Ryan Specialty Holdings, Inc. reported significant financial growth for the three months ended September 30, 2024, with total revenue reaching $604.7 million, a 20.5% increase from $501.9 million in the same period of 2023. Net commissions and fees also rose by 20.7%, totaling $588.1 million compared to $487.3 million in the prior year. Operating income increased to $81.5 million, up 16.7% from $69.8 million in the same quarter of 2023.
The company achieved a notable improvement in net income, which soared 82.4% to $28.6 million, compared to $15.7 million in the same period last year. Net income attributable to Ryan Specialty Holdings was $17.6 million, a significant turnaround from a loss of $5.0 million in the third quarter of 2023. Basic earnings per share for Class A common stock were reported at $0.15, recovering from a loss of $0.04 in the previous year.
For the nine months ended September 30, 2024, net income totaled $187.4 million, reflecting a 37.8% increase from $136.0 million in the same period of 2023. As of September 30, 2024, total assets increased to $8.5 billion, up from $7.2 billion at the end of 2023. Total liabilities also rose to $7.4 billion, compared to $6.3 billion at the end of the previous fiscal year. Stockholders’ equity attributable to Ryan Specialty Holdings increased to $632.8 million from $559.8 million.
Cash and cash equivalents saw a significant decline, decreasing from $838.8 million at the end of 2023 to $235.2 million by September 30, 2024. Cash flows from operating activities for the nine months were $255.2 million, slightly up from $250.3 million in the same period of 2023. However, cash flows used in investing activities surged to $(1.3 billion) from $(366.1 million) year-over-year. In contrast, cash flows from financing activities improved significantly, providing $625.3 million compared to cash used of $(31.9 million) in the prior year.
As of October 28, 2024, Ryan Specialty Holdings had 261,841,819 shares of common stock outstanding, comprising 125,171,615 shares of Class A and 136,670,204 shares of Class B common stock.
About RYAN SPECIALTY HOLDINGS, INC.
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