2 unchanged sentences
We currently do not engage in any interest rate hedging activity and we have no intention to do so in the foreseeable future.
−Removed: We are subject to interest rate risk in connection with borrowings under our revolving line of credit under the Credit Agreement that bears interest at variable rates and we may incur additional indebtedness that bears interest at variable rates.
−Removed: As of October 31, 2020, no amounts were outstanding under the revolving line of credit.
+Added: FINANCIAL INFORMATION
+Added: 2021 FIRST QUARTER FORM 10-Q | 48
+Added: We are subject to interest rate risk in connection with borrowings under our revolving line of credit under the Credit Agreement which bears interest at variable rates and we may incur additional indebtedness that bears interest at variable rates.
+Added: As of May 1, 2021, we had no outstanding borrowings under the revolving line of credit.
The Credit Agreement provides for a borrowing amount based on the value of eligible collateral and a formula linked to certain borrowing percentages based on certain categories of collateral.
−Removed: Under the terms of such provisions, the amount under the revolving line of credit borrowing base that could be available pursuant to the Credit Agreement as of October 31, 2020 was $316.4 million, net of $14.6 million in outstanding letters of credit.
−Removed: Based on the average interest rate on the revolving line of credit during the three months ended October 31, 2020, and to the extent that borrowings were outstanding on such line of credit, we do not believe that a 10% change in the interest rate would have a material effect on our consolidated results of operations or financial condition.
+Added: Under the terms of such provisions, the amount under the revolving line of credit borrowing base that could be available pursuant to the Credit Agreement as of May 1, 2021 was $285.6 million, net of $20.1 million in outstanding letters of credit.
+Added: Based on the average interest rate on the revolving line of credit during the three months ended May 1, 2021, and to the extent that borrowings were outstanding on such line of credit, we do not believe that a 10% change in the interest rate would have a material effect on our consolidated results of operations or financial condition.
To the extent that we incur additional indebtedness, we may increase our exposure to risk from interest rate fluctuations.
2 unchanged sentences
Any of these alternative methods may result in interest payments that are higher than expected or that do not otherwise correlate over time with the payments that would have been made on such indebtedness for the interest periods if the applicable LIBOR rate was available in its current form.
−Removed: As of October 31, 2020, we had $335 million principal amount of 0.00% convertible senior notes due 2023 outstanding (the “2023 Notes”).
+Added: As of May 1, 2021, we had $333 million principal amount of 0.00% convertible senior notes due 2023 outstanding (the “2023 Notes”).
As this instrument does not bear interest, we do not have interest rate risk exposure related to this debt.
−Removed: As of October 31, 2020, we had $350 million principal amount of 0.00% convertible senior notes due 2024 outstanding (the “2024 Notes”).
+Added: As of May 1, 2021, we had $350 million principal amount of 0.00% convertible senior notes due 2024 outstanding (the “2024 Notes”).
As this instrument does not bear interest, we do not have interest rate risk exposure related to this debt.
2 unchanged sentences
In connection with the issuance of the 2023 Notes, we entered into privately-negotiated convertible note hedge transactions with certain counterparties.
−Removed: The 2020 Notes matured on July 15, 2020, and the convertible note hedge terminated upon the maturity date of the 2020 Notes.
−Removed: We also entered into separate warrant transactions with the same group of counterparties initially relating to the number of shares of our common stock underlying the convertible note hedge transactions, subject to customary anti-dilution adjustments.
−Removed: The warrants will expire through January 2021.
−Removed: The strike price of the warrant transactions is initially $189.00 per share.
−Removed: Refer to Note 9— Convertible Senior Notes in our condensed consolidated financial statements.
−Removed: During October 2020, we began settling the 2020 warrants by the delivery of net shares on a weekly basis in accordance with the terms of the warrant agreements, and as of October 31, 2020, we had delivered 290,967 shares of common stock upon exercise of the warrants.
−Removed: We are continuing to deliver shares on a weekly basis in settlement of the 2020 warrants and, as of December 9, 2020, we have delivered an incremental 552,276 shares of common stock in settlement of the 2020 warrants in our fourth fiscal quarter.
−Removed: The final settlement of the 2020 warrants will continue through December and the first week of January 2021.
−Removed: The exact number of shares remaining to be delivered will depend on the extent to which the share price of our common stock remains above the exercise price of $189.00 per share under the warrants.
−Removed: 0.00% Convertible Senior Notes due 2023
−Removed: In connection with the issuance of the 2023 Notes, we entered into privately-negotiated convertible note hedge transactions with certain counterparties.
The convertible note hedge transactions relate to, collectively, 1.7 million shares of our common stock, which represents the number of shares of our common stock underlying the 2023 Notes, subject to anti-dilution adjustments substantially similar to those applicable to the 2023 Notes.
12 unchanged sentences
Refer to Note 9— Convertible Senior Notes in our condensed consolidated financial statements.
+Added: FINANCIAL INFORMATION
+Added: 2021 FIRST QUARTER FORM 10-Q | 49
Impact of Inflation
2 unchanged sentences
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.