The following selected Consolidated Financial Data for each of the five fiscal years in the period ended December 31, have been derived from our Consolidated Financial Statements. Such data should be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations in Item 7 of Part II of this Annual Report and with our Consolidated Financial Statements and related Notes thereto in Item 8 of Part II of this Annual Report.
Year Ended December 31,
(in thousands, except per share data, number of employees and percentages)
2020
2019
2018
2017
2016
REVENUES
Commissions and fees
$
2,606,108
$
2,384,737
$
2,009,857
$
1,857,270
$
1,762,787
Investment income
2,811
5,780
2,746
1,626
1,456
Other income, net
4,456
1,654
1,643
22,451
2,386
Total revenues(1)
2,613,375
2,392,171
2,014,246
1,881,347
1,766,629
EXPENSES
Employee compensation and benefits
1,436,377
1,308,165
1,068,914
994,652
925,217
Other operating expenses
365,973
377,089
332,118
283,470
262,872
(Gain)/loss on disposal
(2,388
)
(10,021
)
(2,175
)
(2,157
)
(1,291
)
Amortization
108,523
105,298
86,544
85,446
86,663
Depreciation
26,276
23,417
22,834
22,698
21,003
Interest
58,973
63,660
40,580
38,316
39,481
Change in estimated acquisition earn-out payables
(4,458
)
(1,366
)
2,969
9,200
9,185
Total expenses
1,989,276
1,866,242
1,551,784
1,431,625
1,343,130
Income before income taxes
624,099
525,929
462,462
449,722
423,499
Income taxes(2)
143,616
127,415
118,207
50,092
166,008
Net income
$
480,483
$
398,514
$
344,255
$
399,630
$
257,491
EARNINGS PER SHARE INFORMATION
Net income per share - diluted(3)
$
1.69
$
1.40
$
1.22
$
1.40
$
0.91
Weighted average number of shares outstanding - diluted(3)
275,867
274,616
275,521
277,586
275,608
Dividends declared per share(3)
$
0.35
$
0.33
$
0.31
$
0.28
$
0.25
YEAR-END FINANCIAL POSITION
Total assets(4)
$
8,966,492
$
7,622,821
$
6,688,668
$
5,747,550
$
5,262,734
Long-term debt(5)
$
2,025,906
$
1,500,343
$
1,456,990
$
856,141
$
1,018,372
Total shareholders’ equity
$
3,754,223
$
3,350,279
$
3,000,568
$
2,582,699
$
2,360,211
Total shares outstanding at year end(3)
283,004
281,655
279,583
276,210
280,208
OTHER INFORMATION
Number of full-time equivalent employees at year end
10,843
10,083
9,590
8,491
8,297
Total revenues per average number of employees(6)
$
249,773
$
243,193
$
222,809
$
224,130
$
219,403
Stock price at year-end(3)
$
47.41
$
39.48
$
27.56
$
25.73
$
22.43
Stock price earnings multiple at year-end(7)
28.1
28.2
22.6
18.3
24.6
Return on beginning shareholders’ equity(8)
14
%
13
%
13
%
17
%
12
%
(1)
Years 2017 and 2016 do not reflect the adoption of “Revenue from Contracts with Customers (Topic 606)” (“Topic 606”), ASC Topic 340 - Other Assets and Deferred Cost (“ASC 340”) and ASU 2016-08, “Principal Versus Agent Considerations (Reporting Revenue Gross Versus Net)”, which was adopted under the modified retrospective method.
(2)
Years 2017 and 2016 do not reflect the adoption of ASU 2016-09, “Improvements to Employee Share Based Payment Accounting” (“ASU 2016-09”), which was adopted using the prospective method.
(3)
Years 2017 and 2016 reflect the 2-for-1 stock split that occurred on March 28, 2018.
(4)
All years presented reflect the adoption of ASU No. 2015-17, “Income Taxes (Topic 740) - Balance Sheet Classification of Deferred Taxes” (“ASU 2015-17”).
(5)
Please refer to Part I, Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and Note 9 “Long-Term Debt” for more details.
(6)
Represents total revenues divided by the average of the number of full-time equivalent employees at the beginning of the year and the number of full-time equivalent employees at the end of the year.
(7)
Stock price at year-end divided by net income per share diluted.
(8)
Represents net income divided by total shareholders’ equity as of the beginning of the year.
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