13 unchanged sentences
We routinely assess the creditworthiness of our clients.
−Removed: We have not experienced any material losses related to non-payment of receivables from individual or groups of clients due to loss of creditworthiness during the three months ended September 30, 2025 and 2024.
−Removed: Clients representing in excess of 10% of our accounts receivable balance at September 30, 2025 and June 30, 2025 were zero and one, respectively.
+Added: We have not experienced any material losses related to non-payment of receivables from individual or groups of clients due to loss of creditworthiness during the three and six months ended December 31, 2025 and 2024.
+Added: Clients representing in excess of 10% of our accounts receivable balance at December 31, 2025 and June 30, 2025 were zero and one, respectively.
Due to these factors, management believes that we do not have additional credit risk beyond the amounts already provided for collection losses in our accounts receivable.
6 unchanged sentences
Our exposure to market risk for changes in interest rates relates primarily to our cash held in cash deposits and cash equivalents invested in money market funds and the JPMorgan Credit Facility.
−Removed: As of September 30, 2025, we had cash and cash equivalents of $273.4 million held with multiple high credit quality financial institutions, including investments in money market funds.
+Added: As of December 31, 2025, we had cash and cash equivalents of $191.2 million held with multiple high credit quality financial institutions, including investments in money market funds.
Our investments are subject to market risk due to changes in interest rates, which may affect our interest income.
A hypothetical 100 basis points increase or decrease in interest rates would not have a material impact on our operating results or the fair value of our cash and cash equivalents over the next twelve months.
−Removed: As of September 30, 2025, we had no outstanding loan balance under our senior secured revolving credit facility.
+Added: As of December 31, 2025, we had no outstanding loan balance under our senior secured revolving credit facility.
Future borrowings under this facility will accrue interest at a variable rate based on, at our election, either (a) an adjusted secured overnight financing rate (“SOFR”, as described in the Credit Agreement) plus a percentage spread (ranging from 1.75% to 2.50%) or (b) an alternate base rate (as described in the Credit Agreement) plus a percentage spread (ranging from 0.75% to 1.50%), in each case based on our total net leverage ratio.
3 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.