5 unchanged sentences
We are subject to risk from fluctuations in interest rates, primarily relating to our Senior Secured Credit Facility and certain local debt, which bear interest at variable rates.
−Removed: However, we mitigate this risk in part by entering into floating-to-fixed interest rate swap contracts in order to fix a portion of our floating-rate debt.
Based on our outstanding variable-rate debt as of December 31, 2020, an increase of 100 basis points in our weighted-average interest rate would result in an increase in interest expense of $0.9 million on an annual basis.
−Removed: See Note 15 , Derivative Instruments , in our consolidated financial statements included elsewhere in this Form 10-K for further discussion of our derivatives.
Foreign Currency Exchange Risk
We use the USD as our reporting currency.
−Removed: We derived approximately 81% of our revenues from students outside of the United States for the year ended December 31, 2019 .
+Added: We derived almost entirely all of our revenues from students outside of the United States for the year ended December 31, 2020.
Our business is transacted through a network of international and domestic subsidiaries, generally in the local currency, considered the functional currency for that subsidiary.
8 unchanged sentences
These gains and losses are recorded in foreign currency exchange gain (loss) on our consolidated statements of operations.
−Removed: For the year ended December 31, 2019 , a hypothetical 10% adverse change in average annual foreign currency exchange rates, excluding the impacts of our derivatives, would have decreased Operating income and Adjusted EBITDA by approximately $24.7 million and $63.2 million , respectively.
+Added: For the year ended December 31, 2020, a hypothetical 10% adverse change in average annual foreign currency exchange rates, excluding the impacts of our derivatives, would have increased Operating loss and decreased Adjusted EBITDA by approximately $8.6 million and $31.8 million, respectively.
We monitor the impact of foreign currency movements related to differences between our subsidiaries' local currencies and the USD.
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.