3 unchanged sentences
The Company is exposed to foreign exchange risk as a result of transactions in currencies other than its functional currency, the U.S.
−Removed: The majority of the Company’s revenue in the second quarter of fiscal 2021 was transacted in U.S.
+Added: The majority of the Company’s revenue in the third quarter of fiscal 2021 was transacted in U.S.
Portions of the revenue were denominated in Canadian dollars, euros and British pounds.
1 unchanged sentence
dollars, euros and British pounds.
−Removed: At August 31, 2020, approximately 5% of cash and cash equivalents, 12% of accounts receivables and 46% of accounts payable were denominated in foreign currencies (February 29, 2020 – 12%, 17% and 17%, respectively).
+Added: At November 30, 2020, approximately 17% of cash and cash equivalents, 20% of accounts receivables and 56% of accounts payable were denominated in foreign currencies (February 29, 2020 – 12%, 17% and 17%, respectively).
These foreign currencies primarily include the Canadian dollar, euro and British pound.
2 unchanged sentences
If overall foreign currency exchanges rates to the U.S.
−Removed: dollar uniformly weakened or strengthened by 10% related to the Company’s net monetary asset or liability balances in foreign currencies at August 31, 2020 (after hedging activities), the impact to the Company would be immaterial.
+Added: dollar uniformly weakened or strengthened by 10% related to the Company’s net monetary asset or liability balances in foreign currencies at November 30, 2020 (after hedging activities), the impact to the Company would be immaterial.
The Company regularly reviews its currency forward and option positions, both on a stand-alone basis and in conjunction with its underlying foreign currency exposures.
12 unchanged sentences
The Company establishes an allowance for credit losses (“ACL”) that corresponds to the specific credit risk of its customers, historical trends and economic circumstances.
−Removed: The ACL as at August 31, 2020 was $14 million (February 29, 2020 - $9 million).
−Removed: There were two customers that comprised more than 10% of accounts receivable as at August 31, 2020 (February 29, 2020 - two customers that comprised more than 10%).
−Removed: During the second quarter of fiscal 2021, the percentage of the Company’s receivable balance that was past due increased by 6.7% compared to the fourth quarter of fiscal 2020.
+Added: The ACL as at November 30, 2020 was $13 million
+Added: (February 29, 2020 - $9 million).
+Added: There were two customers that comprised more than 10% of accounts receivable as at November 30, 2020 (February 29, 2020 - two customers that comprised more than 10%).
+Added: During the third quarter of fiscal 2021, the percentage of the Company’s receivable balance that was past due increased by 5.2% compared to the fourth quarter of fiscal 2020.
Although the Company actively monitors and attempts to collect on its receivables as they become due, the risk of further delays or challenges in obtaining timely payments of receivables from its distributor partners (such as resellers and network carriers) exists.
The occurrence of such delays or challenges in obtaining timely payments could negatively impact the Company’s liquidity and financial condition.
−Removed: The Company’s sales to Teletry represented approximately 40% of the Company’s revenue in the second quarter of fiscal 2021 (second quarter of fiscal 2020 - 10%) and 34% of the Company’s revenue in the first six months of fiscal 2021 (first six months of fiscal 2020 - 12%).
−Removed: The Company expects this to be significantly lower in the third and fourth quarters of fiscal 2021.
−Removed: No other individual customer accounted for more than 10% of the Company’s revenue in the second quarter or first six months of fiscal 2021 (second quarter and first six months of fiscal 2020 - one other customer represented approximately 15% and no other individual customer, respectively).
+Added: The Company’s sales to Teletry represented approximately 13% of the Company’s revenue in the third quarter of fiscal 2021 (third quarter of fiscal 2020 - 20%) and 27% of the Company’s revenue in the first nine months of fiscal 2021 (first nine months of fiscal 2020 - 15%).
+Added: The Company expects this to be lower in the fourth quarter of fiscal 2021.
+Added: No other individual customer accounted for more than 10% of the Company’s revenue in the third quarter or first nine months of fiscal 2021 or fiscal 2020.
In fiscal 2018, the Company entered into a strategic licensing agreement with Teletry under which Teletry may sublicense a broad range of the Company’s patents to global smartphone manufacturers.
7 unchanged sentences
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.