You are given a text that consists of multiple sentences. Your task is to perform abstractive summarization on this text. Use your understanding of the content to express the main ideas and crucial details in a shorter, coherent, and natural sounding text. 
Text: I'd like to take a few minutes to make some high-level comments about our business and how we performed last year.
We came into 2020 with great momentum and this continued into the first quarter, delivering 5.6% organic growth, then COVID-19 hit the US economy and things changed dramatically.
While there was significant uncertainty, we knew we had a great team and resilient responses and innovative with a focus on providing solutions to our customers.
In addition, we were able to move -- we were able to quickly transition over 10,000 teammates to a no working environment in less than a week.
So they could pivot and effectively serve our customers.
As you may remember, we didn't grow as quickly in the second quarter due to the impact of the pandemic on our new business and the recording of revenue adjustments for general liability policies, but we still expanded our margins.
And in the third quarter, we delivered outstanding results with strong organic growth and margin expansion.
The results of the fourth quarter were similar to the third quarter as we finished the year strong and with good momentum going into '21.
Based on what we were seeing, if you ask me, if it was likely that we would deliver full-year results with good organic growth and meaningful margin expansion, I would have said it was possible but unlikely that if you would ask me that in, let's say, April.
We are very pleased with our results for 2020.
We were able to deliver these results through the hard work of our teammates and their dedication to our customers.
2020 was a testament to our laser focus on delivering innovative risk solutions.
We also thought the M&A landscape would cool off for several quarters until there was some sort of economic stability.
The slowdown only occurred for about one quarter and the industrywide activity is now rebounded a pre-COVID-19 levels.
Even with the uncertainty this year, we're very pleased that completed 25 acquisitions and $197 million of acquired annual revenue.
I'd like to highlight two strategic acquisitions, CoverHound that we completed in the fourth quarter, and O'Leary Insurances that we announced in the fourth quarter and closed on the 14th of January.
Regarding CoverHound, this acquisition will help us in many ways.
First, it will help us further our investment in technology, drive our innovation agenda and improve our carrier connectivity.
Second, it enables us to more effectively and efficiently provide quotes and bond coverage for our National Programs segment.
Third, it enables us to better serve smaller customers within our retail segment.
Ultimately, these items are focused on enhancing the customer buying experience by delivering curated quotes that best meet the needs of our customers.
We believe these new capabilities are unique in the marketplace.
We started 2020 with the acquisition Special Risk in British Columbia and finished the year with our acquisition of O'Leary Insurances in Ireland.
O'Leary was the largest independently owned retail brokers serving the Irish marketplace.
This acquisition strengthens our European operations, which we look forward to further developing in the years ahead.
Our new teammates and capability to deliver many opportunities over the coming years.
We're extremely proud of our results in 2020 in the delivery of total shareholder returns in excess of 20%.
And Steve Boyd will become our President of Wholesale.
Steve's background in National Programs as an operator and in technology brings critical skills to the leadership team in Wholesale as we continue to grow this important business through innovative solutions.
I'm excited that Tony and Steve will be working together to further drive this growth in the future.
Now, let's transition to the results of the quarter and the full-year.
I'm on Slide number 3.
We delivered strong results again this quarter, total revenue of $642 million, growing 10.9% in total and 4.7% organically.
Again into more detail in a few minutes about the performance of our segments.
Our EBITDAC margin was 27.1%, which is up 10 basis points from the fourth quarter of 2019.
Please remember that the fourth quarter of '19 included a gain on sale of business that benefited the prior year margin by approximately 100 basis points.
Our net income per share for the fourth quarter was $0.34, increasing 25% on an as-reported basis.
On an adjusted basis, which excludes the change in estimated acquisition earn-out payables, our net income per share was $0.32, an increase of 14.3% over the prior year.
Our team did an outstanding job of continuing to profitably grow our revenue, as well as manage our expenses in response to the dynamics associated with COVID-19.
During the quarter, we completed another nine acquisitions with annual revenues of approximately $80 million.
For the year, we grew total revenues of 9.2% and delivered organic revenue growth of 3.8%.
This is an outstanding performance given the economic headwinds experienced for most of the year.
We improved our EBITDAC margin for -- by 110 basis points to 31.1%, compared to 2019 as we leverage the growth in organic revenue and managed our expenses in response to the pandemic.
Our net income per share for the full-year of '20 increased 20.7% to $1.69 from $1.40 in 2019.
On an adjusted basis, which excludes the change in acquisition earn-outs, net income per share increased 19.3%.
Lastly, we had another strong year of M&A activity, as I said earlier, closing 25 acquisitions with approximately $197 million of annual revenue, adding many excellent businesses and teammates.
Now, on Slide 5.
In prior calls, we talked about factors that would impact the economic recovery, which included the elections, the approval of the vaccine and the timing of the rollout, as well as how much additional stimulus will be approved.
The timing of the vaccine rollout and the approval of additional stimulus will have the largest impact upon the recovery of the economy will influence business leaders confidence about rehiring and investing in their businesses.
During the fourth quarter, we continue to see companies doing well and other struggling mightily.
We've seen improving new business and our retention remains good.
However, we continue to believe it will be choppy -- a choppy recovery through at least the end of 2021 and maybe into early 2022.
From a rate standpoint, the fourth quarter was very similar to the third quarter, most standard rates were up 3% to 7% with E&S rates up 10% to 25% as compared to the prior year.
As we've talked about before, the main driver of rate increases continues to be loss experience.
Commercial auto rates remain up 10% or more and workers' compensation rates are not declining as fast as they were in previous quarters, but they are still negative.
There has been a lot of talk over the past few quarters that workers' compensation rates are turning positive.
However, we're still not seeing it across the board yet.
For an E&S perspective, coastal property, both wind and quake are up 15% to 25%.
Professional liability is generally up 10% to 25%, depending on the coverage in the industry.
We continue to see outliers to be wanted to coverage.
Personal lines in California, Florida and the Gulf Coast states remain under intense pressure as carriers are seeking to reduce their exposure due to fires and tropical activity during 2020.
We expect the reduction in personal lines capacity continue throughout '21.
Placing coverage for many lines, certain industries or customers with significant losses continues to be challenging.
This includes excess or umbrella coverage, where a carrier or carriers will seek a combination of lower limit and higher premium rates.
We don't expect this trend to materially change in '21.
Now, on Slide number 6.
Let's discuss the performance of our four segments.
Our Retail segment, organic revenue growth grew by 1.5% for the fourth quarter.
As we mentioned in our third quarter earnings call, we had about a 100 basis points of timing items that benefited the growth in the third quarter and negatively impacted the growth in the fourth quarter.
Our fourth quarter performance was driven by new business, better customer retention and premium rate increases, but was impacted by lower exposure units resulting from the pandemic.
We view the performance for the fourth quarter as good, considering we delivered 7% organic growth in the fourth quarter of last year and taking into consideration the timing headwind mentioned earlier.
Organic revenue growth for the full-year was 2.4%, which we consider a good performance in light of the tough economic environment.
Our National Programs segment grew 14.1% organically, delivering another stellar quarter.
Our growth was driven by strong new business, retention and rate increases.
Some of the top performing programs were our lender place, commercial and residential earthquake, wind and personal property, just to name a few.
For the full-year, our National Programs segment grew organically, an impressive 12.3%.
Our Wholesale Brokerage segment grew 5.8% organically for the quarter.
We realized strong new business and continued rate increases for most lines of coverage.
Brokerage was the fastest-growing again this quarter, while we continue to experience headwinds in our binding authority and personal lines businesses due to the economy and carrier appetite we mentioned previously.
For the full-year, our Wholesale Brokerage segment grew 5.5% organically, delivering another good year.
The organic revenue for our Services segment decreased 50 basis points for the fourth quarter, representing good improvement from the last few quarters.
The main drivers depressing growth continue to be lower claims volume for our Social Security and Medicare Set-aside advocacy businesses.
The decline was substantially offset by revenue generated by processing claims for weather-related events that occurred in the third and fourth quarters.
For the full-year, organic revenue decreased by 10.9%, driven by lower claims for our Social Security Advocacy business, certain terminated customer contracts and the impact of the pandemic.
While not back in positive territory, we believe the fourth quarter was a turning point, and we anticipate delivering modest organic growth for 2021.
I'm moving on to Slide number 7.
Like previous quarters, I'm going to discuss our GAAP results, certain non-GAAP financial highlights, as well as our adjusted results, excluding the impact of the change in acquisition earn-out payables.
For the fourth quarter, we delivered total revenue growth of 61 -- $63.1 million, or 10.9% and organic revenue growth of 4.7%.
Our EBITDAC increased by 11.3%, growing slightly faster than revenues as we are able to leverage our expense base and further manage our expenses in response to COVID-19.
These both offset the headwinds associated with the gain on disposal recorded in the fourth quarter of 2019, an increase in non-cash stock-based compensation.
Our income before income taxes increased by 28.3%, outpacing EBITDAC growth.
This is primarily driven by the $15 million year-over-year decrease in the change of estimated acquisition earn-out payables.
On the next slide, we'll discuss our results excluding this adjustment.
Our net income increased by $20.8 million or 27.2% and our diluted net income per share increased by 25.9% to $0.34.
Our effective tax rate for the fourth quarter was 25.7%, substantially in line with the 25% we realized in the fourth quarter of 2019.
Our weighted average number of shares increased slightly compared to the prior year and our dividends per share increased to $0.093 or 9.4% compared to the fourth quarter of 2019.
Over on to Slide number 8.
This slide presents our results after removing the change in estimated acquisition earn-out payables for both years.
During the fourth quarter of 2020, the change in estimated acquisition earn-out payables was a credit of $9.5 million as compared to a $5.5 million charge in the fourth quarter of 2019.
The credit was primarily driven by the reduction in estimated earn-out payables for an acquisition within the National Programs segment.
Excluding the change in acquisition earn-outs in the fourth quarter of both years, our income before income tax grew $13.9 million or 12.9%.
Our net income on an adjusted basis increased by $9.7 million or 12% and our adjusted diluted net income per share was $0.32, an increase of 14.3%.
Overall, it was a great quarter.
We're moving over to Slide number 9.
This slide presents the key components of our revenue performance.
For the quarter, our total commissions and fees increased by 10.9% and our contingent commissions and GSCs was slightly down for the quarter.
Our organic revenues was exclude the net impact of M&A activity, increased by 4.7% for the fourth quarter.
Over to Slide number 10.
Our Retail segment delivered total revenue growth of 7.2%, driven by acquisition activity and organic revenue growth of 1.5%.
The timing discussed above negatively impacted organic revenue by 100 basis points for the quarter.
EBITDAC grew 5.3% due to leveraging organic revenue and cost savings achieved in response to the pandemic.
This growth was slower than the growth in total revenues, primarily due to a prior year gain on disposal that represented a negative year-over-year impact of approximately 150 basis points.
Our income before income tax margin increased 130 basis points and grew faster than EBITDAC, due primarily to the change in estimated acquisition earn-outs.
Moving on to Slide number 11.
Our National Programs segment increased total revenues by $25.3 million or 18.9% and organic revenue by 14.1%.
The increase in total revenue was driven by recent acquisitions and strong organic growth across many programs.
Due to that growth of 19% was in line with total revenue growth.
The leveraging of strong organic revenue in the management of variable cost was offset by higher intercompany IT charges and lower contingent commissions.
Income before income taxes increased by $20.3 million or 54% growing faster than EBITDAC due to decreased acquisition earn-out payables that was partially offset by higher intercompany interest expense.
Over to Slide number 12.
Our Wholesale Brokerage segment delivered total revenue growth of 19.2% and organic revenue growth of 5.8%.
Total revenues grew faster than organic revenue due to recent acquisitions with contingent commissions substantially flat year-over-year.
EBITDAC grew by 17.1% with a margin decline of 40 basis points as compared to the prior year, while we delivered good organic growth and reduced variable expenses in response to COVID-19.
These were more than offset due to changes in foreign exchange rates and to a lesser extent higher intercompany IT charges.
Our income before income taxes, grew by 6.2%, which was lower than total revenue growth, primarily due to higher intercompany interest expense.
Over to Slide number 13.
Total revenues and organic revenues for the Services segment both declined by about 50 basis points, driven by the items Powell mentioned earlier.
For the quarter, EBITDAC increased by 9.7% due to increased weather-related claims and was partially offset by higher intercompany IT expenses.
Income before income taxes decreased 23.6% due to a credit of $2.5 million in the quarters in the fourth quarter of 2019 for the change in estimated acquisition earn-out payables that did not recur or occurred in 2020.
Over to Slide number 14.
This slide presents our GAAP results for the full-year of 2020 and 2019.
For 2020, we delivered revenues of $2.6 billion, growing 9.2% and earnings per share of $1.69, growing 20.7%.
Our EBITDAC increased by 13.5% and our EBITDAC margin grew by 110 basis points.
For the year, our share count increased slightly as compared to the prior year and our dividends paid during 2020 as compared to 2019 increased by 7.1%.
Over to Slide number 15.
This slide presents our results excluding the change in estimated acquisition earn-out payables for both years.
For the full-year of 2020, on an adjusted basis, our income before income taxes grew 18.1%, which outpaced EBITDAC growth due to lower interest expense and our adjusted net income per share grew by 19.3%.
In addition to the strong income performance metrics, we also had another strong year for cash conversion due to the strength of our operating model and diversity of our businesses.
We delivered $721.6 million of cash flow from operations, representing a continued strong conversion rate of 27.6% as a percentage of revenue.
We also finished the year in a strong liquidity position, with $817 million of cash and cash equivalents, as well as $800 million of accessible capital on our revolver.
With this capital and the cash we will generate in 2021, we are in a good position to fund continued investment in our Company.
We got a few other comments regarding outlook for 2021.
During the third quarter, we were asked the question about our potential margins for 2021 in relation to the COVID-19 savings we had in 2020.
Now, with the year completed and a bit more visibility in 2021, we expect EBITDAC margins could be flat to up slightly considering our variable cost will more than likely increase as we're able to travel and see customers face-to-face.
As we've done in the past, our leaders will be focused on growing profitability.
Regarding contingents, we are anticipating them to be relatively flat or maybe down slightly in 2021.
As it pertains to taxes, we expect our effective tax rate for 2021 to be in the range of 23% to 24%.
This does not take into consideration any potential changes in the federal tax rates that are being discussed by the new administration.
For interest expense, we're anticipating a $7 million to $9 million increase as compared to 2020 driven by the new bonds we issued in September of 2020.
From a capital perspective, we are expecting our capex to decrease in 2021 to approximately $40 million to $45 million as we have substantially completed the development of our new Daytona Beach campus.
In my opening comments, I mentioned there are still a few items that need to be resolved over the coming quarters.
We will watch closely the successful rollout of the vaccine and additional stimulus to help those in need.
Both of these items will influence the pace of economic recovery over the coming quarters.
From a rate perspective, we expect increases for the first six months of '21 to be similar to those seen in '20.
Ultimately, the rating -- the rate of increases will be driven by losses sustained in 2020 from the record setting number of tropical storms in the millions of acres that were burned.
The question remains for how much longer and at what pace the rates need to achieve the targeted returns.
We think the market is getting near an inflection point over the coming year for certain lines and will drive some rate moderation.
The acquisition pace seems to be active as ever and competition between private equity and long-term strategics remains.
We continue to believe the aggressive pricing for deals by PE will not abate any time soon.
However, we're well positioned with our low leverage and the capital on our balance sheet, as well as access to additional capital to fund our M&A activity.
Our pipeline remains good and we will keep our disciplined approach to M&A as it's proven to be very successful.
But as you know, we don't count anything until it's closed.
Finally, technology innovation continue to be at the forefront regarding creation of new products and enhancing the experience of our customers.
We will continue to digitize our data, automate and prioritize technology investments around the following: optimizing and enhancing our data and analytics program; expanding our digital delivery capabilities around products and services; and engaging in initiatives designed to drive greater efficiency and velocity through our underlying processes.
As we deliver on these goals, we will see new opportunities for growth that will serve our customers even better.
We had a great 2020 on many fronts and have good momentum heading into '21.
I am extremely proud of how our team has served our customers through extremely challenging times.
We have a great team and a highly diversified business, both that performed very well in the past and we expect they will in the future.
Ultimately, our financial performance is only possible through the combined efforts of our nearly 11,000 teammates and our commitment to serve our customers.

user
compname announces quarterly revenues of $642.1 million, up 10.9%.
compname announces quarterly revenues of $642.1 million, an increase of 10.9%, and diluted net income per share of $0.34.
q4 earnings per share $0.34.
qtrly adjusted earnings per share $0.32.

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