1 unchanged sentence
Interest Rate Risk
−Removed: 2025 Notes and Embedded Derivative
−Removed: Our total fixed-rate borrowings under the 2025 Notes as of December 31, 2023 and 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 values that we report for these senior notes on our consolidated financial statements.
−Removed: As of December 31, 2023 and 2022, we had no variable-rate borrowings related to the 2025 Notes.
−Removed: The 2025 Notes include an embedded derivative which was marked to a fair value of zero at both December 31, 2023 and 2022.
+Added: 2029 Senior Secured Notes, 2025 Convertible Notes and Embedded Derivative
+Added: Our total fixed-rate borrowings under the 2029 Senior Secured Notes and 2025 Convertible Notes as of December 31, 2024 were $40.9 million and $14.9 million, respectively.
+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 liabilities on our consolidated financial statements.
+Added: As of December 31, 2024 and 2023, we had no variable-rate borrowings related to the 2029 Senior Secured Notes or 2025 Convertible Notes.
+Added: The 2025 Convertible Notes include an embedded derivative which was marked to a fair value of zero at both December 31, 2024 and 2023.
The fair value inputs to the derivative valuation include dividend yield, term, volatility, stock price, and risk-free rate.
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 Item IV Part 15 Note 4 – Fair Value Measurements and Note 5 – Debt in this Annual Report on Form 10-K.
−Removed: Revolving Credit Facility
−Removed: We are exposed to interest rate risk associated with fluctuations in interest rates on our Credit Facility.
−Removed: As of December 31, 2023, assuming our 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: Additional details regarding our 2025 Convertible Notes and the embedded derivative are included in Item IV Part 15 Note 5 – Fair Value Measurements and Note 6 – Debt in this Annual Report on Form 10-K.
Inflation Risk
−Removed: 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.
Inflationary factors, such as increases in the cost of our materials, supplies, and overhead costs may adversely affect our operating results.
5 unchanged sentences
A majority of our revenue is denominated in U.S.
−Removed: However, as we have operations in foreign countries, primarily in Europe, a stronger U.S.
+Added: However, as we have operations in foreign countries, a stronger U.S.
Dollar could make our products and services more expensive in foreign countries and therefore reduce demand.
3 unchanged sentences
For the fiscal year ended December 31, 2024, sales denominated in foreign currencies were approximately 9.8% of total revenue.
−Removed: Our results of operations and cash flows are, therefore, subject to fluctuations due to changes in foreign currency
−Removed: exchange rates and may be adversely affected in the future due to changes in foreign exchange rates.
−Removed: These foreign currencies primarily consist of the South African Rand, British Pound, Euro, and Australian Dollar.
+Added: 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.
+Added: These foreign currencies primarily consist of the Canadian Dollar, South African Rand, British Pound, Euro, and Australian Dollar.
For the twelve months ended December 31, 2024, a hypothetical 10% change in these foreign currencies would have increased or decreased our revenue by approximately $1.9 million.
4 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.