3 unchanged sentences
Interest Rate Risk
−Removed: The primary objective of our investment activities is to preserve principal while maximizing income without significantly increasing risk.
−Removed: We do not make investments for trading or speculative purposes.
−Removed: Because our cash and cash equivalents have a relatively short maturity, our portfolio’s fair value is relatively insensitive to interest rate changes.
Borrowings under the Notes have a fixed interest rate.
−Removed: As of December 31, 2022 and 2021, we had $575.0 million aggregate principal amount of borrowings outstanding under the Notes.
+Added: As of December 31, 2023 and 2022, we had $361.0 million and $575.0 million aggregate principal amount of borrowings outstanding under the Notes, respectively.
+Added: Additionally, we are exposed to interest rate risk relating to our investment portfolio.
+Added: The primary objective of our investment activities from operating investments is to preserve principal while maximizing income without significantly increasing risk.
+Added: We do not make investments for trading or speculative purposes.
+Added: Our portfolio’s fair value is relatively insensitive to interest rate changes.
+Added: We also earn interest on funds held on behalf of customers that we hold on our consolidated balance sheets as funds held in escrow, including funds in transit.
+Added: Because these balances are highly liquid, their fair value is relatively insensitive to interest rate changes.
We do not believe that a hypothetical increase or decrease in interest rates of 100 basis points would have a material impact on our operating results or financial condition.
6 unchanged sentences
When clients make payments in one of these currencies, we are exposed to foreign currency risk during the period between when payment is made and when the payment amounts settle.
−Removed: To mitigate this risk, we have entered into forward contracts.
−Removed: As such, the impact of foreign currency exchange rate fluctuations to our operating results have been insignificant to date.
+Added: To mitigate this risk, we may enter into forward contracts or secure foreign currency exchange rates for certain durations with financial institutions.
+Added: As such, the impact of foreign currency exchange rate fluctuations to our operating results have been immaterial to date.
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.