13 unchanged sentences
Our return on these investments is subject to interest rate fluctuations.
−Removed: As of December 31, 2021, we had investments in debt securities with effective maturities greater than one year of zero.
−Removed: As of December 31, 2021 and December 31, 2020, we had cash and cash equivalent investments primarily in money market funds with maturities of 90 days or less of $694.8 million and $176.4 million, respectively.
+Added: As of December 31, 2022 and December 31, 2021, we had cash and cash equivalent investments primarily in funds that invest in U.S.
+Added: treasuries, money market funds, as well as, demand deposit accounts with maturities of 90 days or less of $652.8 million and $694.8 million, respectively.
We do not have interest rate risk on our outstanding long-term debt as these arrangements have fixed interest rates.
12 unchanged sentences
The proceeds of the Bridge Loan Facility were used to redeem the Company’s 3.25% Convertible Notes.
−Removed: See Note 10 - Debt of the Notes to Consolidated Financial Statements included elsewhere in this Annual Report on Form 10-K, which is incorporated herein by reference.
+Added: See Note 10 - Debt of the Notes to Consolidated Financial Statements included elsewhere in this Annual Report on Form 10-K.
The loans under the Bridge Loan Facility (the “Bridge Loans”) bore interest at a rate per annum equal to (i) initially upon funding of the Bridge Loans, either a base rate plus 2.00%, or a LIBOR rate plus 3.00%, (ii) from six months after the funding date of the Bridge Loans until twelve months after the funding date of the Bridge Loans, either a base rate plus 2.50%, or a LIBOR rate plus 3.50%, and (iii) from twelve months after the funding date of the Bridge Loans until repayment of the Bridge Loans, either a base rate plus 3.00% or a LIBOR rate plus 4.00%.
The Bridge Loan Facility was to mature on the date that was 364 days after the funding date of the Bridge Loans, with two automatic extensions, each for an additional three months, if SEC approval of the spin-off transaction was still outstanding.
−Removed: On October 7, 2021, in exchange for the equity interest in Consensus, Consensus issued $500.0 million of senior notes due 2028 to Ziff Davis which Ziff Davis then exchanged such notes with the lenders under the Credit Agreement and Credit Agreement Amendments by and among the subsidiaries of Ziff Davis party thereto as guarantors, Citicorp North America Inc.
+Added: On October 7, 2021, in exchange for the equity interest in Consensus, Consensus issued $500.0 million of senior notes due 2028 to Ziff Davis.
+Added: Ziff Davis then exchanged such notes with the lenders under the Credit Agreement and Credit Agreement Amendments by and among the subsidiaries of Ziff Davis party thereto as guarantors, Citicorp North America Inc.
and MUFG Union Bank, N.A.
3 unchanged sentences
To date, we have not entered into interest rate hedging transactions to control or minimize certain of these risks.
−Removed: In connection with the Separation, the Company retained a 19.9% interest in Consensus, which as of December 31, 2021, was valued at approximately $229.2 million based upon the quoted market price of Consensus common stock.
−Removed: The Company’s results of operations and financial condition have been and may be materially impacted by increases or decreases in the price of Consensus common stock, which is traded on Nasdaq.
−Removed: The Company recorded an unrealized gain of approximately $298.5 million on its investment in Consensus for the year ended December 31, 2021.
−Removed: The carrying value of the Company’s investment in Consensus at December 31, 2021 was $229.2 million, or approximately 6.1% of the Company’s consolidated total assets.
+Added: In connection with the Separation, the Company retained the Investment in Consensus, the remaining portion of which was valued at approximately $58.4 million as of December 31, 2022 based upon the quoted market price of Consensus common stock.
+Added: The Company’s results of operations and financial condition have been and may be materially impacted by increases or decreases in the price of Consensus common stock, which is traded on the Nasdaq Global Select Market.
+Added: Gains (losses) on the Investment in Consensus were as follows (in thousands):
+Added: Year ended December 31,
+Added: Realized losses on securities sold during the period $ (46,743) $ —
+Added: Unrealized (losses) gains recognized during the period on equity securities held at the reporting date $ (7,145) $ 298,490
+Added: The carrying value of our Investment in Consensus at December 31, 2022 was $58.4 million, or approximately 1.7% of the Company’s consolidated total assets.
A $2.00 increase or decrease in the share price of Consensus common stock would result in an unrealized gain or loss, respectively of approximately $2.2 million.
Foreign Currency Risk
−Removed: We conduct business in certain foreign markets, primarily in Canada, Australia, the United Kingdom and the European Union.
+Added: We conduct business in certain foreign markets, primarily in Canada, the United Kingdom, Australia, and the European Union.
Our principal exposure to foreign currency risk relates to investment and inter-company debt in foreign subsidiaries that transact business in functional currencies other than the U.S.
−Removed: Dollar, primarily the Australian Dollar, the Canadian Dollar, the Euro, the Hong Kong Dollar, the Japanese Yen, the New Zealand Dollar, the Norwegian Kroner and the British Pound Sterling.
−Removed: If we are unable to settle our short-term intercompany debts in a timely manner, we remain exposed to foreign currency fluctuations.
+Added: Dollar, primarily the Canadian Dollar, the British Pound Sterling, the Australian Dollar, Euro, Japanese Yen, the New Zealand Dollar, and the Norwegian Kroner.
+Added: If we are unable to settle our intercompany debts in a timely manner, we remain exposed to foreign currency fluctuations.
As we expand our international presence, we become further exposed to foreign currency risk by entering new markets with additional foreign currencies.
2 unchanged sentences
As currency exchange rates change, translation of the income statements of the international businesses into U.S.
−Removed: Dollars affects year-over-year comparability of operating results, the impact of which is immaterial to the comparisons set forth in this Annual Report on Form 10-K.
+Added: Dollars affects year-over-year comparability of operating results.
Historically, we have not hedged translation risks because cash flows from international operations were generally reinvested locally;
2 unchanged sentences
For the years ended December 31, 2022, 2021 and 2020, foreign exchange gains (losses) amounted to $8.2 million, $2.0 million, and $(3.1) million, respectively.
−Removed: The change in our gains (losses) recognized in earnings from 2020 to 2021 were primarily attributable to lower inter-company balances between periods in foreign subsidiaries that were in functional currencies other than the U.S.
−Removed: Dollar and exchange rate fluctuations.
−Removed: The change in our gains (losses) recognized in earnings from 2019 to 2020 were primarily attributable to the settlement of certain intra-entity transactions.
−Removed: Foreign exchange losses were not material to our earnings in 2020 and 2019, respectively.
Cumulative translation adjustments, net of tax, included in other comprehensive income for the years ended December 31, 2022, 2021, and 2020, was $(32.5) million, $(21.3) million, and $(8.9) million respectively.
2 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.