4 unchanged sentences
Interest Rate Risk
−Removed: As of September 30, 2021, we had cash and restricted cash of $76.3 million, which consisted primarily of bank deposits.
+Added: As of March 31, 2022, we had cash and restricted cash of $32.0 million, which consisted primarily of bank deposits.
Our cash is held for working capital purposes.
−Removed: On September 3, 2021 we entered into a new Credit Agreement which replaced our previous credit facilities under First Lien and Credit Guaranty Agreement.
−Removed: As of September 30, 2021, under the new Credit Agreement, we had $250.0 million Term Loan outstanding (face value), and the Term Loan bears variable market rates, primarily LIBOR.
−Removed: Refer to Note 8 “Debt – Credit Agreement” for additional information on this new Credit Agreement.
+Added: As of March 31, 2022, under the Credit Agreement, we had $247.5 million Term Loan outstanding (face value), and the Term Loan bears variable market rates, primarily LIBOR.
+Added: Refer to Note 8 “Debt - Credit Agreement” for additional information on the Credit Agreement.
A significant change in these market rates may adversely affect our operating results.
−Removed: As of September 30, 2021, a hypothetical 100 basis point change in interest rates would result in a change to annual interest expense by approximately $2.5 million.
+Added: As of March 31, 2022, a hypothetical 100 basis point change in interest rates would result in a change to annual interest expense by approximately $2.5 million.
Foreign Currency Risk
−Removed: Approximately 20.5% of our net revenue in the nine months ended September 30, 2021 was denominated in foreign currencies, primarily Euro and British Pound.
+Added: Approximately 16.9% of our net revenue for the three months ended March 31, 2022 was denominated in foreign currencies, primarily Euro and British Pound.
Any unfavorable movement in the exchange rate between U.S.
3 unchanged sentences
We enter into forward currency contracts to reduce the short-term effects of currency fluctuations on Euro, British Pound, and Chinese Yuan denominated cash, accounts receivable, and intercompany receivable and payable balances.
−Removed: These forward contracts generally mature within three to four months, and we do not enter into foreign currency forward contracts for trading purposes.
−Removed: The outstanding notional principal amount was $38.5 million and $41.6 million as of September 30, 2021 and December 31, 2020, respectively.
+Added: These forward contracts generally mature within two to three months, and we do not enter into foreign currency forward contracts for trading purposes.
+Added: The outstanding notional principal amount was $48.0 million and $48.6 million as of March 31, 2022 and December 31, 2021, respectively.
The gains or losses on these contracts are recognized in earnings based on the changes in fair value.
−Removed: The impact of changes in foreign currency rates, including the gains or losses on the forward currency contracts, recognized in other (expense) income, net was $(4.1) million and $(0.3) million for the nine months ended September 30, 2021 and 2020, respectively.
+Added: The impact of changes in foreign currency rates, including the gains or (losses) on the forward currency contracts, recognized in other (expense) income, net was $(0.6) million and $(3.8) million for the three months ended March 31, 2022 and 2021, respectively.
A hypothetical ten percent change in exchange rates between foreign currencies and the U.S.
−Removed: dollar would increase or decrease our gains or losses on foreign currency exchange of approximately $2.8 million in our combined consolidated financial statements for the nine months ended September 30, 2021.
+Added: dollar would increase or decrease our gains or losses on foreign currency exchange of approximately $0.6 million in our consolidated financial statements for the three months ended March 31, 2022.
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.