2 unchanged sentences
These instruments arise from transactions entered into in the normal course of business.
−Removed: The following table presents the future principal payment obligations and fair values associated with our long-term debt instruments assuming our actual level of long-term indebtedness as of September 30, 2022:
+Added: The following table presents the future principal payment obligations and fair values associated with our long-term debt instruments assuming our actual level of long-term indebtedness as of March 31, 2023:
(in thousands)
15 unchanged sentences
We manage the interest rate risk on our outstanding debt through our large percentage of fixed rate debt, including interest rate swaps.
−Removed: 2020, we, through our wholly owned subsidiary, SBA Senior Finance II, entered into an interest rate swap for $1.95 billion of notional value accruing interest at one month LIBOR plus 175 basis points for a fixed rate of 1.874% per annum through the maturity date of the 2018 Term Loan.
+Added: On August 4, 2020, we, through our wholly owned subsidiary, SBA Senior Finance II, entered into an interest rate swap for $1.95 billion of notional value accruing interest at one month LIBOR plus 175 basis points for a fixed rate of 1.874% per annum through the maturity date of the 2018 Term Loan.
While we cannot predict our ability to refinance existing debt or the impact interest rate movements will have on our existing debt, we continue to evaluate our financial position on an ongoing basis.
2 unchanged sentences
On July 7, 2021, we amended our Revolving Credit Facility to provide mechanics relating to a transition away from LIBOR as a benchmark interest rate and the replacement of LIBOR by an alternative benchmark rate.
+Added: However, we have not yet amended our credit facilities for our 2018 Term Loan or the associated swap agreement to transition to an alternative benchmark rate and anticipate we will need to do so before June 30, 2023.
We are exposed to market risk from changes in foreign currency exchange rates in connection with our operations in Brazil, Canada, Chile, Peru, Argentina, Colombia, South Africa, the Philippines, Tanzania, and to a lesser extent, our markets in Central America.
1 unchanged sentence
In addition, in Brazil, Canada, Chile, South Africa, and the Philippines, we receive significantly all of our revenue and pay significantly all of our operating expenses in local currency.
−Removed: In Colombia, Argentina, Peru, and Tanzania, we receive our revenue and pay our operating expenses in a mix of local currency and U.S.
+Added: In Argentina, Colombia, Costa Rica, Peru, and Tanzania, we receive our revenue and pay our operating expenses in a mix of local currency and U.S.
All transactions denominated in currencies other than the U.S.
4 unchanged sentences
The cumulative translation effect is included in equity as a component of Accumulated other comprehensive income (loss).
−Removed: For the nine months ended September 30, 2022, approximately 16.6% of our revenues and approximately 21.4% of our total operating expenses were denominated in foreign currencies.
−Removed: We have performed a sensitivity analysis assuming a hypothetical 10% adverse movement in the Brazilian Real from the quoted foreign currency exchange rates at September 30, 2022.
−Removed: As of September 30, 2022, the analysis indicated that such an adverse movement would have caused our revenues and operating income to decline by approximately 1.0% and 0.6%, respectively, for the nine months ended September 30, 2022.
−Removed: As of September 30, 2022, we had intercompany debt, which is denominated in a currency other than the functional currency of the subsidiary in which it is recorded.
+Added: For the three months ended March 31, 2023, approximately 21.0% of our revenues and approximately 25.4% of our total operating expenses were denominated in foreign currencies.
+Added: We have performed a sensitivity analysis assuming a hypothetical 10% adverse movement in the Brazilian Real from the quoted foreign currency exchange rates at March 31, 2023.
+Added: As of March 31, 2023, the analysis indicated that such an adverse movement would have caused our revenues and operating income to decline by approximately 1.3% and 1.0%, respectively, for the three months ended March 31, 2023.
+Added: As of March 31, 2023, we had intercompany debt, which is denominated in a currency other than the functional currency of the subsidiary in which it is recorded.
As settlement of this debt is anticipated or planned in the foreseeable future, any changes in the foreign currency exchange rates will result in unrealized gains or losses, which will be included in our determination of net income.
−Removed: A change of 10% in the underlying exchange rates of our unsettled intercompany debt at September 30, 2022 would have resulted in approximately $79.6 million of unrealized gains or losses that would have been included in Other income (expense), net in our Consolidated Statements of Operations for the nine months ended September 30, 2022.
+Added: A change of 10% in the underlying exchange rates of our unsettled intercompany debt at March 31, 2023 would have resulted in approximately $135.1 million of unrealized gains or losses that would have been included in Other income, net in our Consolidated Statements of Operations for the three months ended March 31, 2023.
Special Note Regarding Forward-Looking Statements
5 unchanged sentences
our expectations regarding consolidation of wireless service providers and the impact of such consolidation on our financial and operational results;
−Removed: our intent to grow our tower portfolio domestically and internationally and expand through acquisitions (including the timing and consummation of our pending site acquisitions), new builds, and organic lease up on existing towers;
+Added: our intent to grow our tower portfolio domestically and internationally and expand through acquisitions, new builds and organic lease up on existing towers;
our belief that over the long-term, site leasing revenues will continue to grow as wireless service providers increase their use of our towers due to increasing minutes of network use and data transfer, network expansion and network coverage requirements;
5 unchanged sentences
our belief that DISH Wireless will become a nationwide carrier, and its expectations regarding the capital expenditures necessary to deploy its network;
−Removed: our expectations regarding timing for closing of pending acquisitions;
+Added: our expectations regarding the timing for closing of pending acquisitions;
our election to be subject to tax as a REIT and our intent to continue to operate as a REIT;
−Removed: our belief that our business is currently operated in a manner that complies with the REIT rules and our intent to continue to do so;
+Added: our belief that our business is operated in a manner that complies with the REIT rules and our intent to continue to do so;
our plans regarding our distribution policy, and the amount and timing of, and source of funds for, any such distributions;
3 unchanged sentences
our expectations regarding our future cash capital expenditures, both discretionary and non-discretionary, including expenditures required for new builds and to maintain, improve, and modify our towers, ground lease purchases, and general corporate expenditures, and the source of funds for these expenditures;
−Removed: our expectations regarding the timing for closing of refinancing transactions;
our expectations regarding our business strategies, including our strategy for securing rights to the land underlying our towers, and the impact of such strategies on our financial and operational results;
21 unchanged sentences
the impact of rising interest rates on our results of operations and our ability to refinance our existing indebtedness at commercially reasonable rates or at all;
−Removed: the extent and duration of the impact of the COVID-19 pandemic on the global economy, on our business and results of operations, and on foreign currency exchange rates;
our ability to successfully estimate the impact of regulatory and litigation matters;
7 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.