The company reported organic revenue growth of 10.2% for the year, indicating strong performance from existing operations. This growth is attributed to net new business and growth from existing customers.

Acquisitions completed in the last 12 months contributed $285 million to core commissions and fees, demonstrating the company's active acquisition strategy and its impact on revenue growth.

The company sold certain third-party claims administration and adjusting services businesses to Davies Group Ltd, representing approximately 50% of the Services segment. This strategic move will result in a recast of historical results to align with a three-segment structure in 2024.

Employee compensation and benefits expense increased by 20.3%, or $369.7 million, reflecting growth in staff salaries and bonuses, producer compensation, and non-cash stock-based compensation. This indicates investment in human capital to support current and future growth.

The effective tax rate on income from operations increased to 24.0% in 2023, compared to 23.3% in 2022. This change could impact net income and should be monitored for future trends.

Interest expense increased by 34.6% to $190.0 million, driven by higher average debt balances from debt issuance and bank financing, as well as increases in the floating-rate benchmark.

The company acknowledges the risk of cybersecurity breaches, which could lead to data loss, monetary and reputational damage, and increased compliance costs. The risk is amplified by remote work arrangements.

The company's growth strategy relies on acquisitions, which involve risks such as integration challenges, employee retention, and potential goodwill impairment. Failure to manage these risks could adversely affect financial results.

The company's international operations are subject to risks such as staffing difficulties, political and economic instability, regulatory changes, and compliance with foreign laws. These factors could negatively impact profitability.

The company acknowledges intense competition from numerous firms, including those with greater resources, as well as direct sales by insurance companies and emerging technology companies.

The company faces the risk of disintermediation within the insurance industry, including increased competition from insurance companies, technology companies, and the financial services industry, as well as the shift away from traditional insurance markets.

The company's commission revenue could fluctuate as a result of factors outside of its control, including the cyclical nature of the insurance market, the impact of other market conditions on insurance premiums, and the potential for insurance carriers to reduce commission rates.

Other operating expenses increased by 8.9%, or $53.1 million, from the same period of 2022. The net increase included: (i) $54.3 million of other operating expenses related to stand-alone acquisitions that had no comparable costs in the same period of 2022; (ii) expenses of approximately $11.0 million to resolve a business matter during the first quarter of 2023 which is not considered to be normal, recurring or part of the ongoing operations; (iii) increased variable travel and entertainment costs, offset by (iv) the year-over-year increase of approximately $46.5 million in the value of assets held to fund the associated liabilities within our deferred compensation plan

The company emphasizes workplace safety and teammate well-being, with formal policies against workplace violence and initiatives to support financial hardships and flexible work arrangements.

The Company is committed to diversity and inclusion, with a Diversity, Inclusion and Belonging (DIB) advisory council and Teammate Resource Groups (TRGs) in place.

The Company relies on internal Technology Solutions team and third-party vendors to provide effective and efficient service to our customers, process claims and timely and accurately report information to carriers.

The Company has significantly invested, and will continue to invest, in technology security initiatives, information technology policies and resources, and teammate training to mitigate the risk of improper access to private information.

The Audit Committee, composed entirely of independent directors, is responsible for organization-wide oversight regarding information security and reports to the full Board.

During 2023, the Company repurchased 2,100 shares at an average price of $53.84 for a total cost of $0.1 million under the current share repurchase authorization.

The Company may, subject to satisfaction of certain conditions, including receipt of additional term loan commitments by new or existing lenders, increase either Term Loan Commitment under the existing Loan Agreement or the term loans issued thereunder or issue new tranches of term loans in an aggregate additional amount of up to $400.0 million. Including the expansion options under all existing credit agreements, the Company has access to up to $1,600.0 million of incremental borrowing capacity as of December 31, 2023.

As of December 31, 2023, the estimated acquisition earn-out payables equaled $249.2 million, of which $145.9 million was recorded as accounts payable and $103.3 million was recorded as other non-current liabilities.

The company emphasizes workplace safety and teammate well-being, with formal policies against workplace violence and initiatives to support financial hardships and flexible work arrangements.

The Company is committed to diversity and inclusion, with a Diversity, Inclusion and Belonging (DIB) advisory council and Teammate Resource Groups (TRGs) in place.

The company has adopted a code of ethics that applies to our principal executive officer, principal financial officer and controller.

Because a significant portion of our businesses are concentrated in Florida, California, Massachusetts, Georgia, Michigan, and New York, the company faces greater exposure to unfavorable changes in regulatory conditions in those jurisdictions.

The occurrence of adverse economic conditions, natural or other disasters, or other circumstances specific to or otherwise significantly impacting these jurisdictions could adversely affect our financial condition, results of operations and cash flows.

The Company conducts business in each of the 50 states of the United States of America and are subject to comprehensive regulation and supervision by government agencies in each of those states.