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The primary objective of our investment activities is to preserve principal while maximizing yields without significantly increasing risk.
−Removed: This objective is accomplished currently by making diversified investments, consisting only of money market mutual funds and certificates of deposit.
−Removed: In conjunction with our Term Loans under the Credit Facility, we had entered into interest rate swaps with a total notional amount of $540 million for the full seven-year term, effectively fixing the interest rate of our Term Loans at 5.4% prior to August 2023.
−Removed: 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.
−Removed: After giving effect to such sale, $260 million of the Term Loans has an effective annualized fixed interest rate of 5.4%, and the remaining principal outstanding at September 30, 2023 has a floating interest rate of 9.2% based on the interest rate as described in “Note 7.
−Removed: The interest rate associated with our $60 million, 5 year, revolving credit facility remains floating.
−Removed: As of September 30, 2023, we had an outstanding balance of $483.4 under our Credit Facility.
−Removed: Based on the Company’s outstanding balance of variable rate debt at September 30, 2023, a hypothetical change of 100 basis points could have resulted in a $0.4 million increase to total interest expense for the nine months ended September 30, 2023.
+Added: This objective is accomplished currently by making diversified investments, consisting only of money market mutual funds and FDIC insured institutional liquid deposit accounts.
+Added: In 2019, the Company entered into floating-to-fixed interest rate swap agreements to limit exposure to interest rate risk related to our debt, effectively converting the entire balance of the Company's Term Loans from variable interest payments to fixed interest rate payments, based on an annualized fixed rate of 5.4%, for the 7-year term of debt.
+Added: On August 24, 2023, the Company sold a portion of their interest rate swaps received $20.5 million of net cash proceeds.
+Added: After giving effect to such sale, $257.9 million of the Term Loans has an effective annualized fixed interest rate of 5.4%, and the remaining principal outstanding at March 31, 2024 has a floating interest rate of 9.2% based on the interest rate as described in “Note 6.
+Added: The interest rate associated with our $60 million Revolver remains floating.
+Added: As of March 31, 2024, we had an outstanding balance of $480.7 under our Credit Facility.
+Added: Based on the Company’s outstanding balance of variable rate debt at March 31, 2024, a hypothetical change of 100 basis points could have resulted in a $0.6 million increase to total interest expense for the three months ended March 31, 2024.
Foreign Currency Exchange Risk
Our customers are generally invoiced in the currency of the country in which they are located.
−Removed: In addition, we incur a portion of our operating expenses in foreign currencies, including Australian dollars, Canadian dollars, British pounds, and Euros, and in the future as we expand into other foreign countries, we expect to incur operating expenses in other foreign currencies.
+Added: In addition, we incur a portion of our operating expenses in foreign currencies, including Australian dollars, Canadian dollars, Indian Rupees, British pounds, Euros, and Israeli New Shekels and in the future as we expand into other foreign countries, we expect to incur operating expenses in other foreign currencies.
As a result, we are exposed to foreign exchange rate fluctuations as the financial results of our international operations and our revenue and operating results could be adversely affected.
−Removed: The effect of a hypothetical 10% change in foreign currency exchange rates applicable to our business could have resulted in a change in revenue of $5.7 million for the nine months ended September 30, 2023.
−Removed: To date, we have not engaged in any currency hedging strategies.
+Added: The effect of a hypothetical 10% change in foreign currency exchange rates applicable to our business could have resulted in a change in revenue of 0.4% for the three months ended March 31, 2024.
+Added: We have not previously engaged in any currency hedging strategies.
If we decide to hedge our foreign currency exchange rate exposure, we may not be able to hedge effectively due to lack of experience, unreasonable costs, or illiquid markets.
5 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.