RYAN SPECIALTY HOLDINGS, INC.
For the period ended Mar 31, 2025. Filed May 2, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed May 2, 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 (Unaudited)
(In thousands)
| Three Months Ended March 31, | ||
|---|---|---|
| 2025 | 2024 | |
| CASH FLOWS FROM OPERATING ACTIVITIES | ||
| Net income (loss) | $(4,389) | $40,677 |
| Adjustments to reconcile net income (loss) to cash flows provided by operating activities: | ||
| Income from equity method investment in related party | (4,937) | (5,606) |
| Amortization | 64,985 | 27,988 |
| Depreciation | 2,639 | 2,080 |
| Prepaid and deferred compensation expense | 10,799 | 918 |
| Non-cash equity-based compensation | 19,873 | 17,310 |
| Amortization of deferred debt issuance costs | 2,374 | 3,409 |
| Amortization of interest rate cap premium | 1,739 | 1,739 |
| Deferred income tax expense | 2,720 | 2,139 |
| Deferred income tax expense from common control reorganization | 48,115 | — |
| Changes in operating assets and liabilities, net of acquisitions: | ||
| Commissions and fees receivable – net | (17,088) | (4,751) |
| Accrued interest liability | (11,801) | 5,958 |
| Other current and non-current assets | 41,130 | 2,061 |
| Other current and non-current accrued liabilities | (298,984) | (210,461) |
| Total cash flows used in operating activities | $(142,825) | $(116,539) |
| CASH FLOWS FROM INVESTING ACTIVITIES | ||
| Business combinations – net of cash acquired and cash held in a fiduciary capacity | (555,641) | — |
| Capital expenditures | (16,730) | (7,628) |
| Asset acquisitions | (664) | — |
| Total cash flows used in investing activities | $(573,035) | $(7,628) |
| CASH FLOWS FROM FINANCING ACTIVITIES | ||
| Borrowings on Revolving Credit Facility | 574,056 | — |
| Repayments on Revolving Credit Facility | (150,000) | — |
| Debt issuance costs paid | (1,548) | — |
| Repayment of term debt | (4,250) | — |
| Receipt of contingently returnable consideration | 1,927 | — |
| Payment of contingent consideration | (25,150) | — |
| Receipt of taxes related to net share settlement of equity awards | 1,569 | 130 |
| Taxes paid related to net share settlement of equity awards | (1,700) | (130) |
| Class A common stock dividends and Dividend Equivalents paid | (15,074) | (40,021) |
| Distributions and Declared Distributions paid to non-controlling LLC Unitholders | (6,796) | (5,617) |
| Payment of accrued return on Ryan Re preferred units | (85) | (1,883) |
| Net change in fiduciary liabilities | (36,109) | 37,326 |
| Total cash flows provided by (used in) financing activities | $336,840 | $(10,195) |
| Effect of changes in foreign exchange rates on cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity | 10,081 | (657) |
| NET CHANGE IN CASH, CASH EQUIVALENTS, AND CASH AND CASH EQUIVALENTS HELD IN A FIDUCIARY CAPACITY | $(368,939) | $(135,019) |
| CASH, CASH EQUIVALENTS, AND CASH AND CASH EQUIVALENTS HELD IN A FIDUCIARY CAPACITY—Beginning balance | 1,680,805 | 1,756,332 |
| CASH, CASH EQUIVALENTS, AND CASH AND CASH EQUIVALENTS HELD IN A FIDUCIARY CAPACITY—Ending balance | $1,311,866 | $1,621,313 |
| Reconciliation of cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity | ||
| Cash and cash equivalents | $203,549 | $665,420 |
| Cash and cash equivalents held in a fiduciary capacity | 1,108,317 | 955,893 |
| Total cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity | $1,311,866 | $1,621,313 |
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