12 unchanged sentences
An increase in the Reference Rate, up to the ceiling rates, would negatively impact our interest expense.
+Added: During 2024, the interest rate ranged from 13.00% to 16.13% and averaged 14.33% for the year.
Offsetting some of this exposure is interest income received from our time deposits and money market funds.
2 unchanged sentences
This amount was determined by applying the hypothetical interest rate change to our average time deposits and money market funds invested.
−Removed: In 2018, we entered into forward starting interest rate swaps to hedge the interest payments associated with $600 million of the then floating-rate Term Loan B related to the year 2021.
In April 2022, we entered into an interest rate swap to hedge the interest payments associated with $200 million of the floating-rate 2022 Term Loan B-1 for the years 2022 and 2023.
2 unchanged sentences
In June 2023, we entered into an interest rate swap to hedge the interest payments associated with $250 million of the floating-rate 2022 Term Loan B-2 for the periods through June 2026.
+Added: In January 2024, we entered into an interest rate swap to hedge interest payments associated with $250 million of the floating rate 2022 Term Loan B-1 related to the years 2024 and 2025.
We designated these swaps as cash flow hedges.
−Removed: Subsequent to December 31, 2023, on January 11, 2024, we entered into an interest rate swap to hedge interest payments associated with $250 million of the floating rate 2022 Term Loan B-1 related to the years 2024 and 2025.
−Removed: The total notional outstanding of $250 million became effective January 16, 2024.
Interest rate swaps outstanding at December 31, 2024 and matured during the years ended December 31, 2024, 2023 and 2022 are as follows:
2 unchanged sentences
Designated as Hedging Instrument
−Removed: $600 million 1 month LIBOR (1)
−Removed: 2.81% December 31, 2020 December 31, 2021
$200 million 1 month SOFR (1)
6 unchanged sentences
December 31, 2023 December 31, 2024
+Added: $250 million 1 month SOFR (1)
+Added: January 16, 2024 January 31, 2026
(1) ____________________
(1) Subject to a 0.5% floor.
−Removed: (2) Subject to a 0.5% floor.
(2) Fixed fee of 1.71% effective April 30, 2022, and expiring December 30, 2022, and 3.09% effective December 31, 2022, and expiring December 31, 2023.
2 unchanged sentences
If our mix of interest rate-sensitive assets and liabilities changes significantly, we may enter into additional derivative transactions to manage our net interest rate exposure.
−Removed: The fair value of these interest rate swaps was a net liability of $2 million as of December 31, 2023 and a net asset of $5 million as of December 31, 2022.
−Removed: The global capital markets experienced periods of volatility throughout 2022 and 2023 in response to the geopolitical conflict, increases in the rate of inflation, and uncertainty regarding the path of U.S.
+Added: The fair value of these interest rate swaps was a net liability of $2 million as of December 31, 2024 and 2023.
+Added: The global capital markets experienced periods of volatility throughout 2023 and 2024 in response to geopolitical conflict, changes in the rate of inflation, and uncertainty regarding the path of U.S.
monetary policy.
1 unchanged sentence
We may decide to further refinance portions of our debt in 2025 and 2026 which, at current interest rates, could negatively impact our interest expense.
−Removed: Although interest rate increases have recently moderated, they continue to remain volatile, which could drive higher funding costs.
+Added: Although interest rates have decreased recently in response to easing monetary policy, they continue to remain volatile, which could drive higher funding costs.
Currently approximately 47% of our debt, net of cash and hedging impacts from interest rates swaps, is variable and impacted by changes in interest rates.
8 unchanged sentences
The principal foreign currencies involved include the Euro, the Indian Rupee, the British Pound Sterling, the Australian Dollar, the Polish Zloty, and the Singapore Dollar.
−Removed: Our most significant foreign currency denominated operating expenses is in the Euro, which comprised approximately 7% and 5% of our operating expenses for the years ended December 31, 2023 and 2022, respectively.
+Added: Our most significant foreign currency denominated operating expenses is in the Euro, which comprised approximately 7% of our operating expenses for the years ended December 31, 2024 and 2023.
In recent years, exchange rates between foreign currencies and the U.S.
7 unchanged sentences
These gains and losses are recognized as a component of accumulated other comprehensive loss and is included in stockholders’ (deficit) equity.
−Removed: We recognized net translation gain in other comprehensive income (loss) of $4 million for the year ended December 31, 2023, and net translation losses in other comprehensive income (loss) of $1 million and $7 million for the years ended December 31, 2022 and 2021, respectively.
+Added: We recognized a net translation loss in other comprehensive income (loss) of $1 million for the year ended December 31, 2024, a gain of $4 million for the year ended December 31, 2023, and a loss of $1 million for the year ended December 31, 2022.
Our customers are primarily located in the United States, Canada, Europe, Latin America and Asia, and are concentrated in the travel industry.
13 unchanged sentences
An overall labor shortage, lack of skilled labor, increased turnover or labor inflation, as a result of general macroeconomic factors, could have a material adverse impact on our operations, results of operations, liquidity or cash flows.
−Removed: See Item 7 , “ Management’s Discussion and Analysis of Financial Condition and Results of Operations —Factors Affecting our Results—Technology transformation and investments in modernizing our architecture” and “Risk Factors—Our business could be harmed by adverse global and regional economic and political conditions."
+Added: See “Risk Factors—Our business could be harmed by adverse global and regional economic and political conditions."
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.