11 unchanged sentences
We are exposed to movements in foreign currencies, predominately in U.S.
−Removed: dollars, British Pounds Sterling, Euros, or Japanese yen, with the majority in U.S.
+Added: dollars, British Pounds Sterling, Euros, Hungarian forint, or Japanese yen, with the majority in U.S.
The vast majority of our contracts are entered into by our U.S.
2 unchanged sentences
subsidiaries are almost always denominated in U.S.
−Removed: Contracts entered into by our other subsidiaries are generally denominated in U.S.
+Added: Contracts entered into by our other subsidiaries are
+Added: generally denominated in U.S.
dollars, pounds sterling, euros, or Japanese yen, with the majority in U.S.
−Removed: dollar had weakened 10% or strengthened 10% relative to the pound sterling, the euro, and the Japanese yen in the year
−Removed: ended December 31, 2024, income from operations would have been lower or higher by approximately $3.5 million, based on revenues and costs related to our foreign operations.
+Added: dollar had weakened 10% or strengthened 10% relative to the pound sterling, the euro, and the Japanese yen in the year ended December 31, 2025, income from operations would have been lower or higher by approximately $3.6 million, based on revenues and costs related to our foreign operations.
Changes in exchange rates between the applicable foreign currency and the U.S.
22 unchanged sentences
Interest Rate Risk
−Removed: We have borrowings under our Credit Agreement that bear interest at a rate per annum equal to, at the election of the Borrowers, either (i) the Term SOFR rate, with a floor of 0.00% plus an applicable margin rate of 3.00% for the Term Loans and between 3.50% and 2.75% for loans under the Revolving Facility, depending on the applicable first lien leverage ratio or (ii) an Alternate Base Rate (“ABR”), with a floor of 1.00%, plus an applicable margin rate of 2.00% for the Term Loans or between 2.50% and 1.75% for loans under the Revolving Facility, depending on the applicable first lien leverage ratio.
−Removed: The ABR is determined as the greatest
−Removed: of (a) the prime rate, (b) the federal funds effective rate, plus 0.50% and (c) the Term SOFR rate plus 1.00%.
−Removed: Additionally, we are obligated to pay a commitment fee on the unused amount and other customary fees.
−Removed: In response to the discontinuation of LIBOR, we executed a LIBOR transition amendment in June 2023, formalizing the replacement of LIBOR with the Secured Overnight Funding Rate (“SOFR”).
−Removed: As part of this modification, a Credit Spread Adjustment (“CSA”) was introduced to aligning SOFR with LIBOR in terms of the overall interest rate earned by lenders under the Credit Agreement.
−Removed: The CSA varied depending on the selected interest period.
−Removed: As of December 31, 2024, we had $298.5 million of outstanding borrowings on the term loan and no outstanding borrowings under the revolving credit facility.
+Added: We have borrowings under our Credit Agreement that bear interest at a rate per annum equal to, at the election of the Borrowers, either (i) the Term SOFR rate, with a floor of 0.00% plus an applicable margin rate of 2.75% for the Term Loan and between 3.50% and 2.75% for loans under the Revolving Facility, depending on the applicable first lien leverage ratio, or (ii) the ABR, with a floor of 1.00%, plus an applicable margin rate of 1.75% for the Term Loan or between 2.50% and 1.75% for loans under the Revolving Facility, depending on the applicable first lien leverage ratio.
+Added: The ABR is determined as the greatest of (a) the prime rate, (b) the
+Added: federal funds effective rate, plus 0.50%, and (c) the Term SOFR rate plus 1.00%.
+Added: Additionally, the Company is obligated to pay a commitment fee of the unused amount and other customary fees.
+Added: As of December 31, 2025, we had $295.5 million of outstanding borrowings on the Term Loan and no outstanding borrowings under the Revolving Facility.
Each quarter basis point increase in the SOFR rate would increase interest expense on our current variable rate debt by approximately $0.2 million for the year ended December 31, 2025.
Our exposure to interest rate risk is minimized by our interest rate swaps.
−Removed: As of December 31, 2024, we recorded the fair value of our interest rate swaps in the amount of $2.2 million as a derivative asset included in prepaid expenses and other assets in our consolidated balance sheets.
+Added: As of December 31, 2025, we recorded the fair value of our interest rate swaps in the amount of $2.3 million as derivative liabilities included in other current and long-term liabilities in our consolidated balance sheets.
Although we perform services for customers located in a number of jurisdictions, we have not experienced any material difficulties in receiving funds remitted from foreign countries.
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.