4 unchanged sentences
Interest Rate Risk
−Removed: Under our 2019 Facility, as amended, we have substantial variable rate debt.
−Removed: Fluctuations in interest rates may affect our business, financial condition, results of operations and cash flows.
−Removed: As of December 31, 2021, we had $175.0 million outstanding principal under our 2019 Term Facility with variable interest rates.
−Removed: Furthermore, we are subject to interest rate risk in connection with our 2019 Revolving Facility, which is variable rate indebtedness.
+Added: We are subject to interest rate risk in connection with our 2022 Revolving Facility, which is variable rate indebtedness.
Interest rate changes could increase the amount of our interest payments and thus negatively impact our future earnings and cash flows.
1 unchanged sentence
Any increase in the interest rate under the 2022 Revolving Facility may have a negative impact on our future earnings to the extent we have outstanding borrowings under the 2022 Revolving Facility.
−Removed: We use interest rate swaps to reduce the variability in cash flows associated with a portion of our forecasted interest payments on its variable rate debt.
−Removed: As of December 31, 2021, we had entered into interest rate swap contracts to fix the LIBOR rate on a notional amount of $100.0 million through May 31, 2024.
−Removed: The average fixed LIBOR rate on the interest rate swaps as of December 31, 2021 was approximately 0.82%.
−Removed: This agreement involves the receipt of floating rate amounts in exchange for fixed rate interest payments over the life of the agreement without an exchange of the underlying principal amount.
−Removed: Please refer to Note 14, “Derivative Instruments”, for further details on the interest rate swaps.
−Removed: The effect of a 100 basis points adverse change in market interest rates on our 2019 Term Facility, in excess of applicable minimum floors, on our interest expense would be approximately $1.8 million excluding the impact of our interest rate swaps;
−Removed: including the impact of our interest rate swaps, the effect of a 100 basis point adverse change in market interest rates would be approximately $0.8 million.
+Added: We had used interest rate swaps to reduce the variability in cash flows associated with a portion of our forecasted interest payments on its variable rate debt.
+Added: We voluntarily terminated our interest rate swap contracts on December 2, 2022.
Foreign Currency Risk
1 unchanged sentence
Intercompany transactions between entities that use different functional currencies also expose us to foreign currency risk.
−Removed: During the years ended December 31, 2021, 2020 and 2019, the net impact of foreign currency changes on transactions was a gain of $0.1 million, a loss of $0.3 million and a gain of less than $0.1 million, respectively.
+Added: During the years ended December 31, 2022, 2021 and 2020, the net impact of foreign currency changes on transactions was a loss of $0.3 million for all years presented.
From time to time, we enter into foreign currency forward contracts primarily to reduce the effects of fluctuating foreign currency exchange rates.
5 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.