12 unchanged sentences
Fluctuations in the foreign exchange rate of the U.S.
−Removed: dollar against the Australian dollar have resulted in a loss of $0.1 million in foreign currency translation in the fiscal year ended June 30, 2022.
−Removed: We had a gain of $0.2 million in foreign currency translation for fiscal year 2021 and a gain of $0.1 million in foreign currency translation for fiscal year 2020.
+Added: dollar against the Australian dollar resulted in immaterial gains in foreign currency translation in the fiscal year ended June 30, 2023.
+Added: We had a loss of $0.1 million in foreign currency translation for fiscal year 2022 and a gain of $0.2 million in foreign currency translation for fiscal year 2021.
We are also subject to risks relating to changes in the general economic conditions in the countries where we conduct business.
3 unchanged sentences
Translation gains and losses are reflected as a component of accumulated other comprehensive loss in the stockholders’ equity section of the accompanying consolidated balance sheets.
−Removed: Revenues and expenses of our foreign subsidiary are translated at the average foreign exchange rate in effect for each month of the quarter.
−Removed: Certain assets and liabilities related to intercompany positions reported on our consolidated balance sheet that are denominated in a currency other than the functional currency are translated at the foreign exchange rates at the balance sheet date and the associated gains and losses are included in net income.
+Added: Revenues and expenses of our foreign subsidiary are translated at the average foreign exchange rate in effect for each month of the year.
+Added: Certain assets and liabilities related to intercompany positions reported on our consolidated balance sheets that are denominated in a currency other than the functional currency are translated at the foreign exchange rates at the balance sheet date and the associated gains and losses are included in net income.
Interest Rate Risk
−Removed: We are subject to interest rate risk in connection with borrowings under our revolving credit facility and term loans, which bear interest at variable rates.
−Removed: At June 30, 2022, we had $23.1 million of term loans outstanding under our term loan facility and $97.0 million outstanding debt under our revolving credit facility.
+Added: We are subject to interest rate risk in connection with borrowings under our revolving credit facility, which bear interest at variable rates.
+Added: At June 30, 2023, we had no outstanding debt under our revolving credit facility.
As of June 30, 2023, the undrawn borrowing amount under our revolving credit facility was $348.4 million.
−Removed: At June 30, 2022, the interest rate on our term loan and revolving credit facility was 3.04% under the terms of the Prior Credit Agreement.
−Removed: Based on a sensitivity analysis at June 30, 2022, a 100 basis point increase in interest rates would increase our annual interest expense by approximately $1.2 million.
−Removed: On July 8, 2022, we entered into our Amended Credit Agreement.
−Removed: The Amended Credit Agreement provides for a revolving credit facility in an aggregate principal amount of up to $350.0 million (of which $121.7 million was drawn on July 8, 2022 to refinance the loans under the Prior Credit Agreement as well as to pay certain fees and expenses related to entering into the Amended Credit Agreement) with a maturity date of July 8, 2027.
−Removed: All borrowings under the Amended Credit Agreement bear interest at a rate equal to either, at our option, (i) the highest of the prime rate, the Federal Funds Rate plus 0.5%, or one-month Term SOFR plus 1% (the “Base Rate”) or (ii) SOFR, in each case plus an applicable margin ranging from 1.25% to 2.00% with respect to SOFR borrowings and 0.25% to 1.00% with respect to Base Rate borrowings.
−Removed: The applicable margin will be based upon the consolidated leverage ratio of the LLC and its subsidiaries.
−Removed: The Prior Credit Agreement had used LIBOR, instead of SOFR, as the benchmark rate.
−Removed: Assuming we had entered into our Amended Credit Agreement on June 30, 2022 and based on our outstanding debt as of June 30, 2022, a 100 basis point increase in interest rates under the terms of our Amended Credit Agreement would have resulted in an increase in our annual interest expense by approximately $1.2 million.
+Added: At August 24, 2023, the interest rate on our revolving credit facility was 6.70% under the terms of the Credit Agreement.
+Added: Based on a sensitivity analysis at August 24, 2023, a 100 basis point increase in interest rates would increase our annual interest expense by approximately $0.7 million.
+Added: If interest rates continue to increase, as they did throughout fiscal year 2023, we will be obligated to make higher interest payments to our lenders.
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.