4 unchanged sentences
Interest Rate Risk
−Removed: At July 31, 2024, we had cash, cash equivalents and restricted cash of $126.8 million, which consisted primarily of bank deposits and money market funds.
+Added: At October 31, 2024, we had cash, cash equivalents and restricted cash of $258.3 million, which consisted primarily of bank deposits and money market funds.
Interest-earning instruments carry a degree of interest rate risk.
2 unchanged sentences
We do not enter into investments for trading or speculative purposes and have not used any derivative financial instruments to manage our interest rate risk exposure.
−Removed: On February 11, 2022, we entered into a senior secured revolving credit facility of up to $50.0 million.
−Removed: On March 17, 2024, the Company entered into the Second Amendment which, among other things, increased our borrowing availability to $100.0 million.
+Added: Our 2024 Credit Facility is a senior secured revolving credit facility of up to $250.0 million.
Borrowings bear interest, at the Borrower’s option, at:
−Removed: (i) a base rate equal to the greatest of (a) the Lender’s “prime rate”, (b) the federal funds rate plus 0.50%, and (c) the Term SOFR rate plus 1.00% (provided that the base rate shall not be less than 0.00%), plus a margin of 1.3125%;
−Removed: or (ii) the Term SOFR rate (provided that the Term SOFR shall not be less than 0.00%), plus a margin of 2.3125%, in each case with such margin subject to a step down based on achievement of a certain leverage ratio.
+Added: (i) a base rate equal to the greatest of (a) the Agent’s “prime rate”, (b) the federal funds rate plus 0.50%, and (c) the Term SOFR rate plus 1.00% (provided that the base rate shall not be less than 0.00%), plus a margin of 1.00%;
+Added: or (ii) the Term SOFR rate (provided that the Term SOFR shall not be less than 0.00%), plus a margin of 2.00%, in each case with such margin subject to step ups based on certain leverage ratios.
As a result, we are exposed to increased interest rate risk as we make draws.
−Removed: At July 31, 2024, we had $40.0 million outstanding under the Credit Facility.
+Added: At October 31, 2024, we had $166.0 million outstanding under the 2024 Credit Facility.
A hypothetical 100 basis point change in interest rates would not have had a material impact on our financial results included in this Quarterly Report on Form 10-Q.
16 unchanged sentences
dollar to other currencies would have a material effect on operating results or financial condition.
−Removed: At July 31, 2024, based on the balances of our cash, cash equivalents, and restricted cash denominated in foreign currencies, a hypothetical 10% increase or decrease in foreign currency exchange rates would have had an impact of approximately $7.0 million on our cash, cash equivalents and restricted cash at July 31, 2024.
+Added: At October 31, 2024, based on the balances of our cash, cash equivalents, and restricted cash denominated in foreign currencies, a hypothetical 10% increase or decrease in foreign currency exchange rates would have had an impact of approximately $7.0 million on our cash, cash equivalents and restricted cash at October 31, 2024.
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.