1 unchanged sentence
Market risk represents the risk of loss that may impact our financial position due to adverse changes in financial market prices and rates.
−Removed: As of December 31, 2023, we have outstanding warrants that are subject to market risk.
−Removed: We also have interest rate risk for amounts outstanding under our Revolving Credit Agreement, and foreign currency exchange rate risk from our global operations.
+Added: As of December 31, 2024, we have interest rate risk in connection with the Term Loan under the Credit Agreement and foreign currency exchange rate risk from our global operations.
Interest Rate Risk
−Removed: As of December 31, 2023, our borrowings, including letters of credit, under the Revolving Credit Agreement bore interest at a variable rate per annum equal to the Daily SOFR (as defined in the Revolving Credit Agreement) plus an applicable rate of 3.50%.
−Removed: As a result, we are subject to interest rate risk based on the Daily SOFR, and our interest obligation on outstanding borrowings will fluctuate with movements in the Daily SOFR.
−Removed: We are permitted to repay any amounts borrowed under the Revolving Credit Agreement prior to the maturity date without any premium or penalty other than customary breakage costs.
−Removed: As of December 31, 2023, our exposure to interest rate risk calculated using the Daily SOFR was not material.
+Added: Under the Credit Agreement, borrowings bear interest at rates determined based on either the Adjusted Term SOFR rate or the Reference Rate (each as defined in the Credit Agreement).
+Added: As of December 31, 2024, our Term Loan bore interest at a variable rate based on the Adjusted Term SOFR rate.
+Added: As a result, we are subject to interest rate risk based on the Adjusted Term SOFR rate (or the Reference Rate, as applicable), and our interest obligation on outstanding borrowings will fluctuate with movements in the Adjusted Term SOFR rate (or the Reference Rate, as applicable).
+Added: As of December 31, 2024, the stated interest rate on the Term Loan was 11.59%, per annum.
+Added: Certain voluntary or mandatory prepayments of the Term Loan, as prescribed by the Credit Agreement, are subject to prepayment premiums as follows:
+Added: (i) with respect to any such payment occurring on or before December 31, 2025, a 3.0% prepayment premium plus a make-whole amount based on U.S.
+Added: Treasury notes yield, (ii) with respect to any such payment occurring after December 31, 2025 and on or before December 31, 2026, a 1.0% prepayment premium, and (iii) with respect to any such payment occurring after December 31, 2026, no prepayment premium.
+Added: As of December 31, 2024, our exposure to interest rate risk calculated using the Adjusted Term SOFR rate or the Reference Rate was not material.
+Added: As of December 31, 2024, our exposure to interest rate risk related to prepayment breakage costs and prepayment premiums was not material.
Foreign Currency Risk
11 unchanged sentences
Of this amount, we believe $2.0 million could be subject to income tax withholding of 5% to 15% if the funds were repatriated to the U.S.
−Removed: Warrants Liability Financial Instrument Risk
−Removed: As a result of having $0.7 million in liability related to outstanding warrants as of December 31, 2023, which warrants are exercisable for shares of Common Stock under certain conditions, we are subject to market risk.
−Removed: The value of the warrants is impacted by changes in the market price of our Common Stock.
−Removed: As of December 31, 2023, our exposure to market risk related to our warrants, which are scheduled to expire in June 2024, was not material.
Table of Conte nt s
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.