8 unchanged sentences
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 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.
−Removed: At June 30, 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 ratio.
+Added: As of September 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 September 30, 2023, we had $61.2 million outstanding under our Amended Credit Facility.
+Added: Borrowings under the Amended Credit Facility bear interest at Term SOFR 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.
−Removed: An increase in LIBOR would affect interest expense on any outstanding balance of the Revolving Credit Facility.
−Removed: For every 100 basis points increase in LIBOR, we would incur an incremental $3.5 million in interest expense per year assuming the entire $350 million Revolving Credit Facility was utilized.
−Removed: 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: 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.
−Removed: dollars, beginning on June 30, 2023.
+Added: An increase in Term SOFR would affect interest expense on any outstanding balance of the Revolving Credit Facility.
+Added: For every 100 basis points increase in Term SOFR, we would incur an incremental $3.5 million in interest expense per year assuming the entire $350 million Revolving Credit Facility was utilized.
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 19.7% of our consolidated revenues for the six months ended June 30, 2023.
+Added: Revenues denominated in currencies other than the USD accounted for 20.5% of our consolidated revenues for the nine months ended September 30, 2023.
We therefore have foreign currency risk related to these currencies, which is primarily the Australian dollar.
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.
−Removed: 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.
−Removed: 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.
+Added: For the nine months ended September 30, 2023, a hypothetical 10% adverse change in the average foreign currency exchange rates would have decreased our consolidated revenues by approximately $17.0 million.
+Added: In addition, the effect of exchange rate changes on cash, cash equivalents, and restricted cash for the nine months ended September 30, 2023 was a decrease of $3.7 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.