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Ryan Specialty Reports Q3 2022 Earnings Results

Ryan Specialty Holdings reported third quarter 2022 total revenue of $412.0 million, an increase of 16.8% year-over-year. Adjusted diluted Earnings Per Share for Q3 2022 was $0.25. Read the five things you should know about this earnings report.


Ryan Specialty Holdings (NYSE: RYAN) reported third quarter 2022 total revenue of $412.0 million, an increase of 16.8% year-over-year (YoY). Adjusted diluted Earnings Per Share (EPS) for Q3 2022 was $0.25. Here are five things you should know about this earnings call: 

  1. RYAN reported Q3 2022 organic growth of 13.7% YoY with adjusted EBITDAC (Earnings Before Interest, Taxes, Depreciation, Amortization, and Change) growing 11.2% YoY to $116.8 million. This compares to an organic growth rate of 28.9% and EBITDAC of $105.0 million in the prior-year period.
  2. Strong revenue growth in Q3 2022 of 16.8% YoY was mainly attributed to strong organic revenue growth driven by new client wins and expanded relationships. The continued expansion of the Excess & Surplus markets, revenue from acquisitions and increased fiduciary income also contributed to the increase. 
  3. RYAN shifted its full year 2022 outlook for organic revenue growth and adjusted EBITDAC margins. Organic revenue growth rate guidance for the full year 2022 is now at 14.5%-16%, down from RYAN’s prior guidance range of 16.5%-18.0%.  Guidance for full year 2022 Adjusted EBITDAC margin increased slightly to 29.5%-30.0%, compared to the prior 29.0%-30% guidance. These shifts came in response to current and developing market factors impacting M&A transactional liability policies and the market for public company Directors & Officers insurance.
  4. There was a decrease in total operating expenses of 0.8% YoY to $350.7 million. This was primarily due to significant reductions in IPO related expenses but partly offset by increases in compensation and benefits expenses, which are heavily correlated to revenue growth. To accommodate revenue growth, general and administrative expenses also increased YoY, along with business travel and client entertainment as business functions continued to normalize.
  5. Chairman and CEO Patrick G. Ryan commented on the future state of the company: “Importantly, our ability to generate another quarter of double-digit organic growth despite this headwind and the exceptional third quarter 2021 comp speaks volumes about the strength of our team, our diverse product and services offering and the winning culture we have built at Ryan Specialty. As we’ve noted previously, risks across industries are only becoming more complex. Our products are largely compulsory and our clients value the expertise we bring.”

To learn more, visit: Ryan Specialty  Q3 2022 Press Release  

Investment banking services offered through MarshBerry Capital, LLC, Member FINRA and SIPC, and an affiliate of Marsh, Berry & Company, LLC, 28601 Chagrin Blvd, Suite 400, Woodmere, OH 44122 (440) 354-3230 

This earnings summary has been prepared by Marsh, Berry & Co., LLC. and is not intended to provide investment recommendations on any company. It is not a research report, as such term is defined by applicable laws and regulations, and it does not contain sufficient information upon which to make an investment decision. It is not to be construed as an offer to buy or sell or a solicitation of an offer to buy or sell any securities, financial instruments or to participate in any particular trading strategy. These materials are based solely on information contained in publicly available documents and Marsh, Berry & Co., LLC has not independently attempted to investigate or to verify such information. 

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