Quantitative and Qualitative Disclosures about Market Risk
−Removed: We had a cash balance of $111.4 million as of June 30, 2021.
+Added: We had a cash balance of $104.8 million as of September 30, 2021.
We hold certain portions of our cash balances in overnight money market placements all of which are fully available to us to support our cash flow requirements.
6 unchanged sentences
Our debt under the Financing Agreement accrues interest at either (i) 3-month LIBOR plus 7.75%, subject to a LIBOR floor of 2.70% or (ii) the prime rate plus 6.75%, subject to a prime rate floor of 5.20%.
−Removed: Based on our debt under the Financing Agreement balance of $200.0 million as of June 30, 2021, a 1.0% change in interest rates would result in an impact to loss before income taxes of $2.0 million per annum.
+Added: Based on our debt under the Financing Agreement balance of $200.0 million as of September 30, 2021, a 1.0% change in interest rates would result in an impact to loss before income taxes of $2.0 million per annum.
+Added: LIBOR is expected to be discontinued after 2021, with one-month LIBOR being discontinued in 2023.
+Added: The Financing Agreement provides procedures for determining a replacement or alternative rate in the event that LIBOR is unavailable.
+Added: We may also continue to elect the prime rate in the event that LIBOR is unavailable regardless of whether a replacement or alternative rate has been determined.
+Added: The prime rate or LIBOR replacement or alternative rate may be more or less favorable to us than LIBOR.
+Added: Due to these features of the Financing Agreement, we do not believe that the LIBOR transition will have a material impact on our financial statements.
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.