RYAN SPECIALTY HOLDINGS INC
For the period ended Dec 31, 2024. Filed Feb 21, 2025.
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FY2024 · Filed Feb 21, 2025
RYAN$47.20+0.2%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Cash Flows for the years ended
Consolidated Statements of Cash Flows
(In thousands)
| Year Ended December 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| CASH FLOWS FROM OPERATING ACTIVITIES | |||
| Net income | $229,913 | $194,480 | $163,257 |
| Adjustments to reconcile net income to cash flows provided by operating activities: | |||
| Loss (income) from equity method investment in related party | (18,231) | (8,731) | 414 |
| Amortization | 157,845 | 106,799 | 103,601 |
| Depreciation | 9,785 | 9,038 | 5,690 |
| Prepaid and deferred compensation expense | 30,834 | 12,192 | 28,831 |
| Non-cash equity-based compensation | 78,995 | 69,743 | 77,480 |
| Amortization of deferred debt issuance costs | 23,930 | 12,172 | 12,054 |
| Amortization of interest rate cap premium | 6,955 | 6,955 | 4,636 |
| Deferred income tax expense | 16,798 | 7,134 | 8,986 |
| Deferred income tax expense from common control reorganizations | 9,519 | 18,356 | — |
| (Gain) loss on Tax Receivable Agreement | (2,099) | 11,170 | 5,553 |
| Changes in operating assets and liabilities, net of acquisitions: | |||
| Commissions and fees receivable – net | (22,007) | (44,185) | (20,370) |
| Accrued interest liability | 20,337 | 934 | 7,776 |
| Other current and non-current assets | (20,668) | 5,773 | (19,127) |
| Other current and non-current liabilities | (7,038) | 75,373 | (43,267) |
| Total cash flows provided by operating activities | $514,868 | $477,203 | $335,514 |
| CASH FLOWS FROM INVESTING ACTIVITIES | |||
| Business combinations – net of cash acquired and cash held in a fiduciary capacity | (1,708,737) | (446,682) | — |
| Capital expenditures | (47,001) | (29,776) | (15,043) |
| Asset acquisitions | — | — | (7,714) |
| Repayments of prepaid incentives | — | 228 | 337 |
| Total cash flows used in investing activities | $(1,755,738) | $(476,230) | $(22,420) |
| CASH FLOWS FROM FINANCING ACTIVITIES | |||
| Proceeds from Senior Secured Notes | 1,187,400 | — | 394,000 |
| Borrowings on Revolving Credit Facility | 1,250,000 | — | — |
| Repayments on Revolving Credit Facility | (1,250,000) | — | — |
| Debt issuance costs paid | (25,536) | — | (2,369) |
| Proceeds from term debt | 107,625 | — | — |
| Repayment of term debt | (8,250) | (16,500) | (16,500) |
| Payment of interest rate cap premium, net | — | — | (23,326) |
| Payment of contingent consideration | — | (4,477) | (6,241) |
| Tax distributions to non-controlling LLC Unitholders | (82,702) | (71,674) | (39,883) |
| Receipt of taxes related to net share settlement of equity awards | 27,930 | 7,811 | 7,168 |
| Taxes paid related to net share settlement of equity awards | (27,460) | (8,785) | (7,168) |
| Payment of Tax Receivable Agreement liabilities | (21,578) | (16,206) | (8,309) |
| Dividends paid to Class A common shareholders | (80,236) | — | — |
| Distributions to non-controlling LLC Unitholders | (22,209) | — | — |
| Payment of accrued return on Ryan Re preferred units | (2,130) | — | — |
| Finance lease and other costs paid | — | — | (36) |
| Net change in fiduciary liabilities | 114,003 | 97,221 | 17,420 |
| Total cash flows provided by (used in) financing activities | $1,166,857 | $(12,610) | $314,756 |
| Effect of changes in foreign exchange rates on cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity | (1,514) | 584 | (126) |
| NET CHANGE IN CASH, CASH EQUIVALENTS, AND CASH AND CASH EQUIVALENTS HELD IN A FIDUCIARY CAPACITY | $(75,527) | $(11,053) | $627,724 |
| CASH, CASH EQUIVALENTS, AND CASH AND CASH EQUIVALENTS HELD IN A FIDUCIARY CAPACITY—Beginning balance | 1,756,332 | 1,767,385 | 1,139,661 |
| CASH, CASH EQUIVALENTS, AND CASH AND CASH EQUIVALENTS HELD IN A FIDUCIARY CAPACITY—Ending balance | $1,680,805 | $1,756,332 | $1,767,385 |
| Reconciliation of cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity | |||
| Cash and cash equivalents | $540,203 | $838,790 | $992,723 |
| Cash and cash equivalents held in a fiduciary capacity | 1,140,602 | 917,542 | 774,662 |
| Total cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity | $1,680,805 | $1,756,332 | $1,767,385 |
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