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.
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.
Even with the uncertainty this year, we're very pleased that completed 25 acquisitions and $197 million of acquired annual revenue.
We're extremely proud of our results in 2020 in the delivery of total shareholder returns in excess of 20%.
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.
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.
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%.
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.
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.
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.
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.
Now, on Slide number 6.
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.
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.
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.
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.
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.
I'm moving on to Slide number 7.
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.
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.
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.
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.
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%.
We're moving over to Slide number 9.
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%.
Due to that growth of 19% was in line with total revenue growth.
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%.
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.
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.
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.
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%.
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.
As it pertains to taxes, we expect our effective tax rate for 2021 to be in the range of 23% to 24%.
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.
Ultimately, our financial performance is only possible through the combined efforts of our nearly 11,000 teammates and our commitment to serve our customers.

Summary:
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.
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 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 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%.