14 unchanged sentences
A portion of our bookings, revenue and operating expenses is denominated in foreign currencies, which are subject to exchange rate fluctuations.
−Removed: Our most significant foreign currency exposures are the British pound, the Euro and the Canadian dollar.
+Added: Our most significant foreign currency exposures are the British pound, the Canadian dollar and the Euro.
Our reported bookings, revenues and operating results may be impacted by fluctuations in foreign currency exchange rates.
1 unchanged sentence
however, such amounts were not material during the current period.
−Removed: As our international business continues to grow, our exposure to fluctuations in exchange rates will increase, which may increase the costs associated with this growth.
−Removed: During 2024, our total bookings growth in constant currency would have been approximately 20 basis points higher and our total revenue growth would have had an insignificant impact.
+Added: As we have expanded our international business, our exposure to fluctuations in exchange rates will increase, which may increase the costs associated with this growth.
+Added: During 2025, our total bookings growth in constant currency would have had an insignificant impact and our total revenue growth would have been approximately 10 basis points higher.
Constant currency is calculated by translating bookings and revenue for each month in the current period using the foreign currency exchange rates for the corresponding month in the prior period, excluding any hedging gains or losses realized during the period.
5 unchanged sentences
Gains and losses, once realized, are recorded as a component of AOCI and are amortized to revenue over the same period in which the underlying hedged amounts are recognized.
−Removed: At December 31, 2024, the realized gain and unrealized gain included in AOCI were $2.0 million and $33.2 million, respectively.
+Added: At December 31, 2025, the realized and unrealized losses included in AOCI were $4.3 million and $21.9 million, respectively.
Cross-Currency Swaps
18 unchanged sentences
The amortization rate for the 2029 Term Loans is 1.00% per annum and the 2029 Term Loans were issued at an applicable margin of (i) 1.75% for the term loans that are SOFR loans and (ii) 0.75% for the term loans that are ABR loans.
−Removed: In January, May, and December of 2024, we entered into amendments to the Credit Facility to refinance the 2029 and 2031 Term Loans, as discussed in Note 10 to our financial statements.
All SOFR-based interest rates under the Credit Facility are subject to a 0.0% floor.
4 unchanged sentences
In August 2020, we entered into seven-year pay-fixed rate, receive-floating rate interest rate swap arrangements to effectively convert a portion of the variable rate borrowings under the 2027 Term Loans to a fixed rate of 0.705%.
−Removed: In May 2023, in conjunction with the concurrent Credit Facility amendment discussed in Note 10, we terminated these swaps and entered into new SOFR-based interest rate swaps with a fixed rate of 0.672%.
+Added: In May 2023, in conjunction with a concurrent Credit Facility amendment, we terminated these swaps and entered into new SOFR-based interest rate swaps with a fixed rate of 0.672%.
These interest rate swaps, which mature on August 10, 2027, had an aggregate notional amount of $708.8 million at December 31, 2025.
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.