Those timing differences actually relate to the timing of certain benefits and other related expenses coming through in the first quarter, as well as some other T&E and professional services.

May 1, 2025 / receipt, needs a key / Jeremiah, other | earnings call 2025-05-01 | transcript 0f63767d-b210-43be-903a-6e5430c0ca96 | chars 24489-24680 | segment 25

So we are going to see additional scaling in comp for sure. And over time, we'll see scaling in G&A too. But this quarter in particular, there were some timing issues related to some of our planned spend, even on like the T&E side events.

May 2, 2024 / receipt, needs a key / Jeremiah, CFO | earnings call 2024-05-02 | transcript 5d98f943-c7a1-4c57-981f-e6be85008c54 | chars 30836-31074 | segment 32

Our EBITDA margin was impacted by continued investments in our business, including last year's hiring and T&E continuing to return to normalized levels. both of which were partially offset by higher fiduciary investment income.

Aug 3, 2023 / receipt, needs a key / Jeremiah Bickham, CFO | earnings call 2023-08-03 | transcript 68c218af-5708-469c-93eb-45223e64b076 | chars 13367-13594 | segment 13

So I noticed the adjusted compensation margin was down a good bit year over year despite the talent investments, but the adjusted G&A ratio was higher than the first quarter when it's seasonally lower. So I would have thought that would be a little bit lower, I think, as the first quarter, if I recall correctly, was your toughest comp with respect to travel and entertainment.

Aug 3, 2023 / receipt, needs a key / Rob Cox, other | earnings call 2023-08-03 | transcript 68c218af-5708-469c-93eb-45223e64b076 | chars 26571-26949 | segment 27

Yeah. A little bit of that, or I shouldn't say a little, some of that is T&E. And then another bit of that is professional services that increased significantly this quarter. relative to prior quarters related to a new revenue stream that just requires additional professional services over time that may waterbed into comp if we decide to in-house some of those. But for right now, they're through professional services.

Aug 3, 2023 / receipt, needs a key / Jeremiah, CFO | earnings call 2023-08-03 | transcript 68c218af-5708-469c-93eb-45223e64b076 | chars 27017-27438 | segment 28

Yeah, I'm just wondering with travel and entertainment, observably much more expensive, I'm wondering whether you're starting to see some competitors say we're just going to do less of that and whether there's an opportunity for growth when that happens.

Aug 3, 2023 / receipt, needs a key / Ryan Tunis, other | earnings call 2023-08-03 | transcript 68c218af-5708-469c-93eb-45223e64b076 | chars 32128-32382 | segment 33

Our EBITDAQ margin was impacted by continued investments in our business and T&E continuing to return to normalized levels, both of which were partially offset by higher fiduciary investment income.

May 4, 2023 / receipt, needs a key / Jeremiah Bickham, CFO | earnings call 2023-05-04 | transcript 52c148c3-ddbb-4639-92bc-81b4b3ae0d62 | chars 11579-11777 | segment 11

So I was wondering if you guys could quantify the T&E headwind in the quarter and maybe just comment on how you expect margins to sort of progress over the remainder of the year.

May 4, 2023 / receipt, needs a key / Rob Cox, other | earnings call 2023-05-04 | transcript 52c148c3-ddbb-4639-92bc-81b4b3ae0d62 | chars 24232-24410 | segment 24

So you are absolutely right. T&E is going to have the most, it's going to be the worst comp for T&E in Q1. There's still some ramp up that will flow through for Q2. Same issue with the hiring that we did too. There's a ramp up that's going to affect the comparable margins in Q2. It definitely does get better. as the year goes on, just because the hiring will be represented in more of the quarters. And by the end of the year, T&E was a lot closer to what we expect on an annual rate this year. So it does improve, and like I said, with the margins that came in this quarter, we're very confident in the range that we're reiterating today.

May 4, 2023 / receipt, needs a key / Tim, CFO | earnings call 2023-05-04 | transcript 52c148c3-ddbb-4639-92bc-81b4b3ae0d62 | chars 24411-25052 | segment 24

Our adjusted EBITDA margin was impacted by continued investments in the business and T&E continuing to return to normalized levels, which was partially offset by higher fiduciary investment income.

Feb 28, 2023 / receipt, needs a key / Jeremiah Bickham, CFO | earnings call 2023-02-28 | transcript 72f09649-2102-4584-9b4b-697351c64112 | chars 13092-13289 | segment 13

It should be noted that relative to Q3 of 2019, which had a full run rate of T&E, our margin was up 450 basis points in the quarter, again, showing the proven scalability of our model over the years.

Nov 10, 2022 / receipt, needs a key / Jeremiah Bickham, CFO | earnings call 2022-11-10 | transcript 8ec1f853-db88-4128-aaf8-120401e01664 | chars 12622-12821 | segment 12

Our adjusted EBITDAQ margin was impacted by continued investments in the business and T&E continuing to return to normalized levels, and also improved by higher fiduciary income.

Nov 10, 2022 / receipt, needs a key / Jeremiah Bickham, CFO | earnings call 2022-11-10 | transcript 8ec1f853-db88-4128-aaf8-120401e01664 | chars 12443-12621 | segment 12

13 active de novo MGUs

ir_statement / Sep 17, 2026 / receipt

71% of Ryan Specialty’s Producers grew their book of business in 2025

ir_statement / Sep 17, 2026 / receipt

certain run rate expected cost savings and initiatives

ir_statement / Sep 17, 2026 / receipt

In February 2026, announced an inaugural $300 million share repurchase authorization

ir_statement / Sep 17, 2026 / receipt

12 active de novo MGUs

ir_statement / Sep 17, 2026 / receipt

81% of Ryan Specialty’s Producers grew their book of business in 2023

ir_statement / Sep 17, 2026 / receipt

58 acquisitions completed since founding

ir_statement / Sep 17, 2026 / receipt

Each producer cohort hired between 2016 - 2022 had a positive contribution margin by their second year2

ir_statement / Sep 17, 2026 / receipt

Expanding TAM into new specialties - Ryan Alternative Risk and Ryan Specialty Benefits

ir_statement / Sep 17, 2026 / receipt

Operating cash flow is largely used to service existing debt, finance accretive acquisitions, invest in systems and operations, and invest in initiatives fueling future growth

ir_statement / Sep 17, 2026 / receipt

12 active de novo MGUs

ir_statement / Sep 17, 2026 / receipt

59 acquisitions completed since founding

ir_statement / Sep 17, 2026 / receipt