Quantitative and Qualitative Disclosures About Market Risk
−Removed: Our principal exposures to financial market risk are interest rate risk, foreign currency risk and translation risk.
+Added: Our principal exposures to financial market risk are interest rate risk and foreign currency exchange rate and translation risk.
We do not hold or issue financial instruments for trading purposes.
7 unchanged sentences
Interest Expense Risk
−Removed: Our total borrowings under the Revolving Loan Facility under the Credit Agreement were $11.0 million as of July 31, 2023.
−Removed: The Revolving Loan Facility under the Credit Agreement bears interest, at our election, at either (a) the Base Rate, which is defined as a fluctuating rate per annum equal to the greatest of (i) the Federal Funds Rate, which is defined as a fluctuating rate per annum to the greatest of (A) the Federal Funds Rate in effect on such date plus 0.50% or (B) the rate of interest in effect for such day as publicly announced from time to time by Bank of America as its “prime rate;” and (ii) SOFR for a one-month interest period for such date plus 1.0%, plus an applicable margin ranging from 0.00% to 0.75% based on our consolidated total net leverage ratio during the preceding fiscal quarter;
+Added: Our total borrowings under the Revolving Loan Facility under the Second Amended and Restated Credit Agreement were $0.0 million as of July 31, 2024.
+Added: The Revolving Loan Facility under the Second Amended and Restated Credit Agreement bears interest, at our election, at either (a) the Base Rate, which is defined as a fluctuating rate per annum equal to the greatest of (i) the Federal Funds Rate, which is defined as a fluctuating rate per annum to the greatest of (A) the Federal Funds Rate in effect on such date plus 0.50% or (B) the rate of interest in effect for such day as publicly announced from time to time by Bank of America as its “prime rate;” and (ii) SOFR for a one-month interest period for such date plus 1.0%, plus an applicable margin ranging from 0.00% to 0.75% based on our consolidated total net leverage ratio during the preceding fiscal quarter;
or (b) the SOFR plus an applicable margin ranging from 1.00% to 1.75% depending on our consolidated total net leverage ratio during the preceding fiscal quarter.
4 unchanged sentences
International net revenues are typically denominated in the local currency of each country and result from transactions by our operations in Canada, the U.K., Brazil, the Republic of Ireland, Germany, Finland, the U.A.E., Oman, Bahrain, and Spain.
−Removed: These operations also incur a majority of their expenses in the local currency, the British pound, Canadian dollar, Brazilian real, European Union euro, U.A.E.
+Added: These operations also incur a majority of their expenses in the local currency, the Pounds Sterling, Canadian dollar, Brazilian real, European Union euro, U.A.E.
dirham, Omani rial, and Bahraini dinar.
−Removed: Our international operations are subject to risks associated with foreign exchange rate volatility, which could have a material and adverse impact on our future results.
+Added: Our international operations are subject to risks associated with foreign exchange rate volatility, which could have a material and adverse impact on our future results of operations.
A hypothetical 10% adverse change in the value of the U.S.
−Removed: dollar relative to the British pound, Canadian dollar, Brazilian real, European Union euro, U.A.E.
−Removed: dirham, Omani rial, and Bahraini dinar would have resulted in a decrease in operating income of $11.5 million for fiscal 2023.
+Added: dollar relative to the Pounds Sterling, Canadian dollar, Brazilian real, European Union euro, U.A.E.
+Added: dirham, Omani rial, and Bahraini dinar would not materially affect our operating results for fiscal 2024.
Fluctuations in foreign currencies also create volatility in our consolidated financial position because we are required to remeasure substantially all assets and liabilities held by our foreign subsidiaries at the current exchange rate at the close of the accounting period.
2 unchanged sentences
A hypothetical 10% adverse change in the value of the U.S.
−Removed: dollar relative to the British pound, Canadian dollar, Brazilian real, European Union euro, U.A.E.
−Removed: dirham, Omani rial, and Bahraini dinar would not have materially affected our consolidated financial position.
+Added: dollar relative to the Pounds Sterling, Canadian dollar, Brazilian real, European Union euro, U.A.E.
+Added: dirham, Omani rial, and Bahraini dinar.
+Added: would not have materially affected our consolidated financial position.
We do not hedge our exposure to translation risks arising from fluctuations in foreign currency exchange rates.
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.