5 unchanged sentences
The majority of our cash balances are with top tier banks held in investment grade money market accounts and short term US treasury bills.
−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
−Removed: 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.
+Added: Our exposure to market risk for changes in interest rates primarily relates to our cash equivalents in money market funds and our variable rate indebtedness.
The primary objective of our investment activities is to preserve principal while maximizing yields without significantly increasing risk.
1 unchanged sentence
As of December 31, 2025, we had $18.6 million in money market mutual funds.
−Removed: Based on the Company’s balance of money market mutual funds at December 31, 2024, a hypothetical change of 100 basis points could have resulted in a $1.4 million change in interest income.
−Removed: 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.
−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 and principal payments on the Term Loans, $255.8 million of the Term Loans has an effective annualized fixed interest rate of 5.4%, and the remaining principal outstanding at December 31, 2024 of $37.9 million has a floating interest rate of 8.2% based on the interest rate as described in “Note 7.
−Removed: As of December 31, 2024, we had an outstanding balance of $293.7 million under our Credit Facility.
+Added: Based on the Company’s balance of money market mutual funds at December 31, 2025, a hypothetical change of 100 basis point could have resulted in a $0.2 million change in interest income for the year ended December 31, 2025.
+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% as described in “Note 6.
+Added: As of December 31, 2025, we had an outstanding balance of $238.5 million under our Credit Agreement that matures in July 2031.
Based on the Company’s outstanding balance of variable rate debt at December 31, 2025, a hypothetical change of 100 basis points could have resulted in a $1.1 million increase to total interest expense for the year ended December 31, 2025.
9 unchanged sentences
The non-financial assets and liabilities of our foreign subsidiaries are translated into USD using the exchange rates in effect at the balance sheet date.
−Removed: The related translation adjustments are recorded in a separate component of stockholders' equity in accumulated other comprehensive loss.
−Removed: In addition, we have intercompany loans that were used to fund the acquisition of foreign subsidiaries.
−Removed: 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 loss.
+Added: The related translation adjustments are recorded in a separate component of stockholders' deficit in accumulated other comprehensive loss.
+Added: We have foreign currency denominated intercompany loans.
+Added: To the extent that repayment of the loans is not anticipated for the foreseeable future, the foreign currency gains (losses) resulting from remeasurement are recognized in accumulated other comprehensive loss in the consolidated statements of stockholders' deficit.
+Added: Foreign currency translation gains and losses related to long-term intercompany loans that are payable in the foreseeable future are recorded in other expense, net in the consolidated statements of operations.
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.