1 unchanged sentence
We are exposed to financial market risks primarily related to changes in interest rates.
−Removed: A 100 basis point change in interest rates would result in an annual change in the results of operations of $0.8 million pre‑tax.
+Added: A 100 basis point change in interest rates would result in an annual change in our results of operations of $0.6 million pre‑tax.
We do not enter into investments for trading or speculative purposes.
3 unchanged sentences
All of the Company’s total debt outstanding as of December 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.
−Removed: However, due to our debt to EBITDA ratio of 2.4 times and forecasted rates from external banks, we believe that our total exposure is limited and is considered in our forecasted cash uses.
+Added: However, due to our debt to EBITDA ratio of 2.3 times and forecasted rates from external banks, we believe that our total exposure is limited and such exposure is considered in our forecasted cash uses.
Foreign Currency Risk
1 unchanged sentence
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 consolidated financial statements is the U.S.
+Added: The reporting currency of our consolidated
+Added: 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.
2 unchanged sentences
dollars because the functional currencies of our foreign operations are generally denominated in the local currency.
−Removed: Adjustments resulting from the translation of these assets and
−Removed: liabilities are deferred and recorded as a component of stockholders’ equity.
+Added: Adjustments resulting from the translation of these assets and liabilities are deferred and recorded as a component of stockholders’ equity.
In 2024, the impact of foreign currency translation on our Statement of Stockholders’ Equity was $1.1 million.
3 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 2023, the impact on revenues from foreign currency transactions was not material to our condensed consolidated financial statements.
+Added: In 2024, the impact on revenues from foreign currency transactions was not material to our 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.
The majority of the Company’s cash and cash equivalents are with large investment-grade commercial banks.
−Removed: Accounts receivable and contract assets balances deemed to be collectible from customers have limited concentration of credit risk due to our diverse customer base and geographies.
+Added: Accounts receivable and contract asset balances deemed to be collectible from customers have limited concentration of credit risk due to our diverse customer base and geographies.
+Added: Actual collections from customers may differ from the Company’s estimates.
+Added: See “Accounts Receivable, Contract Assets and Allowance for Doubtful Accounts” in Note 2 to the Notes to Consolidated Financial Statements.
Financial Statements and Supplementary Data
−Removed: Reference is made to our financial statements beginning on page F-1 of this report.
+Added: Reference is made to our financial statements beginning on page F-1 of this Annual Report on Form 10-K.
Changes in and Disagreements With Accountants on Accounting and Financial Disclosure
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.