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

Leases (Tables)

12 Months Ended

Dec. 31, 2023

The following table provides additional information about the Company’s leases:


	Year Ended December 31,
	2023			2022			2021
Lease costs
Operating lease costs	$	36,907		$	32,834		$	24,069
Finance lease costs		—		31			147
Short-term lease costs
Operating lease costs		870			598			536
Finance lease costs		—		10			10
Sublease income		(642	)		(488	)		(382	)
Lease costs – net	$	37,135		$	32,985		$	24,380

Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows used for operating leases	$	32,933		$	25,569		$	27,550
Non-cash related activities
Right-of-use assets obtained in exchange for new operating lease liabilities		11,771			93,029			11,714
Amortization of right-of-use assets for operating lease activity		24,664			23,051			20,000
Weighted average discount rate (percent)
Operating leases		5.1	%		4.8	%		3.9	%
Finance leases		—			3.2	%		3.2	%
Weighted average remaining lease term (years)
Operating leases		8.2			8.5			6.0
Finance leases		—			1.9			2.7

The estimated future minimum payments of operating leases as of December 31, 2023 were as follows:


2024	$	29,375
2025		29,152
2026		27,453
2027		24,369
2028		20,442
Thereafter		89,710
Total undiscounted future lease payments	$	220,501
Less imputed interest		(44,675	)
Present value lease liabilities	$	175,826