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INTEREST RATE RISK
−Removed: As of September 30, 2024, the Company had $2.5 billion in total debt principal outstanding.
+Added: As of March 31, 2025, the Company had $2.5 billion in total debt principal outstanding.
Note 7 — Debt in the Notes to Condensed Consolidated Financial Statements provides additional information regarding the Company’s outstanding debt obligations.
−Removed: Approximately $274.4 million of the Company’s total debt outstanding as of September 30, 2024 was based on a floating base rate of interest, which potentially exposes the Company to increases in interest rates.
+Added: Approximately $274.4 million of the Company’s total debt outstanding as of March 31, 2025 was based on a floating base rate of interest, which potentially exposes the Company to increases in interest rates.
However, we reduce our overall exposure to interest rate increases through our interest rate swap contract, which effectively converts the floating base interest rates on all of our variable rate borrowings to fixed rates.
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A measure of the potential impact of foreign currency translation can be determined through a sensitivity analysis of our cash and cash equivalents.
−Removed: At September 30, 2024, we had $1.8 billion of cash and cash equivalents, with a substantial portion denominated in foreign currencies.
+Added: At March 31, 2025, we had $2.1 billion of cash and cash equivalents, with a substantial portion denominated in foreign currencies.
If the exchange rates of the foreign currencies we hold all changed in comparison to the U.S.
−Removed: dollar by 10%, the amount of cash and cash equivalents we would have reported on September 30, 2024 could have increased or decreased by approximately $79.0 million.
+Added: dollar by 10%, the amount of cash and cash equivalents we would have reported on March 31, 2025 could have increased or decreased by approximately $79.9 million.
The translation of our foreign currency revenues and expenses historically has not had a material impact on our consolidated earnings because movements in and among the major currencies in which we operate tend to impact our revenues and expenses fairly equally.
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We typically enter into foreign currency forward exchange contracts to mitigate the effects of some of this foreign currency transaction risk.
−Removed: Our outstanding foreign currency forward exchange contracts as of September 30, 2024 had an immaterial net unrealized loss.
+Added: Our outstanding foreign currency forward exchange contracts as of March 31, 2025 had an immaterial net unrealized loss.
Financial instruments that potentially subject the Company to concentration of credit risk consist primarily of short-term, highly liquid investments classified as cash equivalents, fees receivable, interest rate swap contracts and foreign currency forward exchange contracts.
2 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.