Quarterly report [Sections 13 or 15(d)]

Segment Reporting

v3.25.1
Segment Reporting
 3 Months Ended
Mar. 31, 2025
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 2, Revenue from Contracts with Customers, for the disaggregation of revenue by
Specialty.
The CODM utilizes consolidated net income (loss) 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 (loss):
Three Months Ended March 31,
2025
2024
Net commissions and fees
$676,128
$537,887
Fiduciary investment income
14,038
14,159
Total revenue
$690,166
$552,046
Compensation-related expense1
397,428
330,022
General and administrative expense2
92,237
64,802
Other segment items3
46,684
54,570
Depreciation and amortization
67,624
30,068
Change in contingent consideration
(14,042)
(65)
Interest income
(3,103)
(7,995)
Interest expense
57,611
37,395
Income from equity method investment in related party
(4,937)
(5,606)
Income tax expense
55,430
6,426
Other non-operating loss (income)
(377)
1,752
Net income (loss)
$(4,389)
$40,677
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:
Three Months Ended March 31,
2025
2024
United States
$649,097
$537,165
Foreign
41,069
14,881
Total revenue
$690,166
$552,046
The Company did not have material revenue from operations in any individual foreign country for the three months ended
March 31, 2025 or 2024. 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.