1 unchanged sentence
Interest Rate Risk
−Removed: As of March 31, 2026, our outstanding variable interest rate debt was primarily related to our $2,157 million 2021 Term Loan.
+Added: As of June 30, 2026, our outstanding variable interest rate debt was primarily related to our $2,152 million 2021 Term Loan.
To mitigate increases in variable interest rates, we have a $720 million interest rate swap, exchanging one-month SOFR for a rate of 3.59% per annum, maturing October 2026, and a $400 million interest rate swap exchanging one-month SOFR for a rate of 3.41% per annum, maturing January 2028.
1 unchanged sentence
The remaining floating rate portfolio bears interest based on one-month SOFR plus 175 basis points.
−Removed: As of March 31, 2026, excluding letters of credit outstanding of $5 million, we had no amounts of outstanding revolving loans under our Credit Agreement.
+Added: As of June 30, 2026, excluding letters of credit outstanding of $6 million, we had $280 million of outstanding revolving loans under our Credit Agreement.
Foreign Currency Risk
We have operations in over 20 countries globally.
−Removed: Revenues generated from foreign operations represented approximately 35% of our consolidated net revenues for the three months ended March 31, 2026.
+Added: Revenues generated from foreign operations represented approximately 31% of our consolidated net revenues for the three and six months ended June 30, 2026.
Net revenues and expenses related to our foreign operations are, for the most part, denominated in the functional currency of the foreign operation, which minimizes the impact fluctuations in exchange rates would have on net income or loss.
We are subject to fluctuations in foreign currency exchange rates when transactions are denominated in currencies other than the functional currencies.
−Removed: Such transactions were not material to our operations during the three months ended March 31, 2026.
−Removed: These foreign currency transaction gains and losses, including hedging impacts, are classified in investment expense and other, net, in the condensed consolidated statements of operations and were a loss of $1 million and $0 million for the three months ended March 31, 2026 and 2025, respectively.
−Removed: These net foreign currency transaction gains include derivative instruments designed to reduce foreign currency exchange rate risks.
+Added: Such transactions were not material to our operations during the six months ended June 30, 2026.
+Added: These foreign currency transaction gains and losses, including hedging impacts, are classified in investment expense (income) and other, net, in the condensed consolidated statements of operations and were a loss (gain) of $0 million and $(1) million for the three months ended June 30, 2026 and 2025, respectively, and a loss (gain) of $1 million and $(1) million for the six months ended June 30, 2026 and 2025, respectively.
+Added: These net foreign currency transaction gains and losses include derivative instruments designed to reduce foreign currency exchange rate risks.
Translation gains or losses, which are recorded in accumulated other comprehensive loss in the condensed consolidated balance sheets, result from translation of the assets and liabilities of our foreign subsidiaries into U.S.
−Removed: Foreign currency translation (losses) gains totaled approximately $(16) million and $59 million for the three months ended March 31, 2026 and 2025, respectively.
−Removed: Our exposure to fluctuations in foreign currency exchange rates has increased as a result of our international presence and may continue to increase in the future if we continue to expand our operations outside of the U.S.
+Added: Foreign currency translation (losses) gains totaled approximately $(23) million and $128 million for the three months ended June 30, 2026 and 2025, respectively, and $(39) million and $187 million for the six months ended June 30, 2026 and 2025, respectively.
+Added: Our exposure to fluctuations in foreign currency exchange rates has increased as a result of our international presence and may continue to increase in the future as we continue to expand our operations outside of the U.S.
We seek to manage foreign currency exposure by minimizing our consolidated net assets and liability positions in currencies other than the functional currency of our foreign subsidiaries.
However, we believe that our exposure to transactional gains or losses resulting from fluctuations in foreign currencies is limited because our foreign operations primarily invoice and collect receivables in their respective local or functional currencies, and the expenses associated with these transactions are generally contracted and paid for in the same local currencies.
−Removed: In order to manage foreign currency risk related to transactions in foreign currencies and the intercompany financing structure, we entered into cross-currency swaps to manage the foreign
−Removed: currency risk of certain intercompany loans.
+Added: In order to manage foreign currency risk related to transactions in foreign currencies and the intercompany financing structure, we entered into cross-currency swaps to manage the foreign currency risk of certain intercompany loans.
We also use foreign currency forward contracts as a way to mitigate foreign currency exposure.
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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.