4 unchanged sentences
We are exposed to foreign exchange risk with respect to revenues and expenses denominated in the Euro, Canadian Dollar, Hungarian Forint and Pound Sterling.
−Removed: We have Artificial Intelligence operations in the Netherlands, radiology services in the United Kingdom, and maintain research and development centers in Canada and Hungary.
+Added: We have AI operations in the Netherlands, radiology services in the United Kingdom, and maintain research and development centers in Canada and Hungary.
At the present time, we do not have any foreign currency exchange contracts to mitigate this risk.
7 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 swaps, described below, the effects of interest rate changes are limited.
−Removed: We can elect Eurodollar or Base Rate (Prime) interest rate options on amounts outstanding under the First Lien Term Loans.
−Removed: At December 31, 2022, we had $214.1 million outstanding subject to a Eurodollar election on First Lien Term Loans and our effective 3 month LIBOR rate plus applicable margin was 4.73%.
−Removed: A hypothetical 1% increase in the adjusted Eurodollar rates under the Restated Credit Agreement over the current Eurodollar rate would result in an increase of $2.1 million in annual interest expense and a corresponding decrease in income before taxes.
−Removed: At December 31, 2022, we had $1.8 million loan amount principal outstanding subject to an alternate base rate election on First Lien Term Loans with an effective rate of 9.50%.
−Removed: A hypothetical 1% increase in the alternative base rate under the First Lien Credit Agreement over the current alternative base rate would result in an increase of $18.0 thousand in annual interest expense and a corresponding decrease in income before taxes.
−Removed: At December 31, 2022, we had $150.0 million outstanding subject to an adjusted SOFR election on the Truist Restated Credit and Term Loan Agreement.
−Removed: We can elect SOFR or Base Rate interest options on amounts outstanding under the Truist Restated Credit and Term Loan Agreement.
+Added: We purchased the 2019 swaps to mitigate interest rate risk on a portion of our outstanding term loan debt, as described below.
+Added: We can elect SOFR or Alternative Base Rate interest rate options on amounts outstanding under the Barclay's term loan.
+Added: At December 31, 2023, after giving effect to the $400 million notional amount of our 2019 swaps, we had $279.0 million outstanding subject to a SOFR election on our Barclay's term loan, at an effective rate plus applicable margin of 5.38%.
+Added: A hypothetical 1% increase in the SOFR rates under the Barclay's credit facility would result in an increase of $2.8 million in annual interest expense and a corresponding decrease in income before taxes.
+Added: We can elect SOFR or Base Rate interest rate options on amounts outstanding under the Truist credit facility.
+Added: At December 31, 2023, we had $144.4 million outstanding subject to an adjusted SOFR election on our Trust term loan.
At December 31, 2023, our effective SOFR rate plus applicable margin was 7.24%.
−Removed: A hypothetical 1% increase in the adjusted Eurodollar rates under the Truist Restated Credit and Term Loan Agreement would result in an increase of approximately $1.5 million in annual interest expense and a corresponding decrease in income before taxes.
−Removed: In the second quarter of 2019, we entered into four forward interest rate agreements ("2019 Swaps").
−Removed: 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.
−Removed: 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.
−Removed: 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.
+Added: A hypothetical 1% increase in the adjusted SOFR rates under the Truist credit facility would result in an increase of approximately $1.4 million in annual interest expense and a corresponding decrease in income before taxes.
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.