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Interest Rate Fluctuation Risk
−Removed: Our cash and cash equivalents consist of cash, money market funds, and commercial paper, with original maturities of three months or less.
−Removed: Our investments consist of repurchase agreements, U.S.
+Added: Our cash and cash equivalents consist of cash and money market funds, but may from time to time also include commercial paper, with original maturities of three months or less.
+Added: Our investments may consist of repurchase agreements, U.S.
government agency debt, and U.S.
treasury debt.
−Removed: The primary objective of our investment activities is to preserve principal while maximizing income without significantly increasing risk.
−Removed: Because our cash, cash equivalents, and investments have a relatively short maturity, our portfolio’s fair value is relatively insensitive to interest rate changes.
−Removed: Our line of credit is at variable interest rates.
−Removed: We had no amounts outstanding under our credit facility at December 31, 2020.
+Added: The primary objective of our investment activities is to preserve the value of our cash without significantly increasing risk.
+Added: Because our cash, cash equivalents, and investments have a short maturity, our portfolio’s fair value is relatively insensitive to interest rate changes, however, interest income earned will vary as interest rates change.
+Added: We do not have economic interest rate expense exposure on our Convertible Senior Notes due to their fixed interest rate nature.
+Added: The amount paid upon redemption is not based on changes in any index or changing market rates.
+Added: It is fixed at 100% of the principal amount of the Convertible Senior Notes plus unpaid interest.
+Added: Since the Convertible Senior Notes bear fixed rate coupon, we are not exposed to interest rate risk on those notes, however, the fair value of those notes will change as market interest rates change.
+Added: We have a Term Loan B Facility under the Credit Agreement which bears a floating rate of interest that resets periodically, subject to a 0.75% floor on that floating rate, according to the terms of the agreement.
+Added: Our financial results would be exposed to potential changes in the underlying base interest rate on that debt if the underlying base interest rate were to reset above the floor on such underlying interest rate.
+Added: Similarly, the fair value of Term Loan B Facility may fluctuate when the underlying base interest rate fluctuates below the floor.
+Added: As of December 31, 2021, the Company had no outstanding borrowings under the Revolving Credit Facility.
+Added: Should the company borrow under the Revolving Credit Facility at any point in the future, any associated borrowings would have a floating underlying base rate of interest that would expose the Company to interest rate risk.
We do not believe that an increase or decrease in interest rates of 100 basis points would have a material effect on our operating results or financial condition.
+Added: The annualized impact to interest expense for each 100 basis points increase above the LIBOR Floor on our Term Loan B Facility is approximately $3.6 million.
+Added: The actual impact to our financial results of the same increase in interest rates is expected to be lower than $3.6 million depending on the timing and magnitude of such rate changes relative to our LIBOR Floor, and will be partially offset by higher interest income earned on our cash and cash equivalent balances over the same period.
In future periods, we will continue to evaluate our investment policy relative to our overall objectives.
+Added: With regard to all debt currently outstanding, the company is potentially exposed to refinancing risk, should the Company seek to refinance or raise debt in the future, and the prevailing price or terms for debt differs from terms in our current debt agreements.
Foreign Currency Exchange Risk
We have foreign currency risks related to our revenue and expenses denominated in currencies other than the U.S.
−Removed: Dollar, principally the British Pounds, Australian Dollar, Canadian Dollar and Euro.
+Added: Dollar, principally the British Pound, Australian Dollar, Canadian Dollar and Euro.
The volatility of exchange rates depends on many factors that we cannot forecast with reliable accuracy.
−Removed: We have experienced and will continue to experience fluctuations in our net income (loss) as a result of transaction gains and losses related to translating certain cash balances, trade accounts receivable and payable balances and intercompany balances that are denominated in currencies other than the U.S.
+Added: We have experienced and will continue to experience fluctuations in our net
+Added: income (loss) as a result of transaction gains and losses related to translating certain cash balances, trade accounts receivable and payable balances and intercompany balances that are denominated in currencies other than the U.S.
The effect of an immediate 10% adverse change in foreign exchange rates on foreign-denominated accounts at December 31, 2021, including intercompany balances, would result in a foreign currency loss of approximately $6.2 million.
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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.