RYAN SPECIALTY HOLDINGS, INC. (RYAN): restructuring charge — Ryan Specialty announces restructuring program with $65M charges, $35M annual savings; Q4 results released

RYAN SPECIALTY HOLDINGS, INC.

Board approved two-year restructuring program starting Q1 2023, expected to generate $35M annual cost savings by 2025.
Cumulative pre-tax charges estimated at $65M: $45M operations/tech optimization, $15M compensation/benefits, $5M asset impairment.
Approximately 95% of restructuring charges will result in future cash expenditures; program to be completed by end of 2024.
Company also issued Q4 2022 earnings press release on Feb 28, 2023, but no specific financial results provided in this filing.

item 2.02 item 2.05 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 1.0

RYAN SPECIALTY HOLDINGS, INC. reported financial results for the fourth quarter ended December 31, 2022.

Period: the fourth quarter ended December 31, 2022
Result: reported results

Exact text from the filing

On February 28, 2023, Ryan Specialty Holdings, Inc. (the “Company”) issued a press release announcing its results of operations for the fourth quarter ended December 31, 2022.

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Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

RYAN SPECIALTY HOLDINGS, INC. announced a restructuring with charges of approximately $65 million.

Type: restructuring
Charge: approximately $65 million

Exact text from the filing

to be completed by the end of 2024. The Company currently estimates that the Program will result in cumulative pre-tax charges to its GAAP financial results of approximately $65 million which are expected to be recorded as exit and disposal activities and are broken down as follows: Program Activity Charges Operations and Technology Optimization $ 45 million

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36 earnings releases filed in the last 30 days. Browse all earnings releases →

RYAN SPECIALTY HOLDINGS, INC. filing history →

Source: SEC EDGAR

accession 0000950170-23-005117

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