Annual report pursuant to Section 13 and 15(d)

Segment Reporting

v3.25.0.1
Segment Reporting
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segment Reporting SEGMENT REPORTING
Segment Information
Ryan Specialty is organized as a single operating and reporting segment. The Company’s chief operating decision maker
(“CODM”) is its Chief Executive Officer. The Company has identified its single operating segment utilizing a management
approach that aligns with the manner in which the CODM utilizes the Company’s consolidated financial information for
resource allocation and performance evaluation. Refer to Note 1, Basis of Presentation, for a description of the Company’s
products and services and to Note 3, Revenue from Contracts with Customers, for the disaggregation of revenue by
Specialty.
The CODM utilizes consolidated net income as the primary metric to monitor budget versus actual results, assess the
performance of the business, and make decisions regarding resource allocation. The following table provides information
about the Company’s revenue and includes a reconciliation to net income:
Year Ended December 31,
2024
2023
2022
Net commissions and fees
$2,455,671
$2,026,596
$1,711,861
Fiduciary investment income
60,039
50,953
13,332
Total revenue
$2,515,710
$2,077,549
$1,725,193
Compensation-related expense1
1,426,674
1,222,342
1,021,823
General and administrative expense2
277,813
230,467
185,956
Other segment items3
238,640
144,401
118,173
Depreciation and amortization
167,630
115,837
109,291
Change in contingent consideration
(22,859)
5,421
442
Interest income
(21,509)
(31,986)
(10,579)
Interest expense
179,957
151,493
115,408
Loss (income) from equity method investment in related party
(18,231)
(8,731)
414
Income tax expense
42,641
43,445
15,935
Other non-operating loss
15,041
10,380
5,073
Net income
$229,913
$194,480
$163,257
1 Compensation-related expense includes salaries, commissions, bonus compensation, benefits, payroll taxes, and
contractor costs, and excludes equity-based compensation expense, acquisition, and restructuring related expenses.
2 General and administrative expense includes travel and entertainment, professional services, occupancy, IT related costs,
and other operating costs, and excludes acquisition and restructuring related expenses.
3 Other segment items include equity-based compensation expense, and acquisition and restructuring related compensation
and general and administrative expenses.
Geographic Information
Revenue is primarily recognized based on the country in which the services are performed. The below table illustrates the
geographic regions for the Company’s revenue:
Year Ended December 31,
2024
2023
2022
United States
$2,391,980
$2,022,579
$1,676,042
Foreign
123,730
54,970
49,151
Total revenue
$2,515,710
$2,077,549
$1,725,193
The Company did not have material revenue from operations in any individual foreign country for the years ended
December 31, 2024, 2023, and 2022. Asset information is not presented to the CODM. Substantially all of the Company’s
tangible long-lived assets are located in the United States; therefore, geographic information for long-lived assets is not
presented.