3 unchanged sentences
Information about the Company’s market risk is presented in Part II, Item 7A in its fiscal 2023 Annual Report on Form 10-K.
−Removed: There have been no material changes to the Company’s market risk during the first six months of fiscal 2024.
+Added: There have been no material changes to the Company’s market risk during the first nine months of fiscal 2024.
Exchange Rate Risk
5 unchanged sentences
Changes in the fair value of these derivatives are largely offset by re-measurement of the underlying assets and liabilities.
−Removed: The Company did not have any foreign exchange forward contracts outstanding as of December 29, 2023.
+Added: The Company did not have any foreign exchange forward contracts outstanding as of March 29, 2024.
Certain of the Company’s international business are transacted in non-U.S.
2 unchanged sentences
The impact of translating the assets and liabilities of foreign operations to USD is included as a component of stockholders’ equity.
−Removed: As of December 29, 2023 and June 30, 2023, the cumulative translation adjustment decreased stockholders’ equity by $15.4 million and $16.0 million, respectively.
+Added: As of March 29, 2024 and June 30, 2023, the cumulative translation adjustment decreased stockholders’ equity by $15.8 million and $16.0 million, respectively.
Interest Rate Risk
1 unchanged sentence
Exposure on Cash Equivalents
−Removed: The Company had $45.9 million in total cash and cash equivalents as of December 29, 2023.
−Removed: Cash equivalents totaled $11.8 million as of December 29, 2023 and were comprised of money market funds and bank certificates of deposit.
−Removed: equivalents have been recorded at fair value.
+Added: The Company had $58.2 million in total cash and cash equivalents as of March 29, 2024.
+Added: Cash equivalents totaled $11.1 million as of March 29, 2024 and were comprised of money market funds and bank certificates of deposit.
+Added: Cash equivalents have been recorded at fair value.
Fair value is measured using inputs that fall into a three-level hierarchy that prioritizes the inputs used to measure fair value based on observability of such inputs.
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 29, 2023 was 47 days, and these investments had an average yield of approximately 4.7% per annum.
+Added: The weighted-average days to maturity for cash equivalents held as of March 29, 2024 was 43 days, and these investments had an average yield of approximately 3.3% per annum.
A 10% change in interest rates on the Company’s cash equivalents is not expected to have a material impact on its financial position, results of operations, or cash flows.
Exposure on Borrowings
−Removed: As of December 29, 2023, the Company had $50.0 million outstanding under its Term Loan and no borrowings under its Revolver.
+Added: As of March 29, 2024, the Company had $49.4 million outstanding under its Term Loan and no borrowings under its Revolver.
The Company’s borrowings under the current Credit Facility bear interest at either:
2 unchanged sentences
The pricing levels for interest rate margins are determined based on the Consolidated Total Leverage Ratio as determined and adjusted quarterly.
−Removed: As of December 29, 2023, the applicable margin on Adjusted Term SOFR and Base Rate borrowings was 2.75% and 1.75%, respectively.
−Removed: The effective rate of interest on the Company’s outstanding Term Loan borrowings as of December 29, 2023 was 8.2%.
−Removed: A 10% change in interest rates is estimated to have a $0.4 million impact on annual interest expense on the Company’s outstanding long-term debt as of December 29, 2023.
+Added: As of March 29, 2024, the applicable margin on Adjusted Term SOFR and Base Rate borrowings was 2.50% and 1.50%, respectively.
+Added: The effective rate of interest on the Company’s outstanding Term Loan borrowings as of March 29, 2024 was 7.9%.
+Added: A 10% change in interest rates is estimated to have a $0.4 million impact on annual interest expense on the Company’s outstanding long-term debt as of March 29, 2024.
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.