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Interest Rate Risk
−Removed: Our cash and cash equivalents as of December 31, 2021 consisted of $618.3 million in cash and cash equivalents.
+Added: Our cash and cash equivalents as of December 31, 2022 consisted of $361.9 million.
Certain of our cash and cash equivalents are interest-earning instruments that carry a degree of interest rate risk.
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We believe that we do not have any material exposure to changes in the fair value of these assets as a result of changes in interest rates due to the short-term nature of our cash and cash equivalents.
−Removed: We are also subjected to interest rate exposure on LIBOR-based interest rates on our Concierge Facility and Revolving Credit Facility.
+Added: We are also subject to interest rate exposure on our Concierge Facility and Revolving Credit Facility.
Interest rate risk is highly sensitive due to many factors, including U.S.
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and international economic factors and other factors beyond our control.
−Removed: Our Concierge Facility bears interest equal to the adjusted LIBOR rate plus a margin of 1.85% or an alternate rate of interest upon the occurrence of certain changes in LIBOR.
−Removed: As of December 31, 2021, we had a total outstanding balance of $16.2 million under these debt facilities.
−Removed: Based on the amounts outstanding, a 100-basis point
−Removed: increase or decrease in market interest rates over a twelve-month period would not result in a material change to our interest expense.
+Added: Our Concierge Facility bears interest equal to Term SOFR plus a credit adjustment spread of 0.11448%, plus a margin of 2.35%.
+Added: As of December 31, 2022, we had a total outstanding balance of $31.9 million under the Concierge Facility.
+Added: Our Revolving Credit Facility bears interest equal to a base rate plus a margin of 1.50%.
+Added: As of December 31, 2022, we had a total outstanding balance of $150.0 million under the Revolving Credit Facility.
+Added: Based on the amounts outstanding, a 100-basis point increase or decrease in market interest rates over a twelve-month period would not result in a material change to our interest expense.
Foreign Currency Exchange Risk
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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.