留率似乎非常好。我認為事實是客戶正在購買更多保險，而您可能會看到價格略有穩定。因此，我們正在檢查我們認為此次合併成功的所有事項。

Okay. That's helpful. And second question, and clearly, I guess, the premise is we're not seeing any successful pressure on the part of carriers to reduce commission percentages. I was hoping you'd update us on efforts that are being made, even if they're not successful.

好的。這很有幫助。第二個問題，我想，顯然，前提是我們沒有看到承運人方面成功地施加壓力來降低佣金比例。我希望您能向我們通報正在做出的努力的最新情況，即使這些努力沒有成功。

No. I think that our partners are being very reasonable. We're not we're not having a lot of headbutting on that subject at all.

不，我認為我們的合作夥伴非常通情達理。我們並沒有在這個問題上進行太多的爭論。

Our next question comes from the line of Rob Cox with Goldman Sachs.

我們的下一個問題來自高盛 (Goldman Sachs) 的 Rob Cox。

So I think in March, at the Investor Day, you guys were pretty optimistic on the potential for reacceleration in RPC in the remainder of 2024 due to higher exposure to property business and less workers' comp and the potential for casualty pricing increases. Is that still the case? Or is the property rate environment, with a little deceleration in the rate of increase, made you change your view a little bit?

因此，我認為在 3 月的投資者日上，你們對 RPC 在 2024 年剩餘時間內重新加速的潛力非常樂觀，因為房地產業務的風險敞口增加、工人補償減少以及傷亡定價的可能性增加。現在還是這樣嗎？還是房價上漲速度略為放緩的環境讓您稍微改變了看法？

No, I think our view is unchanged. We're very bullish.

不，我認為我們的觀點沒有改變。我們非常看好。

Okay. Okay. Got it. And then maybe sort of a similar question in some ways. But if we strip out reinsurance, is the touch lower organic guide for the remainder of the year the same? Or do you think ex reinsurance, what would you say, for the trend of organic growth ex reinsurance?

好的。好的。知道了。然後也許在某些方面有類似的問題。但如果我們剔除再保險，今年剩餘時間的觸摸較低有機指南是否相同？或者對於再保險之外的有機成長趨勢，您有何看法？

Well, yes, I think just because reinsurance is a little more skewed seasonally to the first quarter, it did help us, let's say, get from 8% to 8.9% this quarter, right? We do have some pretty good April 1 renewals coming in, so we'll see that in the second quarter. So I think we'll get the benefit of reinsurance a little bit in the second quarter, even though it's not as big percentage-wise as the total amount of our revenues.

嗯，是的，我認為僅僅因為再保險與第一季的季節性差異更大，它確實幫助我們，比如說，本季從 8% 上升到 8.9%，對嗎？我們確實有一些非常好的 4 月 1 日續訂，因此我們將在第二季度看到這一點。因此，我認為我們將在第二季從再保險中獲得一些好處，儘管它的百分比不如我們的總收入那麼大。

And then in the third and fourth quarter, we'll see what happens. We'll see what happens with the wind. Hopefully, there's not a shake anywhere else in the world. But right now, that's why I say, I feel pretty comfortable each quarter in that 7% to 9% range because reinsurance did help, but it wasn't like it moved us from 6% to 9%. It moved us up 75 basis points, something like that this quarter.

然後在第三和第四季度，我們會看看會發生什麼。我們將看看風會發生什麼。希望世界其他地方都不會發生震動。但現在，這就是為什麼我說，每個季度在 7% 到 9% 的範圍內我都感覺很舒服，因為再保險確實有所幫助，但它並沒有讓我們從 6% 提高到 9%。它使我們上漲了 75 個基點，與本季的情況類似。

Got it. And if I could sneak 1 more in. In the Brokerage segment, could you remind us how much you're reinvesting in the business annually and what you're spending it on?

知道了。如果我能再多說一點的話。

Well, it's a laundry list. I mean, first, you start with our people. I think that our training, our development, our internship program, I think bringing on more producers, we are seeing lots of interest in joining Gallagher by experienced producers out there. I think they see that the organization has a lot to offer for them.

嗯，這是一份待洗衣清單。我的意思是，首先，從我們的員工開始。我認為我們的培訓、我們的發展、我們的實習計劃，我認為引進更多的製作人，我們看到經驗豐富的製作人對加入加拉格爾有很多興趣。我認為他們看到該組織可以為他們提供很多東西。

Then the next thing you'd look at is technology. We're spending a ton on technology that both enables us to sell more, right, enables us to service better. Those numbers are probably -- the projects on the sheet could be $75 million, something like that. When I look at this year's budget, some of that's capital, some of that is operating expense.

那你接下來要考慮的是技術。我們在技術上投入了大量資金，這些技術既使我們能夠銷售更多產品，也使我們能夠提供更好的服務。這些數字可能是——表格上的項目可能是 7500 萬美元，類似的數字。當我查看今年的預算時，其中一些是資本，一些是營運費用。

Like, [looking] back, we're spending about $75 million a year on cyber today. If you go back 5 years ago, we were spending about $15 million on that. So the fact that we're investing in infrastructure improvement, cyber and other infrastructure improvements. Then you get down into the data and analytics. We are hiring more and more people every day that help us slice and dice our data, look at industry statistics and bring a better delivery of that data through a digital platform to our customers.

回顧過去，我們現在每年在網路上的支出約為 7500 萬美元。如果你回到 5 年前，我們為此花費了大約 1500 萬美元。事實上，我們正​​在投資改善基礎設施、網路和其他基礎設施。然後你開始研究數據和分析。我們每天都在招募越來越多的人來幫助我們分割數據、查看行業統計數據並透過數位平台更好地向客戶提供數據。

My guess is we're spending $30 million a year on those efforts. And then you look at AI now. There's starting to be a lot of AI projects inside of the company that are starting to deliver some yield. And so we're spending $5 million a year kind of on AI-related activities out there. So you add all that up, it can get to $200 million to $300 million pretty quickly in what we think we're doing to make a better franchise going forward.

我的猜測是我們每年在這些努力上花費 3000 萬美元。然後你現在看看人工智慧。公司內部開始有許多人工智慧專案開始產生一些成果。因此，我們每年在人工智慧相關活動上花費 500 萬美元。所以你把所有這些加起來，我們認為我們正在做的事情很快就會達到 2 億到 3 億美元，以打造更好的特許經營權。

I'd like to emphasize what Doug -- I've got a lot of listeners on this call. I'd like to emphasize where Doug started this. Most of that spend is, in one way or another, directly related either to making our service offering to our clients better, and we happen to know, for instance, that our digital offerings from small accounts through the risk management accounts, connectivity, things like Gallagher Go or even a middle market client can see what their policies are, what's going on with their buildings, et cetera, et cetera, are being incredibly well received.

我想強調一下，道格——這次電話會議有很多聽眾。我想強調道格是從哪裡開始的。大部分支出以某種方式直接與改善我們為客戶提供的服務直接相關，例如，我們碰巧知道，我們的數位產品從小帳戶到風險管理帳戶、連接性等像Gallagher Go 甚至中間市場客戶都可以看到他們的政策是什麼，他們的建築物的情況等等，等等，都受到了令人難以置信的好評。

And we're rolling things out like that literally every quarter, so that's spend. And then you get into the data and analytics. And if you'd asked me 5 years ago, clients would really care that much about being able to tell them what people like you buy? Oh my God, they care. And then they want to know the rate structure and they want to know why.

我們每季都會推出類似的產品，這就是支出。然後你進入數據和分析。如果你在 5 年前問我，客戶真的會非常在意能夠告訴他們像你這樣的人買什麼嗎？天哪，他們關心。然後他們想知道費率結構以及原因。

And when I started -- when I was selling insurance day to day, I tell them they had a good deal because Hartford quoted and so did CNA. Buy the cheaper one, let's move on. Or I'd have a reason why they should stay where they were, but I don't [have] capability of saying, here's what's happening in the world market. It's incredible.

當我開始每天銷售保險時，我告訴他們他們有很好的交易，因為哈特福德報價，CNA 也是如此。買個便宜點的，我們繼續。或者我有理由讓他們留在原地，但我沒有能力說，這就是世界市場正在發生的事情。太不可思議了。

And remember what we said in our prepared remarks, 90% of the time our people go out and they're fighting against somebody who's substantially smaller and doesn't have any of this, let alone $200 million to $300 million to reinvest in more of it. I mean, it's just -- it's an incredible advantage. I appreciate the question.

請記住我們在準備好的演講中所說的話，90% 的時間我們的員工外出時，他們是在與規模小得多且沒有任何這些的人作戰，更不用說2 億到3 億美元來再投資更多它。我的意思是，這只是——這是一個令人難以置信的優勢。我很欣賞這個問題。

Our next question comes from the line of Mike Ward with Citi.

我們的下一個問題來自花旗銀行的 Mike Ward。

Kind of a similar question, but specifically on reinsurance. Just curious where you guys are in terms of the innings of getting that business where you want it to be.

有點類似的問題，但具體是關於再保險的。只是好奇你們在讓這項業務達到你們想要的目標方面處於什麼階段。

It's really where we had dreamed it would be. The team is incredibly solid. We're not having defections. We've got -- what's been fun about that is that there's a remarkable interest in having continued relationships and building relationships with the retail side of the house, which is what we predicted.

這確實是我們夢想的地方。該團隊非常堅固。我們沒有叛逃。我們發現，有趣的是，人們對與零售方面保持持續的關係和建立關係表現出極大的興趣，而這正是我們所預測的。

We predicted it, we did it that we would be, not only getting data and analytics, but we'd be working together, and we've seen that impact on existing, for instance, pooled accounts that were the biggest and probably the longest running pooling broker in the country, especially in the public sector business, been incredibly helpful, the dialogue back-and-forth. That's just 1 example.

我們預測到了，我們也做到了，不僅獲取數據和分析，而且我們將共同努力，我們已經看到了這種影響對現有的，例如，最大且可能是最長的集合賬戶在該國運行聯營經紀人，特別是在公共部門業務中，來回對話非常有幫助。這只是 1 個例子。

But -- and the business now I think they really feel like they're part of the enterprise. They're not the new kids anymore. There's always a period when you come to school and you're the new kid. You're the new kid, right? Well, that's not it anymore. I mean, you see them in the hall, they recognize the retailers, they recognize me, Doug, whatever. And the opportunities to invest in data and analytics there and the thirst for that from their clients, tremendous opportunities, and it's working out incredibly well.

但是——現在的企業，我認為他們真的感覺自己是企業的一部分。他們不再是新來的孩子了。總有一段時期，你來到學校，你就是新來的孩子。你是新來的孩子，對吧？好吧，現在不再是這樣了。我的意思是，你在大廳裡看到他們，他們認出了零售商，他們認出了我，道格，等等。那裡有投資數據和分析的機會，以及客戶對此的渴望，這是巨大的機會，而且效果非常好。

And then maybe just one last one on group benefits. Kind of curious if you can sort of discuss how the renewals have gone and how top line is trending from your perspective. And I guess the -- what's the tone like among the customer base in terms of health of the economy and then hiring and labor?

然後也許只是關於團體福利的最後一項。我有點好奇您是否可以從您的角度討論續訂情況以及營收趨勢。我猜客戶群在經濟健康狀況以及招募和勞動力方面的基調如何？

Well, interestingly, like, the tone from our clients is there's a large amount of concern. And we're sitting with clients that, a, in some instances, don't know why they have turnover. And we're able to get in and do some data analytics around what's going on with them and where -- what's going on there. So a very deep concern about wanting to hold on to their top people.

嗯，有趣的是，我們客戶的語氣是非常擔心。我們與客戶坐在一起，在某些情況下，他們不知道為什麼會出現人員流動。我們能夠介入並圍繞他們的情況和地點進行一些數據分析——那裡發生了什麼。因此，我們非常擔心想要留住他們的高層人員。

We also have an awful lot of people just trying to attract people to fill jobs. Pick stuff off of racks, serve tables, whatever, and that's difficult. So they're trying to differentiate themselves in that regard. And there's a lot of concern on their part around cost. Medical inflation is real. Those costs get passed directly back to the employer. Then you've got the whole problem of inflation. Inflation is difficult.

我們還有很多人只是想吸引人們來填補工作。從架子上拿東西、為餐桌服務等等，這都很困難。因此，他們正試圖在這方面脫穎而出。他們對成本有很多擔憂。醫療通膨是真實存在的。這些費用直接轉嫁給雇主。那麼整個問題就是通貨膨脹。通貨膨脹是困難的。

So I think what it's doing is it's making our professionals far more valuable than the local person that comes out and says there are 4 of us in the office and we're really good at this, and let me show you a PPO and maybe I can get another quote for your insurance. That's just not cutting it anymore. And that's not -- I'm not talking about 5,000 live cases here. The people that are employing 100, 150, 200 people, they need this kind of help. So it's a very robust period for us, and it is a difficult time for employers. Where are they going to get the right people to fill the jobs and then how do they hold on to them.

所以我認為它的作用是讓我們的專業人員比本地人更有價值，後者出來說我們辦公室裡有 4 個人，我們真的很擅長這一點，讓我給你看一份 PPO，也許我可以獲得您的保險的另一個報價。那隻是不再削減它了。這不是——我在這裡談論的不是 5,000 個真實案例。僱用 100 人、150 人、200 人的人需要這種幫助。因此，這對我們來說是一個非常強勁的時期，對雇主來說也是一個困難時期。他們從哪裡找到合適的人來填補這些職位，然後如何留住這些職位。

And our last question is coming from Mike Zaremski with BMO Capital Markets.

我們的最後一個問題來自 BMO 資本市場的 Mike Zaremski。

Just a quick follow-up. You guys always give color on umbrella, lots of people do. Just curious, is there any way you can dimension what percentage of your business is umbrella?

只是快速跟進。你們總是給雨傘上色，很多人都這樣做。只是好奇，有什麼方法可以衡量您的業務中保護傘所佔的百分比嗎？

I can dig it out. Did you have a second piece of that?

我可以把它挖出來。你有第二塊嗎？

Do you have another question, Mike? We'll dig on that for a second.

麥克，你還有其他問題嗎？我們將對此進行深入探討。

No, I -- that was my only question.

不，我——這是我唯一的問題。

We're looking here.

我們正在這裡尋找。

So let's see, in '23, I would say, it makes up 6% of our business.

所以讓我們看看，在 23 年，我想說，它占我們業務的 6%。

Well, I think that's it for questions. If I can just make a comment here. Thank you again for joining us this afternoon. And I would like to thank our 53,000 colleagues around the world for their efforts. Their hard work and dedication is evident when we report another fantastic quarter of growth and profitability.

嗯，我想問題就到此為止。如果我可以在這裡發表評論的話。再次感謝您今天下午加入我們。我要感謝世界各地 53,000 名同事的努力。當我們報告又一個出色的季度增長和盈利能力時，他們的辛勤工作和奉獻精神顯而易見。

As I look ahead, I remain very bullish on our prospects and believe we are well positioned to deliver another excellent year of financial performance. We look forward to speaking with the investment community at our IR Day. Thank you again for being with us this evening. Have a nice evening.

展望未來，我仍然非常看好我們的前景，並相信我們有能力實現另一個出色的財務表現。我們期待在投資者關係日與投資界進行交流。再次感謝您今晚與我們同在。祝你今晚愉快。

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

今天的電話會議到此結束。此時您可以斷開線路。