← RYAN SPECIALTY HOLDINGS, INC.
| Annual Trend | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|---|---|
| Net income | $63.1m | $70.5m | $56.6m | $163.3m | $194.5m | $229.9m | $214.2m | |
| Amortization | $48.3m | $63.6m | $107.9m | $103.6m | $106.8m | $157.8m | $274.4m | |
| Depreciation | $4.8m | $3.9m | $4.8m | $5.7m | $9.0m | $9.8m | $13.1m | |
| Amortization of debt issuance costs | — | — | — | $12.1m | $12.2m | $23.9m | $9.6m | |
| Amortization of interest rate cap premium | — | $0 | $0 | $4.6m | $7.0m | $7.0m | $7.0m | |
| Deferred income tax expense | ($800k) | $203k | ($1.2m) | $9.0m | $7.1m | $16.8m | $26.0m | |
| Deferred income tax expense from common control reorganizations | — | — | $0 | $0 | $18.4m | $9.5m | $48.6m | |
| Income from equity method investments | — | — | $759k | $414k | ($8.7m) | ($18.2m) | ($21.2m) | |
| Equity method investment in VSIC | — | — | — | — | $0 | $0 | ($16.6m) | |
| Prepaid and deferred compensation expense | $10.8m | $21.6m | $46.5m | $28.8m | $12.2m | $30.8m | $38.8m | |
| Non-cash equity-based compensation | $8.2m | $10.8m | $67.5m | $77.5m | $69.7m | $79.0m | $69.5m | |
| Loss (gain) on Tax Receivable Agreement | — | $0 | $0 | $5.6m | $11.2m | ($2.1m) | $1.1m | |
| Commissions and fees receivable – net | ($3.7m) | ($31.2m) | ($29.7m) | ($20.4m) | ($44.2m) | ($22.0m) | ($57.6m) | |
| Accrued interest liability | $250k | $4k | $760k | $7.8m | $934k | $20.3m | $9.4m | |
| Other current and non-current assets | — | — | — | ($19.1m) | $5.8m | ($20.7m) | $1.3m | |
| Other current and non-current liabilities | — | — | — | ($43.3m) | $75.4m | ($7.0m) | $9.7m | |
| Asset acquisitions | ($100k) | ($5.2m) | ($343.2m) | ($7.7m) | $0 | $0 | ($3.0m) | |
| Repayments of prepaid incentives | — | — | $3.9m | $337k | $228k | $0 | $0 | |
| Proceeds from Senior Secured Notes | — | $0 | $0 | $394.0m | $0 | $1.2b | $0 | |
| Borrowings on Revolving Credit Facility | $420.5m | $305.5m | $0 | $0 | $0 | $1.2b | $1.3b | |
| Repayments on Revolving Credit Facility | ($271.6m) | ($734.2m) | $0 | $0 | $0 | ($1.2b) | ($1.3b) | |
| Receipt of contingently returnable consideration | — | — | — | — | $0 | $0 | $1.9m | |
| Payment of contingent consideration | $0 | $0 | ($4.5m) | ($6.2m) | ($4.5m) | $0 | ($29.3m) | |
| Tax distributions to non-controlling LLC Unitholders | — | — | — | ($39.9m) | ($71.7m) | ($82.7m) | ($64.1m) | |
| Receipt of taxes related to net share settlement of equity awards | — | $0 | $0 | $7.2m | $7.8m | $27.9m | $35.9m | |
| Payment of Tax Receivable Agreement liabilities | — | $0 | $0 | ($8.3m) | ($16.2m) | ($21.6m) | ($25.2m) | |
| Distributions and Declared Distributions paid to non-controlling LLC Unitholders | — | — | — | — | $0 | ($22.2m) | ($27.2m) | |
| Payments related to Ryan Re preferred units | — | — | — | — | $0 | ($2.1m) | ($3.7m) | |
| Net change in fiduciary liabilities | $34.2m | $136.1m | $147.4m | $17.4m | $97.2m | $114.0m | $237.6m | |
| Total cash flows provided by operating activities | $149.5m | $135.4m | $273.5m | $335.5m | $477.2m | $514.9m | $643.7m | |
| Total cash flows used in investing activities | ($148.0m) | ($768.5m) | ($457.9m) | ($22.4m) | ($476.2m) | ($1.8b) | ($834.0m) | |
| Total cash flows provided by (used in) financing activities | $62.3m | $1.1b | $429.3m | $314.8m | ($12.6m) | $1.2b | $78.1m | |
| Capital expenditures | ($8.0m) | ($12.5m) | ($9.8m) | ($15.0m) | ($29.8m) | ($47.0m) | ($68.0m) | |
| Business combinations – net of cash acquired and cash held in a fiduciary capacity | — | — | — | $0 | ($446.7m) | ($1.7b) | ($746.5m) | |
| Debt issuance costs paid | ($293k) | ($78.8m) | ($2.4m) | ($2.4m) | $0 | ($25.5m) | ($2.9m) | |
| Proceeds from term debt | $0 | $1.6b | $0 | $0 | $0 | $107.6m | $0 | |
| Repayment of term debt | ($7.5m) | ($144.8m) | ($16.5m) | ($16.5m) | ($16.5m) | ($8.2m) | ($17.0m) | |
| Class A common stock dividends and Dividend Equivalents paid | — | — | — | $0 | $0 | ($80.2m) | ($62.3m) | |
| Effect of changes in foreign exchange rates on cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity | — | $1.4m | ($883k) | ($126k) | $584k | ($1.5m) | $15.9m | |
| NET CHANGE IN CASH, CASH EQUIVALENTS, AND CASH AND CASH EQUIVALENTS HELD IN A FIDUCIARY CAPACITY | $64.0m | $493.5m | $244.0m | $627.7m | ($11.1m) | ($75.5m) | ($96.3m) | |
| CASH, CASH EQUIVALENTS, AND CASH AND CASH EQUIVALENTS HELD IN A FIDUCIARY CAPACITY—Beginning balance | $350.1m | $583.1m | $752.7m | $992.7m | $838.8m | $1.7b | $1.6b | |
| Cash and cash equivalents | $402.2m | $895.7m | $1.1b | $1.8b | $1.8b | $540.2m | $158.3m | |
| Cash and cash equivalents held in a fiduciary capacity | — | — | $752.7m | $774.7m | $917.5m | $1.1b | $1.4b | |
| Taxes paid related to net share settlement of equity awards | $9.9m | $0 | $0 | ($7.2m) | ($8.8m) | ($27.5m) | ($37.0m) |
Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.