Ryan Specialty Holdings (RYAN) Q3 FY2023 earnings: revenue $502 million, up 21.8% on the year

Ryan Specialty Holdings, Inc. (RYAN) reported revenue of $502 million for Q3 FY2023, the quarter ended 30 September 2023, up 21.8% on the same quarter a year earlier. Net income was -$5 million, and diluted earnings per share $-0.04. The figures are the company's own, from the 10-Q it filed with the SEC on 3 November 2023.

Revenue$502 millionup 21.8%

Net income-$5 million

Diluted EPS$-0.04

QuarterQ3 FY2023ended 30 September 2023

The quarter, against the one before and a year earlier

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Revenue	502	n/a	n/a	n/a
Operating income	69.8	n/a	n/a	n/a
Operating margin	13.9%	n/a	n/a
Interest expense	31.5	n/a	n/a	n/a
Pre-tax income	40.5	n/a	n/a	n/a
Income tax	24.8	n/a	n/a	n/a
Effective tax rate	61.3%	n/a	n/a
Net income	-5.0	n/a	n/a	n/a
Net margin	-1.0%	n/a	n/a
Diluted EPS	-$0.04	n/a	n/a	n/a

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Operating cash flow	105	n/a	n/a	n/a
Capital expenditure	10.7	n/a	n/a	n/a
Free cash flow	94.8	n/a	n/a	n/a
Free cash flow margin	18.9%	n/a	n/a
Cash from investing	-273	n/a	n/a	n/a
Cash from financing	-183	n/a	n/a	n/a
Share-based compensation	17.6	n/a	n/a	n/a
Dividends paid	0.0	n/a	n/a	n/a
Diluted shares, weighted	116m	n/a	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Shareholders' equity	543	n/a	n/a	n/a
Non-controlling interest	398	n/a	n/a	n/a
Debt	1,945	n/a	n/a	n/a
Operating lease liabilities	157	n/a	n/a	n/a
Other liabilities	3,382	n/a	n/a	n/a
Total liabilities and equity	6,426	n/a	n/a	n/a
Fixed assets	32.2	n/a	n/a	n/a
Goodwill	1,582	n/a	n/a	n/a
Intangible assets	592	n/a	n/a	n/a
Cash and equivalents	1,603	n/a	n/a	n/a
Receivables	239	n/a	n/a	n/a
Other assets	2,378	n/a	n/a	n/a
Total assets	6,426	n/a	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	502	533	552	695	605	664	690	855	755	751	795	917
Operating income	69.8	96.3	72.6	164	81.5	109	100	191	111	91.6	94.6	180
Operating margin	14%	18%	13%	24%	13%	16%	15%	22%	15%	12%	12%	20%
Interest expense	31.5	29.7	29.4	31.1	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Pre-tax income	40.5	59.2	47.1	137	19.7	69.0	51.0	138	59.8	44.6	47.1	131
Tax rate	61%	1%	14%	14%	-46%	38%	109%	9%	-5%	30%	14%	17%
Net income	-5.0	22.8	16.5	46.8	17.6	13.8	-27.6	52.0	31.1	8.0	17.6	42.3
Net margin	-1%	4%	3%	7%	3%	2%	-4%	6%	4%	1%	2%	5%
Diluted EPS	-$0.04	$0.19	$0.13	$0.37	$0.09	$0.12	-$0.22	$0.38	$0.20	$0.06	$0.13	$0.33
Operating cash flow	105	227	-117	271	101	260	-143	354	170	263	-167	293
Capital expenditure	10.7	13.8	0.0	0.0	0.0	0.0	0.7	0.0	2.4	0.0	0.0	1.6
Free cash flow	94.8	213	-117	271	101	260	-143	354	167	263	-167	291
Buybacks	n/a	n/a	n/a	n/a	n/a	n/a	0.0	0.0	n/a	n/a	40.0	260
Dividends paid	0.0	0.0	40.0	13.0	13.5	13.7	15.1	15.4	16.3	15.5	16.8	16.9
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 September 2023, filed 3 November 2023, accession 0000950170-23-058503: the filing on EDGAR. All of Ryan Specialty Holdings, Inc.'s filings: EDGAR company page.

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