6 unchanged sentences
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 December 31, 2021, under the new Credit Agreement, we had a $248.8 million Term Loan outstanding (face value), and the Term Loan bears variable market interest rates, primarily LIBOR.
−Removed: Refer to Note 8 “Debt – Credit Agreement” for additional information on this new Credit Agreement.
+Added: As of December 31, 2022, under the new Credit Agreement, we had a $240 million Term Loan outstanding (face value), and the Term Loan bears variable market interest rates, primarily BSBY.
A significant change in these market interest rates may adversely affect our operating results.
−Removed: As of December 31, 2021, a hypothetical 100 basis point change in interest rates would result in a change to interest expense by approximately $2.5 million.
+Added: As of December 31, 2022, a hypothetical 100 basis point change in interest rates would result in a change to interest expense for the next twelve months by approximately $2.4 million.
Foreign Currency Risk
−Removed: Approximately 18.7% of our net revenue in fiscal year 2021 was denominated in foreign currencies, primarily Euro and British Pound.
+Added: Approximately 16.7% of our net revenue in 2022 was denominated in foreign currencies, primarily Euro and British Pound.
Any unfavorable movement in the exchange rate between U.S.
−Removed: dollars and the currencies in which we conduct sales in foreign
−Removed: countries could have an adverse impact on our net revenue and gross margins as we may have to have to adjust local currency product pricing due to competitive pressures if there is significant volatility in foreign currency exchange rates.
+Added: dollars and the currencies in which we conduct sales in foreign countries could have an adverse impact on our net revenue and gross margins as we may have to have to adjust local currency product pricing due to competitive pressures if there is significant volatility in foreign currency exchange rates.
Our operating expenses are denominated in the currencies of the countries in which our operations are located, which are primarily in the United States, Europe, China and Taiwan.
1 unchanged sentence
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.
+Added: These forward contracts generally mature within two to four months, and we do not enter into foreign currency forward contracts for trading purposes.
The outstanding notional principal amount was $23.4 million and $48.6 million as of December 31, 2022 and 2021, respectively.
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.