10/30/2024 | Press release | Distributed by Public on 10/30/2024 14:07
Three Months Ended
September 30,
|
Change
|
Nine Months Ended
September 30,
|
Change
|
|||||
(in thousands, except percentages
and per share data)
|
2024
|
2023
|
$
|
%
|
2024
|
2023
|
$
|
%
|
GAAP financial measures
|
||||||||
Total revenue
|
$604,694
|
$501,938
|
$102,756
|
20.5%
|
$1,852,181
|
$1,544,686
|
$307,495
|
19.9%
|
Net commissions and fees
|
588,129
|
487,345
|
100,784
|
20.7
|
1,806,264
|
1,507,878
|
298,386
|
19.8
|
Compensation and benefits
|
393,249
|
329,212
|
64,037
|
19.5
|
1,180,825
|
989,294
|
191,531
|
19.4
|
General and administrative
|
88,684
|
69,288
|
19,396
|
28.0
|
247,518
|
202,595
|
44,923
|
22.2
|
Total operating expenses
|
523,217
|
432,121
|
91,096
|
21.1
|
1,533,687
|
1,281,942
|
251,745
|
19.6
|
Operating income
|
81,477
|
69,817
|
11,660
|
16.7
|
318,494
|
262,744
|
55,750
|
21.2
|
Net income
|
28,643
|
15,703
|
12,940
|
82.4
|
187,358
|
135,977
|
51,381
|
37.8
|
Net income (loss) attributable
to Ryan Specialty Holdings, Inc.
|
17,589
|
(5,047)
|
22,636
|
NM
|
80,911
|
38,191
|
42,720
|
111.9
|
Compensation and benefits
expense ratio (1)
|
65.0%
|
65.6%
|
63.8%
|
64.0%
|
||||
General and administrative
expense ratio (2)
|
14.7%
|
13.8%
|
13.4%
|
13.1%
|
||||
Net income margin (3)
|
4.7%
|
3.1%
|
10.1%
|
8.8%
|
||||
Earnings (loss) per share (4)
|
$0.15
|
$(0.04)
|
$0.67
|
$0.34
|
||||
Diluted earnings (loss) per
share (4)
|
$0.09
|
$(0.04)
|
$0.59
|
$0.34
|
||||
Non-GAAP financial measures*
|
||||||||
Organic revenue growth rate
|
11.8%
|
15.0%
|
13.3%
|
15.0%
|
||||
Adjusted compensation and
benefits expense
|
$343,442
|
$296,400
|
$47,042
|
15.9%
|
$1,057,424
|
$911,926
|
$145,498
|
16.0%
|
Adjusted compensation and
benefits expense ratio
|
56.8%
|
59.1%
|
57.1%
|
59.0%
|
||||
Adjusted general and
administrative expense
|
$70,991
|
$58,560
|
$12,431
|
21.2%
|
$199,583
|
$166,606
|
$32,977
|
19.8%
|
Adjusted general and
administrative expense ratio
|
11.7%
|
11.7%
|
10.8%
|
10.8%
|
||||
Adjusted EBITDAC
|
$190,261
|
$146,978
|
$43,283
|
29.4%
|
$595,174
|
$466,154
|
$129,020
|
27.7%
|
Adjusted EBITDAC margin
|
31.5%
|
29.3%
|
32.1%
|
30.2%
|
||||
Adjusted net income
|
$113,633
|
$86,631
|
$27,002
|
31.2%
|
$369,604
|
$282,144
|
$87,460
|
31.0%
|
Adjusted net income margin
|
18.8%
|
17.3%
|
20.0%
|
18.3%
|
||||
Adjusted diluted earnings per
share
|
$0.41
|
$0.32
|
$1.34
|
$1.04
|
Three Months Ended September 30,
|
||||||
(in thousands, except percentages)
|
2024
|
% of
total
|
2023
|
% of
total
|
Change
|
|
Wholesale Brokerage
|
$346,666
|
59.0%
|
$308,872
|
63.4%
|
$37,794
|
12.2%
|
Binding Authorities
|
76,497
|
13.0
|
69,245
|
14.2
|
7,252
|
10.5
|
Underwriting Management
|
164,966
|
28.0
|
109,228
|
22.4
|
55,738
|
51.0
|
Total net commissions and fees
|
$588,129
|
$487,345
|
$100,784
|
20.7%
|
Nine Months Ended September 30,
|
||||||
(in thousands, except percentages)
|
2024
|
% of
total
|
2023
|
% of
total
|
Change
|
|
Wholesale Brokerage
|
$1,114,240
|
61.7%
|
$976,338
|
64.7%
|
$137,902
|
14.1%
|
Binding Authorities
|
245,762
|
13.6
|
208,547
|
13.8
|
37,215
|
17.8
|
Underwriting Management
|
446,262
|
24.7
|
322,993
|
21.4
|
123,269
|
38.2
|
Total Net commissions and fees
|
$1,806,264
|
$1,507,878
|
$298,386
|
19.8%
|
Three Months Ended September 30,
|
||||||
(in thousands, except percentages)
|
2024
|
% of
total
|
2023
|
% of
total
|
Change
|
|
Net commissions and policy fees
|
$555,282
|
94.4%
|
$470,085
|
96.4%
|
$85,197
|
18.1%
|
Supplemental and contingent
commissions
|
20,455
|
3.5
|
8,592
|
1.8
|
11,863
|
138.1
|
Loss mitigation and other fees
|
12,392
|
2.1
|
8,668
|
1.8
|
3,724
|
43.0
|
Total net commissions and fees
|
$588,129
|
$487,345
|
$100,784
|
20.7%
|
Nine Months Ended September 30,
|
||||||
(in thousands, except percentages)
|
2024
|
% of
total
|
2023
|
% of
total
|
Change
|
|
Net commissions and policy fees
|
$1,706,781
|
94.5%
|
$1,437,239
|
95.3%
|
$269,542
|
18.8%
|
Supplemental and contingent
commissions
|
$58,618
|
3.2
|
$46,281
|
3.1
|
12,337
|
26.7
|
Loss mitigation and other fees
|
$40,865
|
2.3
|
$24,358
|
1.6
|
16,507
|
67.8
|
Total net commissions and fees
|
$1,806,264
|
$1,507,878
|
$298,386
|
19.8%
|
Investor Relations
Nicholas Mezick
Director, Investor Relations
Ryan Specialty
Phone: (312) 784-6152
|
Media Relations
Alice Phillips Topping
SVP, Chief Marketing & Communications Officer
Ryan Specialty
Phone: (312) 635-5976
|
Three Months Ended
September 30,
|
Nine Months Ended September
30,
|
|||
(in thousands, except percentages and per share data)
|
2024
|
2023
|
2024
|
2023
|
Revenue
|
||||
Net commissions and fees
|
$588,129
|
$487,345
|
$1,806,264
|
$1,507,878
|
Fiduciary investment income
|
16,565
|
14,593
|
45,917
|
36,808
|
Total revenue
|
$604,694
|
$501,938
|
$1,852,181
|
$1,544,686
|
Expenses
|
||||
Compensation and benefits
|
393,249
|
329,212
|
1,180,825
|
989,294
|
General and administrative
|
88,684
|
69,288
|
247,518
|
202,595
|
Amortization
|
39,182
|
29,572
|
97,711
|
79,125
|
Depreciation
|
2,467
|
2,201
|
6,820
|
6,570
|
Change in contingent consideration
|
(365)
|
1,848
|
813
|
4,358
|
Total operating expenses
|
$523,217
|
$432,121
|
$1,533,687
|
$1,281,942
|
Operating income
|
$81,477
|
$69,817
|
$318,494
|
$262,744
|
Interest expense, net
|
49,388
|
31,491
|
109,916
|
89,840
|
(Income) from equity method investment in related party
|
(4,182)
|
(2,271)
|
(13,510)
|
(5,882)
|
Other non-operating loss
|
16,590
|
67
|
18,575
|
37
|
Income before income taxes
|
$19,681
|
$40,530
|
$203,513
|
$178,749
|
Income tax expense (benefit)
|
(8,962)
|
24,827
|
16,155
|
42,772
|
Net income
|
$28,643
|
$15,703
|
$187,358
|
$135,977
|
GAAP financial measures
|
||||
Total revenue
|
$604,694
|
$501,938
|
$1,852,181
|
$1,544,686
|
Net commissions and fees
|
588,129
|
487,345
|
1,806,264
|
1,507,878
|
Compensation and benefits
|
393,249
|
329,212
|
1,180,825
|
989,294
|
General and administrative
|
88,684
|
69,288
|
247,518
|
202,595
|
Net income
|
28,643
|
15,703
|
187,358
|
135,977
|
Compensation and benefits expense ratio (1)
|
65.0%
|
65.6%
|
63.8%
|
64.0%
|
General and administrative expense ratio (2)
|
14.7%
|
13.8%
|
13.4%
|
13.1%
|
Net income margin (3)
|
4.7%
|
3.1%
|
10.1%
|
8.8%
|
Earnings (loss) per share (4)
|
$0.15
|
$(0.04)
|
$0.67
|
$0.34
|
Diluted earnings (loss) per share (4)
|
$0.09
|
$(0.04)
|
$0.59
|
$0.34
|
Three Months Ended
September 30,
|
Nine Months Ended September
30,
|
|||
(in thousands, except percentages and per share data)
|
2024
|
2023
|
2024
|
2023
|
Non-GAAP financial measures*
|
||||
Organic revenue growth rate
|
11.8%
|
15.0%
|
13.3%
|
15.0%
|
Adjusted compensation and benefits expense
|
$343,442
|
$296,400
|
$1,057,424
|
$911,926
|
Adjusted compensation and benefits expense ratio
|
56.8%
|
59.1%
|
57.1%
|
59.0%
|
Adjusted general and administrative expense
|
$70,991
|
$58,560
|
$199,583
|
$166,606
|
Adjusted general and administrative expense ratio
|
11.7%
|
11.7%
|
10.8%
|
10.8%
|
Adjusted EBITDAC
|
$190,261
|
$146,978
|
$595,174
|
$466,154
|
Adjusted EBITDAC margin
|
31.5%
|
29.3%
|
32.1%
|
30.2%
|
Adjusted net income
|
$113,633
|
$86,631
|
$369,604
|
$282,144
|
Adjusted net income margin
|
18.8%
|
17.3%
|
20.0%
|
18.3%
|
Adjusted diluted earnings per share
|
$0.41
|
$0.32
|
$1.34
|
$1.04
|
(in thousands, except share and per share data)
|
September 30,
2024
|
December 31,
2023
|
ASSETS
|
||
CURRENT ASSETS
|
||
Cash and cash equivalents
|
$235,199
|
$838,790
|
Commissions and fees receivable - net
|
334,637
|
294,195
|
Fiduciary cash and receivables
|
3,357,047
|
3,131,660
|
Prepaid incentives - net
|
8,309
|
8,718
|
Other current assets
|
84,165
|
62,229
|
Total current assets
|
$4,019,357
|
$4,335,592
|
NON-CURRENT ASSETS
|
||
Goodwill
|
2,341,340
|
1,646,482
|
Customer relationships
|
1,283,489
|
572,416
|
Other intangible assets
|
69,167
|
38,254
|
Prepaid incentives - net
|
15,449
|
15,103
|
Equity method investment in related party
|
62,444
|
46,099
|
Property and equipment - net
|
45,703
|
42,427
|
Lease right-of-use assets
|
122,617
|
127,708
|
Deferred tax assets
|
486,432
|
383,816
|
Other non-current assets
|
32,505
|
39,312
|
Total non-current assets
|
$4,459,146
|
$2,911,617
|
TOTAL ASSETS
|
$8,478,503
|
$7,247,209
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||
CURRENT LIABILITIES
|
||
Accounts payable and accrued liabilities
|
$206,185
|
$136,340
|
Accrued compensation
|
325,120
|
419,560
|
Operating lease liabilities
|
21,489
|
21,369
|
Tax Receivable Agreement liabilities
|
22,721
|
-
|
Short-term debt and current portion of long-term debt
|
33,316
|
35,375
|
Fiduciary liabilities
|
3,357,047
|
3,131,660
|
Total current liabilities
|
$3,965,878
|
$3,744,304
|
NON-CURRENT LIABILITIES
|
||
Accrued compensation
|
52,261
|
24,917
|
Operating lease liabilities
|
148,487
|
154,457
|
Long-term debt
|
2,646,550
|
1,943,837
|
Tax Receivable Agreement liabilities
|
432,406
|
358,898
|
Deferred tax liabilities
|
21,162
|
55
|
Other non-current liabilities
|
110,227
|
41,097
|
Total non-current liabilities
|
$3,411,093
|
$2,523,261
|
TOTAL LIABILITIES
|
$7,376,971
|
$6,267,565
|
STOCKHOLDERS' EQUITY
|
||
Class A common stock ($0.001 par value; 1,000,000,000 shares authorized, 125,096,524 and
118,593,062 shares issued and outstanding at September 30, 2024 and December 31, 2023,
respectively)
|
125
|
119
|
Class B common stock ($0.001 par value; 1,000,000,000 shares authorized, 136,724,772 and
141,621,188 shares issued and outstanding at September 30, 2024 and December 31, 2023,
respectively)
|
137
|
142
|
Class X common stock ($0.001 par value; 10,000,000 shares authorized, 640,784 shares issued and 0
outstanding at September 30, 2024 and December 31, 2023)
|
-
|
-
|
Preferred stock ($0.001 par value; 500,000,000 shares authorized, 0 shares issued and outstanding at
September 30, 2024 and December 31, 2023)
|
-
|
-
|
Additional paid-in capital
|
500,518
|
441,997
|
Retained earnings
|
124,973
|
114,420
|
Accumulated other comprehensive income
|
7,080
|
3,076
|
Total stockholders' equity attributable to Ryan Specialty Holdings, Inc.
|
$632,833
|
$559,754
|
Non-controlling interests
|
468,699
|
419,890
|
Total stockholders' equity
|
$1,101,532
|
$979,644
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
|
$8,478,503
|
$7,247,209
|
Nine Months Ended September
30,
|
||
(in thousands)
|
2024
|
2023
|
CASH FLOWS FROM OPERATING ACTIVITIES
|
||
Net income
|
$187,358
|
$135,977
|
Adjustments to reconcile net income to cash flows provided by operating activities:
|
||
(Income) from equity method investment in related party
|
(13,510)
|
(5,882)
|
Amortization
|
97,711
|
79,125
|
Depreciation
|
6,820
|
6,570
|
Prepaid and deferred compensation expense
|
25,220
|
8,882
|
Non-cash equity-based compensation
|
61,664
|
54,136
|
Amortization of deferred debt issuance costs
|
21,838
|
9,125
|
Amortization of interest rate cap premium
|
5,216
|
5,216
|
Deferred income tax expense (benefit)
|
(1,959)
|
11,745
|
Deferred income tax expense from reorganization
|
-
|
20,679
|
Loss on Tax Receivable Agreement
|
646
|
478
|
Changes in operating assets and liabilities, net of acquisitions:
|
||
Commissions and fees receivable - net
|
21,514
|
3,875
|
Accrued interest liability
|
2,260
|
(4,293)
|
Other current and non-current assets
|
(12,826)
|
10,935
|
Other current and non-current accrued liabilities
|
(146,724)
|
(86,233)
|
Total cash flows provided by operating activities
|
$255,228
|
$250,335
|
CASH FLOWS FROM INVESTING ACTIVITIES
|
||
Business combinations - net of cash acquired and cash held in a fiduciary capacity
|
(1,256,732)
|
(366,149)
|
Capital expenditures
|
(29,705)
|
(16,013)
|
Repayments of prepaid incentives
|
-
|
228
|
Total cash flows used in investing activities
|
$(1,286,437)
|
$(381,934)
|
CASH FLOWS FROM FINANCING ACTIVITIES
|
||
Proceeds from Senior Secured Notes
|
595,200
|
-
|
Borrowings on Revolving Credit Facility
|
850,000
|
-
|
Repayments on Revolving Credit Facility
|
(850,000)
|
-
|
Debt issuance costs paid
|
(16,771)
|
-
|
Proceeds from term debt
|
107,625
|
-
|
Repayment of term debt
|
(8,250)
|
(12,375)
|
Payment of contingent consideration
|
-
|
(4,477)
|
Tax distributions to non-controlling LLC Unitholders
|
(65,833)
|
(52,633)
|
Receipt of taxes related to net share settlement of equity awards
|
26,502
|
7,786
|
Taxes paid related to net share settlement of equity awards
|
(18,516)
|
(7,091)
|
Dividends paid to Class A common shareholders
|
(66,507)
|
-
|
Distributions to non-controlling LLC Unitholders
|
(16,754)
|
-
|
Payment of accrued return on Ryan Re preferred units
|
(2,047)
|
-
|
Net change in fiduciary liabilities
|
90,700
|
36,832
|
Total cash flows provided by (used in) financing activities
|
$625,349
|
$(31,958)
|
Effect of changes in foreign exchange rates on cash, cash equivalents, and cash and cash
equivalents held in a fiduciary capacity
|
5,641
|
(828)
|
NET CHANGE IN CASH, CASH EQUIVALENTS, AND CASH AND CASH EQUIVALENTS HELD IN A
FIDUCIARY CAPACITY
|
$(400,219)
|
$(164,385)
|
CASH, CASH EQUIVALENTS, AND CASH AND CASH EQUIVALENTS HELD IN A FIDUCIARY CAPACITY
-Beginning balance
|
1,756,332
|
1,767,385
|
CASH, CASH EQUIVALENTS, AND CASH AND CASH EQUIVALENTS HELD IN A FIDUCIARY CAPACITY
-Ending balance
|
$1,356,113
|
$1,603,000
|
Reconciliation of cash, cash equivalents, and cash and cash equivalents held in a fiduciary
capacity
|
||
Cash and cash equivalents
|
235,199
|
754,370
|
Cash and cash equivalents held in a fiduciary capacity
|
1,120,914
|
848,630
|
Total cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity
|
$1,356,113
|
$1,603,000
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
|||
(in thousands, except percentages)
|
2024
|
2023
|
2024
|
2023
|
Current period Net commissions and fees revenue
|
$588,129
|
$487,345
|
$1,806,264
|
$1,507,878
|
Less: Current period contingent commissions
|
(14,842)
|
(4,487)
|
(44,741)
|
(30,624)
|
Net Commissions and fees revenue
excluding contingent commissions
|
$573,287
|
$482,858
|
$1,761,523
|
$1,477,254
|
Prior period Net commissions and fees revenue
|
$487,345
|
$407,551
|
$1,507,878
|
$1,284,459
|
Less: Prior year contingent commissions
|
(4,487)
|
(3,039)
|
(30,624)
|
(24,978)
|
Prior period Net commissions and fees revenue
excluding contingent commissions
|
$482,858
|
$404,512
|
$1,477,254
|
$1,259,481
|
Change in Net commissions and fees revenue excluding
contingent commissions
|
$90,429
|
$78,346
|
$284,269
|
$217,773
|
Less: Mergers and acquisitions Net commissions and fees
revenue excluding contingent commissions
|
(33,416)
|
(16,980)
|
(87,690)
|
(28,563)
|
Impact of change in foreign exchange rates
|
(196)
|
(739)
|
(521)
|
350
|
Organic revenue growth (Non-GAAP)
|
$56,817
|
$60,628
|
$196,058
|
$189,560
|
Net commissions and fees revenue growth rate (GAAP)
|
20.7%
|
19.6%
|
19.8%
|
17.4%
|
Less: Impact of contingent commissions (1)
|
(2.0)
|
(0.2)
|
(0.6)
|
(0.1)
|
Net commissions and fees revenue
excluding contingent commissions growth rate (2)
|
18.7%
|
19.4%
|
19.2%
|
17.3%
|
Less: Mergers and acquisitions Net commissions and fees
revenue excluding contingent commissions (3)
|
(6.9)
|
(4.2)
|
(5.9)
|
(2.3)
|
Impact of change in foreign exchange rates (4)
|
0.0
|
(0.2)
|
0.0
|
0.0
|
Organic Revenue Growth Rate (Non-GAAP)
|
11.8%
|
15.0%
|
13.3%
|
15.0%
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
|||
(in thousands, except percentages)
|
2024
|
2023
|
2024
|
2023
|
Total revenue
|
$604,694
|
$501,938
|
$1,852,181
|
$1,544,686
|
Compensation and benefits expense
|
$393,249
|
$329,212
|
$1,180,825
|
$989,294
|
Acquisition-related expense
|
(3,785)
|
(1,546)
|
(5,171)
|
(3,331)
|
Acquisition related long-term incentive compensation
|
(15,775)
|
(550)
|
(17,039)
|
(1,702)
|
Restructuring and related expense
|
(5,693)
|
(11,538)
|
(35,676)
|
(13,407)
|
Amortization and expense related to discontinued prepaid
incentives
|
(1,095)
|
(1,571)
|
(3,851)
|
(4,793)
|
Equity-based compensation
|
(17,385)
|
(8,280)
|
(39,656)
|
(23,106)
|
Initial public offering related expense
|
(6,074)
|
(9,327)
|
(22,008)
|
(31,029)
|
Adjusted compensation and benefits expense (1)
|
$343,442
|
$296,400
|
$1,057,424
|
$911,926
|
Compensation and benefits expense ratio
|
65.0%
|
65.6%
|
63.8%
|
64.0%
|
Adjusted compensation and benefits expense ratio
|
56.8%
|
59.1%
|
57.1%
|
59.0%
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
|||
(in thousands, except percentages)
|
2024
|
2023
|
2024
|
2023
|
Total revenue
|
$604,694
|
$501,938
|
$1,852,181
|
$1,544,686
|
General and administrative expense
|
$88,684
|
$69,288
|
$247,518
|
$202,595
|
Acquisition-related expense
|
(12,560)
|
(5,790)
|
(35,779)
|
(12,196)
|
Restructuring and related expense
|
(5,133)
|
(4,938)
|
(12,156)
|
(23,793)
|
Adjusted general and administrative expense (1)
|
$70,991
|
$58,560
|
$199,583
|
$166,606
|
General and administrative expense ratio
|
14.7%
|
13.8%
|
13.4%
|
13.1%
|
Adjusted general and administrative expense ratio
|
11.7%
|
11.7%
|
10.8%
|
10.8%
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
|||
(in thousands, except percentages)
|
2024
|
2023
|
2024
|
2023
|
Total revenue
|
$604,694
|
$501,938
|
$1,852,181
|
$1,544,686
|
Net income
|
$28,643
|
$15,703
|
$187,358
|
$135,977
|
Interest expense, net
|
49,388
|
31,491
|
109,916
|
89,840
|
Income tax expense (benefit)
|
(8,962)
|
24,827
|
16,155
|
42,772
|
Depreciation
|
2,467
|
2,201
|
6,820
|
6,570
|
Amortization
|
39,182
|
29,572
|
97,711
|
79,125
|
Change in contingent consideration
|
(365)
|
1,848
|
813
|
4,358
|
EBITDAC
|
$110,353
|
$105,642
|
$418,773
|
$358,642
|
Acquisition-related expense
|
16,345
|
7,336
|
40,950
|
15,527
|
Acquisition related long-term incentive compensation
|
15,775
|
550
|
17,039
|
1,702
|
Restructuring and related expense
|
10,826
|
16,476
|
47,832
|
37,200
|
Amortization and expense related to discontinued
prepaid incentives
|
1,095
|
1,571
|
3,851
|
4,793
|
Other non-operating loss
|
16,590
|
67
|
18,575
|
37
|
Equity-based compensation
|
17,385
|
8,280
|
39,656
|
23,106
|
IPO related expenses
|
6,074
|
9,327
|
22,008
|
31,029
|
(Income) from equity method investments in related
party
|
(4,182)
|
(2,271)
|
(13,510)
|
(5,882)
|
Adjusted EBITDAC
|
$190,261
|
$146,978
|
$595,174
|
$466,154
|
Net income margin
|
4.7%
|
3.1%
|
10.1%
|
8.8%
|
Adjusted EBITDAC margin
|
31.5%
|
29.3%
|
32.1%
|
30.2%
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
|||
(in thousands, except percentages)
|
2024
|
2023
|
2024
|
2023
|
Total revenue
|
$604,694
|
$501,938
|
$1,852,181
|
$1,544,686
|
Net income
|
$28,643
|
$15,703
|
$187,358
|
$135,977
|
Income tax expense (benefit)
|
(8,962)
|
24,827
|
16,155
|
42,772
|
Amortization
|
39,182
|
29,572
|
97,711
|
79,125
|
Amortization of deferred debt issuance costs (1)
|
15,402
|
3,045
|
21,838
|
9,125
|
Change in contingent consideration
|
(365)
|
1,848
|
813
|
4,358
|
Acquisition-related expense
|
16,345
|
7,336
|
40,950
|
15,527
|
Acquisition related long-term incentive compensation
|
15,775
|
550
|
17,039
|
1,702
|
Restructuring and related expense
|
10,826
|
16,476
|
47,832
|
37,200
|
Amortization and expense related to discontinued
prepaid incentives
|
1,095
|
1,571
|
3,851
|
4,793
|
Other non-operating loss
|
16,590
|
67
|
18,575
|
37
|
Equity-based compensation
|
17,385
|
8,280
|
39,656
|
23,106
|
IPO related expenses
|
6,074
|
9,327
|
22,008
|
31,029
|
(Income) from equity method investments in related
party
|
(4,182)
|
(2,271)
|
(13,510)
|
(5,882)
|
Adjusted income before income taxes (2)
|
$153,808
|
$116,331
|
$500,276
|
$378,869
|
Adjusted income tax expense (3)
|
(40,175)
|
(29,700)
|
(130,672)
|
(96,725)
|
Adjusted net income
|
$113,633
|
$86,631
|
$369,604
|
$282,144
|
Net income margin
|
4.7%
|
3.1%
|
10.1%
|
8.8%
|
Adjusted net income margin
|
18.8%
|
17.3%
|
20.0%
|
18.3%
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
|||
2024
|
2023
|
2024
|
2023
|
|
Earnings (loss) per share of Class A common stock - diluted
|
$0.09
|
$(0.04)
|
$0.59
|
$0.34
|
Less: Net income attributed to dilutive shares and substantively
vested RSUs (1)
|
(0.03)
|
-
|
(0.29)
|
(0.03)
|
Plus: Impact of all LLC Common Units exchanged for Class A shares (2)
|
0.05
|
0.10
|
0.39
|
0.20
|
Plus: Adjustments to Adjusted net income (3)
|
0.31
|
0.28
|
0.67
|
0.54
|
Plus: Dilutive impact of unvested equity awards (4)
|
(0.01)
|
(0.02)
|
(0.02)
|
(0.01)
|
Adjusted diluted earnings per share
|
$0.41
|
$0.32
|
$1.34
|
$1.04
|
(Share count in '000)
|
||||
Weighted-average shares of Class A common stock outstanding -
diluted
|
272,686
|
115,872
|
271,283
|
124,884
|
Plus: Impact of all LLC Common Units exchanged for Class A shares (2)
|
-
|
141,690
|
-
|
142,974
|
Plus: Dilutive impact of unvested equity awards (4)
|
3,467
|
15,115
|
4,445
|
4,390
|
Adjusted diluted earnings per share diluted share count
|
276,153
|
272,677
|
275,728
|
272,248
|