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We invest in instruments that meet the credit quality, diversification, liquidity, and maturity standards outlined in our investment policy.
−Removed: As of December 31, 2023, our investment portfolio includes $82.0 million of cash equivalents and $71.6 million of marketable securities, which are primarily comprised of money market funds, U.S.
−Removed: Treasury securities, corporate debt, and government-sponsored securities.
+Added: As of December 31, 2024, our investment portfolio includes $38.1 million of cash equivalents and $92.2 million of marketable securities, which are primarily comprised of money market funds, commercial paper, corporate debt securities, and government-sponsored debt securities.
Our money market funds are short-term highly liquid investments, and our marketable securities have active secondary or resale markets to help ensure liquidity.
−Removed: We account for marketable securities as available-for-sale, thus, no gains or losses are realized due to changes in the fair value of our marketable securities unless we sell our investments prior to maturity or incur a credit loss.
+Added: We account for marketable securities as available-for-sale and, thus, no gains or losses are realized due to changes in the fair value of our marketable securities unless we sell our investments prior to maturity or incur a credit loss.
Furthermore, our investment policy includes guidelines limiting the term-to-maturity of our investments.
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2024 Term Loan
−Removed: The 2022 Term Loan bears interest at a rate based upon the Secured Overnight Financing Rate (“SOFR”) plus a spread adjustment of 0.26% (subject to a floor of 1.20%), plus a margin of 7.5% per annum.
−Removed: Based on the outstanding principal amount of the 2022 Term Loan as of December 31, 2023 of $412.5 million and the applicable interest rate, a hypothetical 1% increase or decrease in interest rates would increase or decrease future interest expense by approximately $4.1 million.
+Added: The 2024 Term Loan bears interest at a rate equal to bear an annual interest rate equal to Secured Overnight Financing Rate (“SOFR”) plus a spread adjustment of 0.13% plus + 4.50%, and is subject to quarterly amortization payments equal to 2.50% of the original funded amount of the 2024 Term Loan.
+Added: Based on the outstanding principal amount of the 2024 Term Loan as of December 31, 2024 of $629.7 million, a hypothetical 1% increase or decrease in interest rates would increase or decrease future annual interest expense by approximately $6.3 million.
Consolidated Financial Statements and Supplementary Data
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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.