8 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 and 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 our $350 million, 7 year, term loan, and subsequent entry into an additional $190 million in incremental term loans under the Credit Facility, we entered into an interest rate swap agreement for the full seven-year term, effectively fixing our interest rate at 5.4%.
−Removed: However, the interest rate associated with our $60 million, 5 year, revolving credit facility remains floating.
−Removed: As of June 30, 2023, we had an outstanding balance of $519.8 million under our Credit Facility.
−Removed: As there was no debt outstanding under our revolving credit facility as of June 30, 2023, a hypothetical change of 100 basis points would result in no change to total interest expense.
+Added: 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.
+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, $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.
+Added: The interest rate associated with our $60 million, 5 year, revolving credit facility remains floating.
+Added: As of September 30, 2023, we had an outstanding balance of $483.4 under our Credit Facility.
+Added: 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.
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 $4.1 million for the six months ended June 30, 2023.
+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 $5.7 million for the nine months ended September 30, 2023.
To date, we have not engaged in any currency hedging strategies.
6 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.