2 unchanged sentences
Our exposure to market risk for changes in interest rates relates primarily to our investment portfolio and potential borrowings under our credit facility that would bear variable market interest rates.
−Removed: The primary objectives of our investment activities are to preserve our principal while at the same time maximizing yields without significantly increasing risk.
+Added: The primary objectives of our investment activities are to preserve our principal while maximizing yields without significantly increasing risk.
To achieve these objectives, we maintain our portfolio of cash equivalents and investments in a mix of instruments that meet high credit quality standards, as specified in our investment policy or otherwise approved by the Board.
Our cash and cash equivalents are not subject to significant interest rate risk due to the short maturities of these instruments.
−Removed: As of September 30, 2024, the carrying value of our cash and cash equivalents approximated fair value.
+Added: As of March 31, 2025, the carrying value of our cash and cash equivalents approximated fair value.
Our return on these investments is subject to interest rate fluctuations.
−Removed: As of September 30, 2024 and December 31, 2023, we had $386.1 million and $737.6 million, respectively, of cash and cash equivalent investments primarily in funds that invest in U.S.
+Added: As of March 31, 2025 and December 31, 2024, we had $431.0 million and $505.9 million, respectively, of cash and cash equivalent investments primarily in funds that invest in U.S.
treasuries, money market funds, as well as demand deposit accounts with maturities within three months or less.
Currently, we do not have interest rate risk on our outstanding long-term debt as these arrangements have fixed interest rates.
−Removed: As of September 30, 2024, the carrying value and the fair value of our fixed rate debt was $863.7 million and $823.1 million, respectively.
−Removed: Following the Exchange Transaction, our fixed rate debt matures as follows:
+Added: As of March 31, 2025, the carrying value and the fair value of our fixed rate debt was $864.8 million and $801.3 million, respectively.
+Added: Our fixed rate debt matures as follows:
$149.1 million in 2026, $263.1 million in 2028, and $460.0 million in 2030.
−Removed: Interest rates have risen since certain of these sources of financing were obtained, thus, we may not be able to refinance this fixed rate debt at similar or favorable rates when it matures.
+Added: Interest rates have risen since certain of these sources of financing were obtained.
+Added: Thus, we may not be able to refinance this fixed rate debt at similar or favorable rates when it matures.
Further, our revolving credit agreement bears interest at variable rates.
−Removed: However, during the nine months ended September 30, 2024, we did not need to draw on this revolving credit agreement.
+Added: However, during the three months ended March 31, 2025, we did not need to draw on this revolving credit agreement.
If we need to draw on the revolving credit facility in the future, we will be exposed to interest rate changes.
2 unchanged sentences
To date, we have not entered into interest rate hedging transactions to control or minimize certain of these risks.
−Removed: During the nine months ended September 30, 2024, we sold our remaining investment in Consensus common stock.
−Removed: The value of our investment in Consensus common stock was based upon the quoted market price of Consensus common stock.
−Removed: Prior to the sale of this investment, our results of operations and financial condition were materially impacted by increases or decreases in the price of Consensus common stock, which is traded on the Nasdaq Global Select Market.
Foreign Currency Risk
11 unchanged sentences
Our objective in managing foreign exchange risk is to minimize the potential exposure to changes that exchange rates might have on earnings, cash flows, and financial position.
−Removed: During the three months ended September 30, 2024 and 2023, foreign exchange (losses) gains amounted to $(2.6) million and $1.1 million, respectively.
−Removed: During the nine months ended September 30, 2024 and 2023, foreign exchange losses amounted to $(2.9) million and $(0.8) million, respectively.
−Removed: Cumulative translation adjustments, net of tax, included in Other comprehensive income (loss), net for the three months ended September 30, 2024 and 2023 were $14.5 million and $(6.8) million, respectively;
−Removed: and for the nine months ended September 30, 2024 and 2023 were $7.5 million and $(0.7) million, respectively.
+Added: During the three months ended March 31, 2025 and 2024, foreign exchange losses amounted to $2.9 million and zero, respectively.
+Added: Cumulative translation adjustments, net of tax, included in Other comprehensive income (loss), net for the three months ended March 31, 2025 and 2024 were $11.4 million and $(6.5) million, respectively, respectively.
We currently do not have derivative financial instruments for hedging, speculative, or trading purposes and, therefore, are not subject to such hedging risk.
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.