8 unchanged sentences
The foreign exchange hedges do not qualify as cash flow hedges.
−Removed: The changes in fair value related to the hedges were recorded in income or expenses line items on our statements of operations.
+Added: The changes in fair value related to the hedges will be recorded in income or expenses line items on our statements of operations.
From time-to-time, we also enter into foreign exchange forward contracts to mitigate the change in fair value of specific non-functional currency assets and liabilities on the balance sheet.
1 unchanged sentence
Changes in the fair value of these derivatives are largely offset by re-measurement of the underlying assets and liabilities.
−Removed: As of December 30, 2022, we had no forward contracts outstanding.
+Added: As of March 31, 2023, we had no forward contracts outstanding.
Certain of our international business is transacted in non-U.S.
1 unchanged sentence
As discussed above, from time to time we utilize foreign currency hedging instruments to minimize the currency risk of international transactions.
−Removed: The impact of translating the assets and liabilities of foreign operations to U.S.
−Removed: dollars for the first six months of fiscal 2023 and 2022 was $(0.1) million and $0.3 million, respectively, and was included as a component of stockholders’ equity.
−Removed: As of December 30, 2022 and July 1, 2022, the cumulative translation adjustment decreased our equity by $16.1 million and $16.0 million, respectively.
+Added: The impact of
+Added: translating the assets and liabilities of foreign operations to U.S.
+Added: dollars for the first nine months of fiscal 2023 and 2022 was $0.3 million and $(1.1) million, respectively, and was included as a component of stockholders’ equity.
+Added: As of March 31, 2023 and July 1, 2022, the cumulative translation adjustment decreased our equity by $15.8 million and $16.0 million, respectively.
Interest Rate Risk
−Removed: Our exposure to market risk for changes in interest rates relates primarily to our cash equivalents and borrowings under our credit facility.
+Added: Our exposure to market risk for changes in interest rates relates primarily to our cash equivalents and borrowings under our SVB Credit Facility.
Exposure on Cash Equivalents
−Removed: We had $21.4 million in total cash and cash equivalents as of December 30, 2022.
−Removed: Cash equivalents totaled $9.2 million as of December 30, 2022 and were comprised of money market funds and bank certificates of deposit.
+Added: We had $22.5 million in total cash and cash equivalents as of March 31, 2023.
+Added: Cash equivalents totaled $3.7 million as of March 31, 2023 and were comprised of 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 December 30, 2022 was 27 days, and these investments had an average yield of approximately 5.23% per annum.
+Added: The weighted-average days to maturity for cash equivalents held as of March 31, 2023 was 27 days, and these investments had an average yield of approximately 5% 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 six months of fiscal 2023, our weighted-average interest rate was 6.07%, and the interest expense on these borrowings was immaterial.
+Added: During the first nine months of fiscal 2023, our weighted-average interest rate was 6.96%, 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.