2 unchanged sentences
Interest rate risk
−Removed: Our exposure to interest rate fluctuations relates primarily to our Term Loan B, Revolver, Acquisition Term Loan and Bridge Loan.
−Removed: As of September 30, 2022, we had an outstanding balance of $955.0 million on Term Loan B.
+Added: Our exposure to interest rate fluctuations relates primarily to our Term Loan B, Revolver and Acquisition Term Loan.
+Added: As of December 31, 2022, we had an outstanding balance of $952.5 million on Term Loan B.
Term Loan B bears a floating interest rate of 1.75% plus LIBOR.
−Removed: As of September 30, 2022, an adverse change of one percent on the interest rate would have the effect of increasing our annual interest payment on Term Loan B by approximately $9.6 million, assuming that the loan balance as of September 30, 2022 is outstanding for the entire period (June 30, 2022—$9.6 million).
−Removed: As of September 30, 2022, we had no outstanding balance under the Revolver.
+Added: As of December 31, 2022, an adverse change of one percent on the interest rate would have the effect of increasing our annual interest payment on Term Loan B by approximately $9.5 million, assuming that the loan balance as of December 31, 2022 is outstanding for the entire period (June 30, 2022—$9.6 million).
+Added: As of December 31, 2022, we had no outstanding balance under the Revolver.
Borrowings under the Revolver bear interest per annum at a floating rate of LIBOR plus a fixed rate that is dependent on our consolidated net leverage ratio ranging from 1.25% to 1.75%.
−Removed: As of September 30, 2022, with no outstanding balance on the Revolver, an adverse change of one percent on the interest rate would have no effect on our annual interest payment (June 30, 2022—nil).
−Removed: As of September 30, 2022, we had no borrowings under the Acquisition Term Loan.
−Removed: As of September 30, 2022, with no outstanding balance on the Acquisition Term Loan, an adverse change of one percent on the interest rate would have no effect on our annual interest payment (June 30, 2022—nil).
−Removed: As of September 30, 2022, we had no borrowings under the Bridge Loan.
−Removed: As of September 30, 2022, with no outstanding balance on the Bridge Loan, an adverse change of one percent on the interest rate would have no effect on our annual interest payment (June 30, 2022—nil).
+Added: As of December 31, 2022, with no outstanding balance on the Revolver, an adverse change of one percent on the interest rate would have no effect on our annual interest payment (June 30, 2022—nil).
+Added: As of December 31, 2022, we had no borrowings under the Acquisition Term Loan.
+Added: As of December 31, 2022, with no outstanding balance on the Acquisition Term Loan, an adverse change of one percent on the interest rate would have no effect on our annual interest payment (June 30, 2022—nil).
For more information regarding the impact of LIBOR and SOFR rates, see “Stress in the global financial system may adversely affect our finances and operations in ways that may be hard to predict or to defend against” included within Part I, Item 1A, “Risk Factors” in our Annual Report on Form 10-K for Fiscal 2022.
6 unchanged sentences
We have hedged certain of our Canadian dollar foreign currency exposures relating to our payroll expenses in Canada.
−Removed: Based on the CAD foreign exchange forward contracts outstanding as of September 30, 2022, a one cent change in the Canadian dollar to U.S.
+Added: Based on the CAD foreign exchange forward contracts outstanding as of December 31, 2022, a one cent change in the Canadian dollar to U.S.
dollar exchange rate would have caused a change of $0.7 million in the mark-to-market valuation on our existing foreign exchange forward contracts (June 30, 2022—$0.5 million).
−Removed: Additionally, in connection with the Micro Focus Acquisition, in August 2022, the Company entered into certain derivative transactions to meet certain foreign currency obligations related to the purchase price of the proposed Micro Focus Acquisition, mitigate the risk of foreign currency appreciation in the GBP denominated purchase price and mitigate the risk of foreign currency appreciation in the EUR denominated existing debt held by Micro Focus.
+Added: Additionally, in connection with the Micro Focus Acquisition, in August 2022, the Company entered into certain derivative transactions to meet certain foreign currency obligations related to the purchase price of the Micro Focus Acquisition, mitigate the risk of foreign currency appreciation in the GBP denominated purchase price and mitigate the risk of foreign currency appreciation in the EUR denominated existing debt held by Micro Focus.
The Company entered into the following derivatives:
(i) three deal-contingent forward contracts, (ii) a non-contingent forward contract, and (iii) EUR/USD cross currency swaps.
−Removed: These instruments were entered into as economic hedges to mitigate foreign currency risks associated with the proposed Micro Focus Acquisition.
+Added: These instruments were entered into as economic hedges to mitigate foreign currency risks associated with the Micro Focus Acquisition.
The instruments do not qualify for hedge accounting at inception.
−Removed: Based on the deal contingent and non-contingent forward contracts outstanding as of September 30, 2022, a one cent change in the British Pound to U.S.
+Added: Based on the deal contingent and non-contingent forward contracts outstanding as of December 31, 2022, a one cent change in the British Pound to U.S.
dollar forward exchange rate would have caused a change of $18.0 million in the mark-to-market valuation on our existing deal-contingent forward and non-contingent forward contracts (June 30, 2022—nil).
−Removed: Based on the cross currency swaps outstanding as of September 30, 2022, a one cent change in the Euro to U.S.
+Added: Based on the cross currency swaps outstanding as of December 31, 2022, a one cent change in the Euro to U.S.
dollar forward exchange rate would have caused a change of $1.3 million in the mark-to-market valuation on our existing cross currency swaps (June 30, 2022—nil).
2 unchanged sentences
Fluctuations in foreign currencies impact the amount of total assets and liabilities that we report for our foreign subsidiaries upon the translation of these amounts into U.S.
−Removed: In particular, the
−Removed: Table of C ontents
−Removed: amount of cash and cash equivalents that we report in U.S.
+Added: In particular, the amount of cash and cash equivalents that we report in U.S.
dollars for a significant portion of the cash held by these subsidiaries is subject to translation variance caused by changes in foreign currency exchange rates as of the end of each respective reporting period (the offset to which is recorded to accumulated other comprehensive income (loss) on our Condensed Consolidated Balance Sheets).
−Removed: The following table shows our cash and cash equivalents denominated in certain major foreign currencies as of September 30, 2022 (equivalent in U.S.
+Added: The following table shows our cash and cash equivalents denominated in certain major foreign currencies as of December 31, 2022 (equivalent in U.S.
(In thousands) U.S.
Equivalent at
−Removed: September 30, 2022
+Added: December 31, 2022
Equivalent at
9 unchanged sentences
If overall foreign currency exchange rates in comparison to the U.S.
−Removed: dollar uniformly weakened by 10%, the amount of cash and cash equivalents we would report in equivalent U.S.
+Added: dollar uniformly weakened by 10%, the amount of
+Added: cash and cash equivalents we would report in equivalent U.S.
dollars would decrease by $50.9 million (June 30, 2022—$48.9 million), assuming we have not entered into any derivatives discussed above under “Foreign Currency Transaction Risk.”
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.