Ryan Specialty (US:RYAN)2025-05-02 11:24Revenue Sources - For the three months ended March 31, 2025, approximately 6% of revenues were generated from international operations in the UK, Europe, Canada, India, and Singapore[268]. Debt and Interest Rates - As of March 31, 2025, the company had $1,695.8 million of outstanding principal on its Term Loan borrowings, which bears interest on a floating rate, subject to a 0.0% floor[272]. - The company entered into an interest rate cap agreement for an upfront cost of $25.5 million, with a notional amount of $1,000.0 million and a strike rate of 2.75%[273]. - A hypothetical 100 basis point increase in short-term interest rates would impact net income by $6,161 thousand, while a decrease would have the same magnitude in the opposite direction[274]. - The fair value of the Term Loan approximates the carrying amount as of March 31, 2025, based on available information[272]. Cash Management - Approximately 1,108.3 million in cash and cash equivalents held in fiduciary capacity would be affected by a 100 basis point change in interest rates, impacting fiduciary investment income by $11,083 thousand[274]. - The majority of cash and cash equivalents are held in demand deposit accounts and short-term investments, primarily consisting of AAA-rated money market funds and treasury bills[276]. Market Risks - The company is exposed to foreign currency risk, but the exposure from potential changes in exchange rates is considered immaterial[269]. - The company is subject to various market risks, including interest rate and foreign currency exchange rate fluctuations[266]. - The company has implemented an investment policy to minimize counterparty credit risk, focusing on the preservation of principal and liquidity[276].