11 unchanged sentences
Interest Rate Risk
−Removed: 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 March 31, 2023, we had $930.0 million of outstanding borrowings under the Credit Agreement.
−Removed: Based upon average outstanding borrowings during the three months ended March 31, 2023, interest accrued at a rate of approximately 6.0% per annum, respectively.
−Removed: 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.
+Added: The interest rate on our Credit Agreement is variable based upon the Prime Rate and SOFR and, therefore, is affected by changes in market interest rates.
+Added: As of June 30, 2023, we had $915.0 million of outstanding borrowings under the Credit Agreement.
+Added: Based upon average outstanding borrowings during the three months ended June 30, 2023, interest accrued at a rate of approximately 6.6% per annum.
+Added: If the Prime Rate or SOFR 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.
Foreign Currency Risk
3 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 three months ended March 31, 2023 and 2022, revenue associated with this foreign exchange risk was 18% and 18% of our consolidated revenue, respectively.
+Added: For the six months ended June 30, 2023 and 2022, revenue associated with this foreign exchange risk was 19% and 18% 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 March 31, 2023 and December 31, 2022 are summarized as follows (in thousands).
+Added: Our cash flow hedging instruments as of June 30, 2023 and December 31, 2022 are summarized as follows (in thousands).
All hedging instruments are forward contracts, except as noted.
−Removed: As of March 31, 2023
+Added: As of June 30, 2023
Canadian Dollar
5 unchanged sentences
(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 March 31, 2023 and December 31, 2022.
−Removed: The fair value of our cash flow hedges as of March 31, 2023 was assets/(liabilities) (in thousands):
+Added: dollars on June 30, 2023 and December 31, 2022.
+Added: The fair value of our cash flow hedges as of June 30, 2023 was assets/(liabilities) (in thousands):
Maturing in the
−Removed: March 31, 2023
+Added: June 30, 2023
Next 12 Months
5 unchanged sentences
dollar and Philippine pesos.
−Removed: We recorded gains of $0.5 million and $0.3 million for settled cash flow hedge contracts and the related premiums for the three months ended March 31, 2023 and 2022, respectively.
+Added: We recorded gains of $1.4 million and $126 thousand for settled cash flow hedge contracts and the related premiums for the six months ended June 30, 2023 and 2022, respectively.
These gains 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 three months ended March 31, 2023 and 2022, approximately 13% and 14%, respectively, of revenue was derived from contracts denominated in currencies other than the U.S.
+Added: For the six months ended June 30, 2023 and 2022, approximately 14% and 14%, 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 March 31, 2023 or December 31, 2022.
+Added: We did not have any investments in marketable debt or equity securities as of June 30, 2023 or December 31, 2022.
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.