5 unchanged sentences
Interest Rate Risk.
−Removed: As of September 30, 2024 , we had cash, cash equivalents and short-term investments of $120.2 million.
+Added: Our exposure to market risk for changes in interest rates relates primarily to our investment portfolio and long-term debt as described below.
+Added: As of March 31, 2025, we had cash, cash equivalents and short-term investments of $54.1 million.
Cash and cash equivalents consisted of cash and highly liquid money market instruments and short-term investments consisted of U.S.
1 unchanged sentence
We would not expect our operating results or cash flows to be affected to any significant degree by the effect of a sudden change in market interest on our portfolio.
−Removed: A hypothetical increase in market interest rates of 100 basis points from the market rates in effect as of September 30, 2024 , would cause the fair value of these investments to decrease by an immaterial amount which would not have significantly impacted our financial position or results of operations.
−Removed: As of September 30, 2024, and periodically throughout the year, we have maintained cash balances in various operating accounts in excess of federally insured limits.
+Added: A hypothetical increase in market interest rates of 100 basis points from the market rates in effect as of March 31, 2025, would cause the fair value of these investments to decrease by an immaterial amount which would not have significantly impacted our financial position or results of operations.
+Added: As of March 31, 2025, and periodically throughout the year, we have maintained cash balances in various operating accounts in excess of federally insured limits.
We limit the amount of credit exposure to any financial institution by evaluating the creditworthiness of the financial institutions with which we invest and investing through more than one financial institution.
+Added: We are exposed to interest rate risk through our variable rate debt.
+Added: As of March 31, 2025 , we had $70.0 million of debt that is subject to variable interest rates that are based on the daily simple secured overnight financing rate (“SOFR”) or an alternate base rate.
+Added: Refer to Note 13 – Debt for details relating to the debt.
+Added: If the rates were to increase by 100 basis points from the rates in effect as of March 31, 2025 , our interest expense on the variable rate debt would increase by an average of
+Added: $0.5 million annually.
+Added: There are inherent limitations in the sensitivity analysis presented, primarily due to the assumptions that interest rate changes would be instantaneous, while SOFR changes regularly.
+Added: We do not currently hedge our interest rate risks but may determine to do so in the future.
+Added: We will continue to monitor our exposure to interest rate risk.
Foreign Currency and Exchange Risk.
1 unchanged sentence
Therefore, some of our activities including a portion of our revenues and operating expenditures are subject to foreign currency risks.
−Removed: From time to time, we enter into foreign currency forward contracts to reduce the exposure to foreign currency exchange rate fluctuations on certain foreign currency denominated monetary assets and liabilities.
−Removed: We do not use foreign currency forward contracts for speculative or trading purposes.
−Removed: We record these forward contracts at fair value.
−Removed: The counterparty to these foreign currency forward contracts, as applicable, is a financial institution that we believe is creditworthy, and therefore, we believe the credit risk of counterparty non-performance is not significant.
−Removed: The change in fair value of these contracts is recorded in earnings as a component of interest and other expense (income), net and offsets the change in fair value of foreign currency denominated monetary assets and liabilities, which is also recorded in other expense (income), net.
−Removed: As of September 30, 2024, we had no outstanding forward contracts.
+Added: We also have intercompany transactions with and between certain of our subsidiaries of differing functional currencies, resulting in foreign transaction gains or losses based on our period-end exchange rates.
+Added: Due to potential volatility of currency exchange rates, we cannot predict the effect of exchange fluctuations on our business.
+Added: To date, we have not entered into any foreign currency exchange contracts and currently do not expect to enter into foreign currency exchange contracts for trading or speculative purposes.
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.