I’m and Slide everyone. our Powell, Great, you, non-GAAP highlights. good morning, certain financial #X. GAAP presents thank This and on over
X.X% discussed quarter, processing For earlier. organic benefitted the of X.X and claims of delivered Powell the from that we which points revenue X.X%, growth growth revenues percentage fourth total
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share tax year. and versus income earnings increased before to in $X.XX XX.X%, diluted per fourth of income XXX% Our the last by $X.XX by increased quarter our
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seen rates, we trend decrease As our decrease commissions commissions a to the due California caused lower by fires supplemental premium during contingent carrier the have and recently. XXXX. the Reductions continuing hurricanes expected, partners guaranteed profitability are of experienced in we and
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points, our earnings call, XX QX cost. margins invest incur margin initially discussed during expectations. will impacted our with dilutive which platform approximately our is As by and program investment building Core to in we Commercial The as we’ll quarter the our transition basis be this line also services in
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the to of weather earned claims all performance with associated a plans As on leveraging the earn-out loss additional revenues, The processing divisions continued points or expense expansion, XXXX. events, for million. during prior - incremental disposal management expenses from of certain on $X.X benefitted across basis which revenue bonus additional of due net year a contributed reminder, includes margin XX expenses remainder and the our business disciplined stronger
at divisions a going the we’re Moving of over looking more little start with Slide of performance #XX, to each the closely, to retail.
X.X% delivered organic total For lines division revenue the growth and revenue of retail of fourth quarter, driven our business. growth all substantially X% by
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before Hurricanes points lower impact, Slide $XX the and as decreased we million discussed quarter, year. by was revenue above XX.X% revenue processing drivers this offsetting EBITDAC to and organic National to as and Our by Irma organically. income than organic quarter. total for interest. X.X% quarter, we’ve quarter the for earn-outs million tax basis higher margin Harvey anticipated for of prior for noted claims #XX, we realized compared revenues substantially acquisition the XX with were I XX.X% growth earlier rate year-over-year that the associated our was approximately Programs the $X intercompany for in income our the recognized increased Isolating Over Division
expense claims Our than EBITDAC of grew XX% by higher to almost for leveraging the margins revenues average processing, our and due continued management.
in we our During Core is investment the previously expectations and what small our communicated and of last had year. quarter, net Commercial with second the line in which we a program, quarter
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now more the As we had of XXXX. million revenue to Due $X guidance to of first to claims expected million of quarter $X claims of in million, processing it all $X be to substantially remaining last relates we been in estimate processing as the provided realizing revenue million range claims year, the revenues, closed. to $X in the that revenues we have fourth quarter
total over business. and revenue to is revenue #XX. growth organic X.X%. of increased Slide Moving The result delivered Organic of new division wholesale X.X% growth the growth revenue of
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grew tax to X.X%, rate. by a due net effective lower adjusted income X% Our
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seek we stock repurchases. dilutive plans year, outstanding substantially of minimize to able with incentive full equity line through in share year count, Each maintain prior our our we the effect year. periodic to For the are the
full to performance. of presents revenue Slide the key our #XX, this over components year Moving
investment quarter in material in had movements the was settlement legal in with XXXX. associated had year, And we the For other income. first no we $XX income the of change the million
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and For Harvey to of compared further in during our and the as Based the XXXX California experienced the and year, anticipate as of combined year. were million commissions million result upon losses GSCs prior Hurricanes lower XXXX Irma, $X to trend the contingent and a $X a almost we $X million. fires, decline the
total the M&A activity, we by the X.X% revenue Our four for organic of our fees was by isolate net increased divisions. driven commissions year-over-year. in impact year and When all core growth X.X% growth
Moving over to #XX. Slide
As on disclosing that slide the and full rules year. well and quarterly the and This our changes relate revenues FASB expenses of estimated of has biggest were quarter recognizing estimate benefits January for workers’ the this we’ve on provides been will and filings, pro recognition year. effect recognized instituted XXXX Contingent new commission X as effective and the impact each our The commissions several as beyond. compensation. employee during rata of be now year, revenue commissions contingent to throughout the
accruals then the will year, received. is the cash when in following true-up We
previous commissions, Our the practice was to received. recognized was contingent cash when
will of rather when the revenue larger practice revenue For this portion upon a coverage binding employee than our benefits we and billed. previous recognize workers’ now compensation of recognizing
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throughout practice when was invoiced. commission were previous year, recognize expense premiums Our to the
new with retail our impacting to portion defer also primarily business will We deferral our of the segment. need our commissions a
the this deferral million year estimate a from to will to net is deferral in margin XXXX million. approximately as expenses As cost over We the deferral our expense then EBITDAC benefit annual slightly for period of amortized. XXXX, result, increase XX be $X commission will $X
represent tax quarter. over our of These for XXXX walk Slide the our and upon impacts for and primary the rate benefit items the $X.XX #XX, Moving to a deemed for The repatriation our estimated the rate reevaluation XXXX. liabilities this presents estimated to tax. tax deferred are XXXX fourth effective impact tax the effective
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for As part CEO, all three non-deductible. and company’s the will compensation CFO $X Section be over of bill, the highest-paid officers, million new XX now a tax next
our all addition, In estimate expenses We entertainment XXXX tax be tax full changes, rate certain year $XX X%. rate rate non-deductible. effective revenue become these we Including further of year operating will by full tax will anticipate cash now items XX% in in will to savings will ratio. two and approximately these to increase our approximately million increase of the conversion range our to per The lower result year million $XX XX%. will
over move We’re going to Slide #XX. to
technology outlook are XXXX, line wanted than the update spend-to-date increased anticipated Now phase on have initiatives, investment well completed already with XXXX. provide the status program. underway, our slower underway that to deliverables in for in we’re certain of program, and the but with and which investment the momentum slightly we others the an We’ve started The during the expectation.
XXXX and contingent end in year investment margins. XX-Qs with the your upside savings program to anticipate we realize and expect breakeven the file to on our we versus to to in be In date. estimated an to will quarterly in to dates XXXX. first discussing earnings start we program the year get of that the couple align the to the level slight commissions will summary, will recapture start release are closer quarters updating cost Monday large fourth with a move ready to anticipate margin. California XXXX, fires of in our to and then mention commensurate We due release, be associated have in earnings expected timing In to returns. and a the we thereafter, impact three and that order earnings savings each the A the of wanted release to margins to XXXX. GSCs release of all timing additional earnings of the timing Then with effort experienced further of We we to and additional consistent are our our XXXX, in the comments. seek to hurricanes baseline realize will our for release. our starting We estimated track XXXX When on mind XXXX actively of around the losses with our on the you and models reduction keep month we
As a from we down full and reminder, in for we the year, contingents be $X between to could million GSCs XXXX. estimate million $X what the experienced
in We all expect this to see divisions. reduction
However, be let the largest within our for comments. will effect wholesale it that, and closing turn programs division. to me over Powell With back
