3 unchanged sentences
Information about the Company’s market risk is presented in Part II, Item 7A in its fiscal 2024 Annual Report on Form 10-K.
−Removed: There have been no material changes to the Company’s market risk during the first three months of fiscal 2025.
+Added: There have been no material changes to the Company’s market risk during the first six months of fiscal 2025.
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 September 27, 2024.
+Added: The Company did not have any foreign exchange forward contracts outstanding as of December 27, 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 September 27, 2024 and June 28, 2024, the cumulative translation adjustment decreased stockholders’ equity by $17.2 million and $19.3 million, respectively.
+Added: As of December 27, 2024 and June 28, 2024, the cumulative translation adjustment decreased stockholders’ equity by $20.6 million and $19.3 million, respectively.
Interest Rate Risk
3 unchanged sentences
Exposure on Cash Equivalents
−Removed: The Company had $51.0 million in total cash and cash equivalents as of September 27, 2024.
−Removed: Cash equivalents totaled $6.4 million as of September 27, 2024 and were comprised of money market funds and bank certificates of deposit.
+Added: The Company had $52.6 million in total cash and cash equivalents as of December 27, 2024.
+Added: Cash equivalents totaled $7.0 million as of December 27, 2024 and were comprised of money market funds and bank certificates of deposit.
Cash equivalents have been recorded at fair value.
4 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 September 27, 2024 was 51 days, and these investments had an average yield of approximately 5.4% 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 September 27, 2024, the Company had $48.8 million outstanding under its Term Loan and $35.0 million outstanding under its Revolver.
+Added: As of December 27, 2024, the Company had $75.0 million outstanding under its Term Loan and no borrowings outstanding 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 September 27, 2024, the applicable margin on Adjusted Term SOFR and Base Rate borrowings was 2.50% and 1.50%, respectively.
−Removed: The effective rate of interest on the outstanding Term Loan and Revolver borrowings as of September 27, 2024 was 7.4% and 7.6%, respectively.
−Removed: A 10% change in interest rates is estimated to have a $0.6 million impact on annual interest expense on the Company’s outstanding long-term debt as of September 27, 2024.
+Added: As of December 27, 2024, the applicable margin on Adjusted Term SOFR and Base Rate borrowings was 2.75% and 1.75%, respectively.
+Added: The effective rate of interest on the outstanding Term Loan borrowings as of December 27, 2024 was 7.2%.
+Added: A 10% change in interest rates is estimated to have a $0.5 million impact on annual interest expense on the Company’s outstanding long-term debt as of December 27, 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.