2024 Q3 Form 10-Q Financial Statement

#000006270924000071 Filed on July 18, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $5.697B $6.221B
YoY Change 5.85% 5.87%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.442B $3.454B
YoY Change 4.72% 3.51%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $359.0M $176.0M
YoY Change 99.44% -1.12%
% of Gross Profit
Operating Expenses $4.589B $4.579B
YoY Change 4.63% 5.17%
Operating Profit $1.108B $1.642B
YoY Change 11.24% 12.7%
Interest Expense -$141.0M -$143.0M
YoY Change -197.24% 7.52%
% of Operating Profit -12.73% -8.71%
Other Income/Expense, Net $68.00M $66.00M
YoY Change 9.68% 10.0%
Pretax Income $1.035B $1.565B
YoY Change 11.29% 13.08%
Income Tax $283.0M $425.0M
% Of Pretax Income 27.34% 27.16%
Net Earnings $747.0M $1.125B
YoY Change 2.33% 8.7%
Net Earnings / Revenue 13.11% 18.08%
Basic Earnings Per Share $1.52 $2.28
Diluted Earnings Per Share $1.51 $2.27
COMMON SHARES
Basic Shares Outstanding 491.8M shares 492.7M shares
Diluted Shares Outstanding 496.0M shares 496.0M shares

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.798B $1.653B
YoY Change -87.79% -87.02%
Cash & Equivalents $1.798B $1.653B
Short-Term Investments
Other Short-Term Assets $1.143B $1.133B
YoY Change 10.97% 61.17%
Inventory
Prepaid Expenses
Receivables $7.422B $8.169B
Other Receivables $0.00 $0.00
Total Short-Term Assets $22.29B $22.02B
YoY Change 0.03% 5.86%
LONG-TERM ASSETS
Property, Plant & Equipment $884.0M $879.0M
YoY Change 2.91% -63.96%
Goodwill $18.24B $17.52B
YoY Change 9.49% 5.38%
Intangibles
YoY Change
Long-Term Investments $275.0M $276.0M
YoY Change 5.77% 10.84%
Other Assets $1.626B $1.596B
YoY Change 6.14% -59.56%
Total Long-Term Assets $27.58B $26.57B
YoY Change 7.22% 3.12%
TOTAL ASSETS
Total Short-Term Assets $22.29B $22.02B
Total Long-Term Assets $27.58B $26.57B
Total Assets $49.86B $48.59B
YoY Change 3.88% 4.35%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.099B $3.205B
YoY Change -1.4% 2.17%
Accrued Expenses $3.098B $2.390B
YoY Change 5.55% 2.58%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $749.0M
YoY Change 47.44%
Long-Term Debt Due $518.0M $518.0M
YoY Change -72.27% -72.25%
Total Short-Term Liabilities $19.60B $18.86B
YoY Change -4.86% -4.79%
LONG-TERM LIABILITIES
Long-Term Debt $12.33B $12.28B
YoY Change 4.66% 19.82%
Other Long-Term Liabilities $1.396B $1.261B
YoY Change 13.87% -71.12%
Total Long-Term Liabilities $13.73B $13.54B
YoY Change 5.53% -7.36%
TOTAL LIABILITIES
Total Short-Term Liabilities $19.60B $18.86B
Total Long-Term Liabilities $13.73B $13.54B
Total Liabilities $33.33B $32.40B
YoY Change -0.84% -6.36%
SHAREHOLDERS EQUITY
Retained Earnings $24.52B $24.58B
YoY Change 11.42% 11.82%
Common Stock $1.850B $1.758B
YoY Change 8.12% 7.52%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $13.88B $13.37B
YoY Change
Total Liabilities & Shareholders Equity $49.86B $48.59B
YoY Change 3.88% 4.35%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income $747.0M $1.125B
YoY Change 2.33% 8.7%
Depreciation, Depletion And Amortization $359.0M $176.0M
YoY Change 99.44% -1.12%
Cash From Operating Activities $1.912B $1.215B
YoY Change 5.64% -18.13%
INVESTING ACTIVITIES
Capital Expenditures $73.00M $80.00M
YoY Change -34.82% -18.37%
Acquisitions
YoY Change
Other Investing Activities -$320.0M -$335.0M
YoY Change -3.03% 857.14%
Cash From Investing Activities -$393.0M -$415.0M
YoY Change -11.09% 212.03%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.436B -519.0M
YoY Change -245.34% -4.95%
NET CHANGE
Cash From Operating Activities 1.912B 1.215B
Cash From Investing Activities -393.0M -415.0M
Cash From Financing Activities -1.436B -519.0M
Net Change In Cash 83.00M 281.0M
YoY Change -96.48% -65.09%
FREE CASH FLOW
Cash From Operating Activities $1.912B $1.215B
Capital Expenditures $73.00M $80.00M
Free Cash Flow $1.839B $1.135B
YoY Change 8.3% -18.11%

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Nature of Operations <div style="margin-top:5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Marsh &amp; McLennan Companies, Inc., and its consolidated subsidiaries (the "Company"), a global professional services firm, is organized based on the different services that it offers. Under this structure, the Company’s two business segments are Risk and Insurance Services and Consulting.</span></div><div style="margin-top:5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Risk and Insurance Services segment ("RIS") includes risk management activities (risk advice, risk transfer, and risk control and mitigation solutions) as well as insurance and reinsurance broking and services for businesses, public entities, insurance companies, associations, professional services organizations, and private clients. The Company conducts business in this segment through Marsh and Guy Carpenter. Marsh provides data-driven risk advisory services and insurance solutions to commercial and consumer clients. Guy Carpenter develops advanced risk, reinsurance and capital strategies that help clients grow profitably and pursue emerging opportunities.</span></div>The Consulting segment includes health, wealth and career advice, solutions and products, and specialized management, strategic, economic and brand consulting services. The Company conducts business in this segment through Mercer and Oliver Wyman Group. Mercer delivers advice and technology-driven solutions that help organizations redefine the future of work, reshape retirement and investment outcomes, and unlock health and well-being for a changing workforce. Oliver Wyman Group serves as a critical strategic, economic and brand advisor to private sector and governmental clients
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