Ryan Specialty Annual report pursuant to Section 13 and 15(d)

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2024

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.

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: