2 unchanged sentences
Our revenue, earnings, cash flows, receivables, and payables are subject to fluctuations due to changes in foreign currency exchange rates.
−Removed: The ongoing COVID-19 pandemic has increased the volatility of global financial markets, which may increase our foreign currency exchange risk.
Interest Rate Risk
2025 Notes and Embedded Derivative
−Removed: Our total fixed-rate borrowings under the 2025 Notes as of both June 30, 2023 and December 31, 2022 were $161.9 million.
+Added: Our total fixed-rate borrowings under the 2025 Notes as of both September 30, 2023 and December 31, 2022 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 carrying values that we report for these senior notes on our consolidated financial statements.
−Removed: The 2025 Notes include an embedded derivative which was marked to fair value at both June 30, 2023 and December 31, 2022 of $0.
+Added: The 2025 Notes include an embedded derivative which was marked to fair value at both September 30, 2023 and December 31, 2022 of $0.
The fair value inputs to the derivative valuation include dividend yield, term, volatility, stock price, and risk-free rate.
4 unchanged sentences
Revolving Credit Facility
−Removed: We are exposed to interest rate risk associated with fluctuations in interest rates on our revolving credit facility.
−Removed: As of June 30, 2023, assuming our revolving credit facility was fully drawn up to the $17.5 million borrowing base, a 1% increase in interest rates would result in a $0.2 million change in annualized interest expense.
+Added: We are exposed to interest rate risk associated with fluctuations in interest rates on our Credit Facility.
+Added: As of September 30, 2023, assuming our Credit Facility was fully drawn up to the $10.2 million borrowing base, a 1% increase in interest rates would result in a $0.1 million change in annualized interest expense.
Inflation Risk
13 unchanged sentences
Such economic exposure to currency fluctuat ions is difficult to measure or predict because our sales are also influenced by many other factors.
−Removed: For both the six months ended June 30, 2023 and 2022, sales denominated in foreign currencies were approximately 14.4% of total revenue.
+Added: For the three and nine months ended September 30, 2023, sales denominated in foreign currencies were approximately 17.3% and 15.4% of total revenue, respectively.
Our expenses are generally denominated in the currencies in which our operations are located, which are primarily in the U.S.
1 unchanged sentence
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, British Pound Sterling, Euro,
−Removed: and Australian Dollar (collectively, the “Foreign Functional Currencies”).
−Removed: For the six months ended June 30, 2023, a hypothetical 10% change in Foreign Functional Currency exchange rates would have increased or decreased our revenue by approximately $1.5 million.
−Removed: Actual gains and losses in the future may differ materially from the hypothetical gains and losses discussed above based on changes in the timing and amount of foreign currency exchange rate movements.
+Added: These foreign functional currencies consist of the South African Rand, British Pound Sterling, Euro, and Australian Dollar (collectively, the “Foreign Functional Currencies”).
+Added: For the nine months ended September 30, 2023, a hypothetical 10% change in Foreign Functional Currency exchange rates would have increased or decreased our revenue by approximately $0.8 million and $2.4 million, respectively.
+Added: Actual gains and losses in the future may
+Added: differ materially from the hypothetical gains and losses discussed above based on changes in the timing and amount of foreign currency exchange rate movements.
Foreign Currency Translation Risk
5 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.