Ryan Specialty Holdings, Inc. (NYSE:RYAN) Q3 2023 Earnings Conference Call November 2, 2023 5:00 PM ET
Company Participants
Patrick Ryan - Chairman and Chief Executive Officer
Timothy Turner - President
Jeremiah Bickham - Chief Financial Officer
Miles Wuller - President and CEO of Ryan Specialty Underwriting Managers
Conference Call Participants
Elyse Greenspan - Wells Fargo Securities
Michael Zaremski - BMO Capital Markets
Robert Cox - Goldman Sachs Group
Brian Meredith - UBS
Meyer Shields - Keefe, Bruyette & Woods, Inc.
Michael Ward - Citigroup Inc.
Tracy Dolin-Benguigui - Barclays Bank PLC
Operator
Good afternoon and thank you for joining us today for Ryan Specialty Holdings Third Quarter 2023 Earnings Conference Call. In addition to this call, the company filed a press release with the SEC earlier this afternoon, which has also been posted to its website at ryanspecialty.com.
On today's call, management's prepared remarks and answers to your questions may contain forward-looking statements. Investors should not place undue reliance on any forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to risks and uncertainties that could cause actual results to differ materially from those discussed today. Listeners are encouraged to review the more detailed discussion of these risk factors contained in the company's filings with the SEC. The company assumes no duty to update such forward-looking statements in the future, except as required by law.
Additionally, certain non-GAAP financial measures will be discussed on this call and should not be considered in isolation or as a substitute for the financial information presented in accordance with GAAP. Reconciliations of these non-GAAP financial measures to the most closely comparable measures prepared in accordance with GAAP are included in the earnings release, which is filed with the SEC and available on the company's website.
With that, I'd now like to turn the call over to the Founder, Chairman and Chief Executive Officer of Ryan Specialty, Pat Ryan.
Patrick Ryan
Good afternoon and thank you for joining us to discuss our third quarter results. With me on today's call is our President, Tim Turner; our CFO, Jeremiah Bickham, our CEO of Underwriting Managers, Miles Wuller. Also with us is our Head of Investor Relations, Nick Mezick. Ryan Specialty had another strong quarter as we continued to successfully execute on our strategic, financial and operational objectives.
We grew total revenue of 21.8% and by organic growth of 14.7%. We saw broad-based strength across our specialties and in various lines of business, as well as strong contributions from our recent acquisitions was notably Socius. This quarter is a great example of how strategic M&A contributes to total revenue growth and will contribute to organic growth in future years. We also generated double-digit growth in both adjusted EBITDAC and adjusted net income on a year-over-year basis.