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2025 Notes and Embedded Derivative
−Removed: Our total fixed-rate borrowings under the 2025 Notes as of both September 30, 2023 and December 31, 2022 were $161.9 million.
−Removed: 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 September 30, 2023 and December 31, 2022 of $0.
+Added: Our total fixed-rate borrowings under the 2025 Notes as of both March 31, 2024 and December 31, 2023 were $161.9 million .
+Added: 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.
+Added: As of March 31, 2024 and December 31, 2023, we had no variable-rate borrowings related to the 2025 Notes.
+Added: The 2025 Notes include an embedded derivative which was marked to a fair value of zero at both March 31, 2024 and December 31, 2023.
The fair value inputs to the derivative valuation include dividend yield, term, volatility, stock price, and risk-free rate.
−Removed: Consequently, we may incur gains and losses on the derivative as changes occur in the stock price, volatility, and risk-free rate at each reporting period.
−Removed: Additional details regarding our 2025 Notes and the embedded derivative are included in Part 1 Item 1 Note 3.
−Removed: Fair Value Measurement of Assets and Liabilities and Note 4.
−Removed: Debt in this Quarterly Report on Form 10-Q.
+Added: Consequently we may incur gains and losses on the derivative as changes occur in the stock price, volatility, and
+Added: risk-free rate at each reporting period.
+Added: Additional details regarding our 2025 Notes and the embedded derivative are included in Part 1 Item 1 Note 3 – Fair Value Measurements and Note 4 – Debt in this Quarterly Report on Form 10-Q.
Revolving Credit Facility
−Removed: We are exposed to interest rate risk associated with fluctuations in interest rates on our Credit Facility.
−Removed: 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.
+Added: We have been exposed to interest rate risk associated with fluctuations in interest rates on our revolving credit facility.
+Added: As of March 31, 2024, assuming our revolving credit facility was fully drawn up to the $15.0 million borrowing base, a 1% change in interest rates would result in a $0.2 million change in annualized interest expense.
+Added: Effective April 18, 2024, the Company exercised its right to voluntarily pay-off and terminate the Credit Agreement.
Inflation Risk
−Removed: Inflation has increased during the period and is expected to continue to increase for the near future.
+Added: Inflation has increased during the period covered by this Quarterly Report on Form 10-Q, and is expected to continue to increase for the near future.
Inflationary factors, such as increases in the cost of our materials, supplies, and overhead costs may adversely affect our operating results.
−Removed: 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: 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 an effect if inflation rates continue to rise.
Significant adverse changes in inflation and prices in the future could result in material losses.
Currency Risk
−Removed: Foreign Currency Transaction Risk
+Added: Foreign Currency Exchange Risk
Our results of operations and cash flows are subject to fluctuations due to changes in foreign currency exchange rates.
A majority of our revenue is denominated in U.S.
−Removed: Dollars, and therefore, our revenue is not directly subject to foreign currency risk.
However, as we have operations in foreign countries, primarily in Europe, a stronger U.S.
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Dollar could have the opposite effect.
−Removed: 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 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.
−Removed: Our expenses are generally denominated in the currencies in which our operations are located, which are primarily in the U.S.
−Removed: and to a lesser extent in Europe.
+Added: Such economic exposure to currency fluctuations is difficult to measure or predict because our sales are also influenced by many other factors.
+Added: F or the three months ended March 31, 2024, sales denominated in foreign currencies were approximately 21.2% of total revenue.
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, and Australian Dollar (collectively, the “Foreign Functional Currencies”).
−Removed: 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.
−Removed: Actual gains and losses in the future may
−Removed: differ materially from the hypothetical gains and losses discussed above based on changes in the timing and amount of foreign currency exchange rate movements.
−Removed: Foreign Currency Translation Risk
−Removed: Fluctuations in foreign currencies impact the amount of total assets, liabilities, earnings and cash flows that we report for our foreign subsidiaries upon the translation of these amounts into U.S.
−Removed: Dollars for, and as of the end of, each reporting period.
−Removed: In particular, the strengthening of the U.S.
−Removed: Dollar generally will reduce the reported amount of our foreign-denominated cash, cash equivalents, marketable securities, total revenues and total expense that we translate into U.S.
−Removed: Dollars and report in our consolidated financial statements for, and as of the end of, each reporting period.
+Added: These foreign currencies primarily consist of the South African Rand, British Pound, Euro, and Australian Dollar .
+Added: For the three months ended March 31, 2024, a hypothetical 10% change in these foreign currencies would have increased or decreased our revenue by approximately $1.0 million.
+Added: 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.
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.