2 unchanged sentences
These risks primarily include interest rate sensitivities.
−Removed: As of June 30, 2024, we had cash and cash equivalents of $84.3 million, restricted cash of $0.6 million, and marketable securities of $278.2 million;
−Removed: which consist of bank deposits, money market funds, commercial paper, government securities, and corporate debt securities.
+Added: As of September 30, 2024, we had cash and cash equivalents of $134.9 million, restricted cash of $0.6 million, and marketable securities of $195.7 million;
+Added: which from time to time consist of bank deposits, money market funds, commercial paper, government securities, and corporate debt securities.
The primary objective of our investment activities is to preserve capital to fund our operations.
1 unchanged sentence
Because our investments are primarily short-term in duration, we believe that our exposure to interest rate risk is not significant, and a 1% movement in market interest rates would not have a significant impact on the total value of our portfolio.
−Removed: In addition, as of June 30, 2024, we had $200.0 million outstanding under our Loan Agreement.
−Removed: Amounts outstanding under our Loan Agreement bear interest at a floating rate equal a per annum interest rate equal to 7.45% plus the greater of (a) 0.10% and (b) the per annum rate published by the Intercontinental Exchange Benchmark Administration Ltd.
−Removed: (or on any successor or substitute published rate) for a term of one month, subject to a replacement with an alternate benchmark rate and spread in certain circumstances.
−Removed: Starting in July 2023, the Secured Overnight Financing Rate ("SOFR") for a term of one month was substituted for the benchmark rate.
+Added: In addition, as of September 30, 2024, we had $200.0 million outstanding under our Loan Agreement.
+Added: On October 8, 2024, the Company made a 2024 Partial Prepayment of $100.0 million, which reduced the principal amount outstanding to $100.0 million.
+Added: Amounts outstanding under our Loan Agreement bear interest at a floating rate equal a per annum interest rate equal to 5.95% plus the greater of (a) 2.50% and (b) the one-month Secured Overnight Financing Rate ("SOFR") as the current benchmark rate.
As a result, we are exposed to risks related to our indebtedness from changes in interest rates.
−Removed: Based on the amount outstanding under our Loan Agreement as of June 30, 2024, for every 100 basis point increase in the interest rates, we would incur approximately $2.0 million of additional annual interest expense.
+Added: Based on the amount outstanding under our Loan Agreement after the prepayment, for every 100 basis point increase in the interest rates, we would incur approximately $1.0 million of additional annual interest expense.
We do not currently engage in hedging transactions to manage our exposure to interest rate risk, but higher interest expense would be offset in part by higher earnings on our cash and marketable securities.
6 unchanged sentences
If we expand our international operations our exposure to exchange rate fluctuations will increase.
−Removed: At June 30, 2024 we had cash balances denominated in Canadian dollars of $4.2 million.
+Added: At September 30, 2024 we had cash balances denominated in Canadian dollars of $4.5 million.
We currently do not hedge any foreign currency exposure.
1 unchanged sentence
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.