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 2025 was transacted in U.S.
+Added: The majority of the Company’s revenue in the third quarter of fiscal 2025 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, 2024, approximately 26% of cash and cash equivalents, 26% of accounts receivables and 73% of accounts payable were denominated in foreign currencies (February 29, 2024 – 19%, 25% and 59%, respectively).
+Added: At November 30, 2024, approximately 23% of cash and cash equivalents, 24% of accounts receivables and 88% of accounts payable were denominated in foreign currencies (February 29, 2024 – 19%, 25% and 59%, respectively).
These foreign currencies primarily include the Canadian dollar, euro and British pound.
2 unchanged sentences
If overall foreign currency exchange 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, 2024 (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, 2024 (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.
6 unchanged sentences
The Company also has significant financing components within certain revenue contracts with customers and is exposed to interest rate risk as a result of discounting the future payments from customers with a fixed interest rate.
−Removed: The Company has also issued Notes with
−Removed: a fixed interest rate, as described in Note 5 to the Consolidated Financial Statements.
+Added: The Company has also issued Notes with a fixed interest rate, as described in Note 6 to the Consolidated Financial Statements.
The Company is exposed to interest rate risk as a result of the Notes.
3 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, 2024 was $6 million (February 29, 2024 - $6 million).
−Removed: There was one customer that comprised more than 10% of accounts receivable as at August 31, 2024 (February 29, 2024 - two customers that comprised more than 10%).
−Removed: During the second quarter of fiscal 2025, the percentage of the Company’s receivable balance that was past due decreased by 11.1% compared to the fourth quarter of fiscal 2024.
+Added: The ACL as at November 30, 2024 was $6 million (February 29, 2024 - $6 million).
+Added: There were two customers that comprised more than 10% of accounts receivable as at November 30, 2024 (February 29, 2024 - two customers that comprised more than 10%).
+Added: During the third quarter of fiscal 2025, the percentage of the Company’s receivable balance that was past due decreased by 13.8% compared to the fourth quarter of fiscal 2024.
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.
The occurrence of such delays or challenges in obtaining timely payments could negatively impact the Company’s liquidity and financial condition.
−Removed: There was one customer that comprised 11% of the Company’s revenue and 12% of the Company’s revenue in the three and six months ended August 31, 2024, respectively (three and six months ended August 31, 2023 - no customer that comprised more than 10% of the Company’s revenue and one customer that comprised 45% of the Company’s revenue, due to the completed patent sale transaction, respectively).
+Added: There was one customer that comprised 18% of the Company’s revenue and 15% of the Company’s revenue in the three and nine months ended November 30, 2024, respectively (three and nine months ended November 30, 2023 - two customers that comprised 29% of the Company’s revenue and one customer that comprised 37% of the Company’s revenue, respectively, due to the completed patent sale transaction).
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.