1 unchanged sentence
Foreign Currency Exchange Risk:
−Removed: We receive payment for our imaging services exclusively in United States dollars.
+Added: We receive payment for substantially all of our imaging services exclusively in United States dollars.
As a result, our financial results are unlikely to be affected by factors such as changes in foreign currency, exchange rates or weak economic conditions in foreign markets.
2 unchanged sentences
At the present time, we do not have any foreign currency exchange contracts to mitigate this risk.
−Removed: At March 31, 2023, a hypothetical 1% decline in the currency exchange rates between the U.S.
+Added: At June 30, 2023, a hypothetical 1% decline in the currency exchange rates between the U.S.
dollar against these currencies, would have resulted in an annual increase of approximately $0.3 million in operating expenses.
5 unchanged sentences
Accordingly, our interest expense and consequently, our earnings, are affected by changes in short term interest rates.
−Removed: However due to our purchase of caps, described below, the effects of interest rate changes are limited.
+Added: However due to our purchase of the 2019 Swaps, described below, the effects of interest rate changes are limited.
We can elect SOFR or Alternative Base Rate interest options on amounts outstanding under the First Lien Term Loans.
−Removed: At March 31, 2023, we had $712.3 million outstanding subject to a SOFR election on First Lien Term Loans and our effective rate plus applicable margin was 7.92%.
−Removed: A hypothetical 1% increase in the adjusted Eurodollar rates under the Restated Credit Agreement over the current SOFR rate would result in an increase of $2.1 million in annual interest expense and a corresponding decrease in income before taxes, as interest rates are above arranged rates on our 2019 Swaps.
−Removed: At March 31, 2023, we had $148.1 million outstanding subject to an adjusted SOFR election on the Truist Restated Credit and Agreement.
+Added: At June 30, 2023, we had $710.5 million outstanding subject to a SOFR election on First Lien Term Loans and our effective rate plus applicable margin was 8.22%.
+Added: A hypothetical 1% increase in the SOFR rates under the Restated Credit Agreement would result in an increase of $2.1 million in annual interest expense and a corresponding decrease in income before taxes, as interest rates are above arranged rates on our 2019 Swaps.
+Added: At June 30, 2023, we had $146.3 million outstanding subject to an adjusted SOFR election on the Truist Restated Credit and Agreement.
We can elect SOFR or Base Rate interest rate options on amounts outstanding under the Truist Restated Credit and Term Loan Agreement.
−Removed: At March 31, 2023, our effective SOFR rate plus applicable margin was 6.79%.
+Added: At June 30, 2023, our effective SOFR rate plus applicable margin was 6.92%.
hypothetical 1% increase in the adjusted Eurodollar rates under the Truist Restated Credit Agreement would result in an increase of approximately $1.5 million in annual interest expense and a corresponding decrease in income before taxes.
1 unchanged sentence
The 2019 Swaps have total notional amounts of $500,000,000, consisting of two agreements of $50,000,000 each and two agreements of $200,000,000 each.
−Removed: The 2019 Swaps will secure a constant interest rate associated with portions of our variable rate bank debt and have an effective date of October 13, 2020.
+Added: The 2019 Swaps are intended to secure a constant interest rate associated with portions of our variable rate bank debt and have an effective date of October 13, 2020.
They will mature in October 2023 for the smaller notional and October 2025 for the larger notional.
−Removed: Under these arrangements, we arranged the 2019 Swaps with locked in 1 month LIBOR rates at 1.96% for the $100,000,000 notional and at 2.05% for the $400,000,000 notional.
+Added: Under these arrangements, we arranged the 2019 Swaps with locked in 1 month Term SOFR rates at 1.89% for the $100,000,000 notional and at 1.98% for the $400,000,000 notional.
As of the effective date, we will be liable for premium payments if interest rates decline below arranged rates, but will receive payments under the 2019 Swaps if interest rates rise above the arranged rates.
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.