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 2026 was transacted in U.S.
+Added: The majority of the Company’s revenue in the second quarter of fiscal 2026 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, 2025, approximately 9% of cash and cash equivalents, 18% of accounts receivables and 84% of accounts payable were denominated in foreign currencies (February 28, 2025 – 19.0%, 29% and 71%, respectively).
−Removed: These foreign currencies primarily include the Canadian dollar, euro and British pound.
+Added: At August 31, 2025, approximately 10% of cash and cash equivalents, 25% of accounts receivables and 71% of accounts payable were denominated in foreign currencies (February 28, 2025 – 19.0%, 29% and 71%, respectively).
+Added: foreign currencies primarily include the Canadian dollar, euro and British pound.
As part of its risk management strategy, the Company maintains net monetary asset and/or liability balances in foreign currencies and engages in foreign currency hedging activities using derivative financial instruments, including currency forward contracts and currency options.
−Removed: The Company does not use derivative instruments for speculative purposes.
+Added: The Company does not use derivative instruments for speculative p urposes.
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 foreig n currencies at May 31, 2025 (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, 2025 (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, 2025 was $6.0 million (February 28, 2025 - $6.6 million).
−Removed: There were two customers that comprised more than 10% of accounts receivable as at May 31, 2025 (February 28, 2025 - two customers that comprised more than 10%).
−Removed: During the first quarter of fiscal 2026, the percentage of the Company’s receivable balance that was past due decreased by 11.2% compared to the fourth quarter of fiscal 2025.
−Removed: 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 condition.
−Removed: There was one customer that comprised 13% of the Company’s revenue in the three months ended May 31, 2025 (three months ended May 31, 2024 - one customer that comprised 13% of the Company’s revenue).
+Added: The ACL as at August 31, 2025 was $5.4 million (February 28, 2025 - $6.6 million).
+Added: There were two customers that comprised more than 10% of accounts receivable as at August 31, 2025 (February 28, 2025 - two customers that comprised more than 10%).
+Added: During the second quarter of fiscal 2026, the percentage of the Company’s receivable balance that was past due decreased by 14.7% compared to the fourth quarter of fiscal 2025.
+Added: 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 recei vables from resellers and other distribution partners exists.
+Added: The occurrence of such delays or challenges in obtaining timely payments could negatively impact the Company’s liquidity and financial con dition.
+Added: There was no customer that comprised more than 10% of the Company’s revenue and one customer that comprised 11% of the Company’s revenue in the three and six months ended August 31, 2025, respectively (three and six months ended August 31, 2024 - one customer that comprised 13% of the Company’s revenue and one customer that comprised 14% 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.