−Removed: Quantitative and Qualitative Disclosures About Market Risk
+Added: Quantitative and Qualitative
+Added: Disclosures About Market Risk
Interest Rate Risk
−Removed: operating results are subject to risk from interest rate fluctuations on our $42.2 million term loan and our $55.0 million revolving
−Removed: line of credit.
−Removed: Our term loan and revolving line of credit both bear interest at variable rates, which exposes us to market risks relating
−Removed: to changes in interest rates.
−Removed: Interest rate risk is highly sensitive due to many factors, including U.S.
+Added: We currently do not have any
+Added: amounts outstanding on our term loan or revolving line of credit.
+Added: Out term debt was paid off on February 17, 2023.
+Added: Our revolving line
+Added: of credit bears interest at variable rates, which exposes us to market risks relating to interest rate fluctuations.
+Added: Interest rate risk
+Added: is highly sensitive due to many factors, including U.S.
monetary and tax policies, U.S.
−Removed: and international economic factors and other factors beyond our control.
−Removed: As of December 31, 2021, we had $97.2 million of variable
−Removed: rate debt outstanding under our term loan and revolving line of credit combined.
−Removed: Based on these debt levels, an increase of 100 basis
−Removed: points in the effective interest rate on our outstanding debt at December 31, 2021 would result in an increase in interest expense of
−Removed: approximately $1.0 million over the next 12 months.
−Removed: We do not use derivative financial instruments for speculative or trading purposes,
−Removed: but this does not preclude our adoption of specific hedging strategies in the future.
+Added: and international economic factors and other factors
+Added: beyond our control.
+Added: As of December 31, 2022, we had $24.7 million of variable rate debt outstanding under our term loan and
+Added: no outstanding balance on our revolving line of credit.
+Added: Based on this debt level, an increase of 100 basis points in the effective
+Added: interest rate on our outstanding debt at December 31, 2022 would have resulted in an increase in interest expense of approximately $0.3
+Added: million over the next 12 months, if we had not paid off the debt.
+Added: We do not use derivative financial instruments for speculative
+Added: or trading purposes, but this does not preclude our adoption of specific hedging strategies in the future.
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.