Quantitative and Qualitative Disclosures about Market Risk
−Removed: We had no material derivative financial instruments or derivative commodity instruments as of September 30, 2023.
+Added: We had no material derivative financial instruments or derivative commodity instruments as of March 31, 2024.
We maintain our cash and cash equivalents in bank deposit accounts, money market funds, and short-term U.S.
3 unchanged sentences
We believe we are not exposed to any significant credit risk on cash and cash equivalents.
−Removed: Due to the short-term duration of our investment portfolio and the low risk profile of our investments, a 10% increase or decrease in interest rates would not have a material impact on the fair market value of our portfolio.
+Added: Due to the short-term duration of our investment portfolio, the low yield on the portfolio, and the low risk profile of our investments, a 10% increase or decrease in interest rates would not have a material impact on the fair value of our portfolio.
Interest Rate Risk
4 unchanged sentences
For every 100 basis points increase in Term SOFR on our variable rate indebtedness, we would incur an incremental $1.0 million in interest expense per year, excluding any offset from the interest rate cap agreement.
−Removed: To reduce our
−Removed: exposure to market risks from increases in interest rates on our variable rate indebtedness we entered into a hedging arrangement in the form of an interest rate cap agreement.
−Removed: The new interest rate cap agreement, as further discussed in “Note 8 Long-Term Debt” included in the Notes to the Consolidated Financial Statements in this Quarterly Report, provides us with interest rate protection in the event the one-month Term SOFR rate increases above 1.78% and has a December 31, 2024 termination date.
−Removed: As of September 30, 2023, the interest rate cap agreement hedged $87.5 million of principal under our term loan.
+Added: To reduce our exposure to market risks from increases in interest rates on our variable rate indebtedness we entered into a hedging arrangement in the form of an interest rate cap agreement.
+Added: The new interest rate cap agreement, as further discussed in “Note 7.
+Added: Long-Term Debt” included in the Notes to the Consolidated Financial Statements in this Quarterly Report, provides us with interest rate protection in the event the one-month Term SOFR rate increases above 1.78% and has a December 31, 2024, termination date.
+Added: As of March 31, 2024, the interest rate cap agreement hedged $87.5 million of principal under our term loan.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.