17 unchanged sentences
The potential increase in this working capital deficit from a hypothetical 10% adverse change in quoted foreign currency exchange rates would be $11.2 million.
−Removed: This compares with an $11.4 million working capital surplus subject to foreign currency exposure as of December 31, 2020, for which a 10% adverse change would have resulted in a potential increase in this working capital surplus of $1.1 million.
+Added: This compares with a $69.2 million working capital deficit subject to foreign currency exposure as of December 31, 2021, for which a 10% adverse change would have resulted in a potential increase in this working capital deficit of $6.9 million.
Interest Rate Risk
−Removed: Our cash balance as of December 31, 2021 consists of bank deposits and government money market funds, so exposure to market risk for changes in interest rates is limited.
+Added: Our cash balance as of December 31, 2022 consists of bank deposits, so exposure to market risk for changes in interest rates is limited.
In March and April 2021, we issued the 2026 Notes with an aggregate principal amount of $230.0 million (see Item 8, Note 7, Financing Arrangements ).
1 unchanged sentence
However, changes in market interest rates impact the fair value of the 2026 Notes along with other variables such as our credit spreads and the market price and volatility of our common stock.
−Removed: Our Amended Credit Agreement provides for aggregate principal borrowings of up to $225.0 million.
−Removed: As of December 31, 2021, we had $100.0 million of borrowings outstanding and $25.8 million of outstanding letters of credit under the Amended Credit Agreement.
+Added: Our Third Amendment Credit Agreement provided for aggregate principal borrowings of up to $150.0 million.
+Added: As of December 31, 2022, we had $75.0 million of borrowings outstanding and $24.9 million of outstanding letters of credit under the Third Amendment Credit Agreement.
+Added: In connection with entering into the Fourth Amendment to our Third Amendment Credit Agreement in March 2023, our borrowing capacity under the Amended Credit Agreement was reduced from $150.0 million to $75.0 million and consequently we repaid $25.0 million of these outstanding amounts in connection with the Fourth Amendment.
See Item 7, Liquidity and Capital Resources, for additional information.
2 unchanged sentences
Interest rates on existing leases typically do not change unless there is a modification to a lease agreement and, as such, we do not believe that the interest rate risk on the lease obligations is significant.
−Removed: Impact of Inflation
−Removed: Our results of operations have not been materially impacted by moderate changes in the inflation rate.
−Removed: Inflation and changing prices did not have a material effect on our business, financial condition or results of operations for the year ended December 31, 2021.
+Added: Inflation Risk
+Added: In light of the current inflationary environment, our business is being affected by changes to our merchants' and customers' discretionary spend.
+Added: We expect such discretionary spend limitations to continue, and if we do not see increased overall demand for discounted goods and services to help offset these limitations on individual merchants and customers, our business, financial condition and results of operations could be adversely impacted.
+Added: Additionally, increased inflation could negatively impact our business by driving up our operating costs.
+Added: Our costs are subject to inflationary pressures, and if those pressures become significant, we may not be able to offset such higher costs through price increases or other cost efficiency measures.
+Added: Our inability or failure to do so could harm our business, financial condition and results of operations.
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.