2 unchanged sentences
As of December 31, 2021, our primary exposure to interest rate risk was associated with our variable rate long-term debt.
−Removed: The New Credit Agreement bear interest subject to the Base Rate or the Adjusted Eurocurrency Rate.
+Added: The Credit Agreement bear interest subject to the Base Rate or the Adjusted Eurocurrency Rate.
Interest rates can fluctuate for a number of reasons, including changes in the fiscal and monetary policies or geopolitical events or changes in general economic conditions.
This could adversely affect our cash flows.
−Removed: As of December 31, 2019, we had four interest rate cap agreements with a financial institution to manage our variable interest rate risk on a portion of our credit borrowings under the First Lien Credit Agreement and Second Lien Credit Agreement.
−Removed: All four interest rate caps expired during 2020.
−Removed: As of December 31, 2020, we did not have any interest rate cap agreements in place.
+Added: As of December 31, 2021, we have an interest rate cap agreement in place to hedge a portion of our variable interest rate risk on our outstanding long-term debt.
+Added: The agreement has a contract notional amount of $415.0 million and entitles us to receive from the counterparty at each calendar quarter end the amount, if any, by which a specified floating market rate exceeds the cap strike interest rate.
+Added: The floating interest rate is reset at the end of each calendar quarter end.
+Added: The contract expires on March 31, 2023.
We had $544.0 million of outstanding borrowings under our long-term debt facilities as of December 31, 2021.
3 unchanged sentences
Foreign Currency Risk
−Removed: The majority of our revenue is denominated in U.S.
−Removed: however, approximately 47.1% of our revenue was derived from international sales for the year ended December 31, 2020, primarily in Europe and Asia Pacific.
−Removed: However, only our sales in the United Kingdom are denominated in local currency.
−Removed: Our remaining international sales are denominated in the U.S.
−Removed: Our expenses are generally denominated in the currencies in which they are incurred, which is primarily in the United States and, to a lesser extent, the United Kingdom.
+Added: All of our revenue is denominated in U.S.
+Added: Although approximately 60.3% of our revenue for the year ended December 31, 2021 was derived from international sales, primarily in Europe and Asia Pacific, none of these sales are denominated in local currency.
+Added: The majority of our expenses are generally denominated in the currencies in which they are incurred, which is primarily in the United States.
As we expand our presence in international markets, to the extent we are required to enter into agreements denominated in a currency other than the U.S.
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.