14 unchanged sentences
The interest rate on our Credit Agreement is variable based upon the Prime Rate and LIBOR and, therefore, is affected by changes in market interest rates.
−Removed: As of September 30, 2020, we had $325.0 million of outstanding borrowings under the Credit Agreement.
−Removed: Based upon average outstanding borrowings during the three months ended September 30, 2020, interest accrued at a rate of approximately 1.3% per annum, respectively.
+Added: As of March 31, 2021, we had $339.0 million of outstanding borrowings under the Credit Agreement.
+Added: Based upon average outstanding borrowings during the three months ended March 31, 2021, interest accrued at a rate of approximately 1.1% per annum, respectively.
If the Prime Rate or LIBOR increased by 100 basis points, there would be an annualized $1.0 million of additional interest expense per $100.0 million of outstanding borrowing under the Credit Agreement.
4 unchanged sentences
As a result, we may experience foreign currency gains or losses, which may positively or negatively affect our results of operations attributed to these subsidiaries.
−Removed: For the nine months ended September 30, 2020 and 2019, revenue associated with this foreign exchange risk was 18% and 22% of our consolidated revenue, respectively.
+Added: For the three months ended March 31, 2021 and 2020, revenue associated with this foreign exchange risk was 17% and 20% of our consolidated revenue, respectively.
In order to mitigate the risk of these non-functional foreign currencies weakening against the functional currencies of the servicing subsidiaries, which thereby decreases the economic benefit of performing work in these countries, we may hedge a portion, though not 100%, of the projected foreign currency exposure related to client programs served from these foreign countries through our cash flow hedging program.
6 unchanged sentences
Failure to successfully hedge or anticipate currency risks properly could adversely affect our consolidated operating results.
−Removed: Our cash flow hedging instruments as of September 30, 2020 and December 31, 2019 are summarized as follows (in thousands).
+Added: Our cash flow hedging instruments as of March 31, 2021 and December 31, 2020 are summarized as follows (in thousands).
All hedging instruments are forward contracts, except as noted.
−Removed: As of September 30, 2020
+Added: As of March 31, 2021
Canadian Dollar
Philippine Peso
+Added: December 2023
+Added: December 2023
As of December 31, 2020
+Added: Canadian Dollar
Philippine Peso
(1) Includes contracts to purchase Philippine pesos in exchange for New Zealand dollars and Australian dollars, which are translated into equivalent U.S.
−Removed: dollars on September 30, 2020 and December 31, 2019.
−Removed: The fair value of our cash flow hedges as of September 30, 2020 was assets/(liabilities) (in thousands):
+Added: dollars on March 31, 2021 and December 31, 2020.
+Added: The fair value of our cash flow hedges as of March 31, 2021 was assets/(liabilities) (in thousands):
Maturing in the
−Removed: September 30, 2020
+Added: March 31, 2021
Next 12 Months
3 unchanged sentences
The decrease in fair value from December 31, 2020 reflects changes in the currency translation between the U.S dollar and Mexican Peso.
−Removed: We recorded net gains (losses) of $0.9 million and ($4.6) million for settled cash flow hedge contracts and the related premiums for the nine months ended September 30, 2020 and 2019, respectively.
+Added: We recorded net gains of $1.4 million and $0.2 million for settled cash flow hedge contracts and the related premiums for the three months ended March 31, 2021 and 2020, respectively.
These gains (losses) were reflected in Revenue in the accompanying Consolidated Statements of Comprehensive Income (Loss).
6 unchanged sentences
We do not currently engage in hedging activities related to these types of foreign currency risks because we believe them to be insignificant as we endeavor to settle these accounts on a timely basis.
−Removed: For the nine months ended September 30, 2020 and 2019, approximately 14% and 22%, respectively, of revenue was derived from contracts denominated in currencies other than the U.S.
+Added: For the three months ended March 31, 2021 and 2020, approximately 14% and 17%, respectively, of revenue was derived from contracts denominated in currencies other than the U.S.
Our results from operations and revenue could be adversely affected if the U.S.
1 unchanged sentence
Fair Value of Debt and Equity Securities
−Removed: We did not have any investments in marketable debt or equity securities as of September 30, 2020 or December 31, 2019.
+Added: We did not have any investments in marketable debt or equity securities as of March 31, 2021 or December 31, 2020.
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.