1 unchanged sentence
Interest Rate Risk
−Removed: As of June 30, 2022, the Senior Secured Credit Facility consists of a $275.0 million revolving credit facility, together with an option to increase the revolving credit facility and/or obtain incremental term loans in an additional principal amount of up to $50.0 million in the aggregate (subject to the receipt of additional commitments for any such incremental loan amounts).
−Removed: The Senior Secured Credit Facility accrues interest at LIBOR (based upon an interest period of one, two, three or six months or, under some circumstances, up to twelve months) plus an applicable margin of 2.25% to 3.25% (3.25% as of June 30, 2022), or the base rate (defined as the highest of (x) the Bank of America prime rate, (y) the federal funds rate plus 0.50% and (z) LIBOR plus 1.00%), plus an applicable margin of 0.25% to 1.25% (1.25% as of June 30, 2022), in each case depending upon the consolidated total leverage ratio, as defined in the agreement.
−Removed: Interest is payable at the end of the selected interest period, but no less frequently than quarterly.
−Removed: Additionally, the Senior Secured Credit Facility requires us to pay unused commitment fees of 0.15% to 0.30% (0.30% as of June 30, 2022) on any undrawn amounts under the revolving credit facility and letter of credit fees of up to 3.25% on the maximum amount available to be drawn under each letter of credit issued under the agreement.
−Removed: The maturity date of the Senior Secured Credit Facility is May 9, 2024.
−Removed: The Senior Secured Credit Facility requires maintenance of certain financial ratios on a quarterly basis as follows:
+Added: As of December 31, 2022, the Senior Secured Credit Facility, as amended, consisted of a $375.0 million revolving credit facility, together with an option to increase the revolving credit facility and/or obtain incremental term loans in an additional principal amount of up to $50.0 million in the aggregate (subject to the receipt of additional commitments for any such incremental loan amounts).
+Added: At December 31, 2022, the Senior Secured Credit Facility accrues interest at Term SOFR (based upon an interest period of one, three or six months), plus an adjustment of 0.10%, plus an applicable margin of 2.25% to 3.25% (3.25% as of December 31, 2022), or the base rate (defined as the highest of (x) the Bank of America prime rate, (y) the federal funds rate plus 0.50% and (z) Term SOFR, plus an adjustment of 0.10%, plus 1.00%), plus an applicable margin of 0.25% to 1.25% (1.25% as of December 31, 2022), in each case depending upon the consolidated total leverage ratio, as defined in the agreement.
+Added: Interest is payable at the end of the selected
+Added: interest period, but no less frequently than quarterly.
+Added: Additionally, the Senior Secured Credit Facility requires us to pay unused commitment fees of 0.15% to 0.30% (0.30% as of December 31, 2022) on any undrawn amounts under the revolving credit facility and letter of credit fees of up to 3.25% on the maximum amount available to be drawn under each letter of credit issued under the agreement.
+Added: The Senior Credit Facility requires maintenance of certain financial ratios on a quarterly basis as follows:
(i) a minimum consolidated interest coverage ratio of 3.00 to 1.00 (ii) a maximum total leverage ratio of 5.00 to 1.00, provided, that for each of the four fiscal quarters immediately following a qualified acquisition (each a “Leverage Increase Period”), the required ratio set forth above may be increased by up to 0.25, subject to certain limitations and (iii) a maximum consolidated senior secured leverage ratio of 3.25 to 1.00, provided, that for each Leverage Increase Period, the consolidated senior leverage ratio may be increased by up to 0.25, subject to certain limitations.
−Removed: As of June 30, 2022, we were in compliance with these covenants, and there was $67.6 million available for borrowing under the revolving credit facility, subject to the financial covenants.
−Removed: As of June 30, 2022, we had borrowings outstanding of $207.4 million under the Senior Secured Credit Facility.
−Removed: A hypothetical 1.0% relative change in the interest rate applicable to such borrowing (which is the LIBOR rate) would result in a $2.1 million change in annual interest expense.
+Added: As of December 31, 2022, we were in compliance with these covenants, and there was $111.8 million available for borrowing under the revolving credit facility, subject to the financial covenants.
+Added: As of December 31, 2022, we had borrowings outstanding of $263.2 million outstanding under the Senior Secured Credit Facility.
+Added: A 1.0% increase or decrease in the interest rate applicable to such borrowing (which was the Term SOFR rate) would have had a $2.6 million dollar impact on the results of the business.
Foreign Currency Exchange Rate Risk
−Removed: Invoices for our services are denominated in U.S.
−Removed: We do not expect our future operating results to be significantly affected by foreign currency transaction risk.
+Added: As a result of our international operations, we are also exposed to foreign currency exchange rate risks.
+Added: Because our international operations are not yet material to our consolidated results of operations, a 10% change in foreign currency exchange rates would not have had a material impact on our consolidated results of operations, financial position, or cash flows for the three months ended December 31, 2022.
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.