−Removed: Quantitative and Qualitative Disclosures about Market Risk
+Added: Quantitative and Qualitative Disclosures abo ut Market Risk
In the normal course of doing business, we are exposed to the risks associated with foreign currency exchange rates and changes in interest rates.
We employ established policies and procedures governing the use of financial instruments to manage our exposure to such risks.
+Added: Information about our market risk is presented in Part II, Item 7A of our Annual Report on Form 10-K for the year ended July 1, 2022.
+Added: There have been no material changes to the Company’s market risk during the first three months of fiscal 2023.
Exchange Rate Risk
8 unchanged sentences
Changes in the fair value of these derivatives are largely offset by re-measurement of the underlying assets and liabilities.
−Removed: As of April 1, 2022, we had multiple forward contracts in one foreign currency outstanding as follows:
−Removed: Notional Contract Amount Notional Contract Amount
−Removed: Currency (Local Currency) (USD)
−Removed: (In thousands)
−Removed: Euro 4,500 $ 5,032
−Removed: Net foreign exchange income (loss) recorded in our unaudited condensed consolidated statements of operations during the three and nine months ended April 1, 2022 and April 2, 2021 was as follows:
−Removed: Three Months Ended Nine Months Ended
−Removed: (In thousands) April 1,
−Removed: 2022 April 2,
−Removed: 2021 April 1,
−Removed: 2022 April 2,
−Removed: Amount included in costs of revenues $ — $ (189) $ — $ 666
−Removed: Amount included in other expense/(income), net $ 240 $ — $ 513 $ —
−Removed: A 10% adverse change in currency exchange rates for our foreign currency derivatives held as of April 1, 2022 would have an impact of approximately $0.5 million on the fair value of such instruments.
+Added: As of September 30, 2022, there were no forward contracts in foreign currency.
Certain of our international business is transacted in non-U.S.
2 unchanged sentences
The impact of translating the assets and liabilities of foreign operations to U.S.
−Removed: dollars for the first nine months of fiscal 2022 and 2021 was $(1.1) million and $0.3 million, respectively, and was included as a component of stockholders’ equity.
−Removed: As of April 1, 2022 and July 2, 2021, the cumulative translation adjustment decreased our equity by $15.4 million and $14.3 million, respectively.
+Added: dollars for the first three months of fiscal 2023 and 2022 was $(1.1) million and $(0.2) million, respectively, and was included as a component of stockholders’ equity.
+Added: As of September 30, 2022 and July 1, 2022, the accumulated other comprehensive income, driven by cumulative translation adjustments decreased our equity by $17.1 million and $16.0 million, respectively.
Interest Rate Risk
1 unchanged sentence
Exposure on Cash Equivalents
−Removed: We had $31.3 million in total cash and cash equivalents as of April 1, 2022.
−Removed: Cash equivalents totaled $12.3 million as of April 1, 2022 and were comprised of money market funds and bank certificates of deposit.
+Added: We had $21.6 million in total cash and cash equivalents as of September 30, 2022.
+Added: Cash equivalents totaled $10.2 million as of September 30, 2022 and were comprised of money market funds and bank certificates of deposit.
Cash equivalents investments have been recorded at fair value on our balance sheet.
3 unchanged sentences
therefore, changes in interest rates will not generate a gain or loss on these investments unless they are sold prior to maturity.
−Removed: The weighted-average days to maturity for cash equivalents held as of April 1, 2022 was 27 days, and these investments had an average yield of approximately 4.9% per annum.
+Added: The weighted-average days to maturity for cash equivalents held as of September 30, 2022 was 33 days, and these investments had an average yield of approximately 5.76% per annum.
A 10% change in interest rates on our cash equivalents is not expected to have a material impact on our financial position, results of operations, or cash flows.
1 unchanged sentence
Our borrowings under the SVB Credit Facility incurred interest at the prime rate plus a spread of 0.50% to 1.50% with such spread determined based on our adjusted quick ratio.
−Removed: During the first nine months of fiscal 2022, our weighted-average interest rate was 3.50%, and the interest expense on these borrowings was immaterial.
+Added: During the first three months of fiscal 2023, our weighted-average interest rate was 5.83%, and the interest expense on these borrowings was immaterial.
A 10% change in interest rates on the current borrowings or on future borrowings is not expected to have a material impact on our financial position, results of operations, or cash flows since interest on our borrowings is not material to our overall financial position.
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.