Ryan Specialty has reported full year 2023 revenue of around $2.08 billion, up 20.4%, compared to the $1.73 billion reported in 2022.
The firm’s adjusted net income also increased in 2023, growing 20.4% to $375.6 million, compared to $312 million in the prior year.
Meanwhile, Ryan Specialty’s adjusted EBITDAC climbed 20.7% to $624.7 million. The firm’s adjusted EBITDAC margin for the full year was 30.1%, compared to 30% in 2022.
For Q4 2023 alone, revenue grew 22.5% year-over-year to $532.9 million, while adjusted net income increased 29.6% to $95.7 million.
Ryan Specialty’s Q4 adjusted EBITDAC increased 24.6% to $158.6 million, compared to $127.3 million in 2022. The Q4 EBITDAC margin was 29.8%, compared to 29.3% in the prior year.
Commenting on the results, Patrick G. Ryan, Founder, Chairman and Chief Executive Officer of Ryan Specialty, said, “Our fourth quarter results capped off another great year, in which we delivered 15% organic revenue growth, 21% adjusted EBITDAC growth, and 20% adjusted EPS growth.
“Through a combination of our differentiated business model, industry-leading talent, speed to market, innovative product development, and persistent dedication to our clients, we offer a winning formula for success.”
Ryan continued, “We were very pleased with the success we had in executing our M&A strategy, as we had our second-largest year in acquired revenue and announced our agreement to acquire Castel.
“These acquisitions expand our total addressable market and provide valuable products and solutions to our clients.
“Additionally, given our balance sheet strength, broad financial flexibility, and strong free cash flow, we are pleased to initiate a quarterly cash dividend program to return capital to and create additional value for our investors.
“The decision by our Board to initiate a cash dividend program reflects confidence in our ability to continue to drive sustainable, profitable growth, generate strong cash flow over the long term and execute our robust M&A program.
He concluded, “In summary, we produced excellent results in 2023, are well positioned for another strong year in 2024, and are confident in our ability to deliver value to investors for years to come.”
