5 unchanged sentences
Interest rate risk
−Removed: We are exposed to changes in interest rates primarily as a result of our borrowing and receivable discount programs, which have interest costs that vary with
−Removed: interest rate movements.
−Removed: Our credit facility bears interest at variable base rates, plus an applicable margin.
+Added: We are exposed to changes in interest rates primarily as a result of our borrowing and receivable discount programs, which have interest costs that vary with interest rate movements.
+Added: Our credit facility bears interest at variable base rates,
+Added: plus an applicable margin.
At March 31, 2023, our net debt obligations totaled $158,143,000.
−Removed: If interest rates were to increase 1%, our net annual interest
−Removed: expense would have increased by approximately $1,717,000.
−Removed: In addition, for each $10,000,000 of accounts receivable we discount over a period of 180 days, a 1% increase in interest rates would increase our interest expense by $50,000.
+Added: If interest rates were to increase 1%, our net annual interest expense on our credit facility would have increased by approximately $1,581,000.
+Added: weighted average interest on our debt was 8.12% at March 31, 2023 compared to 3.12% at March 31, 2022.
+Added: In addition, during the year ended March 31, 2023, receivables discounted were $548,376,000.
+Added: For each $500,000,000 of accounts receivable we
+Added: discount over a period of 180 days, a 1% increase in interest rates would have increased our interest expense by $2,500,000.
+Added: The weighted average discount rate on our factored receivables was 5.3% during fiscal 2023 compared with 1.9% for fiscal
Foreign currency risk
15 unchanged sentences
exchange contracts related to these currencies, an increase of 10% in exchange rates at March 31, 2023 would have increased our operating expenses by approximately $4,761,000.
−Removed: During fiscal 2022 and fiscal 2021, a loss of $316,000 and a gain of
+Added: During fiscal 2023 and fiscal 2022, a gain of $2,776,000 and a loss of
$316,000, respectively, was recorded due to the change in the value of the forward foreign currency exchange contracts subsequent to entering into the contracts.
4 unchanged sentences
The majority of our sales are to leading automotive aftermarket parts suppliers.
−Removed: We believe the credit risk with respect to trade accounts receivable is limited due to our credit evaluation process and the
−Removed: nature of our customers.
−Removed: However, should our customers experience significant cash flow problems, our financial position and results of operations could be materially and adversely affected, and the maximum amount of loss that would be incurred
−Removed: would be the outstanding receivable balance, Used Cores expected to be returned by customers, and the value of the Remanufactured Cores held at customers’ locations.
−Removed: We maintain an allowance for credit losses that, in our opinion, provides for an
−Removed: adequate reserve to cover losses that may be incurred.
+Added: We participate in trade accounts receivable discount programs with our major customers.
+Added: If the creditworthiness of any of our
+Added: customers was downgraded, we could be adversely affected, in that we may be subjected to higher interest rates on the use of these programs or we could be forced to wait longer for payment.
+Added: Should our customers experience significant cash flow
+Added: problems, our financial position and results of operations could be materially and adversely affected, and the maximum amount of loss that would be incurred would be the outstanding receivable balance, Used Cores expected to be returned by
+Added: customers, and the value of the Remanufactured Cores held at customers’ locations.
+Added: We maintain an allowance for credit losses that, in our opinion, provides for an adequate reserve to cover losses that may be incurred.
Financial Statements and Supplementary Data
2 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.