2 unchanged sentences
Foreign currency exchange risk
−Removed: The Company serves many of our U.S.-based clients in various countries, primarily in the Philippines, Pakistan, Nicaragua, and Jamaica.
+Added: The Company serves many of its U.S.
+Added: based clients through our delivery centers located in various countries, primarily in the Philippines, Pakistan, Nicaragua, and Jamaica.
Although contracts with these clients are typically priced in U.S.
dollars, a substantial portion of related costs is denominated in the local currency of the country where services are provided, resulting in foreign currency exposure that could have an impact on our results of operations.
−Removed: Our primary foreign currency exposures are in Philippine Peso, Jamaican Dollar, and Pakistani Rupee.
+Added: Our primary foreign currency exposures are in Philippine Peso (“PHP”), Jamaican Dollar, and Pakistani Rupee.
There can be no assurance that we can take actions to mitigate such exposure in the future, and if taken, that such actions will be successful or that future changes in currency exchange rates will not have a material adverse impact on our future operating results.
3 unchanged sentences
dollar against the local currencies that are most relevant to our business:
−Removed: Year ended June 30,
Currency 2024 2023 2022
2 unchanged sentences
Pakistani Rupee (2.7) % 39.6 % 30.0 %
−Removed: To mitigate foreign exchange fluctuations on the Philippine Peso (“PHP”) we hedge a portion of our Philippine operating costs.
−Removed: While our hedging strategy can protect us from short term risks related to foreign currency movements, an overall weakening of the PHP would adversely impact margins over the long term.
−Removed: Based upon our level of operations during the year ended June 30, 2023, a 10% appreciation/depreciation in the Philippine peso against the U.S.
−Removed: dollar would have increased or decreased our expenses incurred and paid in Philippine peso by approximately $10.8 million or $8.8 million, respectively, for the year ended June 30, 2023.
+Added: To mitigate foreign exchange fluctuations on the PHP we hedge a portion of our Philippine operating costs.
+Added: While our hedging strategy can protect us from short term risks related to foreign currency movements, an overall strengthening of the PHP would adversely impact margins over the long term.
+Added: Based upon our level of operations during the year ended June 30, 2024, a 10% appreciation/depreciation in the PHP against the U.S.
+Added: dollar would have increased or decreased our expenses incurred and paid in PHP by approximately $12.0 million or $9.8 million, respectively, for the year ended June 30, 2024.
Based upon our level of operations during the year ended June 30, 2024, a 10% appreciation/depreciation in the Jamaican Dollar against the U.S.
4 unchanged sentences
As of the date of this Form 10-K, we have not experienced, nor do we anticipate experiencing, any counterparty defaults.
−Removed: Please see Note 7.
+Added: Refer to Note 7.
“Derivatives”, included in Item 8.
1 unchanged sentence
Interest rate risk
−Removed: The Company’s exposure to market risk for changes in interest rates relates primarily to the cash and bank balances and credit facilities.
+Added: The Company’s exposure to market risk for changes in interest rates relates primarily to the cash and bank balances and the PNC Credit Facility.
Borrowings under the PNC Credit Facility bear interest at SOFR plus 1.75% and/or negative 0.5% of the PNC Commercial Lending Rate for domestic loans.
−Removed: The Company’s total principal balance outstanding as of June 30, 2023 was $0.1 million.
−Removed: Based on the outstanding balances and interest rates under the PNC Credit Facility, a hypothetical 10% increase or decrease in SOFR would not cause a material increase or decrease in our interest expense over the next 12 months.
+Added: The Company did not have any outstanding balances on the PNC Credit Facility at June 30, 2024.
+Added: Accordingly, a hypothetical 10% increase or decrease in SOFR would not cause a material increase or decrease in our interest expense over the next 12 months.
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.