Revenue Sources - For the three months ended March 31, 2025, approximately 6% of revenues were generated from international operations in the UK, Europe, Canada, India, and Singapore[268]. Debt and Interest Rates - As of March 31, 2025, the company had $1,695.8 million of outstanding principal on its Term Loan borrowings, which bears interest on a floating rate, subject to a 0.0% floor[272]. - The company entered into an interest rate cap agreement for an upfront cost of $25.5 million, with a notional amount of $1,000.0 million and a strike rate of 2.75%[273]. - A hypothetical 100 basis point increase in short-term interest rates would impact net income by $6,161 thousand, while a decrease would have the same magnitude in the opposite direction[274]. - The fair value of the Term Loan approximates the carrying amount as of March 31, 2025, based on available information[272]. Cash Management - Approximately 1,108.3 million in cash and cash equivalents held in fiduciary capacity would be affected by a 100 basis point change in interest rates, impacting fiduciary investment income by $11,083 thousand[274]. - The majority of cash and cash equivalents are held in demand deposit accounts and short-term investments, primarily consisting of AAA-rated money market funds and treasury bills[276]. Market Risks - The company is exposed to foreign currency risk, but the exposure from potential changes in exchange rates is considered immaterial[269]. - The company is subject to various market risks, including interest rate and foreign currency exchange rate fluctuations[266]. - The company has implemented an investment policy to minimize counterparty credit risk, focusing on the preservation of principal and liquidity[276].

Core Viewpoint - Ryan Specialty Group reported quarterly earnings of $0.39 per share, matching the Zacks Consensus Estimate, and showing an increase from $0.35 per share a year ago [1] - The company posted revenues of $690.17 million for the quarter, exceeding the Zacks Consensus Estimate by 1.16%, and up from $552.05 million year-over-year [2] Earnings Performance - The earnings surprise for the previous quarter was -4.26%, with actual earnings of $0.45 per share compared to an expected $0.47 [1] - Over the last four quarters, the company has surpassed consensus EPS estimates only once [1] Revenue Performance - Ryan Specialty has topped consensus revenue estimates two times over the last four quarters [2] - The current consensus EPS estimate for the upcoming quarter is $0.68 on revenues of $850.22 million, and for the current fiscal year, it is $2.09 on revenues of $3.08 billion [7] Stock Performance - Ryan Specialty shares have increased by approximately 2.1% since the beginning of the year, contrasting with a -5.3% decline in the S&P 500 [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating expectations of underperformance in the near future [6] Industry Outlook - The Insurance - Brokerage industry is currently ranked in the bottom 14% of over 250 Zacks industries, which may negatively impact stock performance [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, suggesting that the outlook for the industry can materially affect stock performance [5][8]

Financial Data and Key Metrics Changes - Total revenue grew by 25% to $690 million, driven by organic revenue growth of 12.9% and contributions from M&A adding 13 percentage points [23][4][3] - Adjusted EBITDAC increased by 27.5% to $200 million, with the adjusted EBITDAC margin expanding by 60 basis points to 29.1% [24][4] - Adjusted earnings per share rose by 11.4% to $0.39, while there was a GAAP net loss of $4 million due to a nonrecurring deferred tax expense [24][25] Business Line Data and Key Metrics Changes - The casualty specialty experienced strong growth with high renewal retention and new business, particularly in habitational risks, transportation, construction, and healthcare [14][16] - The property specialty showed modest growth despite a challenging environment, with continued pricing declines but high renewal retention [12][13] - The delegated authority specialty had a strong start in 2025, driven by top-tier talent and expanding product offerings [17] Market Data and Key Metrics Changes - The E&S market is expected to grow in importance, with risks moving into this market due to its ability to offer solutions for complex risks [9][10] - The company noted a robust flow of business into the specialty channels, particularly in casualty, indicating strong market demand [31][9] Company Strategy and Development Direction - The company aims to continue delivering innovative solutions, executing its M&A strategy, and increasing profitability while investing in its platform [7][5] - The focus on M&A has significantly expanded the total addressable market and enhanced capabilities to serve clients [5][19] - The company is committed to balancing investments in talent and technology with margin expansion [21][22] Management's Comments on Operating Environment and Future Outlook - Management acknowledged increased uncertainty around global trade and economic health, but expressed confidence in navigating challenges due to a diversified business model [6][7] - The company expects to maintain strong organic growth and profitability despite potential headwinds in the property market [7][24] Other Important Information - The acquisition of USQ Risk is expected to add approximately $11 million in annualized revenue and enhance capabilities in alternative risk offerings [19][24] - The company plans to continue monitoring macroeconomic conditions closely for any potential impacts on business [27] Q&A Session Summary Question: Can you discuss the sustainability of upper single-digit inorganic revenue growth? - Management indicated a robust M&A pipeline with strong double-digit flow in specialty channels, remaining optimistic about future opportunities [31] Question: How might the USQ Risk acquisition scale up in revenue? - Management emphasized the strategic nature of the acquisition and the potential for significant organic growth through new talent and capabilities [34][36] Question: What are the technology investments contributing to growth? - Management highlighted efforts to streamline workflows and experiment with AI solutions to enhance operational efficiency [42] Question: What are the expectations for property growth in Q2? - Management acknowledged Q2 as a challenging comp but expects modest growth in property despite rate deceleration [46][73] Question: How is the M&A pipeline looking? - Management confirmed a robust pipeline with opportunities across small, medium, and large deals, maintaining a focus on strategic fit [75][78] Question: What is the outlook for construction and economic pressures? - Management reported strong construction results with no noticeable changes in the market, indicating continued strength in this area [59] Question: How is the company taking share in the submission flow? - Management noted a double-digit increase in submission flow and opportunities for growth through brokerage consolidation [62]

Financial Data and Key Metrics Changes - Total revenue grew by 25% to $690 million, driven by organic revenue growth of 12.9% and contributions from M&A adding 13 percentage points [22][4] - Adjusted EBITDAC increased by 27.5% to $200 million, with an adjusted EBITDAC margin expanding by 60 basis points to 29.1% [22][4] - Adjusted earnings per share rose by 11.4% to $0.39, while a GAAP net loss of $4 million was reported due to a nonrecurring tax expense [22][23] Business Line Data and Key Metrics Changes - The casualty specialty experienced strong growth with high renewal retention and new business, particularly in habitational risks, transportation, construction, and healthcare [14][15] - The property specialty showed modest growth despite pricing declines, with expectations for continued competitive rates in the near term [12][13] - The delegated authority specialties, including binding and underwriting management, reported strong organic growth, particularly in casualty and transactional liability, with significant contributions from recent acquisitions [16][17] Market Data and Key Metrics Changes - The E&S market is expected to grow in importance, with risks moving into this market due to its ability to offer solutions for complex risks [9][10] - The company noted a robust flow of business into the specialty channels, particularly in casualty, with property also showing surprising strength [30][31] Company Strategy and Development Direction - The company aims to continue delivering innovative solutions, executing its M&A strategy, and increasing profitability while investing in its platform [7][5] - The focus remains on expanding the total addressable market through acquisitions and enhancing capabilities to serve clients [5][18] Management's Comments on Operating Environment and Future Outlook - Management acknowledged increased uncertainty around global trade and economic health, but expressed confidence in navigating challenges due to a diversified business model [6][7] - The company expects to maintain strong organic growth and profitability, driven by its strategic positioning in the specialty insurance market [7][19] Other Important Information - The acquisition of USQ Risk is expected to add approximately $11 million in annualized revenue and enhance the company's capabilities in alternative risk offerings [18] - The company plans to continue monitoring macroeconomic conditions closely for potential impacts on its business [26] Q&A Session Summary Question: Can you discuss the sustainability of upper single-digit inorganic revenue growth? - Management indicated a robust M&A pipeline with strong double-digit business flow, particularly in specialty channels, and expressed optimism for future opportunities [30][31] Question: How might the USQ Risk acquisition scale up in revenue? - Management emphasized the strategic nature of the acquisition and the potential for significant organic growth through new talent and capabilities [32][34] Question: What technology investments are being made to enhance growth and efficiency? - The company is focused on streamlining workflows and experimenting with AI solutions to improve operational efficiency and reduce cycle times [40][41] Question: What are the expectations for property growth in the upcoming quarters? - Management expects modest growth in property despite headwinds, with Q2 being a challenging comp due to previous strong performance [45][70] Question: How is the M&A pipeline looking currently? - The company has a robust pipeline of small, medium, and large deals, with a willingness to temporarily exceed leverage comfort for the right opportunities [73][76] Question: What is the outlook for construction and economic pressures? - Management reported strong construction results with no noticeable changes in the market, indicating continued strength in infrastructure and residential construction [59] Question: How is the company taking share in the submission flow? - Management noted a double-digit increase in submission flow and highlighted opportunities in the consolidation of brokerage intermediaries [61][62]

Financial Data and Key Metrics Changes - Total revenue grew by 25% to $690 million, driven by organic revenue growth of 12.9% and contributions from M&A adding 13 percentage points [3][23] - Adjusted EBITDAC increased by 27.5% to $200 million, with an adjusted EBITDAC margin expanding by 60 basis points to 29.1% [4][23] - Adjusted earnings per share rose by 11.4% to $0.39, while there was a GAAP net loss of $4 million due to a nonrecurring deferred tax expense [23][24] Business Line Data and Key Metrics Changes - The casualty specialty experienced strong growth with high renewal retention and new business, particularly in habitational risks, transportation, construction, and healthcare [14] - The property specialty showed modest growth despite a challenging environment, with continued pricing declines but high renewal retention [12][13] - The delegated authority specialties, including binding authority and underwriting management, had strong organic growth, particularly in casualty and transactional liability [15][16] Market Data and Key Metrics Changes - The E&S market is expected to grow in importance, with risks moving into this market due to its ability to handle complex and uncertain loss environments [9][10] - The company noted a robust flow of business into the specialty channels, particularly in casualty, indicating strong market demand [31] Company Strategy and Development Direction - The company aims to continue delivering innovative solutions, executing its M&A strategy, and increasing profitability while investing in its platform [6][20] - The focus on M&A has significantly expanded the total addressable market and enhanced capabilities to serve clients [5][19] - The company is committed to balancing investments in talent and technology with margin expansion to ensure sustainable growth [21][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating the current uncertain economic environment, citing a diversified business model and specialized expertise [6][24] - The company anticipates continued organic growth and profitability, despite challenges in the property market [27][73] Other Important Information - The acquisition of USQ Risk is expected to add approximately $11 million in annualized revenue and enhance the company's capabilities in alternative risk offerings [19] - The company maintains a robust M&A pipeline, focusing on strategic and accretive opportunities [20][76] Q&A Session Summary Question: Can you discuss the sustainability of upper single-digit inorganic revenue growth? - Management indicated a strong double-digit flow of business into the channel, with a robust M&A pipeline, suggesting optimism for future growth [31] Question: What is the potential for scaling the USQ Risk acquisition? - Management emphasized the strategic nature of the acquisition and the potential for significant organic growth through new talent and capabilities [34][37] Question: Can you provide insights on technology investments and their impact on growth? - The company is streamlining workflows and experimenting with AI solutions to enhance operational efficiency and client service [44] Question: How do you expect property growth to trend in the upcoming quarters? - Management acknowledged the challenges in property but expressed confidence in maintaining modest growth through strong new business and retention [72][73] Question: What is the current state of the M&A pipeline? - The company has a robust pipeline of small, medium, and large deals, with a willingness to temporarily exceed leverage comfort for the right opportunities [76][78]

Revenue Performance - Total revenue for Q1 2025 increased by 25.0% year-over-year to $690.2 million, compared to $552.0 million in the prior-year period[1] - Total revenue for the three months ended March 31, 2025, was $690,166,000, a 25% increase from $552,046,000 in the same period of 2024[56] - For the twelve months ended March 31, 2025, total revenue reached $2,653,830,000, with a net income of $184,847,000[63] Organic Revenue Growth - Organic revenue growth rate was 12.9% for the quarter, down from 13.7% in the prior-year period[4] - Organic revenue growth rate for the three months ended March 31, 2025, was 12.9%, compared to 13.7% in the same period of 2024[45] - Full year 2025 outlook for organic revenue growth rate is between 11.0% – 13.0%[22] Income and Earnings - Net income decreased to a loss of $(4.4) million, compared to a profit of $40.7 million in the prior-year period[9] - Net income (loss) for the three months ended March 31, 2025, was $(4,389,000), compared to a net income of $40,677,000 in 2024, resulting in a net income margin of (0.6)%[58] - Adjusted net income increased by 13.0% to $107.8 million, with an adjusted net income margin of 15.6%[11] - Adjusted net income for the three months ended March 31, 2025, was $107,839,000, representing a margin of 15.6%[58] Earnings Per Share - Adjusted diluted earnings per share rose by 11.4% to $0.39, compared to $0.35 in the prior-year period[11] - Adjusted diluted earnings per share for the three months ended March 31, 2025, was $0.39, compared to $0.35 in the same period of 2024[45] Operating Expenses - Total operating expenses increased by 23.1% to $589.9 million, primarily due to higher compensation and benefits expenses[7] - Compensation and benefits expense ratio for the three months ended March 31, 2025, was 62.3%, down from 67.7% in the same period of 2024[44] - General and administrative expense ratio for the three months ended March 31, 2025, was 15.4%, up from 13.7% in the same period of 2024[44] EBITDAC Performance - Adjusted EBITDAC grew by 27.5% to $200.5 million, with an adjusted EBITDAC margin of 29.1%[10] - Adjusted EBITDAC for the three months ended March 31, 2025, was $200,501,000, up from $157,222,000 in 2024, with an adjusted EBITDAC margin of 29.1%[57] - Full year 2025 adjusted EBITDAC margin guidance is between 32.5% – 33.5%[22] Cash Flow and Assets - The company incurred cash flows used in operating activities of $142,825 thousand in Q1 2025, compared to $116,539 thousand in Q1 2024[47] - Cash and cash equivalents decreased from $540,203 thousand as of December 31, 2024, to $203,549 thousand as of March 31, 2025, a decline of approximately 62.3%[46] - Total current assets decreased from $4,788,858 thousand as of December 31, 2024, to $4,609,110 thousand as of March 31, 2025, a decline of approximately 3.8%[46] Liabilities and Equity - Total liabilities increased from $8,551,633 thousand as of December 31, 2024, to $8,832,726 thousand as of March 31, 2025, representing a rise of approximately 3.3%[46] - Total stockholders' equity attributable to Ryan Specialty Holdings, Inc. decreased from $627,662 thousand as of December 31, 2024, to $542,518 thousand as of March 31, 2025, a decline of approximately 13.6%[46] Interest Expense - Interest expense for the three months ended March 31, 2025, was $54.508 million, compared to $29.400 million in the same period of 2024[44] - Interest expense, net for the three months ended March 31, 2025, was $54,508,000, compared to $29,400,000 in 2024[56] Acquisition-Related Expenses - The company incurred acquisition-related expenses of $17,302,000 for the three months ended March 31, 2025, compared to $8,437,000 in 2024[58] Dividend Declaration - The company declared a regular quarterly dividend of $0.12 per share, payable on May 27, 2025[16]

Financial Performance and Risks - Approximately 5% and 3% of the company's revenues for the years ended December 31, 2024, and 2023, respectively, were generated outside of the United States, exposing the company to currency risk from exchange rate fluctuations [218]. - The company is subject to various risks including changes in tax laws, decreased commission revenues due to proposed tort reform legislation, and potential adverse effects from outstanding debt [22]. - The company is experiencing increased scrutiny regarding compensation practices in the insurance brokerage industry, which may affect future revenue streams [252]. - The company’s ability to generate sufficient cash flow to service all indebtedness is subject to various economic and competitive factors beyond its control [273]. - The company may incur additional indebtedness in the future, which could exacerbate risks associated with its substantial indebtedness [272]. - The company is subject to ongoing and periodic tax audits, and unfavorable outcomes could result in higher tax costs, penalties, and interest [261]. - Changes in tax legislation, including those arising from the OECD's BEPS project, could materially impact the company's effective tax rate and cash tax liabilities [262]. - The company may face operational risks and increased financing costs if credit ratings are downgraded, affecting access to financing sources [276]. Cybersecurity and Compliance - The company has experienced cybersecurity incidents, including fraudulent activities and security breaches, but these have not had a material impact on its business strategy or financial condition to date [224]. - The company must comply with the Health Insurance Portability and Accountability Act (HIPAA) due to its entry into employee benefits insurance products, increasing regulatory complexity [247]. - The company is monitoring the evolving landscape of artificial intelligence regulations, which could impose additional compliance requirements [249]. - The company faces significant regulatory exposure due to evolving data protection laws, including potential fines for noncompliance with the EU GDPR [242]. - The California Consumer Privacy Act (CCPA) requires increased transparency and data subject rights, affecting how the company manages personal information [244]. - The U.K. Data Protection Act allows for fines up to £17.5 million or 4% of worldwide turnover, whichever is higher, impacting the company's operations [243]. - The company faces risks related to corporate responsibility and stakeholder interest practices, which could impose additional costs or expose it to new risks [219]. Corporate Governance and Ownership - The Ryan Parties control 82% of the Class B common stock, allowing them to influence significant corporate transactions [288]. - As of December 31, 2024, the Ryan Parties control approximately 76% of the voting power of the outstanding capital stock, significantly influencing corporate decisions [309]. - The dual-class common stock structure allows Class B common stock holders to control the outcome of matters requiring stockholder approval, potentially affecting the market price of Class A common stock [314]. - The concentration of ownership by the Ryan Parties may deprive Class A common stockholders of opportunities to receive a premium for their shares in a sale of the company [309]. - Provisions in the corporate governance documents could make it more difficult for stockholders to replace current management or initiate actions opposed by the Board [316]. - The Director Nomination Agreement allows the Ryan Parties to designate nominees for the Board based on their ownership percentage, potentially leading to disproportionate representation [310]. - The company has opted out of Section 203 of the DGCL, which could discourage third-party acquisitions and affect stockholder actions [315]. Financial Obligations and Tax Agreements - As of December 31, 2024, the company had a total outstanding indebtedness of $3,300 million, including $400 million related to 4.375% Senior Secured Notes and $1,200 million related to 5.875% Senior Secured Notes [267]. - The company has commitments available to be borrowed under the Revolving Credit Facility of $1,399.7 million, which would be secured on a first-priority basis if borrowed [267]. - The company expects to use cash flow from operations to meet current and future financial obligations, which may limit cash flow availability for working capital and capital expenditures [268]. - The company may need to incur debt to finance payments under the Tax Receivable Agreement if cash resources are insufficient [295]. - The Tax Receivable Agreement requires the Company to make cash payments equal to 85% of the tax benefits realized, which may be substantial [291]. - The LLC is obligated to make tax distributions quarterly to LLC Unitholders based on net taxable income, which may exceed the overall effective tax rate applicable to corporate taxpayers [302]. - As of December 31, 2024, the Company has recorded Tax Receivable Agreement liabilities of $436.3 million associated with payments to current and certain former LLC Unitholders [291]. Market and Stock Performance - The company's quarterly operating results are expected to fluctuate significantly due to various factors, including market conditions and competition [325]. - Fluctuations in quarterly financial results may limit investors' ability to sell shares of Class A common stock, potentially affecting market price and liquidity [325]. - Key factors influencing stock price volatility include economic conditions, regulatory developments, and changes in investor perception [326]. - The company has declared its first cash dividend on February 27, 2024, and has paid dividends quarterly since then, but future dividends are not guaranteed [323]. - The company may issue preferred stock in the future, which could adversely affect holders of Class A common stock and depress its market price [324]. - Future sales of a substantial number of Class A common stock could adversely affect its market price, with significant pre-IPO equity holders not subject to sales restrictions [322]. - The company faces risks from potential securities class action litigation due to stock price volatility, which could incur substantial costs and divert management's attention [325].

Financial Data and Key Metrics Changes - For Q4 2024, total revenue grew 24.5% year-over-year to $664 million, driven by organic revenue growth of 11% and strong contributions from M&A [55][58] - Full year 2024 revenue surpassed $2.5 billion, up 21% year-over-year, with adjusted EBITDAC growing 30% to $811 million and adjusted EBITDAC margin expanding 210 basis points to 32.2% [11][58] - Adjusted earnings per share increased by 30% to $1.79 [12][58] Business Line Data and Key Metrics Changes - The casualty line of business showed exceptional performance, contributing significantly to organic growth [9][22] - The property line faced challenges with pricing deterioration, particularly in Q4, but still managed to grow due to strong market share gains [30][32] - Delegated Authority now accounts for nearly 45% of total revenue, reflecting the company's strategic focus on this segment [14] Market Data and Key Metrics Changes - The E&S (Excess and Surplus) market is expected to continue outpacing the admitted market, driven by increasing complexity and risks in the insurance landscape [41][42] - A recent market study indicated that 70% of carriers plan to increase their use of Delegated Authority in 2025, highlighting its growing importance [17] Company Strategy and Development Direction - The company executed its largest M&A year, completing seven acquisitions that added over $265 million in trailing revenue, enhancing its underwriting management capabilities [13][23] - The focus remains on expanding Delegated Underwriting Authority and enhancing specialized insurance services to meet evolving market demands [16][19] - The company aims for continued double-digit organic growth in 2025, supported by strategic investments and M&A activities [19][64] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving another year of double-digit organic growth, driven by strong new business generation and resilience in casualty lines [22][41] - The company anticipates modest growth in property but remains bullish on its long-term potential due to ongoing risks and market dynamics [32][116] - The successful completion of the ACCELERATE 2025 program is expected to provide financial flexibility for future investments [50][59] Other Important Information - The company approved a 9% increase in its quarterly dividend, reflecting strong earnings growth and confidence in future performance [62] - The adjusted effective tax rate for 2024 was 26%, with expectations for slight changes in 2025 based on geographic mix and tax law changes [59] Q&A Session Summary Question: What are the assumptions for property in the organic revenue guidance? - Management indicated that while property pricing is soft, strong market share gains in new and renewal business are expected to offset this [70][75] Question: Can you elaborate on the margin guidance and investment plans for 2025? - Management confirmed that 2025 will see a higher-than-average investment year, balancing immediate delivery with long-term growth [77][80] Question: What is the outlook for organic growth across different specialties? - All specialties are expected to achieve double-digit organic growth, with particular strength in casualty and contributions from recent M&A [88][91] Question: How will M&A activity be affected by leverage? - Management stated that M&A activity will not slow due to leverage availability, as there is a robust pipeline of opportunities [92][94] Question: What are the expectations for fiduciary investment income in 2025? - The company is using the forward curve for interest rates in its fiduciary investment income forecast [96][97] Question: What is driving the opportunity for above-average investment? - Management emphasized the need for proactive investments in efficiencies and technology to maintain competitive advantage [101][102] Question: What is the conviction for multiyear organic growth above 10%? - Management remains confident in achieving double-digit organic growth, supported by strategic acquisitions and market trends [105][106] Question: What is the opportunity in personal lines? - The company is expanding its presence in high net worth personal lines through new MGUs and joint ventures, capitalizing on market demand [110]

Core Insights - Ryan Specialty Group reported quarterly earnings of $0.45 per share, missing the Zacks Consensus Estimate of $0.47 per share, but showing an increase from $0.35 per share a year ago, resulting in an earnings surprise of -4.26% [1] - The company posted revenues of $663.53 million for the quarter ended December 2024, which was below the Zacks Consensus Estimate by 0.56%, and an increase from $532.86 million year-over-year [2] - The stock has gained approximately 8.1% since the beginning of the year, outperforming the S&P 500's gain of 4.5% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.44 on revenues of $689.23 million, and for the current fiscal year, it is $2.29 on revenues of $3.06 billion [7] - The estimate revisions trend for Ryan Specialty is mixed, leading to a Zacks Rank 3 (Hold), indicating expected performance in line with the market in the near future [6] Industry Context - The Insurance - Brokerage industry, to which Ryan Specialty belongs, is currently ranked in the top 29% of over 250 Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [8]

Revenue Performance - Total revenue for Q4 2024 increased by 24.5% year-over-year to $663.5 million, compared to $532.9 million in the prior-year period[1] - Full year 2024 total revenue grew by 21.1% to $2,515.7 million, compared to $2,077.5 million in the prior-year[4] - Total revenue for the year ended December 31, 2024, was $2,515,710, representing a 21.1% increase compared to $2,077,549 in 2023[46] - Total revenue for Q4 2024 reached $663.5 million, a 24.6% increase from $532.9 million in Q4 2023[15] - For the year ended December 31, 2024, total revenue was $2.52 billion, up 21.1% from $2.08 billion in 2023[15] Income and Earnings - Net income for Q4 2024 decreased by 27.3% year-over-year to $42.6 million, compared to $58.5 million in the prior-year period[13] - Adjusted net income for Q4 2024 increased by 28.9% to $123.3 million, with adjusted diluted earnings per share rising to $0.45[15] - Net income for the year ended December 31, 2024, was $229,913, compared to $194,480 in 2023, resulting in a net income margin of 9.1%[46] - Net income for Q4 2024 was $42.6 million, down 27.2% from $58.5 million in Q4 2023, resulting in a net income margin of 6.4%[15] - Adjusted diluted earnings per share for the year ended December 31, 2024, was $1.79, compared to $1.38 in 2023[47] Adjusted Metrics - Adjusted EBITDAC for Q4 2024 grew by 36.2% to $216.0 million, with an adjusted EBITDAC margin of 32.6%[14] - Adjusted EBITDAC for the year ended December 31, 2024, was $811,223, an increase from $624,740 in 2023, with an adjusted EBITDAC margin of 32.2%[47] - Adjusted EBITDAC for the year ended December 31, 2024, was $811.2 million, reflecting a significant increase from prior year adjustments[68] - Adjusted net income for Q4 2024 was $123.3 million, a 29.0% increase from $95.7 million in Q4 2023, with an adjusted net income margin of 18.6%[15] Growth and Acquisitions - The company executed 7 acquisitions in 2024, adding over $265 million in annualized revenue[5] - The company initiated guidance for full year 2025 organic revenue growth rate between 11.0% – 13.0%[19] - Organic revenue growth rate for Q4 2024 was 11.0%, compared to 16.5% in the prior-year period[10] - Organic revenue growth rate (Non-GAAP) for the year ended December 31, 2024, was 12.8%, compared to 15.4% in 2023[54] Expenses and Financial Position - Total operating expenses for the year ended December 31, 2024, were $2,087,898, up from $1,718,468 in 2023[46] - Compensation and benefits expense ratio for the year ended December 31, 2024, was 63.2%, slightly down from 63.6% in 2023[46] - The company incurred acquisition-related expenses of $69,842 for the year ended December 31, 2024, compared to $23,274 in 2023[59] - Long-term debt as of December 31, 2024, was $3,231,128, an increase from $1,943,837 in 2023[50] - Cash and cash equivalents as of December 31, 2024, were $540,203, a decrease from $838,790 in 2023[50] Segment Performance - Wholesale Brokerage segment generated $1,489,077 in revenue for 2024, up 12.9% from $1,319,056 in 2023[21] - Underwriting Management revenue surged by 49.7% to $646,215 in 2024, compared to $431,579 in 2023[21] - The Binding Authority segment reported a revenue increase of 16.1%, reaching $320,379 in 2024 from $275,961 in 2023[21] Cash Flow and Assets - Total cash flows provided by operating activities for the year were $514,868, compared to $477,203 in the previous year[52] - Total assets as of December 31, 2024, were $9,649,918, compared to $7,247,209 in 2023, indicating significant growth[50] - Cash and cash equivalents held in fiduciary capacity at the end of the period were $1,756,332, slightly down from $1,767,385 in the previous year[52] Other Information - The company declared a 9.1% increase in its regular quarterly dividend to $0.12 per share[17] - The company will host a conference call to discuss these results, scheduled for 5:00 PM ET[22] - Ryan Specialty is focused on providing innovative specialty insurance solutions for brokers, agents, and carriers[24] - Forward-looking statements indicate potential growth initiatives and strategies, subject to risks and uncertainties[26]