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 during the six months ended June 30, 2024 would result in an annual decrease of approximately $8.4 million and $5.7 million in our revenue and Adjusted gross margin, respectively.
+Added: A one percent decrease in average revenue-generating horsepower during the nine months ended September 30, 2024 would result in an annual decrease of approximately $8.6 million and $5.7 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 June 30, 2024, we had $756.2 million of variable-rate indebtedness outstanding at a weighted-average interest rate of 8.10%.
−Removed: Based on our June 30, 2024 variable-rate indebtedness outstanding, a one percent increase or decrease, respectively, in the effective interest rate would result in an annual increase or decrease, respectively, in our interest expense of approximately $7.6 million.
+Added: As of September 30, 2024, we had $803.2 million of variable-rate indebtedness outstanding at a weighted-average interest rate of 7.50%.
+Added: Based on our September 30, 2024 variable-rate indebtedness outstanding, a one percent increase or decrease, respectively, in the effective interest rate would result in an annual increase or decrease, respectively, in our interest expense of approximately $8.0 million.
For further information regarding our exposure to interest rate fluctuations on our debt obligations, see Note 8 to our unaudited condensed consolidated financial statements under Part I, Item 1 “Financial Statements” of this report.
−Removed: As of June 30, 2024, we have an interest-rate swap outstanding to manage interest-rate risk associated with the floating-rate Credit Agreement with a notional principal amount of $700 million and a termination date of December 31, 2025.
−Removed: Under the interest-rate swap, we pay a fixed interest rate of 3.9725% and receive floating interest rate payments that are indexed to the one-month SOFR.
−Removed: Based on the fixed interest rate as of June 30, 2024, a one percent increase or decrease in the SOFR interest-rate forward curve would result in an increase or decrease, respectively, in the fair value of this interest-rate swap of $11.2 million, prior to any discount factors or credit valuation adjustments.
−Removed: For further information regarding our interest-rate swap, see Note 7 to our unaudited condensed consolidated financial statements under Part I, Item 1 “Financial Statements” of this report.
+Added: In August 2024, we elected to terminate an interest-rate swap we previously used to manage interest-rate risk associated with the floating-rate Credit Agreement, see Note 7 to our unaudited condensed consolidated financial statements in Part I, Item 1 “Financial Statements” of this report for additional information on this interest-rate swap and termination.
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.