2 unchanged sentences
These risks primarily include interest rate, foreign exchange and inflation risks, as well as risks relating to changes in the general economic conditions in the countries where we conduct business.
−Removed: The statement of operations impact is mitigated by having an offsetting liability in deferred revenue to partially or completely offset against the
−Removed: outstanding receivable if an account should become uncollectible.
+Added: The statement of operations impact is mitigated by having an offsetting liability in deferred revenue to partially or completely offset against the outstanding receivable if an account should become uncollectible.
Our cash balances are kept in customary operating accounts, a portion of which are insured by the Federal Deposit Insurance Corporation, and uninsured money market accounts.
3 unchanged sentences
Interest Rate Risk
−Removed: Our exposure to market risk for changes in interest rates primarily relates to our cash equivalents and any variable rate indebtedness.
+Added: Our exposure to market risk for changes in interest rates primarily relates to our cash equivalents in money market funds and any variable rate indebtedness.
The primary objective of our investment activities is to preserve principal while maximizing yields without significantly increasing risk.
This objective is accomplished currently by making diversified investments, consisting only of money market mutual funds and certificates of deposit.
−Removed: In conjunction with entering into our $350 million, 7 year, term Credit Facility, and subsequent entry into an additional $190 million 2019 Incremental Term Loan under the Credit Facility, we entered into interest rate hedge instruments for the full 7 year term, effectively fixing our interest rate at 5.4%.
−Removed: However, the interest rate associated with our $60 million, 5 year, term Revolver remains floating.
−Removed: As of December 31, 2022, we had an outstanding debt balance of $522.5 million under our Credit Facility.
−Removed: As there was no debt outstanding under our Revolver as of December 31, 2022, a hypothetical change of 100 basis points would result in no change to interest expense.
+Added: As of December 31, 2023, we had $211.7 million in money market mutual funds.
+Added: Based on the Company’s balance of money market mutual funds at December 31, 2023, a hypothetical change of 100 basis point could have resulted in a $2.1 million change in interest income.
+Added: In conjunction with our Term Loans under the Credit Facility, we had entered into interest rate swaps for the total outstanding Term Loans for the full seven-year term, effectively fixing the interest rate of our Term Loans at 5.4% prior to August 2023.
+Added: On August 24, 2023, the Company sold a portion of their interest rate swaps with a total notional amount of $259.9 million and received $20.5 million of net cash proceeds.
+Added: After giving effect to such sale and principal payments on the Term Loans, $258.5 million of the Term Loans has an effective annualized fixed interest rate of 5.4%, and the remaining principal outstanding at December 31, 2023 of $223.5 million has a floating interest rate of 9.2% based on the interest rate as described in “Note 7.
+Added: The interest rate associated with our $60 million, 5 year, revolving credit facility remains floating.
+Added: As of December 31, 2023, we had an outstanding balance of $482.1 million under our Credit Facility.
+Added: Based on the Company’s outstanding balance of variable rate debt at December 31, 2023, a hypothetical change of 100 basis points could have resulted in a $1.0 million increase to total interest expense for the year ended December 31, 2023.
Foreign Currency Exchange Risk
12 unchanged sentences
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.