3 unchanged sentences
Interest Rate Risk
−Removed: We have exposure to changes in interest rates associated with borrowings under our bank credit facility, which have variable interest rates tied to Term SOFR or an alternate base rate, at our option.
+Added: We have exposure to changes in interest rates associated with borrowings under our senior secured credit facility.
+Added: At our option, these borrowings will bear interest at one, three or six month Term SOFR or, in the case of the Revolver, an alternate base rate.
At December 31, 2024, we had borrowings outstanding under the credit facility totaling $357.7 million that carried a weighted average interest rate of 4.7%, including the impact of the interest rate swaps described below.
4 unchanged sentences
Under the terms of the interest rate swap agreement, we receive from the counterparty interest on the notional amount based on one month Term SOFR and we pay to the counterparty a stated, fixed rate.
−Removed: As of December 31, 2023 and 2022, the aggregate notional amount of our forward interest rate swap agreements was $250.0 million and $200.0 million, respectively.
−Removed: The outstanding interest rate swap agreements as of December 31, 2023 are scheduled to mature on a staggered basis through February 29, 2028.
+Added: As of both December 31, 2024 and 2023, the aggregate notional amount of our forward interest rate swap agreements was $250.0 million.
+Added: The outstanding interest rate swap agreements as of December 31, 2024 are scheduled to mature on a staggered basis through January 31, 2029.
Foreign Currency Risk
+Added: We are exposed to foreign currency risk in the ordinary course of business.
We have exposure to changes in foreign currency exchange rates between the U.S.
−Removed: Dollar (USD) and the Indian Rupee (INR) related to our operations in India.
+Added: Dollar (USD) and the Indian Rupee (INR) related to our operations in India as part of our global delivery model.
We hedge a portion of our cash flow exposure related to our INR-denominated intercompany expenses by entering into non-deliverable foreign exchange forward contracts.
−Removed: As of December 31, 2023 and 2022, the aggregate notional amounts of these contracts were INR 1,375.7 million, or $16.6 million, and INR 657.9 million, or $8.0 million, respectively, based on the exchange rates in effect as of each period end.
+Added: As of December 31, 2024 and 2023, the aggregate notional amounts of these contracts were INR 1.40 billion, or $16.3 million, and INR 1.38 billion, or $16.6 million, respectively, based on the exchange rates in effect as of each period end.
The outstanding foreign exchange forward contracts as of December 31, 2024 are scheduled to mature monthly through December 31, 2025.
4 unchanged sentences
We have a 1.69% convertible debt investment in Shorelight Holdings, LLC, a privately-held company, which we account for as an available-for-sale debt security.
−Removed: As such, the investment is carried at fair value with unrealized holding gains and losses excluded from earnings and
−Removed: reported in other comprehensive income.
+Added: As such, the investment is carried at fair value with unrealized holding gains and losses excluded from earnings and reported in other comprehensive income.
As of December 31, 2024, the fair value of the investment was $62.3 million, with a total cost basis of $40.9 million.
2 unchanged sentences
As such, the investment is carried at cost minus impairment, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investment.
−Removed: As of December 31, 2023 and 2022, the carrying value of the investment was $7.4 million and $33.6 million, respectively, with a total cost basis of $5.0 million.
−Removed: In the fourth quarter of 2023, we recognized a non-cash impairment loss of $26.3 million on our preferred stock investment based on the valuation established in a new round of financing expected to close in early 2024.
−Removed: During the first quarter of 2022, we recognized a non-cash unrealized gain of $27.0 million, based on the observable price change of preferred stock issued by the company with similar rights and preferences to our preferred stock investment, a Level 2 input.
−Removed: The non-cash impairment loss and unrealized gain were recorded to other income (expense), net in our consolidated statement of operations.
+Added: As of both December 31, 2024 and 2023, the carrying value of the investment was $7.4 million, with a total cost basis of $5.0 million.
We do not use derivative instruments for trading or other speculative purposes.
7 unchanged sentences
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.