6 unchanged sentences
We do not intend to hedge our indirect exposure to fluctuating commodity prices.
−Removed: A one percent decrease in average revenue generating horsepower for the nine months ended September 30, 2022, would result in an annual decrease of approximately $6.3 million and $4.2 million in our revenue and Adjusted gross margin, respectively.
+Added: A one percent decrease in average revenue-generating horsepower during the three months ended March 31, 2023, would result in an annual decrease of approximately $7.1 million and $4.7 million in our revenue and Adjusted gross margin, respectively.
Adjusted gross margin is a non-GAAP financial measure.
2 unchanged sentences
We are exposed to market risk due to variable interest rates under the Credit Agreement.
−Removed: As of September 30, 2022, we had $618.4 million of variable-rate indebtedness outstanding at a weighted-average interest rate of 5.54%.
−Removed: Based on our September 30, 2022 variable-rate indebtedness outstanding, a one percent increase or decrease in the effective interest rate would result in an annual increase or decrease in our interest expense of approximately $6.2 million.
+Added: As of March 31, 2023, we had $709.1 million of variable-rate indebtedness outstanding at a weighted-average interest rate of 7.38%.
+Added: Based on our March 31, 2023 variable-rate indebtedness outstanding, a one percent increase or decrease in the effective interest rate would result in an annual increase or decrease, respectively, in our interest expense of approximately $7.1 million.
+Added: In April 2023, we entered into an interest-rate swap to manage interest-rate risk associated with the floating-rate Credit Agreement.
+Added: The interest-rate swap’s notional principal amount is $700 million and has a mandatory termination date of April 2025.
+Added: Under the interest-rate swap, we pay a fixed interest rate of 3.785% and receive floating interest rate payments that are indexed to the one-month SOFR.
For further information regarding our exposure to interest rate fluctuations on our debt obligations, see Note 7 to our unaudited condensed consolidated financial statements under Part I, Item 1 “Financial Statements” of this report.
−Removed: Although we do not currently hedge our variable rate debt, we may, in the future, hedge all or a portion of the interest rates applicable to such debt.
Our credit exposure generally relates to receivables for services provided.
1 unchanged sentence
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.