Ryan Specialty Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

9 Months Ended

Sep. 30, 2022

The lease costs for the three and nine months ended September 30, 2022 and 2021 were as follows:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2022			2021			2022			2021
Lease costs:
Operating lease cost	$	7,734		$	5,906		$	23,344		$	18,015
Finance lease costs:
Amortization of leased assets		7			39			23			124
Interest on lease liabilities		—			1			1			3
Short term lease costs:
Operating lease cost		152			146			431			384
Finance lease costs:
Amortization of leased assets		2			3			6			7
Interest on lease liabilities		—			—			1			1
Sublease income		(122	)		(113	)		(319	)		(292	)
Lease cost – net	$	7,773		$	5,982		$	23,487		$	18,242

Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases							$	18,419		$	19,615
Operating cash flows from finance leases								31			134
Non-cash related activities
Right-of-use assets obtained in exchange for new operating lease liabilities								63,882			2,294
Weighted average discount rate (percent)
Operating leases								4.62	%		3.75	%
Finance leases								3.20	%		3.10	%
Weighted average remaining lease term (years)
Operating leases								7.6			6.0
Finance leases								2.1			2.7

Supplemental balance sheet information related to Lease right-of-use assets:


	September 30, 2022		December 31, 2021
Right-of-use assets – operating leases – net	$	135,217	$	84,778
Right-of-use assets – finance leases – net		66		96
Total lease right-of-use assets – net	$	135,283	$	84,874

Supplemental balance sheet information related to lease liabilities:


	September 30, 2022		December 31, 2021
Current lease liabilities
Operating	$	19,114	$	18,783
Finance		36		39
Non-current lease liabilities
Operating		135,040		74,386
Finance		30		57
Total lease liabilities	$	154,220	$	93,265

The estimated future minimum payments of operating and financing leases as of September 30, 2022:


	Finance Leases			Operating Leases
The remainder of 2022	$	10		$	4,721
2023		37			27,064
2024		18			25,346
2025		4			23,411
2026		—			22,063
Thereafter		—			84,516
Total undiscounted future lease payments	$	69		$	187,121
Less imputed interest		(3	)		(32,967	)
Present value lease liabilities	$	66		$	154,154