3 unchanged sentences
Interest Rate Risk
−Removed: 2025 Convertible Notes and Embedded Derivative
−Removed: Our total fixed-rate borrowings under the 2025 Convertible Notes as of September 30, 2024 and December 31, 2023 were $106.8 million and $161.9 million , respectively.
+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 March 31, 2025 were $40.9 million and $14.9 million , respectively.
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 September 30, 2024 and December 31, 2023, we had no variable-rate borrowings related to the 2025 Convertible Notes.
−Removed: The 2025 Convertible Notes include an embedded derivative which was marked to a fair value of zero at both September 30, 2024 and December 31, 2023.
+Added: As of March 31, 2025 and December 31, 2024, we had no variable-rate borrowings related to the 2025 Convertible Notes.
+Added: The 2025 Convertible Notes include an embedded derivative which was marked to a fair value of zero at both March 31, 2025 and December 31, 2024.
The fair value inputs to the derivative valuation include dividend yield, term, volatility, stock price, and risk-free rate.
2 unchanged sentences
Inflation Risk
−Removed: 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.
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.
2 unchanged sentences
Such economic exposure to currency fluctuations is difficult to measure or predict because our sales are also influenced by many other factors.
−Removed: F or the nine months ended September 30, 2024, sales denominated in foreign currencies were approximately 11.2% of total revenue.
+Added: F or the three months ended March 31, 2025, sales denominated in foreign currencies were approximately 0.7% 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.
These foreign currencies primarily consist of the South African Rand, British Pound, Euro, and Australian Dollar.
−Removed: For the nine months ended September 30, 2024, a hypothetical 10% change in these foreign currencies would have increased or decreased our revenue by approximately $1.6 million .
+Added: For the three months ended March 31, 2025, a hypothetical 10% change in these foreign currencies would have increased or decreased our revenue by less than $0.1 million .
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.