(成立或組織的)州或其他轄區 或組織成立的州或其他司法管轄區) | (國稅局雇主識別號碼) 識別號碼) | |||
(主要行政辦公室地址) | (郵政編碼) |
( |
(註冊人電話號碼,包括區號) |
每種類別的名稱 | 交易 標的 | 每個交易所的名稱 註冊在哪裡的 | ||
☒ | 加速文件 | ☐ | ||
非加速文件 | ☐ | 較小的報告公司 | ||
新興成長公司 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||
2024 | 2023 | 2024 | 2023 | |||||
REVENUE | ||||||||
Net commissions and fees | $ | $ | $ | $ | ||||
Fiduciary investment income | ||||||||
Total revenue | $ | $ | $ | $ | ||||
EXPENSES | ||||||||
Compensation and benefits | ||||||||
General and administrative | ||||||||
Amortization | ||||||||
Depreciation | ||||||||
Change in contingent consideration | ( | |||||||
Total operating expenses | $ | $ | $ | $ | ||||
OPERATING INCOME | $ | $ | $ | $ | ||||
Interest expense, net | ||||||||
(Income) from equity method investment in related party | ( | ( | ( | ( | ||||
Other non-operating loss | ||||||||
INCOME BEFORE INCOME TAXES | $ | $ | $ | $ | ||||
Income tax expense (benefit) | ( | |||||||
NET INCOME | $ | $ | $ | $ | ||||
Net income attributable to non-controlling interests, net of tax | ||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO RYAN SPECIALTY HOLDINGS, INC. | $ | $( | $ | $ | ||||
NET INCOME (LOSS) PER SHARE OF CLASS A COMMON STOCK: | ||||||||
Basic | $ | $( | $ | $ | ||||
Diluted | $ | $( | $ | $ | ||||
WEIGHTED-AVERAGE SHARES OF CLASS A COMMON STOCK OUTSTANDING: | ||||||||
Basic | ||||||||
Diluted |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||
2024 | 2023 | 2024 | 2023 | |||||
NET INCOME | $ | $ | $ | $ | ||||
Net income attributable to non-controlling interests, net of tax | ||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO RYAN SPECIALTY HOLDINGS, INC. | $ | $( | $ | $ | ||||
Other comprehensive income (loss), net of tax: | ||||||||
Gain (loss) on interest rate cap | ( | |||||||
(Gain) on interest rate cap reclassified to earnings | ( | ( | ( | ( | ||||
Foreign currency translation adjustments | ( | ( | ||||||
Change in share of equity method investment in related party other comprehensive income (loss) | ( | ( | ||||||
Total other comprehensive income (loss), net of tax | $ | $( | $ | $ | ||||
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO RYAN SPECIALTY HOLDINGS, INC. | $ | $( | $ | $ |
September 30, 2024 | December 31, 2023 | |||
ASSETS | ||||
CURRENT ASSETS | ||||
Cash and cash equivalents | $ | $ | ||
Commissions and fees receivable – net | ||||
Fiduciary cash and receivables | ||||
Prepaid incentives – net | ||||
Other current assets | ||||
Total current assets | $ | $ | ||
NON-CURRENT ASSETS | ||||
Goodwill | ||||
Customer relationships | ||||
Other intangible assets | ||||
Prepaid incentives – net | ||||
Equity method investment in related party | ||||
Property and equipment – net | ||||
Lease right-of-use assets | ||||
Deferred tax assets | ||||
Other non-current assets | ||||
Total non-current assets | $ | $ | ||
TOTAL ASSETS | $ | $ | ||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||
CURRENT LIABILITIES | ||||
Accounts payable and accrued liabilities | $ | $ | ||
Accrued compensation | ||||
Operating lease liabilities | ||||
Tax Receivable Agreement liabilities | ||||
Short-term debt and current portion of long-term debt | ||||
Fiduciary liabilities | ||||
Total current liabilities | $ | $ | ||
NON-CURRENT LIABILITIES | ||||
Accrued compensation | ||||
Operating lease liabilities | ||||
Long-term debt | ||||
Tax Receivable Agreement liabilities | ||||
Deferred tax liabilities | ||||
Other non-current liabilities | ||||
Total non-current liabilities | $ | $ | ||
TOTAL LIABILITIES | $ | $ | ||
STOCKHOLDERS’ EQUITY | ||||
Class A common stock ($ shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively) | ||||
Class B common stock ($ shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively) | ||||
Class X common stock ($ outstanding at September 30, 2024 and December 31, 2023) | ||||
Preferred stock ($ September 30, 2024 and December 31, 2023) | ||||
Additional paid-in capital | ||||
Retained earnings | ||||
Accumulated other comprehensive income | ||||
Total stockholders’ equity attributable to Ryan Specialty Holdings, Inc. | $ | $ | ||
Non-controlling interests | ||||
Total stockholders’ equity | $ | $ | ||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | $ |
Nine Months Ended September 30, | ||||
2024 | 2023 | |||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Net income | $ | $ | ||
Adjustments to reconcile net income to cash flows provided by operating activities: | ||||
(Income) from equity method investment in related party | ( | ( | ||
Amortization | ||||
Depreciation | ||||
Prepaid and deferred compensation expense | ||||
Non-cash equity-based compensation | ||||
Amortization of deferred debt issuance costs | ||||
Amortization of interest rate cap premium | ||||
Deferred income tax expense (benefit) | ( | |||
Deferred income tax expense from reorganization | ||||
Loss on Tax Receivable Agreement | ||||
Changes in operating assets and liabilities, net of acquisitions: | ||||
Commissions and fees receivable – net | ||||
Accrued interest liability | ( | |||
Other current and non-current assets | ( | |||
Other current and non-current accrued liabilities | ( | ( | ||
Total cash flows provided by operating activities | $ | $ | ||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||
Business combinations – net of cash acquired and cash held in a fiduciary capacity | ( | ( | ||
Capital expenditures | ( | ( | ||
Repayments of prepaid incentives | ||||
Total cash flows used in investing activities | $( | $( | ||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Proceeds from Senior Secured Notes | ||||
Borrowings on Revolving Credit Facility | ||||
Repayments on Revolving Credit Facility | ( | |||
Debt issuance costs paid | ( | |||
Proceeds from term debt | ||||
Repayment of term debt | ( | ( | ||
Payment of contingent consideration | ( | |||
Tax distributions to non-controlling LLC Unitholders | ( | ( | ||
Receipt of taxes related to net share settlement of equity awards | ||||
Taxes paid related to net share settlement of equity awards | ( | ( | ||
Dividends paid to Class A common shareholders | ( | |||
Distributions to non-controlling LLC Unitholders | ( | |||
Payment of accrued return on Ryan Re preferred units | ( | |||
Net change in fiduciary liabilities | ||||
Total cash flows provided by (used in) financing activities | $ | $( | ||
Effect of changes in foreign exchange rates on cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity | ( | |||
NET CHANGE IN CASH, CASH EQUIVALENTS, AND CASH AND CASH EQUIVALENTS HELD IN A FIDUCIARY CAPACITY | $( | $( | ||
CASH, CASH EQUIVALENTS, AND CASH AND CASH EQUIVALENTS HELD IN A FIDUCIARY CAPACITY—Beginning balance | ||||
CASH, CASH EQUIVALENTS, AND CASH AND CASH EQUIVALENTS HELD IN A FIDUCIARY CAPACITY—Ending balance | $ | $ | ||
Reconciliation of cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity | ||||
Cash and cash equivalents | ||||
Cash and cash equivalents held in a fiduciary capacity | ||||
Total cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity | $ | $ |
Class A Common Stock | Class B Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income | Non- controlling Interests | Total Stockholders’ Equity | ||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||
Balance at December 31, 2023 | $ | $ | $ | $ | $ | $ | $ | |||||||||||
Net income | — | — | — | — | — | — | ||||||||||||
Issuance of common stock | — | — | — | — | — | — | — | — | ||||||||||
Exchange of LLC equity for common stock | — | ( | — | — | — | ( | ||||||||||||
Class A common stock dividends and Dividend Equivalents | — | — | — | — | — | ( | — | — | ( | |||||||||
Distributions and Declared Distributions to non-controlling LLC Unitholders | — | — | — | — | — | — | — | ( | ( | |||||||||
Tax Receivable Agreement liability and deferred taxes arising from LLC interest ownership changes | — | — | — | — | ( | — | — | — | ( | |||||||||
Distributions declared for non-controlling interest holders’ tax | — | — | — | — | — | — | — | ( | ( | |||||||||
Change in share of equity method investment in related party other comprehensive income | — | — | — | — | — | — | ||||||||||||
Gain on interest rate cap, net | — | — | — | — | — | — | ||||||||||||
Foreign currency translation adjustments | — | — | — | — | — | — | ( | ( | ( | |||||||||
Equity-based compensation | — | — | — | — | — | — | ||||||||||||
Balance at March 31, 2024 | $ | $ | $ | $ | $ | $ | $ | |||||||||||
Net income | — | — | — | — | — | — | ||||||||||||
Issuance of common stock | — | — | — | — | ||||||||||||||
Exchange of LLC equity for common stock | — | ( | — | — | — | ( | ||||||||||||
Equity awards withheld for settlement of employee tax obligations | — | — | — | — | — | — | — | ( | ( | |||||||||
Class A common stock dividends and Dividend Equivalents | — | — | — | — | — | ( | — | — | ( | |||||||||
Distributions and Declared Distributions to non-controlling LLC Unitholders | — | — | — | — | — | — | — | ( | ( | |||||||||
Tax Receivable Agreement liability and deferred taxes arising from LLC interest ownership changes | — | — | — | — | — | — | ( | |||||||||||
Distributions declared for non-controlling interest holders’ tax | — | — | — | — | — | — | — | ( | ( | |||||||||
Change in share of equity method investment in related party other comprehensive income | — | — | — | — | — | — | ( | ( | ( | |||||||||
Loss on interest rate cap, net | — | — | — | — | — | — | ( | ( | ( | |||||||||
Foreign currency translation adjustments | — | — | — | — | — | — | ||||||||||||
Equity-based compensation | — | — | — | — | — | — | ||||||||||||
Balance at June 30, 2024 | $ | $ | $ | $ | $ | $ | $ |
Class A Common Stock | Class B Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income | Non- controlling Interests | Total Stockholders’ Equity | ||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||
Balance at June 30, 2024 | $ | $ | $ | $ | $ | $ | $ | |||||||||||
Net income | — | — | — | — | — | — | ||||||||||||
Issuance of common stock | — | — | — | |||||||||||||||
Forfeiture of common stock | ( | — | — | — | — | — | — | — | — | |||||||||
Exchange of LLC equity for common stock | ( | ( | — | — | ( | |||||||||||||
Class A common stock dividends and Dividend Equivalents | — | — | — | — | — | ( | — | — | ( | |||||||||
Distributions and Declared Distributions to non-controlling LLC Unitholders | — | — | — | — | — | — | — | ( | ( | |||||||||
Tax Receivable Agreement liability and deferred taxes arising from LLC interest ownership changes | — | — | — | — | — | — | — | |||||||||||
Distributions declared for non-controlling interest holders’ tax | — | — | — | — | — | — | — | ( | ( | |||||||||
Change in share of equity method investment in related party other comprehensive income | — | — | — | — | — | — | ( | ( | ( | |||||||||
Loss on interest rate cap, net | — | — | — | — | — | — | ( | ( | ( | |||||||||
Foreign currency translation adjustments | — | — | — | — | — | — | ||||||||||||
Equity-based compensation | — | — | — | — | — | — | ||||||||||||
Balance at September 30, 2024 | $ | $ | $ | $ | $ | $ | $ |
Class A Common Stock | Class B Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Non- controlling Interests | Total Stockholders’ Equity | ||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||
Balance at December 31, 2022 | $ | $ | $ | $ | $ | $ | $ | |||||||||||
Net income | — | — | — | — | — | — | ||||||||||||
Issuance of common stock | — | — | — | — | — | — | — | — | ||||||||||
Exchange of LLC equity for common stock | ( | ( | — | — | ( | |||||||||||||
Tax Receivable Agreement liability and deferred taxes arising from LLC interest ownership changes | — | — | — | — | ( | — | — | — | ( | |||||||||
Distributions declared for non-controlling interest holders’ tax | — | — | — | — | — | — | — | ( | ( | |||||||||
Change in share of equity method investment in related party other comprehensive income | — | — | — | — | — | — | ||||||||||||
Loss on interest rate cap, net | — | — | — | — | — | — | ( | ( | ( | |||||||||
Foreign currency translation adjustments | — | — | — | — | — | — | ||||||||||||
Equity-based compensation | — | — | — | — | — | — | ||||||||||||
Balance at March 31, 2023 | $ | $ | $ | $ | $ | $ | $ | |||||||||||
Net income | — | — | — | — | — | — | ||||||||||||
Issuance of common stock | — | — | — | — | — | — | — | |||||||||||
Exchange of LLC equity for common stock | ( | ( | — | — | ( | |||||||||||||
Tax Receivable Agreement liability and deferred taxes arising from LLC interest ownership changes | — | — | — | — | — | — | — | |||||||||||
Distributions declared for non-controlling interest holders’ tax | — | — | — | — | — | — | — | ( | ( | |||||||||
Change in share of equity method investment in related party other comprehensive income | — | — | — | — | — | — | ||||||||||||
Gain on interest rate cap, net | — | — | — | — | — | — | ||||||||||||
Foreign currency translation adjustments | — | — | — | — | — | — | ||||||||||||
Equity-based compensation | — | — | — | — | — | — | ||||||||||||
Balance at June 30, 2023 | $ | $ | $ | $ | $ | $ | $ | |||||||||||
Net income (loss) | — | — | — | — | — | ( | — | |||||||||||
Issuance of common stock | — | — | — | — | — | |||||||||||||
Exchange of LLC equity for common stock | ( | ( | — | — | ( | |||||||||||||
Tax Receivable Agreement liability and deferred taxes arising from LLC interest ownership changes | — | — | — | — | ( | — | — | ( | ||||||||||
Distributions declared for non-controlling interest holders’ tax | — | — | — | — | — | — | — | ( | ( | |||||||||
Change in share of equity method investment in related party other comprehensive loss | — | — | — | — | — | — | ( | ( | ( | |||||||||
Gain on interest rate cap, net | — | — | — | — | — | — | ||||||||||||
Foreign currency translation adjustments | — | — | — | — | ( | — | ( | ( | ( | |||||||||
Equity-based compensation | — | — | — | — | — | — | ||||||||||||
Balance at September 30, 2023 | $ | $ | $ | $ | $ | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||
2024 | 2023 | 2024 | 2023 | |||||
Wholesale Brokerage | $ | $ | $ | $ | ||||
Binding Authority | ||||||||
Underwriting Management | ||||||||
Total Net commissions and fees | $ | $ | $ | $ |
Castel | US Assure | Greenhill | Ethos P&C | Total | ||||||
Cash and cash equivalents | $ | $ | $ | $ | $ | |||||
Commissions and fees receivable – net | ||||||||||
Fiduciary cash and receivables | ||||||||||
Goodwill2 | ||||||||||
Customer relationships1 | ||||||||||
Other intangible assets | ||||||||||
Lease right-of-use assets | ||||||||||
Other current and non-current assets | ||||||||||
Total assets acquired | $ | $ | $ | $ | $ | |||||
Accounts payable and accrued liabilities | ||||||||||
Accrued compensation | ||||||||||
Fiduciary liabilities | ||||||||||
Operating lease liabilities | ||||||||||
Deferred tax liabilities2 | ||||||||||
Total liabilities assumed | $ | $ | $ | $ | $ | |||||
Net assets acquired | $ | $ | $ | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||
2024 | 2023 | 2024 | 2023 | |||||
Total revenue | $ | $ | $ | $ | ||||
Net income |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||
2024 | 2023 | 2024 | 2023 | |||||
Change in contingent consideration | $( | $ | $ | $ | ||||
Interest expense, net | ||||||||
Total | $ | $ | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | Inception-to- Date | ||||||||
2024 | 2023 | 2024 | 2023 | As of September 30, 2024 | ||||||
Operations and technology optimization | $ | $ | $ | $ | $ | |||||
Compensation and benefits | ||||||||||
Asset impairment and other termination costs | ||||||||||
Total | $ | $ | $ | $ | $ |
Operations and Technology Optimization | Compensation and Benefits | Asset Impairment and Other Termination Costs | Total | |||||
Balance at December 31, 2023 | $ | $ | $ | $ | ||||
Accrued costs | ||||||||
Payments | ( | ( | ( | |||||
Non-cash adjustments | ( | ( | ||||||
Balance at September 30, 2024 | $ | $ | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||
2024 | 2023 | 2024 | 2023 | |||||
Beginning of period | $ | $ | $ | $ | ||||
Write-offs | ( | ( | ( | ( | ||||
Increase in provision | ||||||||
End of period | $ | $ | $ | $ |
September 30, 2024 | December 31, 2023 | |||
Prepaid expenses | $ | $ | ||
Insurance recoverable | ||||
Other current receivables | ||||
Total Other current assets | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||
2024 | 2023 | 2024 | 2023 | |||||
Lease costs | ||||||||
Operating lease costs | $ | $ | $ | $ | ||||
Short-term lease costs | ||||||||
Operating lease costs | ||||||||
Sublease income | ( | ( | ( | ( | ||||
Lease costs – net | $ | $ | $ | $ | ||||
Cash paid for amounts included in the measurement of lease liabilities | ||||||||
Operating cash flows for operating leases | $ | $ | ||||||
Non-cash related activities | ||||||||
Right-of-use assets obtained in exchange for new operating lease liabilities | ||||||||
Amortization of right-of-use assets for operating lease activity | ||||||||
Weighted average discount rate (percent) | ||||||||
Operating leases | ||||||||
Weighted average remaining lease term (years) | ||||||||
Operating leases |
September 30, 2024 | December 31, 2023 | |||
Term debt | ||||
payments, Adjusted Term SOFR + Adjusted Term SOFR + | $ | $ | ||
Senior secured notes | ||||
matures | ||||
August 1, 2032 | ||||
Revolving debt | ||||
SOFR + up to up to | ||||
Premium financing notes | ||||
Commercial notes, periodic interest and principal payments, expire | ||||
Commercial notes, periodic interest and principal payments, expire | ||||
Commercial notes, periodic interest and principal payments, expire | ||||
Commercial notes, periodic interest and principal payments, expired | ||||
Commercial notes, periodic interest and principal payments, expired | ||||
Commercial notes, periodic interest and principal payments, expired | ||||
Commercial notes, periodic interest and principal payments, expired | ||||
Units subject to mandatory redemption | ||||
Total debt | $ | $ | ||
Less: Short-term debt and current portion of long-term debt | ( | ( | ||
Long-term debt | $ | $ |
Nine Months Ended September 30, 2024 | |||||||||
Restricted Stock | Weighted Average Grant Date Fair Value | Restricted Common Units | Weighted Average Grant Date Fair Value | ||||||
Unvested at beginning of period | $ | $ | |||||||
Granted | |||||||||
Vested | ( | ( | |||||||
Forfeited | ( | ||||||||
Unvested at end of period | $ | $ |
Nine Months Ended September 30, 2024 | |||||||||
IPO RSUs | Incentive RSUs | ||||||||
Restricted Stock Units | Weighted Average Grant Date Fair Value | Restricted Stock Units | Weighted Average Grant Date Fair Value | ||||||
Unvested at beginning of period | $ | $ | |||||||
Granted | |||||||||
Vested | ( | ( | |||||||
Forfeited | ( | ( | |||||||
Unvested at end of period | $ | $ |
Nine Months Ended September 30, 2024 | ||||||||||
Reload Options1 | Staking Options1 | Incentive Options | Incentive Options Weighted Average Exercise Price | |||||||
Outstanding at beginning of period | $ | |||||||||
Granted | ||||||||||
Exercised | ( | |||||||||
Forfeited | ( | ( | ||||||||
Outstanding at end of period | $ |
Incentive Options | |
Volatility | |
Time to maturity (years) | |
Risk-free rate | |
Dividend yield | |
Fair value per option | $ |
Aggregate intrinsic value ($ in thousands) | ||
Reload Options outstanding | $ | |
Reload Options exercisable | ||
Staking Options outstanding | ||
Staking Options exercisable | ||
Incentive Options outstanding | ||
Incentive Options exercisable | ||
Weighted-average remaining contractual term (in years) | ||
Reload Options outstanding | ||
Reload Options exercisable | ||
Staking Options outstanding | ||
Staking Options exercisable | ||
Incentive Options outstanding | ||
Incentive Options exercisable | — |
Nine Months Ended September 30, 2024 | |||||||||
IPO RLUs | Incentive RLUs | ||||||||
Restricted LLC Units | Weighted Average Grant Date Fair Value | Restricted LLC Units | Weighted Average Grant Date Fair Value | ||||||
Unvested at beginning of period | $ | $ | |||||||
Granted | |||||||||
Vested | ( | ( | |||||||
Forfeited | |||||||||
Unvested at end of period | $ | $ |
Nine Months Ended September 30, 2024 | ||||||||||
Reload Class C Incentive Units | Staking Class C Incentive Units | Class C Incentive Units | Class C Incentive Units Weighted Average Participation Threshold | |||||||
Unvested at beginning of period | $ | |||||||||
Granted | ||||||||||
Vested | ( | ( | ||||||||
Forfeited | ||||||||||
Unvested at end of period | $ |
Nine Months Ended September 30, 2024 | |||||||||
PSUs | PLUs | ||||||||
Performance Stock Units | Weighted Average Grant Date Fair Value | Performance LLC Units | Weighted Average Grant Date Fair Value | ||||||
Unvested at beginning of period | $ | $ | |||||||
Granted | |||||||||
Vested | |||||||||
Forfeited | |||||||||
Unvested at end of period | $ | $ |
PSUs and PLUs | |
Volatility | |
Time to maturity (years) | |
Risk-free rate | |
Initial RYAN stock price | $ |
Amount | Weighted Average Remaining Expense Period (Years) | |||
Restricted Stock | $ | |||
IPO RSUs | ||||
Incentive RSUs | ||||
Reload Options | ||||
Staking Options | ||||
Incentive Options | ||||
PSUs | ||||
Restricted Common Units | ||||
IPO RLUs | ||||
Incentive RLUs | ||||
Reload Class C Incentive Units | ||||
Staking Class C Incentive Units | ||||
Class C Incentive Units | ||||
PLUs | ||||
Total unrecognized equity-based compensation expense | $ |
Recognized | Unrecognized | |||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | As of September 30, 2024 | ||||||||
2024 | 2023 | 2024 | 2023 | |||||||
IPO awards | ||||||||||
IPO RSUs and Staking Options | $ | $ | $ | $ | $ | |||||
IPO RLUs and Staking Class C Incentive Units | ||||||||||
Incremental Restricted Stock and Reload Options | ||||||||||
Incremental Restricted Common Units and Reload Class C Incentive Units | ||||||||||
Pre-IPO incentive awards | ||||||||||
Restricted Stock | ||||||||||
Restricted Common Units | ||||||||||
Post-IPO incentive awards | ||||||||||
Incentive RSUs | ||||||||||
Incentive RLUs | ||||||||||
Incentive Options | ||||||||||
Class C Incentive Units | ||||||||||
PSUs | ||||||||||
PLUs | ||||||||||
Other expense | ||||||||||
Director Stock Grants | N/A | |||||||||
Total equity-based compensation expense | $ | $ | $ | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||
2024 | 2023 | 2024 | 2023 | |||||
Net income | $ | $ | $ | $ | ||||
Less: Net income attributable to non-controlling interests | ||||||||
Net income (loss) attributable to Ryan Specialty Holdings, Inc. | $ | $( | $ | $ | ||||
Numerator: | ||||||||
Net income (loss) attributable to Class A common shareholders | $ | $( | $ | $ | ||||
Add (less): Income attributed to substantively vested RSUs | ( | ( | ||||||
Net income (loss) attributable to Class A common shareholders – basic | $ | $( | $ | $ | ||||
Add: Income attributed to dilutive shares | ||||||||
Net income (loss) attributable to Class A common shareholders – diluted | $ | $( | $ | $ | ||||
Denominator: | ||||||||
Weighted-average shares of Class A common stock outstanding – basic | ||||||||
Add: Dilutive shares | ||||||||
Weighted-average shares of Class A common stock outstanding – diluted | ||||||||
Earnings (loss) per share | ||||||||
Earnings (loss) per share of Class A common stock – basic | $ | $( | $ | $ | ||||
Earnings (loss) per share of Class A common stock – diluted | $ | $( | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||
2024 | 2023 | 2024 | 2023 | |||||
Conversion of non-controlling interest LLC Common Units1 | ||||||||
Conversion of vested Class C Incentive Units1 | ||||||||
Restricted Stock | ||||||||
IPO RSUs | ||||||||
Incentive RSUs | ||||||||
Reload Options | ||||||||
Staking Options | ||||||||
Incentive Options | ||||||||
Restricted Common Units | ||||||||
IPO RLUs | ||||||||
Incentive RLUs | ||||||||
Reload Class C Incentive Units | ||||||||
Staking Class C Incentive Units | ||||||||
Class C Incentive Units |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||
Income Statement Caption | 2024 | 2023 | 2024 | 2023 | |||||
Change in the fair value of the Deal-Contingent Forward | General and administrative | $ | $ | $( | $ | ||||
Total impact of derivatives not designated as hedging instruments | $ | $ | $( | $ | |||||
Interest rate cap premium amortization | Interest expense, net | $( | $( | $( | $( | ||||
Amounts reclassified out of other comprehensive income related to the interest rate cap | Interest expense, net | ||||||||
Total impact of derivatives designated as hedging instruments | $ | $ | $ | $ |
Balance Sheet Caption | September 30, 2024 | December 31, 2023 | |||
Derivatives not designated as hedging instruments | |||||
Deal-Contingent Forward | Accounts payable and accrued liabilities | $ | $ | ||
Derivatives designated as hedging instruments | |||||
Interest rate cap | Other non-current assets | $ | $ |
September 30, 2024 | December 31, 2023 | |||||||||||
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |||||||
Assets | ||||||||||||
Interest rate cap | $ | $ | $ | $ | $ | $ | ||||||
Contingently returnable consideration | ||||||||||||
Liabilities | ||||||||||||
Contingent consideration | ||||||||||||
Deal-Contingent Forward | ||||||||||||
Total assets and liabilities measured at fair value | $ | $ | $ | $ | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Assets | |||||||
Balance at beginning of period | $ | $ | $ | $ | |||
Newly established assets due to acquisitions | |||||||
Total gains included in earnings | |||||||
Total gains included in OCI | |||||||
Balance at end of period | $ | $ | $ | $ | |||
Liabilities | |||||||
Balance at beginning of period | $ | $ | $ | $ | |||
Newly established liability due to acquisitions | |||||||
Total losses included in earnings | |||||||
Settlements | ( | ( | |||||
Acquisition measurement period adjustments | |||||||
Balance at end of period | $ | $ | $ | $ |
Exchange Tax Attributes | Pre-IPO M&A Tax Attributes | TRA Payment Tax Attributes | TRA Liabilities | |||||
Balance at December 31, 2023 | $ | $ | $ | $ | ||||
Exchange of LLC Common Units | ||||||||
Accrued interest | ||||||||
Balance at September 30, 2024 | $ | $ | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||
2024 | 2023 | 2024 | 2023 | |||||
(Gain) loss on interest rate cap | $ | $( | $( | $( | ||||
Gain on interest rate cap reclassified to earnings | ||||||||
Foreign currency translation adjustments | ( | ( | ||||||
Change in share of equity method investment in related party | ( | ( |
Gain (Loss) on Interest Rate Cap | Foreign Currency Translation Adjustments | Change in EMI Other Comprehensive Income (Loss) 1 | Total | |||||
Balance at December 31, 2023 | $ | $ | $( | $ | ||||
Other comprehensive income (loss) before reclassifications | ( | |||||||
Amounts reclassified to earnings | ( | ( | ||||||
Other comprehensive income (loss) | $ | $( | $ | $ | ||||
Less: Non-controlling interests | ( | |||||||
Balance at March 31, 2024 | $ | $ | $( | $ | ||||
Other comprehensive income (loss) before reclassifications | ( | |||||||
Amounts reclassified to earnings | ( | ( | ||||||
Other comprehensive income (loss) | $( | $ | $( | $( | ||||
Less: Non-controlling interests | ( | ( | ( | |||||
Balance at June 30, 2024 | $ | $ | $( | $ | ||||
Other comprehensive income (loss) before reclassifications | ( | ( | ||||||
Amounts reclassified to earnings | ( | ( | ||||||
Other comprehensive income (loss) | $( | $ | $( | $ | ||||
Less: Non-controlling interests | ( | ( | ||||||
Balance at September 30, 2024 | $ | $ | $( | $ |
Gain (Loss) on Interest Rate Cap | Foreign Currency Translation Adjustments | Change in EMI Other Comprehensive Income (Loss) 1 | Total | |||||
Balance at December 31, 2022 | $ | $ | $( | $ | ||||
Other comprehensive income (loss) before reclassifications | ( | ( | ||||||
Amounts reclassified to earnings | ( | ( | ||||||
Other comprehensive income (loss) | $( | $ | $ | $( | ||||
Less: Non-controlling interests | ( | ( | ||||||
Balance at March 31, 2023 | $ | $ | $( | $ | ||||
Other comprehensive income (loss) before reclassifications | ||||||||
Amounts reclassified to earnings | ( | ( | ||||||
Other comprehensive income | $ | $ | $ | $ | ||||
Less: Non-controlling interests | ||||||||
Balance at June 30, 2023 | $ | $ | $( | $ | ||||
Other comprehensive income (loss) before reclassifications | ( | ( | ||||||
Amounts reclassified to earnings | ( | ( | ||||||
Other comprehensive income | $ | $( | $( | $( | ||||
Less: Non-controlling interests | ( | ( | ( | |||||
Balance at September 30, 2023 | $ | $( | $( | $ |
Nine Months Ended September 30, | ||||
2024 | 2023 | |||
Cash paid for: | ||||
Interest | $ | $ | ||
Income taxes, net of refunds | ||||
Non-cash investing and financing activities: | ||||
Non-controlling interest holders’ tax distributions declared but unpaid | $ | $ | ||
Tax Receivable Agreement liabilities | ||||
Dividend Equivalents and Declared Distributions liabilities | ||||
Contingently returnable consideration | ||||
Contingent consideration liabilities |
Three Months Ended September 30, | Change | Nine Months Ended September 30, | Change | |||||||||||||
(in thousands, except percentages and per share data) | 2024 | 2023 | $ | % | 2024 | 2023 | $ | % | ||||||||
Revenue | ||||||||||||||||
Net commissions and fees | $588,129 | $487,345 | $100,784 | 20.7 % | $1,806,264 | $1,507,878 | $298,386 | 19.8 % | ||||||||
Fiduciary investment income | 16,565 | 14,593 | 1,972 | 13.5 | $45,917 | $36,808 | 9,109 | 24.7 | ||||||||
Total revenue | $604,694 | $501,938 | $102,756 | 20.5 % | $1,852,181 | $1,544,686 | $307,495 | 19.9 % | ||||||||
Expenses | ||||||||||||||||
Compensation and benefits | 393,249 | 329,212 | 64,037 | 19.5 | 1,180,825 | 989,294 | 191,531 | 19.4 | ||||||||
General and administrative | 88,684 | 69,288 | 19,396 | 28.0 | 247,518 | 202,595 | 44,923 | 22.2 | ||||||||
Amortization | 39,182 | 29,572 | 9,610 | 32.5 | 97,711 | 79,125 | 18,586 | 23.5 | ||||||||
Depreciation | 2,467 | 2,201 | 266 | 12.1 | 6,820 | 6,570 | 250 | 3.8 | ||||||||
Change in contingent consideration | (365) | 1,848 | (2,213) | NM | 813 | 4,358 | (3,545) | (81.3) | ||||||||
Total operating expenses | $523,217 | $432,121 | $91,096 | 21.1 % | $1,533,687 | $1,281,942 | $251,745 | 19.6 % | ||||||||
Operating income | $81,477 | $69,817 | $11,660 | 16.7 % | $318,494 | $262,744 | $55,750 | 21.2 % | ||||||||
Interest expense, net | 49,388 | 31,491 | 17,897 | 56.8 | 109,916 | 89,840 | 20,076 | 22.3 | ||||||||
(Income) from equity method investment in related party | (4,182) | (2,271) | (1,911) | 84.1% | (13,510) | (5,882) | (7,628) | NM | ||||||||
Other non-operating loss | 16,590 | 67 | 16,523 | NM | 18,575 | 37 | 18,538 | NM | ||||||||
Income before income taxes | $19,681 | $40,530 | $(20,849) | (51.4 %) | $203,513 | $178,749 | $24,764 | 13.9 % | ||||||||
Income tax expense (benefit) | (8,962) | 24,827 | (33,789) | NM | 16,155 | 42,772 | (26,617) | (62.2) | ||||||||
Net income | $28,643 | $15,703 | $12,940 | 82.4 % | $187,358 | $135,977 | $51,381 | 37.8 % | ||||||||
GAAP financial measures | ||||||||||||||||
Total revenue | $604,694 | $501,938 | $102,756 | 20.5 % | $1,852,181 | $1,544,686 | $307,495 | 19.9 % | ||||||||
Net commissions and fees | 588,129 | 487,345 | 100,784 | 20.7 | 1,806,264 | 1,507,878 | 298,386 | 19.8 | ||||||||
Compensation and benefits | 393,249 | 329,212 | 64,037 | 19.5 | 1,180,825 | 989,294 | 191,531 | 19.4 | ||||||||
General and administrative | 88,684 | 69,288 | 19,396 | 28.0 | 247,518 | 202,595 | 44,923 | 22.2 | ||||||||
Net income | 28,643 | 15,703 | 12,940 | 82.4 | 187,358 | 135,977 | 51,381 | 37.8 | ||||||||
Compensation and benefits expense ratio (1) | 65.0 % | 65.6 % | 63.8 % | 64.0 % | ||||||||||||
General and administrative expense ratio (2) | 14.7 % | 13.8 % | 13.4 % | 13.1 % | ||||||||||||
Net income margin (3) | 4.7 % | 3.1 % | 10.1 % | 8.8 % | ||||||||||||
Earnings (loss) per share (4) | $0.15 | $(0.04) | $0.67 | $0.34 | ||||||||||||
Diluted earnings (loss) per share (4) | $0.09 | $(0.04) | $0.59 | $0.34 | ||||||||||||
Non-GAAP financial measures* | ||||||||||||||||
Organic revenue growth rate | 11.8 % | 15.0 % | 13.3 % | 15.0 % | ||||||||||||
Adjusted compensation and benefits expense | $343,442 | $296,400 | $47,042 | 15.9% | $1,057,424 | $911,926 | $145,498 | 16.0 % | ||||||||
Adjusted compensation and benefits expense ratio | 56.8 % | 59.1 % | 57.1 % | 59.0 % | ||||||||||||
Adjusted general and administrative expense | $70,991 | $58,560 | $12,431 | 21.2% | $199,583 | $166,606 | $32,977 | 19.8 % | ||||||||
Adjusted general and administrative expense ratio | 11.7 % | 11.7 % | 10.8 % | 10.8 % | ||||||||||||
Adjusted EBITDAC | $190,261 | $146,978 | $43,283 | 29.4% | $595,174 | $466,154 | $129,020 | 27.7 % | ||||||||
Adjusted EBITDAC margin | 31.5 % | 29.3 % | 32.1 % | 30.2 % | ||||||||||||
Adjusted net income | $113,633 | $86,631 | $27,002 | 31.2% | $369,604 | $282,144 | $87,460 | 31.0 % | ||||||||
Adjusted net income margin | 18.8 % | 17.3 % | 20.0 % | 18.3 % | ||||||||||||
Adjusted diluted earnings per share | $0.41 | $0.32 | $1.34 | $1.04 |
Three Months Ended September 30, | ||||||||||||
(in thousands, except percentages) | 2024 | % of total | 2023 | % of total | Change | |||||||
Wholesale Brokerage | $346,666 | 59.0 % | $308,872 | 63.4 % | $37,794 | 12.2 % | ||||||
Binding Authorities | 76,497 | 13.0 | 69,245 | 14.2 | 7,252 | 10.5 | ||||||
Underwriting Management | 164,966 | 28.0 | 109,228 | 22.4 | 55,738 | 51.0 | ||||||
Total net commissions and fees | $588,129 | $487,345 | $100,784 | 20.7 % | ||||||||
Three Months Ended September 30, | ||||||||||||
(in thousands, except percentages) | 2024 | % of total | 2023 | % of total | Change | |||||||
Net commissions and policy fees | $555,282 | 94.4 % | $470,085 | 96.4 % | $85,197 | 18.1 % | ||||||
Supplemental and contingent commissions | 20,455 | 3.5 | 8,592 | 1.8 | 11,863 | 138.1 | ||||||
Loss mitigation and other fees | 12,392 | 2.1 | 8,668 | 1.8 | 3,724 | 43.0 | ||||||
Total net commissions and fees | $588,129 | $487,345 | $100,784 | 20.7 % |
Nine Months Ended September 30, | |||||||||||
(in thousands, except percentages) | 2024 | % of total | 2023 | % of total | Change | ||||||
Wholesale Brokerage | $1,114,240 | 61.7 % | $976,338 | 64.7 % | $137,902 | 14.1 % | |||||
Binding Authorities | 245,762 | 13.6 | $208,547 | 13.8 | 37,215 | 17.8 | |||||
Underwriting Management | 446,262 | 24.7 | $322,993 | 21.4 | 123,269 | 38.2 | |||||
Total Net commissions and fees | $1,806,264 | $1,507,878 | $298,386 | 19.8 % |
Nine Months Ended September 30, | |||||||||||
(in thousands, except percentages) | 2024 | % of total | 2023 | % of total | Change | ||||||
Net commissions and policy fees | $1,706,781 | 94.5 % | $1,437,239 | 95.3 % | $269,542 | 18.8 % | |||||
Supplemental and contingent commissions | 58,618 | 3.2 | 46,281 | 3.1 | 12,337 | 26.7 | |||||
Loss mitigation and other fees | 40,865 | 2.3 | 24,358 | 1.6 | 16,507 | 67.8 | |||||
Total net commissions and fees | $1,806,264 | $1,507,878 | $298,386 | 19.8 % |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||
(in thousands, except percentages) | 2024 | 2023 | 2024 | 2023 | |||
Current period Net commissions and fees revenue | $588,129 | $487,345 | $1,806,264 | $1,507,878 | |||
Less: Current period contingent commissions | (14,842) | (4,487) | (44,741) | (30,624) | |||
Net Commissions and fees revenue excluding contingent commissions | $573,287 | $482,858 | $1,761,523 | $1,477,254 | |||
Prior period Net commissions and fees revenue | $487,345 | $407,551 | $1,507,878 | $1,284,459 | |||
Less: Prior year contingent commissions | (4,487) | (3,039) | (30,624) | (24,978) | |||
Prior period Net commissions and fees revenue excluding contingent commissions | $482,858 | $404,512 | $1,477,254 | $1,259,481 | |||
Change in Net commissions and fees revenue excluding contingent commissions | $90,429 | $78,346 | $284,269 | $217,773 | |||
Less: Mergers and acquisitions Net commissions and fees revenue excluding contingent commissions | (33,416) | (16,980) | (87,690) | (28,563) | |||
Impact of change in foreign exchange rates | (196) | (739) | (521) | 350 | |||
Organic revenue growth (Non-GAAP) | $56,817 | $60,628 | $196,058 | $189,560 | |||
Net commissions and fees revenue growth rate (GAAP) | 20.7 % | 19.6 % | 19.8 % | 17.4 % | |||
Less: Impact of contingent commissions (1) | (2.0) | (0.2) | (0.6) | (0.1) | |||
Net commissions and fees revenue excluding contingent commissions growth rate (2) | 18.7 % | 19.4 % | 19.2 % | 17.3 % | |||
Less: Mergers and acquisitions Net commissions and fees revenue excluding contingent commissions (3) | (6.9) | (4.2) | (5.9) | (2.3) | |||
Impact of change in foreign exchange rates (4) | 0.0 | (0.2) | 0.0 | 0.0 | |||
Organic Revenue Growth Rate (Non-GAAP) | 11.8 % | 15.0 % | 13.3 % | 15.0 % |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||
(in thousands, except percentages) | 2024 | 2023 | 2024 | 2023 | ||||
Total revenue | $604,694 | $501,938 | $1,852,181 | $1,544,686 | ||||
Compensation and benefits expense | $393,249 | $329,212 | $1,180,825 | $989,294 | ||||
Acquisition-related expense | (3,785) | (1,546) | (5,171) | (3,331) | ||||
Acquisition related long-term incentive compensation | (15,775) | (550) | (17,039) | (1,702) | ||||
Restructuring and related expense | (5,693) | (11,538) | (35,676) | (13,407) | ||||
Amortization and expense related to discontinued prepaid incentives | (1,095) | (1,571) | (3,851) | (4,793) | ||||
Equity-based compensation | (17,385) | (8,280) | (39,656) | (23,106) | ||||
Initial public offering related expense | (6,074) | (9,327) | (22,008) | (31,029) | ||||
Adjusted compensation and benefits expense (1) | $343,442 | $296,400 | $1,057,424 | $911,926 | ||||
Compensation and benefits expense ratio | 65.0 % | 65.6 % | 63.8 % | 64.0 % | ||||
Adjusted compensation and benefits expense ratio | 56.8 % | 59.1 % | 57.1 % | 59.0 % |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||
(in thousands, except percentages) | 2024 | 2023 | 2024 | 2023 | ||||
Total revenue | $604,694 | $501,938 | $1,852,181 | $1,544,686 | ||||
General and administrative expense | $88,684 | $69,288 | $247,518 | $202,595 | ||||
Acquisition-related expense | (12,560) | (5,790) | (35,779) | (12,196) | ||||
Restructuring and related expense | (5,133) | (4,938) | (12,156) | (23,793) | ||||
Adjusted general and administrative expense (1) | $70,991 | $58,560 | $199,583 | $166,606 | ||||
General and administrative expense ratio | 14.7 % | 13.8 % | 13.4 % | 13.1 % | ||||
Adjusted general and administrative expense ratio | 11.7 % | 11.7 % | 10.8 % | 10.8 % |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||
(in thousands, except percentages) | 2024 | 2023 | 2024 | 2023 | ||||
Total revenue | $604,694 | $501,938 | $1,852,181 | $1,544,686 | ||||
Net income | $28,643 | $15,703 | $187,358 | $135,977 | ||||
Interest expense, net | 49,388 | 31,491 | 109,916 | 89,840 | ||||
Income tax expense (benefit) | (8,962) | 24,827 | 16,155 | 42,772 | ||||
Depreciation | 2,467 | 2,201 | 6,820 | 6,570 | ||||
Amortization | 39,182 | 29,572 | 97,711 | 79,125 | ||||
Change in contingent consideration | (365) | 1,848 | 813 | 4,358 | ||||
EBITDAC | $110,353 | $105,642 | $418,773 | $358,642 | ||||
Acquisition-related expense | 16,345 | 7,336 | 40,950 | 15,527 | ||||
Acquisition related long-term incentive compensation | 15,775 | 550 | 17,039 | 1,702 | ||||
Restructuring and related expense | 10,826 | 16,476 | 47,832 | 37,200 | ||||
Amortization and expense related to discontinued prepaid incentives | 1,095 | 1,571 | 3,851 | 4,793 | ||||
Other non-operating loss | 16,590 | 67 | 18,575 | 37 | ||||
Equity-based compensation | 17,385 | 8,280 | 39,656 | 23,106 | ||||
IPO related expenses | 6,074 | 9,327 | 22,008 | 31,029 | ||||
(Income) from equity method investments in related party | (4,182) | (2,271) | (13,510) | (5,882) | ||||
Adjusted EBITDAC | $190,261 | $146,978 | $595,174 | $466,154 | ||||
Net income margin | 4.7 % | 3.1 % | 10.1 % | 8.8 % | ||||
Adjusted EBITDAC margin | 31.5 % | 29.3 % | 32.1 % | 30.2 % |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||
(in thousands, except percentages) | 2024 | 2023 | 2024 | 2023 | ||||
Total revenue | $604,694 | $501,938 | $1,852,181 | $1,544,686 | ||||
Net income | $28,643 | $15,703 | $187,358 | $135,977 | ||||
Income tax expense (benefit) | (8,962) | 24,827 | 16,155 | 42,772 | ||||
Amortization | 39,182 | 29,572 | 97,711 | 79,125 | ||||
Amortization of deferred debt issuance costs (1) | 15,402 | 3,045 | 21,838 | 9,125 | ||||
Change in contingent consideration | (365) | 1,848 | 813 | 4,358 | ||||
Acquisition-related expense | 16,345 | 7,336 | 40,950 | 15,527 | ||||
Acquisition related long-term incentive compensation | 15,775 | 550 | 17,039 | 1,702 | ||||
Restructuring and related expense | 10,826 | 16,476 | 47,832 | 37,200 | ||||
Amortization and expense related to discontinued prepaid incentives | 1,095 | 1,571 | 3,851 | 4,793 | ||||
Other non-operating loss | 16,590 | 67 | 18,575 | 37 | ||||
Equity-based compensation | 17,385 | 8,280 | 39,656 | 23,106 | ||||
IPO related expenses | 6,074 | 9,327 | 22,008 | 31,029 | ||||
(Income) from equity method investments in related party | (4,182) | (2,271) | (13,510) | (5,882) | ||||
Adjusted income before income taxes (2) | $153,808 | $116,331 | $500,276 | $378,869 | ||||
Adjusted income tax expense (3) | (40,175) | (29,700) | (130,672) | (96,725) | ||||
Adjusted net income | $113,633 | $86,631 | $369,604 | $282,144 | ||||
Net income margin | 4.7 % | 3.1 % | 10.1 % | 8.8 % | ||||
Adjusted net income margin | 18.8 % | 17.3 % | 20.0 % | 18.3 % |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||
2024 | 2023 | 2024 | 2023 | |||||
Earnings (loss) per share of Class A common stock – diluted | $0.09 | $(0.04) | $0.59 | $0.34 | ||||
Less: Net income attributed to dilutive shares and substantively vested RSUs (1) | (0.03) | — | (0.29) | (0.03) | ||||
Plus: Impact of all LLC Common Units exchanged for Class A shares (2) | 0.05 | 0.10 | 0.39 | 0.20 | ||||
Plus: Adjustments to Adjusted net income (3) | 0.31 | 0.28 | 0.67 | 0.54 | ||||
Plus: Dilutive impact of unvested equity awards (4) | (0.01) | (0.02) | (0.02) | (0.01) | ||||
Adjusted diluted earnings per share | $0.41 | $0.32 | $1.34 | $1.04 | ||||
(Share count in '000) | ||||||||
Weighted-average shares of Class A common stock outstanding – diluted | 272,686 | 115,872 | 271,283 | 124,884 | ||||
Plus: Impact of all LLC Common Units exchanged for Class A shares (2) | — | 141,690 | — | 142,974 | ||||
Plus: Dilutive impact of unvested equity awards (4) | 3,467 | 15,115 | 4,445 | 4,390 | ||||
Adjusted diluted earnings per share diluted share count | 276,153 | 272,677 | 275,728 | 272,248 |
(in thousands) | Exchange Tax Attributes | Pre-IPO M&A Tax Attributes | TRA Payment Tax Attributes | TRA Liabilities | ||||
Balance at December 31, 2023 | $194,668 | $85,814 | $78,416 | $358,898 | ||||
Exchange of LLC Common Units | 68,931 | 5,287 | 21,365 | 95,583 | ||||
Accrued interest | — | — | 646 | 646 | ||||
Balance at September 30, 2024 | $263,599 | $91,101 | $100,427 | $455,127 |
Long-term Incentive Compensation Agreements | ||
(in thousands) | September 30, 2024 | |
Current accrued compensation | $6,452 | |
Non-current accrued compensation | 15,649 | |
Total liability | $22,101 | |
Projected future expense | 22,660 | |
Total projected future cash outflows | $44,761 |
Projected Future Cash Outflows | ||
(in thousands) | ||
2024 | $— | |
2025 | 9,701 | |
2026 | 2,715 | |
2027 | 18,390 | |
Thereafter | $13,955 |
Contingent Consideration | ||
(in thousands) | September 30, 2024 | |
Current accounts payable and accrued liabilities | $44,161 | |
Other non-current liabilities | 105,970 | |
Total liability | $150,131 | |
Projected future expense | 19,383 | |
Total projected future cash outflows | $169,514 |
Projected Future Cash Outflows | ||
(in thousands) | ||
2024 | $— | |
2025 | 45,635 | |
2026 | 1,826 | |
2027 | 122,053 | |
Thereafter | $— |
(in thousands) | Balance at September 30, 2024 | 100 BPS Increase | 100 BPS Decrease | |||
Cash and cash equivalents | $235,199 | $(2,352) | $2,352 | |||
Term Loan principal outstanding (1) | 1,700,000 | 17,000 | (17,000) | |||
Interest rate cap notional amount (2) | 1,000,000 | (10,000) | 10,000 | |||
Net exposure to Interest expense, net | $4,648 | $(4,648) | ||||
Cash and cash equivalents held in a fiduciary capacity | 1,120,900 | 11,209 | $(11,209) | |||
Net exposure to Fiduciary investment income | $11,209 | $(11,209) | ||||
Impact to Net income | $6,561 | $(6,561) |
Exhibit Number | Description | |
3.1 | ||
3.2 | ||
3.3 | ||
4.1 | ||
4.2 | ||
4.3 | ||
4.4 | ||
4.5 | ||
10.1 | ||
10.2 | ||
10.3 | ||
10.4 | ||
10.5 | ||
10.6 | ||
10.7 | ||
10.8 | ||
10.9 | ||
10.10 | ||
10.11 | ||
10.12 | ||
10.13 | ||
10.14 | ||
10.15 | ||
10.16 | ||
10.17 | ||
10.18 | ||
10.19 | ||
31.1 | ||
31.2 | ||
32.1* | ||
32.2* | ||
97.1 | ||
101.INS | Inline XBRL (Extensible Business Reporting Language) Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |
101.SCH | Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents | |
104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) |
RYAN SPECIALTY HOLDINGS, INC. (Registrant) | ||
Date: October 30, 2024 | By: | /s/ Janice M. Hamilton |
Janice M. Hamilton | ||
Executive Vice President and Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) |