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 first quarter of fiscal 2022 was transacted in U.S.
+Added: The majority of the Company’s revenue in the second quarter of fiscal 2022 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 May 31, 2021, approximately 12% of cash and cash equivalents, 20% of accounts receivables and 52% of accounts payable were denominated in foreign currencies (February 28, 2021 – 20%, 25% and 34%, respectively).
+Added: At August 31, 2021, approximately 31% of cash and cash equivalents, 33% of accounts receivables and 31% of accounts payable were denominated in foreign currencies (February 28, 2021 – 20%, 25% and 34%, 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 May 31, 2021 (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 August 31, 2021 (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 May 31, 2021 was $9 million (February 28, 2021 - $10 million).
−Removed: There was one customer that comprised more than 10% of accounts receivable as at May 31, 2021 (February 28, 2021 - one customer that comprised more than 10%).
−Removed: During the first quarter of fiscal 2022, the percentage of the Company’s receivable balance that was past due increased by 6.0% compared to the fourth quarter of fiscal 2021.
+Added: The ACL as at August 31, 2021 was $9 million (February 28, 2021 - $10 million).
+Added: There was one customer that comprised more than 10% of accounts receivable as at August 31, 2021 (February 28, 2021 - one customer that comprised more than 10%).
+Added: During the second quarter of fiscal 2022, the percentage of the Company’s receivable balance that was past due decreased by 1.2% compared to the fourth quarter of fiscal 2021.
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 resellers and other distribution partners exists.
−Removed: The occurrence of such delays or challenges in obtaining timely payments could negatively impact the Company’s liquidity and financial
−Removed: There was no customer that comprised more than 10% of the Company’s revenue in the three months ended May 31, 2021 (three months ended May 31, 2020 - one customer that comprised 26% of the Company’s revenue).
+Added: The occurrence of such delays or challenges in obtaining timely payments could negatively impact the Company’s liquidity and financial condition.
+Added: There was one customer that comprised 12% and no customer that comprised more than 10% of the Company’s
+Added: revenue in the three and six months ended August 31, 2021, respectively (three and six months ended August 31, 2020 - one customer that comprised 40% and 34% of the Company’s revenue, respectively).
Market values are determined for each individual security in the investment portfolio.
2 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.