1 unchanged sentence
Interest Rate Risk
−Removed: As of September 30, 2023, the Company had $79.2 million in total debt principal outstanding.
+Added: As of March 31, 2024, the Company had $74.2 million in total debt principal outstanding.
Note 10 — Financing Arrangements and Long-Term Debt in the Notes to Condensed Consolidated Financial Statements provides additional information regarding the Company’s outstanding debt obligations.
−Removed: All of the Company’s total debt outstanding as of September 30, 2023 was based on a floating base rate (SOFR – Secured Overnight Financing Rate) of interest, which potentially exposes the Company to increases in interest rates.
+Added: All of the Company’s total debt outstanding as of March 31, 2024 was based on a floating base rate (SOFR – Secured Overnight Financing Rate) of interest, which potentially exposes the Company to increases in interest rates.
However, due to our debt to EBITDA ratio of 2.9 times and forecasted rates from external banks, we believe that our total exposure is limited and is considered in our forecasted cash uses.
2 unchanged sentences
Among the major foreign currencies in which we conduct business are the Euro, the British Pound and the Australian dollar.
−Removed: The reporting currency of our condensed consolidated financial statements is the U.S.
+Added: The reporting currency of our consolidated financial statements is the U.S.
As the values of the foreign currencies in which we operate fluctuate over time relative to the U.S.
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Adjustments resulting from the translation of these assets and liabilities are deferred and recorded as a component of stockholders’ equity.
−Removed: In 2022, the impact of foreign currency translation on our Statement of Stockholders’ Equity was $2.7 million.
+Added: The impact of foreign currency translation on our Statement of Stockholders’ Equity was $0.7 million for the year ended December 31, 2023 and $0.7 million for the first quarter ended March 31, 2024.
The translation of our foreign currency revenues and expenses historically has not had a material impact on our consolidated earnings because movements in and among the major currencies in which we operate tend to impact our revenues and expenses fairly equally.
2 unchanged sentences
As these transactions are translated into the local functional currency, a gain or loss may result, which is recorded in current period earnings.
−Removed: In 2022, the impact on revenues from foreign currency transactions was $12.7 million, representing 4.4% of revenues.
−Removed: The amount is not material to our condensed consolidated financial statements.
+Added: For the year ended December 31, 2023 and for the first quarter ended March 31, 2024, the impact on revenues from foreign currency transactions was not material to our condensed consolidated financial statements.
Financial instruments that potentially subject the Company to concentration of credit risk consist primarily of short-term, highly liquid investments classified as cash equivalents and accounts receivable and contract assets.
2 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.