5 unchanged sentences
We are exposed to interest rate risk through our variable rate debt.
−Removed: As of December 31, 2022, we had $124 million of debt under the Term Loan subject to variable interest rates that are based on LIBOR or an alternate base rate.
−Removed: Refer to Part I, Item 1, Financial Statements, Note 10 - Debt for details relating to the debt.
−Removed: If these rates were to increase by 100 basis points from the rates in effect as of December 31, 2022, our interest expense on the variable rate debt would increase by an average of $1.2 million annually.
−Removed: There are inherent limitations in the sensitivity analysis presented, primarily due to the assumptions that interest rate changes would be instantaneous, while LIBOR changes regularly.
+Added: As of December 31, 2023, we had $122.5 million of Term Loan debt that is subject to variable interest rates that are based on Secured Overnight Financing Rate (“SOFR”) or an alternate base rate.
+Added: Refer to Note 10 - Debt for details relating to the debt.
+Added: If the rates were to increase by 100 basis points from the rates in effect as of December 31, 2023, our interest expense on the variable rate debt would increase by an average of $1.1 million annually.
+Added: There are inherent limitations in the sensitivity analysis presented, primarily due to the assumptions that interest rate changes would be instantaneous, while SOFR changes regularly.
We do not currently hedge our interest rate risks, but may determine to do so in the future.
−Removed: See Risk Factors — We may be adversely impacted by the transition from the London interbank offered rate (“LIBOR”) to the Secured Overnight Funding Rate ("SOFR") as a reference rate.
Foreign Currency Risk
7 unchanged sentences
To date, we have not entered into any foreign currency exchange contracts and currently do not expect to enter into foreign currency exchange contracts for trading or speculative purposes.
+Added: Impact of Inflation
+Added: Our results of operations and financial condition are presented based on historical costs.
+Added: We cannot provide assurances that our results of operations and financial condition will not be materially impacted by inflation in the future.
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.