4 unchanged sentences
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.
−Removed: The majority of our cash balances in money market accounts are with the lender under our Credit Facility.
−Removed: To date, we have not used derivative instruments to mitigate the impact of our market risk exposures.
−Removed: We also have not used, nor do we intend to use, derivatives for trading or speculative purposes.
+Added: We have not used, nor do we intend to use, derivatives for trading or speculative purposes.
Interest Rate Risk
2 unchanged sentences
This objective is accomplished currently by making diversified investments, consisting only of money market mutual funds and FDIC insured institutional liquid deposit accounts.
−Removed: We have floating-to-fixed interest rate swap agreements to limit exposure to interest rate risk related to our debt with an annualized fixed rate of 5.4% through August 6, 2026.
−Removed: The total notional value of the interest rate swap agreements was $216.3 million at June 30, 2025.
−Removed: As of June 30, 2025, we had an outstanding balance of $258.1 million under our Term Loans that mature August 6, 2026.
−Removed: Based on our outstanding balance of variable rate debt at June 30, 2025, a hypothetical change of 100 basis points could have resulted in a $0.2 million increase to total interest expense for the six months ended June 30, 2025.
−Removed: As described in Note 14.
−Removed: Subsequent Events, on July 25, 2025, we entered into a Credit Agreement to refinance our outstanding Term Loans with (i) a new $240.0 million, six-year term loan and (ii) a $30 million revolving credit facility maturing in July 2031.
−Removed: The new term loan and revolving credit facility bear interest at the secured overnight financing rate, which shall not be less than 1.50%, plus a margin of 6.00% per annum (with step downs and a potential step up at specified leverage levels).
+Added: Our Credit Agreement bears interest at the secured overnight financing rate, which shall not be less than 1.50%, plus a margin of 6.00% per annum (with step downs and a potential step up at specified leverage levels).
+Added: We have an interest rate cap to limit the interest rate risk exposure and effectively cap the secured overnight financing rate on $120 million of our outstanding debt at 4.5 %.
+Added: As of September 30, 2025, we had an outstanding balance of $240.0 million under our Credit Agreement that matures in July 2031.
+Added: Based on our outstanding balance of variable rate debt at September 30, 2025, a hypothetical change of 100 basis points could have resulted in a $0.6 million increase to total interest expense for the nine months ended September 30, 2025.
Foreign Currency Exchange Risk
2 unchanged sentences
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 $1.1 million for the six months ended June 30, 2025.
+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 $3.6 million for the nine months ended September 30, 2025.
We have not previously engaged in any currency hedging strategies.
3 unchanged sentences
The related translation adjustments are recorded in a separate component of stockholders' deficit in accumulated other comprehensive income (loss).
−Removed: In addition, we have intercompany loans that are used to fund the acquisition of foreign subsidiaries.
+Added: In addition, we have intercompany loans that were historically used to fund the acquisition of foreign subsidiaries.
Due to the long-term nature of these loans, the foreign currency gains (losses) resulting from remeasurement are recognized as a component of accumulated other comprehensive income (loss).
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.