3 unchanged sentences
Inflation generally affects us by increasing our cost of labor.
−Removed: Bally’s does not believe that inflation had a material effect on our business, financial condition or results of operations during the three months ended September 30, 2023 and 2022.
+Added: Bally’s does not believe that inflation had a material effect on our business, financial condition or results of operations during the three months ended March 31, 2024 and 2023.
Interest Rate Risk
−Removed: As of September 30, 2023, interest on borrowings under our credit facility was subject to fluctuation based on changes in short-term interest rates.
−Removed: On September 30, 2023, we had $2.03 billion of variable rate debt outstanding under our Term Loan and Revolving Credit Facilities and $1.49 billion of unsecured senior notes.
−Removed: Based upon a sensitivity analysis of our debt levels on September 30, 2023, a hypothetical increase of 1% in the effective interest rate would cause an increase in interest expense of approximately $20.3 million over the next 12 months while a decrease of 1% in the effective interest rate, not to exceed the interest rate floor, would cause a decrease in interest expense of approximately $20.3 million over the same period.
+Added: As of March 31, 2024, interest on borrowings under our credit facility was subject to fluctuation based on changes in short-term interest rates.
+Added: On March 31, 2024, we had $2.26 billion of variable rate debt outstanding under our Term Loan and Revolving Credit Facilities and $1.49 billion of unsecured senior notes.
+Added: Based upon a sensitivity analysis of our debt levels on March 31, 2024, a hypothetical increase of 1% in the effective interest rate would cause an increase in interest expense of approximately $22.6 million over the next twelve months while a decrease of 1% in the effective interest rate, not to exceed the interest rate floor, would cause a decrease in interest expense of approximately $22.6 million over the same period.
We evaluate our exposure to market risk by monitoring interest rates in the marketplace and we have utilized derivative financial instruments to help manage this risk.
+Added: As part of the Company’s risk management and hedging program, the Company utilizes interest rate swaps and collars used to hedge and offset, respectively, the variable interest rates on the credit facility as described in Note 10, “ Derivative Instruments ” to our condensed consolidated financial statements presented in Part I, Item 1 of this Quarterly Report on Form 10-Q.
We have not historically utilized derivative financial instruments for trading purposes.
−Removed: We do not believe that fluctuations in interest rates had a material effect on our business, financial condition or results of operations during the three months ended September 30, 2023 and 2022.
+Added: We do not believe that fluctuations in interest rates had a material effect on our business, financial condition or results of operations during the three months ended March 31, 2024 and 2023.
Foreign Currency Risk
1 unchanged sentence
A vast majority of our revenues are from the UK market and are conducted in British Pound Sterling (“GBP”) and are therefore susceptible to any movements in exchange rates between the GBP and US Dollar.
−Removed: Foreign currency transaction gains for the three and nine months ended September 30, 2023 were $8.5 million and $2.5 million, respectively, while foreign currency transaction gains for the three and nine months ended September 30, 2022 were $0.3 million and $2.2 million, respectively.
+Added: Foreign currency transaction gains for the three months ended March 31, 2024 were $2.8 million, while foreign currency transaction losses for the three months ended March 31, 2023 were $4.3 million.
Movements in currency exchange rates could impact the translation of assets and liabilities of these foreign operations which are translated at the exchange rate in effect on the balance sheet date.
−Removed: We have utilized operational hedges or forward currency exchange rate contracts, as well as derivative financial instruments, to manage the impact of currency exchange rate fluctuations on earnings and cash flows.
+Added: We have utilized operational hedges or forward currency exchange rate contracts, as well as derivative financial instruments, such as cross currency swaps, to manage the impact of currency exchange rate fluctuations on earnings and cash flows.
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.