18 unchanged sentences
Interest Rate Risk
−Removed: We are exposed to interest rate risk, primarily associated with our Revolving Credit Facility and our Term Loans.
+Added: We are exposed to interest rate risk, primarily associated with our Revolving Credit Facility, Financing Agreement and certain finance leases.
As of December 31, 2022, we had $1.4 million outstanding under our Revolving Credit Facility, with a weighted average interest rate of 6.6%.
−Removed: As of December 31, 2021, the aggregate principal balance outstanding under the M&E Term Loan was $12.5 million, with an interest rate of 8.1%.
−Removed: As of December 31, 2021, the aggregate principal balance outstanding under the Term Loan B was $12.4 million, with an interest rate of 12.1%.
+Added: As of December 31, 2022, the aggregate principal balance outstanding under the M&E Term Loan was $10.4 million with an interest rate of 9.9% and finance leases of $7.5 million with an interest rate of 3.7%.
A hypothetical 1.0% increase or decrease in the weighted average interest rates would cause our interest expense to fluctuate by approximately $0.2 million per year.
1 unchanged sentence
We do not engage in derivative transactions for speculative or trading purposes.
−Removed: During 2017, policymakers announced that LIBOR will cease subsequent to 2021 and alternative reference rates (“ARRs”) are being developed to replace current LIBOR.
−Removed: In the United States, the Alternative Rates Committee selected the Secured Overnight Financing Rate (“SOFR”) as the preferred alternative reference rate to the US dollar LIBOR.
−Removed: ARRs are structured differently than LIBOR rates, as they are a backward-looking overnight rate.
−Removed: Additionally, SOFR will be based on overnight Treasury General Collateral repossession rates, whereas LIBOR is based on unsecured transactions.
−Removed: We will monitor the continuous emergence of SOFR, as it could adversely impact our interest rate risk and therefore the amount of interest we pay on certain of our liabilities currently measured at LIBOR.
The majority of our trade receivables have payment terms of 30 days or less.
2 unchanged sentences
Within our Wireline Services segment, the top three net trade receivable balances represented 9%, 12% and 7%, respectively, of total Wireline Services net accounts receivable.
−Removed: Within our Processing Solutions and Ancillary Services segment, the top three trade receivable balances represented 11%, 11% and 7%, respectively, of total Proessing Solutions and Ancillary Services net accounts receivable.
+Added: Within our Processing Solutions and Ancillary Services segment, the top three trade receivable balances represented 14%, 10% and 7%, respectively, of total Processing Solutions and Ancillary Services net accounts receivable.
We mitigate the associated credit risk by performing credit evaluations and monitoring the payment patterns of our customers.
4 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.