3 unchanged sentences
Based upon the nature of our operations, the principal market risk to which we are exposed is the risk related to interest rate fluctuations.
−Removed: As of March 31, 2025, we had total indebtedness of approximately $200.0 million under the 2028 Term Loan, $250.0 million under the 2029 Term Loan, $175.0 million under the 2030 Term Loan A, $175.0 million under the 2030 Term Loan B, and $114.5 million of borrowings under the Revolver, all of which are floating rate debt with a variable interest rate.
−Removed: For the three months ended March 31, 2025, we had average daily outstanding borrowings on our Revolver of $96.5 million.
+Added: As of June 30, 2025, we had total indebtedness of approximately $200.0 million under the 2028 Term Loan, $250.0 million under the 2029 Term Loan, $175.0 million under the 2030 Term Loan A, $175.0 million under the 2030 Term Loan B, and $127.0 million of borrowings under the Revolver, all of which are floating rate debt with a variable interest rate.
+Added: For the three and six months ended June 30, 2025, we had average daily outstanding borrowings on our Revolver of $141.1 million and $118.9 million, respectively.
We have entered into interest rate derivative contracts in order to hedge our market risk associated with the term loans.
2 unchanged sentences
The interest rate derivative contracts convert the variable rate debt on our term loans to a fixed interest rate (as further described in “Note 6 – Debt” in our condensed consolidated financial statements).
−Removed: Additionally, we will occasionally fund acquisitions through the use of our Revolver which, as of March 31, 2025, bore an interest rate determined by either (i) SOFR, plus a margin ranging from 1.00% to 1.45%, based on our consolidated total leverage ratio, or (ii) a Base Rate (as defined in the PNC Credit Agreement), plus a margin ranging from 0.00% to 0.45%, based on our consolidated total leverage ratio.
+Added: Additionally, we will occasionally fund acquisitions through the use of our Revolver which, as of June 30, 2025, bore an interest rate determined by either (i) SOFR, plus a SOFR adjustment of 0.10%, plus a margin ranging from 1.00% to 1.45%, based on our consolidated total leverage ratio, or (ii) a Base Rate (as defined in the PNC Credit Agreement), plus a margin ranging from 0.00% to 0.45%, based on our consolidated total leverage ratio.
Many factors, including governmental monetary and tax policies, domestic and international economic and political considerations, and other factors that are beyond our control contribute to our interest rate risk.
−Removed: Based on the results of our sensitivity analysis and daily outstanding borrowings on the Revolver during 2025, which assumes a 1% adverse change in the interest rate as of March 31, 2025, the estimated market risk exposure was approximately $1.0 million.
+Added: Based on the results of our sensitivity analysis and daily outstanding borrowings on the Revolver during 2025, which assumes a 1% adverse change in the interest rate as of June 30, 2025, the estimated market risk exposure was approximately $1.2 million.
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.