3 unchanged sentences
By policy, we do not enter into investments for trading or speculative purposes.
−Removed: As of July 3, 2021, we had cash, cash equivalents and marketable securities of $175.8 million, which was held primarily in cash, money market funds and highly liquid marketable securities such as U.S.
+Added: As of October 2, 2021, we had cash, cash equivalents and marketable securities of $188.7 million, which was held primarily in cash, money market funds and highly liquid marketable securities such as U.S.
government agency securities and commercial paper.
2 unchanged sentences
Borrowings under the BofA Loan Agreement will bear interest through maturity at a variable annual rate based upon an annual rate of either a prime rate or a LIBOR rate, plus an applicable margin between 0.5% to 1.0% for prime rate advances and between 1.5% and 2.0% for LIBOR advances based on our fixed charge coverage ratio.
−Removed: As of July 3, 2021, we had no outstanding borrowings under the BofA Loan Agreement.
+Added: As of October 2, 2021, we had no outstanding borrowings under the BofA Loan Agreement.
Foreign Currency Exchange Risk
5 unchanged sentences
Increases in the local currency rates of these vendors in relation to USD could cause an increase in the price of products that we purchase.
−Removed: Additionally, if the USD strengthens relative to other currencies, such strengthening could have an indirect effect on our sales to the extent it raises the
−Removed: cost of our products to non-U.S.
+Added: Additionally, if the USD strengthens relative to other currencies, such strengthening could have an indirect effect on our sales to the extent it raises the cost of our products to non-U.S.
customers and thereby reduces demand.
3 unchanged sentences
Our sales contracts are primarily denominated in USD and, therefore, the majority of our revenue is not subject to foreign currency risk.
−Removed: We are directly exposed to changes in foreign exchange rates to the extent such changes affect our expenses related to our foreign assets and liabilities with our subsidiaries in China and the United Kingdom, whose functional currencies are Chinese Renminbi, or RMB, and British Pounds Sterling, or GBP.
−Removed: Our operating expenses are incurred primarily in the United States, in China associated with our research and development operations that are maintained there and in the United Kingdom for our international sales and marketing activities.
+Added: We are directly exposed to changes in foreign exchange rates to the extent such changes affect our expenses related to our foreign assets and liabilities with our subsidiaries in China, India and the United Kingdom, whose functional currencies are Chinese Renminbi, or RMB, Indian Rupee, or INR, and British Pounds Sterling, or GBP.
+Added: Our operating expenses are incurred primarily in the United States, in China associated with our research and development operations that are maintained there, in India for our new center of excellence and in the United Kingdom for our international sales and marketing activities.
Our operating expenses are generally denominated in the functional currencies of our subsidiaries in which the operations are located.
The percentages of our operating expenses denominated in the following currencies for the indicated periods were as follows:
−Removed: Six Months Ended
−Removed: 2021 June 27,
+Added: Nine Months Ended
+Added: 2021 September 26,
USD 92 % 93 %
−Removed: If USD had appreciated or depreciated by 10%, relative to RMB and GBP, our operating expenses for the first six months of 2021 would have decreased or increased by approximately $1.1 million, or approximately 1%.
+Added: If USD had appreciated or depreciated by 10%, relative to INR, GBP and RMB, our operating expenses for the first nine months of 2021 would have decreased or increased by approximately $1.6 million, or approximately 1%.
We do not currently enter into forward exchange contracts to hedge exposure denominated in foreign currencies or any derivative financial instruments.
1 unchanged sentence
Foreign exchange rate fluctuations may also adversely impact our financial position as the assets and liabilities of our foreign operations are translated into USD in preparing our Condensed Consolidated Balance Sheets.
−Removed: The effect of foreign exchange rate fluctuations on our consolidated financial position for the six months ended July 3, 2021 was a net translation gain of $9,000.
−Removed: This gain is recognized as an adjustment to stockholders’ equity through accumulated other comprehensive loss.
+Added: The effect of foreign exchange rate fluctuations on our consolidated financial position for the nine months ended October 2, 2021 was a net translation loss of $15,000.
+Added: This loss is recognized as an adjustment to stockholders’ equity through accumulated other comprehensive loss.
Transaction Exposure
1 unchanged sentence
In certain circumstances, changes in the functional currency value of these assets and liabilities create fluctuations in our reported consolidated financial position, cash flows and results of operations.
−Removed: Transaction gains and losses on these foreign currency denominated assets and liabilities are recognized each period within “Other expense, net” in our Condensed Consolidated Statements of Comprehensive Income (Loss).
−Removed: During the six months ended July 3, 2021, the net gain we recognized related to these foreign exchange assets and liabilities was approximately $0.5 million.
+Added: Transaction gains and losses on these foreign currency denominated assets and liabilities are recognized each period within “Other expense, net” in our Condensed Consolidated Statements of Comprehensive Income.
+Added: During the nine months ended October 2, 2021, the net gain we recognized related to these foreign exchange assets and liabilities was approximately $0.1 million.
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.