4 unchanged sentences
As of December 31, 2024, the outstanding amounts related to our Revolving Facility incur interest fees at variable interest rates and are affected by changes in the general level of market interest rates.
−Removed: However, there was zero outstanding balance on the Revolving Facility as of December 31, 2023.
−Removed: During the year ended December 31, 2021, the Company repaid the outstanding balance on the 2021 Term Loan as discussed in the consolidated financial statements included elsewhere in this Form 10-K, using net proceeds received on the closing of the IPO.
+Added: However, there was no outstanding balance on the Revolving Facility as of December 31, 2024.
Foreign Currency Exchange Risk
3 unchanged sentences
We generally target to hedge a majority of our forecasted yearly foreign currency exchange exposure through a 24-month rolling layered approach and leave a portion of our currency forecast floating at spot rate.
−Removed: Our currency forecast and hedge positions are reviewed quarterly.
+Added: Our currency forecast and hedge
+Added: positions are reviewed quarterly.
The gains and losses on the forward contracts associated with our balance sheet positions are recorded in “Other income (expense), net” in the consolidated statements of operations.
The total notional values of our forward exchange contracts were $107.4 million and $121.0 million as of December 31, 2024 and December 31, 2023, respectively.
−Removed: The derivatives on the forward exchange contracts resulted in an unrealized loss of $0.9 million as of December 31, 2023, and we estimate that a 10 percent strengthening or weakening of the U.S.
+Added: The derivatives on the forward exchange contracts resulted in an unrealized loss of $8.2 million as of December 31, 2024, and we estimate that a 10% strengthening or weakening of the U.S.
dollar would have resulted in an approximately $1.9 million gain or loss.
5 unchanged sentences
Inflation Risk
−Removed: Inflation generally affects us by increasing our costs of goods and labor costs.
−Removed: In the three years ending December 31, 2023, we experienced significant inflation on transportation costs compared to 2020 levels, which impacted our costs and margins significantly.
−Removed: While these transportation costs largely returned to historic levels during 2023, we have again seen instability in pricing due to geopolitical disruption of shipping lanes during 2024.
−Removed: We source a large amount of our finished goods from international countries, which exposes us to international supply chain inflation, particularly ocean freight.
−Removed: Inflation rates varies by country and can impact our costs of operating in those countries.
+Added: Inflation generally affects us by increasing our cost of transportation, labor and manufacturing costs.
+Added: In recent years, we have seen fluctuating transportation costs caused by global supply chain disruptions or geopolitical instability and general inflation effects, which may cause pressure on our costs and margins.
+Added: More specifically, we source a large amount of our finished goods from international countries, which exposes us to international supply chain inflation, particularly ocean freight.
+Added: During the year ended December 31, 2024, general inflationary pressures continue to increase the other elements of our cost of goods and operating expenses.
+Added: Recently, there have been discussions about potential tariffs and other import related fees, on goods, including those imported from China, Mexico, and Canada, and while the specifics are unclear, if tariffs are implemented on goods from these countries, or other countries where the Company does business, they may raise the Company's cost of importation of coconut water and require the Company to adjust its pricing or strategy.
We are exposed to concentration of credit risk from our major customers.
4 unchanged sentences
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.