2 unchanged sentences
We are subject to the impact of interest rate changes and may be subject to changes in the market values of our future investments.
−Removed: We invest our excess cash in bank overnight deposits, money market funds and marketable securities.
+Added: We invest our excess cash in money market mutual funds, bank overnight deposits, U.S.
+Added: treasury bills, and marketable securities.
We have not used derivative financial instruments in our investment portfolio.
−Removed: Earnings from investments in bank overnight deposits, money market mutual funds, and marketable securities may be adversely affected in the future should interest rates decline, although such a decline may reduce the interest rate payable on any borrowings under our Revolving Credit Facility.
+Added: Earnings from investments in money market mutual funds, bank overnight deposits, U.S.
+Added: treasury bills, and marketable securities may be adversely affected in the future should interest rates decline, although such a decline may reduce the interest rate payable on any borrowings under our Revolving Credit Facility.
Our future investment income may fall short of expectations due to changes in interest rates or we may suffer losses in principal if forced to sell securities that have declined in market value due to changes in interest rates.
−Removed: As of March 31, 2023, a 1% increase or decrease in interest rates would not have a material impact on our future earnings, fair values, or cash flows related to investments in cash equivalents or interest earning marketable securities.
−Removed: At March 31, 2023, we had $101.3 million outstanding under our Amended Credit Facility.
−Removed: Borrowings under the Amended Credit Facility bear interest at LIBOR or a base rate, plus a margin ranging from 1.50% to 2.00%, depending on our leverage
+Added: As of June 30, 2023, a 1% increase or decrease in interest rates would not have a material impact on our future earnings, fair values, or cash flows related to investments in cash equivalents or interest earning marketable securities.
+Added: At June 30, 2023, we had $101.3 million outstanding under our Amended Credit Facility.
+Added: Borrowings under the Amended Credit Facility bear interest at LIBOR or a base rate, plus a margin ranging from 1.50% to 2.00%, depending on our leverage ratio.
An unused commitment fee ranging from 0.20% to 0.30%, depending on our leverage ratio, accrues on unused amounts under the Amended Credit Facility.
2 unchanged sentences
In March 2021, the administrator of LIBOR announced that the publication of certain LIBOR settings would cease after December 2021 and publication of the remainder of the LIBOR settings will cease after June 2023.
−Removed: At March 31, 2023, we had no exposure to the discontinued LIBOR settings and had approximately $101.3 million of LIBOR-based debt outstanding on our Revolving Credit Facility.
−Removed: Our Revolving Credit Facility includes mechanisms for replacing the applicable reference rate, which we do not expect to be materially different from LIBOR.
+Added: On June 13, 2023, the Company amended its Revolving Credit Facility to replace references to LIBOR with alternative benchmark rates, including Term SOFR with respect to loans denominated in U.S.
+Added: dollars, beginning on June 30, 2023.
Foreign Currency Risk
1 unchanged sentence
The functional currency of each of our foreign subsidiaries is the currency of the economic environment in which the subsidiary primarily does business.
−Removed: Revenues denominated in currencies other than the USD accounted for 16.2% of our consolidated revenues for the three months ended March 31, 2023.
+Added: Revenues denominated in currencies other than the USD accounted for 19.7% of our consolidated revenues for the six months ended June 30, 2023.
We therefore have foreign currency risk related to these currencies, which is primarily the Australian dollar.
−Removed: Accordingly, changes in exchange rates, and in particular a weakening of foreign currencies relative to the USD may negatively affect our revenue and operating income (loss) as expressed in the USD.
−Removed: For the three months ended March 31, 2023, a hypothetical 10% adverse change in the average foreign currency exchange rates would have decreased our consolidated revenues by approximately $4.2 million.
−Removed: In addition, the effect of exchange rate changes on cash, cash equivalents, and restricted cash for the three months ended March 31, 2023 was a decrease of $0.9 million.
+Added: Accordingly, changes in exchange rates, and in particular a weakening of foreign currencies relative to the USD may negatively affect our revenue and operating income as expressed in the USD.
+Added: For the six months ended June 30, 2023, a hypothetical 10% adverse change in the average foreign currency exchange rates would have decreased our consolidated revenues by approximately $10.7 million.
+Added: In addition, the effect of exchange rate changes on cash, cash equivalents, and restricted cash for the six months ended June 30, 2023 was a decrease of $1.9 million.
We do not use foreign exchange contracts or derivatives to hedge any foreign currency exposures.
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.