1 unchanged sentence
Interest Rate Sensitivity
−Removed: As of September 30, 2023, we had corporate cash and cash equivalents totaling $484.0 million and funds held for clients cash and cash equivalents totaling $1.7 billion.
+Added: As of March 31, 2024, we had corporate cash and cash equivalents totaling $371.3 million and funds held for clients cash and cash equivalents totaling $2.6 billion.
These amounts are invested primarily in demand deposit accounts and money market funds.
−Removed: We consider all highly liquid debt instruments purchased with a maturity of three months or less and SEC-registered money market mutual funds to be cash equivalents.
−Removed: Additionally, we had available-for-sale securities totaling $197.0 million included within funds held for clients on the consolidated balance sheets as of September 30, 2023.
+Added: We consider all highly liquid debt instruments with an original maturity of three months or less and SEC-registered money market mutual funds to be cash equivalents.
+Added: Additionally, we had available-for-sale securities totaling $109.5 million included within funds held for clients on the consolidated balance sheets as of March 31, 2024.
Our available-for-sale securities consisted of U.S.
−Removed: treasury securities with an original maturity greater than one year and certificates of deposit.
+Added: treasury securities with an original maturity greater than one year.
The primary objectives of our investing activities are capital preservation, meeting our liquidity needs and, with respect to investing client funds, generating interest income while maintaining the safety of principal.
5 unchanged sentences
To date, we have not recorded any credit impairment losses on our portfolio.
−Removed: As of September 30, 2023, a hypothetical increase or decrease in interest rates of 100 basis points would result in an approximately $22.0 million increase or decrease, respectively, in interest earned on funds held for clients over the ensuing 12-month period.
+Added: As of March 31, 2024, a hypothetical increase or decrease in interest rates of 100 basis points would result in an approximately $24.1 million increase or decrease, respectively, in interest earned on funds held for clients over the ensuing 12-month period.
Interest earned on funds held for clients is included in recurring revenues in the consolidated statements of comprehensive income.
There are no incremental costs of revenue associated with changes in interest earned on funds held for clients.
−Removed: An immediate increase in interest rates of 100 basis points would have resulted in a $2.0 million reduction in the aggregate market value of our fixed rate securities as of September 30, 2023.
−Removed: An immediate decrease in interest rates of 100 basis points would have resulted in a $2.0 million increase in the aggregate market value of our fixed rate securities as of September 30, 2023.
+Added: An immediate increase in interest rates of 100 basis points would have resulted in a $0.2 million reduction in the aggregate market value of our fixed rate securities as of March 31, 2024.
+Added: An immediate decrease in interest rates of 100 basis points would have resulted in a $0.2 million increase in the aggregate market value of our fixed rate securities as of March 31, 2024.
These estimates are based on a sensitivity model that measures market value changes when changes in interest rates occur.
−Removed: As of September 30, 2023, we had $29.0 million of indebtedness outstanding under the Revolving Credit Facility.
−Removed: Our borrowings under the Revolving Credit Facility bear interest at the Adjusted Term SOFR Rate for the interest period in effect plus 1.25%, and as a result, we may be exposed to increased interest rate risk.
−Removed: As of September 30, 2023, a hypothetical 100 basis point change in the applicable reference rates would result in a less than $1.0 million change in our interest expense over the ensuing 12-month period.
−Removed: Please refer to Note 6, “Debt”
−Removed: for additional information.
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.