QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
−Removed: Market risk represents the potential loss that may impact our financial position, results of operations or cash flows due to adverse changes in the financial markets.
−Removed: We are exposed to market risk from changes in the base rates on our 2023 Credit Facility.
+Added: Market risk represents the potential loss that may affect our financial position, results of operations and/or cash flows due to adverse changes in the financial markets.
+Added: We are also exposed to market risk from changes in the base rates on our 2023 Credit Facility.
Interest Rates
−Removed: As of June 30, 2023, we had $210.3 million of variable rate bank debt outstanding under our 2023 Credit Facility.
+Added: As of September 30, 2023, we had $209.0 million of variable rate bank debt outstanding under our 2023 Credit Facility.
Our borrowings bear interest on the outstanding principal amount thereof from the date when made at a rate per annum equal to either:
2 unchanged sentences
Because our debt is subject to interest at a variable rate, our earnings will be affected in future periods by changes in interest rates.
−Removed: If the SOFR were to increase by a hypothetical 100 basis points, or one percentage point, from its June 30, 2023 level, our annual interest expense would increase and cash flow from operations would decrease by $2.1 million based on the outstanding balance of our term loan as of June 30, 2023.
+Added: If the SOFR were to increase by a hypothetical 100 basis points, or one percentage point, from its September 30, 2023 level, our annual interest expense would increase and cash flow from operations would decrease by $2.1 million based on the outstanding balance of our term loan as of September 30, 2023.
Foreign Currency
4 unchanged sentences
dollar, primarily the Mexican peso, Argentine peso, certain other Latin American currencies and various Asian currencies.
−Removed: The effect of an immediate and hypothetical 10% adverse change in foreign exchange rates on foreign-denominated accounts receivable at June 30, 2023 would not be material to our consolidated results of operations or overall financial condition.
+Added: The effect of an immediate and hypothetical 10% adverse change in foreign exchange rates on foreign-denominated accounts receivable at September 30, 2023 would not be material to our consolidated results of operations or overall financial condition.
Our operating expenses are primarily denominated in U.S.
7 unchanged sentences
dollar can increase the amount of operating expense of our international operations, which are primarily related to our digital business.
−Removed: To date, we have not entered into any foreign currency hedging contracts, since exchange rate fluctuations historically have not had a material impact on our operating results and cash flows.
+Added: To date, we have not entered into any foreign currency hedging contracts, since exchange rate fluctuations historically have not had a material effect on our operating results and cash flows.
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.