5 unchanged sentences
Because of the short-term maturities of our cash equivalents, we do not believe that a decrease in interest rates would have any material negative impact on the fair value of our cash equivalents.
−Removed: As of September 30, 2021, we had cash, cash equivalents and investments of $141.7 million, which consist of bank deposits and money market funds, as well as high quality fixed income instruments including corporate bonds, commercial paper, and asset-backed securities collateralized by non-mortgage consumer receivables.
+Added: As of March 31, 2022, we had cash, cash equivalents and investments of $89.7 million, which consist of bank deposits and money market funds, as well as high quality fixed income instruments including corporate bonds, commercial paper, and asset-backed securities collateralized by non-mortgage consumer receivables.
The credit rating of our investments must be rated A-1/P-1, or better by Standard and Poor’s and Moody’s Investors Service.
5 unchanged sentences
We are subject to interest rate fluctuation exposure through our borrowings under the Loan Agreement and our investment in money market accounts which bear a variable interest rate.
−Removed: Borrowings under the Loan Agreement bear interest at a rate equal to one-month London Interbank Offered Rate (“LIBOR”), plus 7.45% per annum.
−Removed: A hypothetical increase in one-month LIBOR of 100 basis points above the current one-month LIBOR rates would have increased our interest expense by approximately $0.4 million for the nine months ended September 30, 2021.
−Removed: As of September 30, 2021, we had an aggregate principal amount of $50.0 million outstanding pursuant to our Loan Agreement.
+Added: Borrowings under the 2022 Loan bear interest at a floating per annum rate equal to 7.95% plus the greater of (i) one tenth percent (0.10%) and (ii) the one-month rate published by the
+Added: Intercontinental Exchange Benchmark Administration Ltd ("ICE") or its successor.
+Added: A hypothetical increase in one-month ICE of 100 basis points above the current one-month ICE rates would have increased our interest expense by approximately $0.1 million for the three months ended March 31, 2022.
+Added: As of March 31, 2022, we had an aggregate principal amount of $27.5 million outstanding pursuant to our 2022 Loan Agreement.
Foreign Currency Risk.
6 unchanged sentences
The counterparties to our forward foreign currency exchange contracts are creditworthy commercial banks, which minimizes the risk of counterparty nonperformance.
−Removed: As of September 30, 2021, we had no open forward foreign currency exchange contracts.
+Added: As of March 31, 2022, we had no open forward foreign currency exchange contracts.
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.