QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK
−Removed: The primary objectives of our investment activities are to ensure liquidity and to preserve principal, while at the same time maximizing the income we receive from our cash and
−Removed: marketable securities without significantly increasing risk.
−Removed: As of September 30, 2022, we had cash equivalents of $71.6 million that were held in a non-interest-bearing money operating account and an institutional U.S.
−Removed: Treasury money market fund.
−Removed: Our primary exposure to market risk is interest rate sensitivity, which is affected by changes in the general level of U.S.
+Added: Interest Rate Risk
+Added: We are exposed to market risks in the ordinary course of our business and from changes in the interest rate on our debt borrowings.
+Added: These market risks are principally limited
+Added: to interest rate fluctuations.
+Added: As of March 31, 2023, our cash equivalents consisted of bank deposits and money market accounts and our debt is a variable interest rate instrument.
+Added: Our primary exposure to market risk is interest income
+Added: sensitivity, which is affected by changes in the general level of U.S.
interest rates.
−Removed: Due to the short-term maturities of our cash equivalents and the low risk profile of our investments, we do
−Removed: not believe that an immediate 100 basis point change in interest rates would have a material effect on the fair market value of our cash equivalents.
−Removed: To minimize the risk in the future, we intend to maintain our portfolio of cash equivalents and
−Removed: short-term investments in institutional market funds that are comprised of U.S.
−Removed: Treasury and Treasury backed repurchase agreements.
+Added: The primary objective of our investment activities is to preserve principal and liquidity while maximizing income without significantly increasing risk.
+Added: not enter into investments for trading or speculative purposes.
+Added: Due to the short-term nature of our investment portfolio and debt agreement, we do not believe an immediate 100 basis point increase in interest rates would have a material effect on
+Added: the fair market value of our portfolio, and, accordingly, we do not expect our operating results or cash flows to be materially affected by a sudden change in market interest rates.
+Added: Inflation Risk
+Added: Inflation generally affects us by increasing our cost of labor and pricing of contracts.
+Added: We do not believe that inflation has had a material effect on our business, financial
+Added: condition, or results of operations during the three months ended March 31, 2023.
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.