3 unchanged sentences
Interest Rate Risk
−Removed: We are subject to interest rate risk relating to our cash equivalents and borrowings under our Revolving Facility, which bear interest at a per annum rate equal to (i) at our option, (x) the base rate or (y) the adjusted term SOFR rate, plus (ii) the applicable margin.
−Removed: The applicable margins are based on the Company’s consolidated net leverage ratio, adjusted on a quarterly basis.
−Removed: As of December 31, 2024, the outstanding balance of the Revolving Facility was $30,000,000 and the unused portion of the Revolving Facility was $60,000,000.
−Removed: While the applicable interest rate is set for a specific term when amounts are drawn down under the terms of the Revolving Facility, any subsequent draws on the Revolving Facility may be subject to a higher or lower interest rate, depending upon, among other things, the then-prevailing SOFR rate.
−Removed: We have not utilized interest rate hedging or other strategies in an attempt to mitigate our interest rate risk.
+Added: We are subject to interest rate risk relating to our cash equivalents, restricted cash equivalents and borrowings under our Credit Agreement, which bear interest at a per annum rate equal to (i) at our option, (x) the base rate or (y) the adjusted term SOFR rate, plus (ii) the applicable margin.
+Added: The applicable margin for an adjusted term SOFR loan is 2.00% and the applicable margin for a base rate loan is 1.00%.
+Added: The applicable interest rate is set for a specific term when amounts are drawn down under the terms of the Revolving Facility, and future draws, if any, under the Credit Agreement may be subject to a higher or lower interest rate, depending upon, among other things, the then-prevailing SOFR rate.
+Added: To date, we have not utilized interest rate hedging or other strategies in an attempt to mitigate our interest rate risk.
A hypothetical 10% change in interest rates during the year ended December 31, 2025 would have had a neutral net impact on our Consolidated Financial Statements, as changes in amounts paid for interest expense would have offset changes in interest income earned on cash balances.
8 unchanged sentences
Concentrations of Risk
−Removed: Our financial instruments that are exposed to concentrations of credit risk consist primarily of cash, cash equivalents, restricted cash and accounts receivable.
−Removed: Although we deposit our cash, cash equivalents and restricted cash with multiple financial institutions in the United States and in foreign countries, our deposits, at times, may exceed federally insured limits.
−Removed: We do not believe we are exposed to significant credit risk due to the financial strength of the depository institutions in which the funds are held.
−Removed: With respect to accounts receivable, for the year ended December 31, 2024 , the Company had one customer that accounted for approximately 38% of revenues and 39% of net accounts receivable and another customer accounted for approximately 28% of revenues and 37% of net accounts receivable.
−Removed: For the year ended December 31, 2023 , the Company had one customer that accounted for 40% of revenues and 42% of net accounts receivable.
−Removed: For the year ended December 31, 2022 , the Company had one customer that accounted for approximately 35% of revenues and 45% of net accounts receivable.
+Added: Our financial instruments that are exposed to concentrations of credit risk primarily consist of cash, cash equivalents, restricted cash, restricted cash equivalents, restricted investments and accounts receivable.
+Added: We attempt to minimize concentration of credit risk by maintaining our cash and restricted cash with institutions of sound financial quality.
+Added: At times, cash balances may exceed limits federally insured by the Federal Deposit Insurance Corporation.
+Added: We believe that we are not exposed to significant credit risk due to the financial strength of the depository institutions in which the funds are held.
+Added: Most of our cash equivalents, restricted cash equivalents and restricted investments are invested in U.S.
+Added: treasury securities and corporate bonds, all of which have credit ratings of “A” or above.
+Added: We had one customer that accounted for approximately 33% of revenues for the year ended December 31, 2025, two customers that accounted for approximately 38% and 28%, respectively, of revenues for the year ended December 31, 2024, and two customers that accounted for approximately 40% and 21%, respectively, of revenues for the year ended December 31, 2023.
+Added: As of December 31, 2025, we had two customers that accounted for approximately 23% and 12%, respectively, of net accounts receivable.
+Added: As of December 31, 2024, we had two customers that accounted for approximately 39% and 37%, respectively, of net accounts receivable.
We perform ongoing evaluations of customers’ financial condition, creditworthiness and payment performance.
1 unchanged sentence
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.