3 unchanged sentences
Borrowings under our Credit Agreement bear interest at a rate equal to the Base Rate plus a margin of 2.00%, with respect to each Base Rate-based loan, or the Term SOFR (Secured Overnight Financing Rate) plus a margin of 3.00% with respect to each Term SOFR-based loan, subject in each case to an applicable Base Rate or Term SOFR floor (see Note 10 to our consolidated financial statements).
−Removed: 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.
−Removed: This could adversely affect our cash flows.
−Removed: As of December 31, 2024, we have an interest rate cap agreement in place to economically hedge a portion of our variable interest rate risk on our outstanding long-term debt.
−Removed: The agreement has a contract notional amount of $500.0 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.
−Removed: The floating interest rate is reset at the end of each three-month period.
−Removed: The contract expired on January 19, 2025 and was not renewed.
+Added: Interest rates can fluctuate for a number of reasons, including changes in fiscal and monetary policies, geopolitical events or changes in general economic conditions.
+Added: An increase in interest rates could adversely affect our cash flows.
We had $294.2 million of outstanding borrowings under our Term Loan and no outstanding borrowings under our Revolving Credit Facility as of December 31, 2025.
3 unchanged sentences
Foreign Currency Risk
−Removed: All of our revenue is denominated in U.S.
−Removed: Although approximately 51.0% of our revenue for the year ended December 31, 2024 was derived from international sales, primarily in Europe and Asia Pacific, all of these sales are denominated in U.S.
−Removed: The majority of our expenses are generally denominated in the currencies in which they are incurred, which is primarily in the United States.
+Added: Substantially all of our revenue is denominated in U.S.
+Added: Although approximately 40.3% of our revenue for the year ended December 31, 2025 was derived from international sales, primarily in Europe and Asia Pacific, substantially all of these sales are denominated in U.S.
+Added: Our expenses are generally denominated in the currencies in which they are incurred, which is primarily in the United States.
As we endeavor to 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.