2 unchanged sentences
2025 Notes and Embedded Derivative
−Removed: Our total fixed-rate borrowings under the 2025 Notes as of December 31, 2021 and 2020 were $161.9 million and $166.9 million, respectively.
+Added: Our total fixed-rate borrowings under the 2025 Notes as of December 31, 2022 and 2021 were $161.9 million.
We record all of our fixed-rate borrowings at amortized cost and therefore, any changes in interest rates do not impact the values that we report for these senior notes on our consolidated financial statements.
−Removed: As of December 31, 2021 and 2020, we had no variable-rate borrowings.
+Added: As of December 31, 2022 and 2021, we had no variable-rate borrowings related to the 2025 Notes.
The 2025 Notes include an embedded derivative which was marked to fair value at December 31, 2022 and 2021 of $0.0 million and $0.9 million, respectively.
4 unchanged sentences
Debt in this Annual Report on Form 10-K.
+Added: Revolving Credit Facility
+Added: We are exposed to interest rate risk associated with fluctuations in interest rates on our Credit Facility.
+Added: As of December 31, 2022, assuming our Credit Facility was fully drawn up to the $15.7 million borrowing base, a 1% increase in interest rates would result in a $0.1 million change in annualized interest expense.
+Added: Inflation Risk
+Added: Inflation has increased during the period covered by this Annual Report on Form 10-K, and is expected to continue to increase for the near future.
+Added: Inflationary factors, such as increases in the cost of our materials, supplies, and overhead costs may adversely affect our operating results.
+Added: Although we do not believe that inflation has had a material impact on our financial position or results of operations to date, we may experience some effect if inflation rates continue to rise.
+Added: Significant adverse changes in inflation and prices in the future could result in material losses.
Currency Risk
9 unchanged sentences
For the fiscal year ended December 31, 2022, sales denominated in foreign currencies were approximately 17.7% of total revenue.
−Removed: Our expenses are generally denominated in the currencies in which our operations are located, which are primarily in the U.S.
+Added: Our expenses are generally denominated in the currencies in which our operations are located, which are primarily in
and to a lesser extent in Europe.
Our results of operations and cash flows are, therefore, subject to fluctuations due to changes in foreign currency exchange rates and may be adversely affected in the future due to changes in foreign exchange rates.
−Removed: These foreign functional currencies consist of the South African Rand, pound sterling, Euro, and Australian Dollar (collectively, the “Foreign Functional Currencies”).
+Added: These foreign functional currencies consist of the British Pound Sterling, Euro, and Australian Dollar (collectively, the “Foreign Functional Currencies”).
For the twelve months ended December 31, 2022, a hypothetical 10% change in Foreign Functional Currency exchange rates would have increased or decreased our revenue by approximately $4.3 million.
12 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.