3 unchanged sentences
A significant downturn in this market or changes in state and/or federal laws impacting the preferential tax treatment of healthcare accounts such as HSAs could have a material adverse effect on our results of operations.
−Removed: During the nine months ended October 31, 2023 and 2022, no one customer accounted for greater than 10% of our total revenue.
+Added: During the three months ended April 30, 2024 and 2023, no one customer
+Added: accounted for greater than 10% of our total revenue.
We monitor market and regulatory changes regularly and make adjustments to our business if necessary.
4 unchanged sentences
We maintain our cash and cash equivalents in bank and other depository accounts, which frequently may exceed federally insured limits.
−Removed: Our cash and cash equivalents as of October 31, 2023 and January 31, 2023 were $334.1 million and $254.3 million, respectively, the vast majority of which was not covered by federal depository insurance.
+Added: Our cash and cash equivalents as of April 30, 2024 and January 31, 2024 were $251.2 million and $404.0 million, respectively, the vast majority of which was not covered by federal depository insurance.
We have not experienced any material losses in such accounts.
−Removed: Our accounts receivable balance as of October 31, 2023 and January 31, 2023 was $96.2 million and $96.8 million, respectively.
+Added: Our accounts receivable balance as of April 30, 2024 and January 31, 2024 was $106.2 million and $104.9 million, respectively.
We have not experienced any significant write-offs to our accounts receivable and believe that we are not exposed to significant credit risk with respect to our accounts receivable.
3 unchanged sentences
HSA Assets consist of custodial HSA funds we hold in custody on behalf of our members.
−Removed: As of October 31, 2023 and January 31, 2023, we held in custody HSA Assets of $22.6 billion and $22.1 billion, respectively.
−Removed: As a non-bank custodian, we contract with our Depository Partners and insurance company partners to hold custodial cash assets on behalf of our members, and we earn a significant portion of our total revenue from interest paid to us by these partners.
−Removed: Custodial cash assets held by our insurance company partners are held in group annuity contracts or similar arrangements.
+Added: As of April 30, 2024 and January 31, 2024, we held in custody HSA Assets of $27.3 billion and $25.2 billion, respectively.
+Added: As a non-bank custodian, we contract with our Depository Partners and insurance company partners to hold HSA cash on behalf of our members, and we earn a significant portion of our total revenue from interest paid to us by these partners.
+Added: HSA cash held by our insurance company partners is held in group annuity contracts or similar arrangements.
The lengths of our agreements with Depository Partners typically range from three to five years and have either fixed or variable interest rates.
−Removed: As HSA Assets increase and existing contracts with Depository Partners expire, we seek to enter into new contracts with Depository Partners, the terms of which are impacted by the then-prevailing interest rate environment.
−Removed: diversification of HSA Assets held by our Depository Partners and insurance company partners, and varied contract terms, substantially reduces our exposure to short-term fluctuations in prevailing interest rates and mitigates the short-term impact of a sustained increase or decline in prevailing interest rates on our custodial revenue.
+Added: As HSA Assets increase and existing contracts with Depository Partners expire, we seek to enter into new contracts with Depository Partners and insurance company partners, the terms of which are impacted by the then-prevailing interest rate environment.
+Added: We believe that increased participation in our Enhanced Rates offering, diversification of Depository Partners and insurance company partners, and varied contract terms, substantially reduces our exposure to short-term fluctuations in prevailing interest rates and mitigates the short-term impact of a sustained increase or decline in prevailing interest rates on our custodial revenue.
A sustained decline in prevailing interest rates may negatively affect our business by reducing the size of the interest rate yield, or yield, available to us and thus the amount of the custodial revenue we can realize.
5 unchanged sentences
Client-held funds are interest earning deposits from which we generate custodial revenue.
−Removed: As of October 31, 2023 and January 31, 2023, we held Client-held funds of $761 million and $901 million, respectively.
+Added: As of April 30, 2024 and January 31, 2024, we held Client-held funds of $858 million and $842 million, respectively.
These deposits are amounts remitted by Clients and held by us on their behalf to pre-fund and facilitate administration of our other CDBs.
8 unchanged sentences
and include deposits in a money market account that is unrestricted as to withdrawal or use.
−Removed: As of October 31, 2023 and January 31, 2023, we had unrestricted cash and cash equivalents of $334.1 million and $254.3 million, respectively.
+Added: As of April 30, 2024 and January 31, 2024, we had unrestricted cash and cash equivalents of $251.2 million and $404.0 million, respectively.
Due to the short-term nature of these instruments, we believe that we do not have any material exposure to changes in the fair value of our cash and cash equivalents as a result of changes in interest rates.
Long-term debt.
−Removed: As of October 31, 2023 and January 31, 2023, we had $286.9 million and $341.3 million, respectively, outstanding under our term loan facility and no amounts drawn under our Revolving Credit Facility.
+Added: As of April 30, 2024 and January 31, 2024, we had $336.9 million and $286.9 million, respectively, outstanding under our Credit Facilities.
Our overall interest rate sensitivity under these credit facilities is primarily influenced by any amounts borrowed and the prevailing interest rates on these instruments.
−Removed: The stated interest rate on our term loan credit facility and Revolving Credit Facility is variable and was 6.68% at October 31, 2023.
+Added: The stated interest rate on our Credit Facilities is variable and was 6.67% as of April 30, 2024.
Accordingly, we may incur additional expense if interest rates further increase in future periods.
−Removed: For example, a one percent increase in the interest rate on the amount outstanding under our credit facilities as of October 31, 2023 would result in approximately $2.9 million of additional interest expense over the next 12 months.
+Added: For example, a one percent increase in the interest rate on the amount outstanding under our Credit Facilities as of April 30, 2024 would result in approximately $3.4 million of additional interest expense over the next 12 months.
The interest rate on our $600 million of unsecured Senior Notes due 2029 is fixed at 4.50%.
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.