x
|
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
|
For
the quarterly period ended June 30, 2009
|
|
or
|
|
o
|
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
|
For
the transition period from _____________ to
________________
|
Florida
|
59-0864469
|
|
(State
or other jurisdiction of
|
(I.R.S.
Employer Identification Number)
|
|
incorporation
or organization)
|
||
220
South Ridgewood Avenue,
|
32114
|
|
Daytona
Beach, FL
|
(Zip
Code)
|
|
(Address
of principal executive offices)
|
Large accelerated
filer x
|
Accelerated filer
o
|
|
Non-accelerated
filer o
|
(Do
not check if a smaller reporting company)
|
Smaller reporting
company o
|
PAGE
NO.
|
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4
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5
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6
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7
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17
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34
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35
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35
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35
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36
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36
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36
|
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37
|
●
|
Material
adverse changes in economic conditions in the markets we serve and in the
general economy;
|
●
|
Future
regulatory actions and conditions in the states in which we conduct our
business;
|
●
|
Competition
from others in the insurance agency, wholesale brokerage, insurance
programs and service business;
|
●
|
A
significant portion of business written by Brown & Brown is for
customers located in California, Florida, Indiana, Michigan, New Jersey,
New York, Pennsylvania, Texas and Washington. Accordingly, the occurrence
of adverse economic conditions, an adverse regulatory climate, or a
disaster in any of these states could have a material adverse effect on
our business;
|
●
|
The
integration of our operations with those of businesses or assets we have
acquired or may acquire in the future and the failure to realize the
expected benefits of such integration; and
|
●
|
Other
risks and uncertainties as may be detailed from time to time in our public
announcements and Securities and Exchange Commission (“SEC”)
filings.
|
(in
thousands, except per share data)
|
For
the three months
ended
June 30,
|
For
the six months
ended
June 30,
|
||||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
REVENUES
|
||||||||||||||||
Commissions
and fees
|
$ | 244,595 | $ | 238,835 | $ | 508,559 | $ | 492,363 | ||||||||
Investment
income
|
460 | 1,909 | 770 | 3,908 | ||||||||||||
Other
income, net
|
1,314 | 976 | 620 | 2,164 | ||||||||||||
Total
revenues
|
246,369 | 241,720 | 509,949 | 498,435 | ||||||||||||
EXPENSES
|
||||||||||||||||
Employee
compensation and benefits
|
122,625 | 120,514 | 249,966 | 241,701 | ||||||||||||
Non-cash
stock-based compensation
|
1,695 | 1,800 | 3,511 | 3,744 | ||||||||||||
Other
operating expenses
|
35,620 | 34,384 | 71,484 | 65,588 | ||||||||||||
Amortization
|
12,519 | 11,392 | 24,904 | 22,508 | ||||||||||||
Depreciation
|
3,299 | 3,292 | 6,632 | 6,538 | ||||||||||||
Interest
|
3,632 | 3,744 | 7,266 | 7,178 | ||||||||||||
Total
expenses
|
179,390 | 175,126 | 363,763 | 347,257 | ||||||||||||
Income
before income taxes
|
66,979 | 66,594 | 146,186 | 151,178 | ||||||||||||
Income
taxes
|
26,311 | 26,196 | 57,506 | 59,020 | ||||||||||||
Net
income
|
$ | 40,668 | $ | 40,398 | $ | 88,680 | $ | 92,158 | ||||||||
Net
income per share:
|
||||||||||||||||
Basic
|
$ | 0.29 | $ | 0.29 | $ | 0.63 | $ | 0.65 | ||||||||
Diluted
|
$ | 0.29 | $ | 0.29 | $ | 0.63 | $ | 0.65 | ||||||||
Weighted
average number of shares outstanding:
|
||||||||||||||||
Basic
|
141,523 | 140,723 | 141,540 | 140,713 | ||||||||||||
Diluted
|
141,888 | 141,265 | 141,865 | 141,330 | ||||||||||||
Dividends
declared per share
|
$ | 0.075 | $ | 0.07 | $ | 0.15 | $ | 0.14 |
(in
thousands, except per share data)
|
June
30,
2009
|
December
31,
2008
|
||||||
ASSETS
|
||||||||
Current
Assets:
|
||||||||
Cash
and cash equivalents
|
$ | 189,994 | $ | 78,557 | ||||
Restricted
cash and investments
|
160,121 | 144,750 | ||||||
Short-term
investments
|
7,640 | 7,511 | ||||||
Premiums,
commissions and fees receivable
|
235,463 | 244,515 | ||||||
Deferred
income taxes
|
— | 14,171 | ||||||
Other
current assets
|
24,302 | 33,528 | ||||||
Total
current assets
|
617,520 | 523,032 | ||||||
Fixed
assets, net
|
63,189 | 63,520 | ||||||
Goodwill
|
1,050,720 | 1,023,372 | ||||||
Amortizable
intangible assets, net
|
488,021 | 495,627 | ||||||
Other
assets
|
10,762 | 14,029 | ||||||
Total
assets
|
$ | 2,230,212 | $ | 2,119,580 | ||||
LIABILITIES
AND SHAREHOLDERS’ EQUITY
|
||||||||
Current
Liabilities:
|
||||||||
Premiums
payable to insurance companies
|
$ | 397,991 | $ | 357,707 | ||||
Premium
deposits and credits due customers
|
39,003 | 43,577 | ||||||
Accounts
payable
|
33,378 | 18,872 | ||||||
Accrued
expenses
|
78,493 | 96,325 | ||||||
Current
portion of long-term debt
|
4,015 | 6,162 | ||||||
Total
current liabilities
|
552,880 | 522,643 | ||||||
Long-term
debt
|
250,289 | 253,616 | ||||||
Deferred
income taxes, net
|
98,635 | 90,143 | ||||||
Other
liabilities
|
15,223 | 11,437 | ||||||
Shareholders’
Equity:
|
||||||||
Common
stock, par value $0.10 per share; authorized 280,000 shares; issued and
outstanding 141,481 at 2009 and 141,544 at 2008
|
14,148 | 14,154 | ||||||
Additional
paid-in capital
|
254,185 | 250,167 | ||||||
Retained
earnings
|
1,044,852 | 977,407 | ||||||
Accumulated
other comprehensive income, net of related income tax effect of $0 at 2009
and $8 at 2008
|
— | 13 | ||||||
Total
shareholders’ equity
|
1,313,185 | 1,241,741 | ||||||
Total
liabilities and shareholders’ equity
|
$ | 2,230,212 | $ | 2,119,580 |
For
the six months
ended
June 30,
|
||||||||
(in
thousands)
|
2009
|
2008
|
||||||
Cash
flows from operating activities:
|
||||||||
Net
income
|
$ | 88,680 | $ | 92,158 | ||||
Adjustments
to reconcile net income to net cash provided by operating
activities:
|
||||||||
Amortization
|
24,904 | 22,508 | ||||||
Depreciation
|
6,632 | 6,538 | ||||||
Non-cash
stock-based compensation
|
3,511 | 3,744 | ||||||
Deferred
income taxes
|
22,670 | 25,934 | ||||||
Net
loss (gain) on sales of investments, fixed assets and customer
accounts
|
462 | (759 | ) | |||||
Changes
in operating assets and liabilities, net of effect from acquisitions and
divestitures:
|
||||||||
Restricted
cash and investments (increase) decrease
|
(15,371 | ) | 38,774 | |||||
Premiums,
commissions and fees receivable decrease (increase)
|
10,919 | (21,098 | ) | |||||
Other
assets decrease (increase)
|
11,509 | (3,708 | ) | |||||
Premiums
payable to insurance companies increase
|
39,686 | 26,209 | ||||||
Premium
deposits and credits due customers (decrease)
|
(4,703 | ) | (9,004 | ) | ||||
Accounts
payable increase
|
14,394 | 136 | ||||||
Accrued
expenses (decrease)
|
(18,315 | ) | (17,678 | ) | ||||
Other
liabilities increase (decrease)
|
9 | (1,386 | ) | |||||
Net
cash provided by operating activities
|
184,987 | 162,368 | ||||||
Cash
flows from investing activities:
|
||||||||
Additions
to fixed assets
|
(6,262 | ) | (8,194 | ) | ||||
Payments
for businesses acquired, net of cash acquired
|
(38,773 | ) | (187,042 | ) | ||||
Proceeds
from sales of fixed assets and customer accounts
|
634 | 2,703 | ||||||
Purchases
of investments
|
(4,247 | ) | (3,950 | ) | ||||
Proceeds
from sales of investments
|
4,098 | 810 | ||||||
Net
cash used in investing activities
|
(44,550 | ) | (195,673 | ) | ||||
Cash
flows from financing activities:
|
||||||||
Proceeds
from long-term debt
|
— | 25,000 | ||||||
Payments
on long-term debt
|
(8,266 | ) | (10,767 | ) | ||||
Borrowings
on revolving credit facility
|
7,580 | — | ||||||
Payments
on revolving credit facility
|
(7,580 | ) | — | |||||
Issuances
of common stock for employee stock benefit plans
|
501 | 535 | ||||||
Cash
dividends paid
|
(21,235 | ) | (19,697 | ) | ||||
Net
cash (used in) provided by financing activities
|
(29,000 | ) | (4,929 | ) | ||||
Net
increase (decrease) in cash and cash equivalents
|
111,437 | (38,234 | ) | |||||
Cash
and cash equivalents at beginning of period
|
78,557 | 38,234 | ||||||
Cash
and cash equivalents at end of period
|
$ | 189,994 | $ | — |
For
the three months
ended
June 30,
|
For
the six months
ended
June 30,
|
|||||||||||||||
(in
thousands, except per
share data)
|
2009
|
2008
|
2009
|
2008
|
||||||||||||
Net
income
|
$ | 40,668 | $ | 40,398 | $ | 88,680 | $ | 92,158 | ||||||||
Weighted
average number of common shares Outstanding
|
141,523 | 140,723 | 141,540 | 140,713 | ||||||||||||
Dilutive
effect of stock options using the treasury stock method
|
365 | 542 | 325 | 617 | ||||||||||||
Weighted
average number of shares Outstanding
|
141,888 | 141,265 | 141,865 | 141,330 | ||||||||||||
Net
income per share:
|
||||||||||||||||
Basic
|
$ | 0.29 | $ | 0.29 | $ | 0.63 | $ | 0.65 | ||||||||
Diluted
|
$ | 0.29 | $ | 0.29 | $ | 0.63 | $ | 0.65 |
(in
thousands)
Name
|
Business
Segment
|
2009
Date
of
Acquisition
|
Net
Cash
Paid
|
Note
Payable
|
Recorded
Earn-out
Payable
|
Recorded
Purchase
Price
|
Maximum
Potential
Earn-out
Payable
|
|||||||||||||
Conner
Strong Companies, Inc.
|
Retail
|
January
2
|
$
|
23,621
|
$
|
—
|
$
|
—
|
$
|
23,621
|
$
|
—
|
||||||||
Other
|
Various
|
Various
|
12,664
|
—
|
3,807
|
16,471
|
8,666
|
|||||||||||||
Total
|
$
|
36,285
|
$
|
—
|
$
|
3,807
|
$
|
40,092
|
$
|
8,666
|
(in
thousands)
|
Conner
Strong
|
Other
|
Total
|
|||||||||
Fiduciary
cash
|
$ | — | $ | — | $ | — | ||||||
Other
current assets
|
556 | 1,310 | 1,866 | |||||||||
Fixed
assets
|
52 | 96 | 148 | |||||||||
Goodwill
|
14,062 | 8,062 | 22,124 | |||||||||
Purchased
customer accounts
|
9,100 | 8,114 | 17,214 | |||||||||
Noncompete
agreements
|
— | 65 | 65 | |||||||||
Other
assets
|
— | (2 | ) | (2 | ) | |||||||
Total
assets acquired
|
23,770 | 17,645 | 41,415 | |||||||||
Other
current liabilities
|
(149 | ) | (1,174 | ) | (1,323 | ) | ||||||
Total
liabilities assumed
|
(149 | ) | (1,174 | ) | (1,323 | ) | ||||||
Net
assets acquired
|
$ | 23,621 | $ | 16,471 | $ | 40,092 |
(UNAUDITED)
|
For
the three months
ended
June 30,
|
For
the six months
ended
June 30,
|
||||||||||||||
(in
thousands, except per share data)
|
2009
|
2008
|
2009
|
2008
|
||||||||||||
Total
revenues
|
$ | 246,723 | $ | 245,956 | $ | 512,685 | $ | 507,766 | ||||||||
Income
before income taxes
|
67,097 | 68,046 | 147,139 | 154,348 | ||||||||||||
Net
income
|
40,740 | 41,279 | 89,258 | 94,090 | ||||||||||||
Net
income per share:
|
||||||||||||||||
Basic
|
$ | 0.29 | $ | 0.29 | $ | 0.63 | $ | 0.67 | ||||||||
Diluted
|
$ | 0.29 | $ | 0.29 | $ | 0.63 | $ | 0.67 | ||||||||
Weighted
average number of shares outstanding:
|
||||||||||||||||
Basic
|
141,523 | 140,723 | 141,540 | 140,713 | ||||||||||||
Diluted
|
141,888 | 141,265 | 141,865 | 141,330 |
(in
thousands)
Name
|
Business
Segment
|
2008
Date
of
Acquisition
|
Net
Cash
Paid
|
Notes
Payable
|
Recorded
Purchase
Price
|
|||||||||||
LDP
Consulting Group, Inc.
|
Retail
|
January
24
|
39,226 | — | 39,226 | |||||||||||
Powers
& Effler Insurance Brokers
|
Retail
|
April
1
|
25,029 | — | 25,029 | |||||||||||
HBA
Insurance Group, Inc.
|
Retail
|
June
1
|
48,297 | 2,000 | 50,297 | |||||||||||
Other
|
Various
|
Various
|
70,146 | 2,713 | 72,859 | |||||||||||
Total
|
$ | 182,698 | $ | 4,713 | $ | 187,411 |
(in
thousands)
|
LDP
|
Powers
|
HBA
|
Other
|
Total
|
|||||||||||||||
Fiduciary
cash
|
$ | 173 | $ | — | $ | — | $ | — | $ | 173 | ||||||||||
Other
current assets
|
1,121 | 75 | — | 1,201 | 2,397 | |||||||||||||||
Fixed
assets
|
19 | 353 | 652 | 451 | 1,475 | |||||||||||||||
Goodwill
|
29,108 | 17,220 | 35,149 | 44,034 | 125,511 | |||||||||||||||
Purchased
customer accounts
|
13,958 | 7,545 | 14,390 | 28,421 | 64,314 | |||||||||||||||
Noncompete
agreements
|
55 | 11 | 141 | 301 | 508 | |||||||||||||||
Other
Assets
|
11 | — | — | 11 | 22 | |||||||||||||||
Total
assets acquired
|
44,445 | 25,204 | 50,332 | 74,419 | 194,400 | |||||||||||||||
Other
current liabilities
|
(5,219 | ) | (175 | ) | (35 | ) | (1,560 | ) | (6,989 | ) | ||||||||||
Total
liabilities assumed
|
(5,219 | ) | (175 | ) | (35 | ) | (1,560 | ) | (6,989 | ) | ||||||||||
Net
assets acquired
|
$ | 39,226 | $ | 25,029 | $ | 50,297 | $ | 72,859 | $ | 187,411 |
(UNAUDITED)
|
For
the three months
ended
June 30,
|
For
the six months
ended
June 30,
|
||||||||||||||
(in
thousands, except per share data)
|
2008
|
2007
|
2008
|
2007
|
||||||||||||
Total
revenues
|
$ | 247,078 | $ | 265,896 | $ | 518,419 | $ | 544,217 | ||||||||
Income
before income taxes
|
68,337 | 90,937 | 157,777 | 195,672 | ||||||||||||
Net
income
|
41,456 | 55,977 | 96,181 | 119,739 | ||||||||||||
Net
income per share:
|
||||||||||||||||
Basic
|
$ | 0.29 | $ | 0.40 | $ | 0.68 | $ | 0.85 | ||||||||
Diluted
|
$ | 0.29 | $ | 0.40 | $ | 0.68 | $ | 0.85 | ||||||||
Weighted
average number of shares outstanding:
|
||||||||||||||||
Basic
|
140,723 | 140,384 | 140,713 | 140,303 | ||||||||||||
Diluted
|
141,265 | 141,120 | 141,330 | 141,170 |
(in
thousands)
|
Retail
|
Wholesale
Brokerage
|
National
Programs
|
Services
|
Total
|
|||||||||||||||
Balance
as of January 1, 2009
|
$ | 620,588 | $ | 246,216 | $ | 147,298 | $ | 9,270 | $ | 1,023,372 | ||||||||||
Goodwill
of acquired businesses
|
22,478 | 200 | 4,670 | — | 27,348 | |||||||||||||||
Goodwill
disposed of relating to sales of businesses
|
— | — | — | — | — | |||||||||||||||
Balance
as of June 30, 2009
|
$ | 643,066 | $ | 246,416 | $ | 151,968 | $ | 9,270 | $ | 1,050,720 |
June
30, 2009
|
December
31, 2008
|
|||||||||||||||||||||||||||||||
(in
thousands)
|
Gross
Carrying
Value
|
Accumulated
Amortization
|
Net
Carrying
Value
|
Weighted
Average
Life
(years)
|
Gross
Carrying
Value
|
Accumulated
Amortization
|
Net
Carrying
Value
|
Weighted
Average
Life
(years)
|
||||||||||||||||||||||||
Purchased
customer accounts
|
$ | 742,126 | $ | (256,047 | ) | $ | 486,079 | 14.9 | $ | 724,953 | $ | (231,748 | ) | $ | 493,205 | 14.9 | ||||||||||||||||
Noncompete
agreements
|
24,551 | (22,609 | ) | 1,942 | 7.3 | 24,455 | (22,033 | ) | 2,422 | 7.3 | ||||||||||||||||||||||
Total
|
$ | 766,677 | $ | (278,656 | ) | $ | 488,021 | $ | 749,408 | $ | (253,781 | ) | $ | 495,627 |
June
30, 2009
|
December
31, 2008
|
|||||||||||||||
Carrying
Value
|
Carrying
Value
|
|||||||||||||||
(in
thousands)
|
Current
|
Non-
Current
|
Current
|
Non-
Current
|
||||||||||||
Available-for-sale
marketable equity securities
|
$ | 25 | $ | — | $ | 46 | $ | — | ||||||||
Non-marketable
equity securities and certificates of deposit
|
7,615 | 287 | 7,465 | 287 | ||||||||||||
Total
investments
|
$ | 7,640 | $ | 287 | $ | 7,511 | $ | 287 |
(in
thousands)
|
Cost
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses
|
Estimated
Fair
Value
|
||||||||||||
Marketable
equity securities:
|
||||||||||||||||
June
30, 2009
|
$ | 25 | $ | 1 | $ | — | $ | 26 | ||||||||
December
31, 2008
|
$ | 25 | $ | 21 | $ | — | $ | 46 |
(in
thousands)
|
Proceeds
|
Gross
Realized
Gains
|
Gross
Realized
Losses
|
|||||||||
For
the three months ended:
|
||||||||||||
June
30, 2009
|
$ | 3,536 | $ | — | $ | — | ||||||
June
30, 2008
|
$ | 657 | $ | 464 | $ | (9 | ) | |||||
For
the six months ended:
|
||||||||||||
June
30, 2009
|
$ | 4,098 | $ | — | $ | — | ||||||
June
30, 2008
|
$ | 707 | $ | 542 | $ | (9 | ) |
(in
thousands)
|
2009
|
2008
|
||||||
Unsecured
senior notes
|
$ | 250,000 | $ | 250,000 | ||||
Acquisition
notes payable
|
4,230 | 9,665 | ||||||
Revolving
credit facility
|
— | — | ||||||
Other
notes payable
|
74 | 113 | ||||||
Total
debt
|
254,304 | 259,778 | ||||||
Less
current portion
|
(4,015 | ) | (6,162 | ) | ||||
Long-term
debt
|
$ | 250,289 | $ | 253,616 |
For
the six months
ended
June 30,
|
||||||||
(in
thousands)
|
2009
|
2008
|
||||||
Cash
paid during the period for:
|
||||||||
Interest
|
$ | 7,323 | $ | 6,915 | ||||
Income
taxes
|
$ | 24,226 | $ | 44,431 |
For
the six months
ended
June 30,
|
||||||||
(in
thousands)
|
2009
|
2008
|
||||||
Unrealized
holding (loss) gain on available-for-sale securities, net of tax benefit
of $7 for 2009; net of tax benefit of $3 for 2008
|
$ | (13 | ) | $ | (5 | ) | ||
Notes
payable issued or assumed for purchased customer accounts
|
$ | 6,599 | $ | 7,353 | ||||
Notes
receivable on the sale of fixed assets and customer
accounts
|
$ | (981 | ) | $ | 162 |
For
the three months
ended
June 30,
|
For
the six months
ended
June 30,
|
|||||||||||||||
(in
thousands)
|
2009
|
2008
|
2009
|
2008
|
||||||||||||
Net
income
|
$ | 40,668 | $ | 40,398 | $ | 88,680 | $ | 92,158 | ||||||||
Net
unrealized holding loss (gain) on available-for-sale
securities
|
1 | (6 | ) | (13 | ) | (5 | ) | |||||||||
Comprehensive
income
|
$ | 40,669 | $ | 40,392 | $ | 88,667 | $ | 92,153 |
For
the six months ended June 30, 2009
|
||||||||||||||||||||||||
(in
thousands)
|
Retail
|
Wholesale
Brokerage
|
National
Programs
|
Services
|
Other
|
Total
|
||||||||||||||||||
Total
revenues
|
$ | 307,163 | $ | 83,441 | $ | 101,313 | $ | 16,355 | $ | 1,677 | $ | 509,949 | ||||||||||||
Investment
income
|
152 | 47 | 2 | 12 | 557 | 770 | ||||||||||||||||||
Amortization
|
14,975 | 5,117 | 4,562 | 231 | 19 | 24,904 | ||||||||||||||||||
Depreciation
|
3,061 | 1,436 | 1,324 | 188 | 623 | 6,632 | ||||||||||||||||||
Interest
|
16,511 | 7,449 | 2,861 | 359 | (19,914 | ) | 7,266 | |||||||||||||||||
Income
before income taxes
|
69,893 | 11,568 | 41,678 | 3,625 | 19,422 | 146,186 | ||||||||||||||||||
Total
assets
|
1,739,230 | 654,210 | 644,934 | 45,582 | (853,744 | ) | 2,230,212 | |||||||||||||||||
Capital
expenditures
|
2,101 | 1,884 | 2,193 | 87 | (3 | ) | 6,262 |
For
the six months ended June 30, 2008
|
||||||||||||||||||||||||
(in
thousands)
|
Retail
|
Wholesale
Brokerage
|
National
Programs
|
Services
|
Other
|
Total
|
||||||||||||||||||
Total
revenues
|
$ | 304,456 | $ | 92,682 | $ | 82,901 | $ | 15,911 | $ | 2,485 | $ | 498,435 | ||||||||||||
Investment
income
|
749 | 824 | 186 | (1 | ) | 2,150 | 3,908 | |||||||||||||||||
Amortization
|
12,675 | 5,033 | 4,550 | 231 | 19 | 22,508 | ||||||||||||||||||
Depreciation
|
2,959 | 1,444 | 1,322 | 220 | 593 | 6,538 | ||||||||||||||||||
Interest
|
13,579 | 9,313 | 4,056 | 366 | (20,136 | ) | 7,178 | |||||||||||||||||
Income
before income taxes
|
82,652 | 14,270 | 26,887 | 3,573 | 23,796 | 151,178 | ||||||||||||||||||
Total
assets
|
1,582,866 | 683,470 | 564,174 | 43,022 | (800,699 | ) | 2,072,833 | |||||||||||||||||
Capital
expenditures
|
2,157 | 3,262 | 1,368 | 126 | 1,281 | 8,194 |
For
the three months
ended
June 30,
|
For
the six months
ended
June 30,
|
|||||||||||||||||||||||
2009
|
2008
|
%
Change
|
2009
|
2008
|
%
Change
|
|||||||||||||||||||
REVENUES
|
||||||||||||||||||||||||
Commissions
and fees
|
$ | 237,789 | $ | 233,423 | 1.9 | % | $ | 471,827 | $ | 450,604 | 4.7 | % | ||||||||||||
Profit-sharing
contingent commissions
|
6,806 | 5,412 | 25.8 | % | 36,732 | 41,759 | (12.0 | )% | ||||||||||||||||
Investment
income
|
460 | 1,909 | (75.9 | )% | 770 | 3,908 | (80.3 | )% | ||||||||||||||||
Other
income, net
|
1,314 | 976 | 34.6 | % | 620 | 2,164 | (71.3 | )% | ||||||||||||||||
Total
revenues
|
246,369 | 241,720 | 1.9 | % | 509,949 | 498,435 | 2.3 | % | ||||||||||||||||
EXPENSES
|
||||||||||||||||||||||||
Employee
compensation and benefits
|
122,625 | 120,514 | 1.8 | % | 249,966 | 241,701 | 3.4 | % | ||||||||||||||||
Non-cash
stock-based compensation
|
1,695 | 1,800 | (5.8 | )% | 3,511 | 3,744 | (6.2 | )% | ||||||||||||||||
Other
operating expenses
|
35,620 | 34,384 | 3.6 | % | 71,484 | 65,588 | 9.0 | % | ||||||||||||||||
Amortization
|
12,519 | 11,392 | 9.9 | % | 24,904 | 22,508 | 10.6 | % | ||||||||||||||||
Depreciation
|
3,299 | 3,292 | 0.2 | % | 6,632 | 6,538 | 1.4 | % | ||||||||||||||||
Interest
|
3,632 | 3,744 | (3.0 | )% | 7,266 | 7,178 | 1.2 | % | ||||||||||||||||
Total
expenses
|
179,390 | 175,126 | 2.4 | % | 363,763 | 347,257 | 4.8 | % | ||||||||||||||||
Income
before income taxes
|
66,979 | 66,594 | 0.6 | % | 146,186 | 151,178 | (3.3 | )% | ||||||||||||||||
Income
taxes
|
26,311 | 26,196 | 0.4 | % | 57,506 | 59,020 | (2.6 | )% | ||||||||||||||||