What changed in this filing

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Item 3. Quantitative and Qualitative Disclosures About Market Risk

2022-11-03 compared with 2022-08-04 · 56 added, 47 removed, 16 unchanged (87% of the section changed)

4 unchanged sentences

no material change to that information, except the interest

rate risk noted below.

rate risk information noted below.

Interest Rate Risk

The Company’s exposure

to interest rate risk relates primarily to its outstanding borrowings under its credit facility.

The Company’s exposure to

interest rate risk relates primarily to its outstanding borrowings under its credit facility.

2022, the Company entered into an amendment to its primary credit facility

1 unchanged sentence

“Amended Credit Facility”).

See Note 14 of Notes to Condensed Consolidated Financial Statements, which appears

in Item 1 of this

As of June 30, 2022, borrowings under the Amended Credit Facility bear interest at either

term SOFR or a base rate, in each

case, plus an applicable margin based upon the Company’s

consolidated net leverage ratio, and, in the case of term SOFR, a spread

adjustment equal to 0.10% per annum.

As a result of the variable interest rates applicable under the Amended Credit Facility,

See Note 14 of Notes to Condensed Consolidated

Financial Statements, which appears in Item 1 of this

As of September 30, 2022, borrowings under the Amended

Credit Facility bear interest at either term SOFR or a base rate, in

each case, plus an applicable margin based upon the Company’s

consolidated net leverage ratio, and, in the case of term SOFR, a

spread adjustment equal to 0.10% per annum.

As a result of the variable interest rates applicable

under the Amended Credit Facility,

interest rates rise significantly,

the cost of debt to the Company will increase.

This can have an adverse effect on the Company,

This can have an adverse effect

on the Company,

depending on the extent of the Company’s

borrowings outstanding throughout a given year.

As of June 30, 2022, the Company had outstanding borrowings under the

Amended Credit Facility of approximately $977.6

The interest rate applicable on outstanding borrowings under the Amended

Credit Facility was approximately 2.8% as of

June 30, 2022.

As of December 31, 2021, the Company had outstanding borrowings under the

Original Credit Facility of

approximately $889.6 million.

The variable interest rate incurred on the outstanding

borrowings under the Original Credit Facility

during the year ended December 31, 2021 was approximately 1.6%.

As of September 30, 2022, the Company

had outstanding borrowings under the Amended Credit Facility of approximately

$941.2 million.

The interest rate applicable on

outstanding borrowings under the Amended Credit Facility was approximately

3.8% as of September 30, 2022.

As of December 31,

2021, the Company had outstanding borrowings under the Original Credit

Facility of approximately $889.6 million.

interest rate incurred on the outstanding borrowings under the Original Credit

Facility during the year ended December 31, 2021 was

approximately 1.6%.

If interest rates had changed by 10% during 2021, the

Company’s interest expense for

the period ended December 31, 2021 on its credit facilities, including the Original

Credit Facility

borrowings outstanding post-closing of the Combination, would have correspondingly

increased or decreased by approximately $1

Likewise, if interest rates had changed by 10% during the six month period ended June

30, 2022, the Company’s interest

expense for the six month period ended June 30, 2022 on its credit facilities, including

the Amended Credit Facility borrowings

outstanding, would have correspondingly increased or decreased by approximately

The Original Credit Facility required the Company to fix its variable interest rates on

at least 20% of its total term loans.

to satisfy this requirement as well as to manage the Company’s

exposure to variable interest rate risk associated with the Original

Credit Facility, in November

2019, the Company entered into $170.0 million notional amounts of

three year interest rate swaps at a

base rate of 1.64% plus an applicable margin as provided in

the Original Credit Facility, based on

the Company’s consolidated

the period ended

December 31, 2021 on its credit facilities, including the Original Credit Facility borrowings

outstanding post-closing of the

Combination, would have correspondingly increased or decreased by approximately

Likewise, if interest rates had changed

by 10% during the nine month period ended September 30, 2022, the Company’s

interest expense for the nine month period ended

September 30, 2022 on its credit facilities, including the Amended Credit

Facility borrowings outstanding, would have

correspondingly increased or decreased by approximately $2.2

The Original Credit Facility required the Company to fix its

variable interest rates on at least 20% of its total term loans.

In order to satisfy this requirement

as well as to manage the Company’s

exposure to variable interest rate risk associated with the Original Credit Facility,

in November 2019, the Company entered into

$170.0 million notional amounts of three year interest rate swaps at a base rate of 1.64%

plus an applicable margin as provided in the

Original Credit Facility, based

on the Company’s consolidated net

leverage ratio.

At the time the Company entered into the swaps, and as of June 30, 2022, the aggregate

interest rate on the swaps,

including the fixed base rate plus an applicable margin,

The Amended Credit Facility does not require the Company to fix

variable interest rates on any portion of its borrowings.

At the time the Company entered into the swaps, and

as of September 30, 2022, the aggregate interest rate on the swaps, including

the fixed base rate plus an applicable margin, was 3.1%.

In October 2022, the Company’s

interest rate swap contracts expired.

Upon expiration, the Company is entitled to a cash payment

from the counterparties, which is materially consistent with the fair value as of

September 30, 2022.

The Amended Credit Facility

does not require the Company to fix variable interest rates on any portion of its borrowings.

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.

What changed 10-Q

Item 3. Quantitative and Qualitative Disclosures About Market Risk