3 unchanged sentences
By policy, we do not enter into investments for trading or speculative purposes.
−Removed: As of October 1, 2022, we had cash, cash equivalents and marketable securities of $234.7 million, which was held primarily in cash, money market funds and highly liquid marketable securities such as U.S.
+Added: As of April 1, 2023, we had cash, cash equivalents and marketable securities of $257.1 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.
−Removed: Due to the nature of these money market funds and highly liquid marketable securities, we believe that we do not have any material exposure to changes in the fair value of our cash equivalents and marketable securities as a result of changes in interest rates.
+Added: Due to the nature of these money market funds and highly liquid marketable securities, we believe that we do not have any material exposure to changes in the fair value of our cash equivalents and marketable securities because of changes in interest rates.
Foreign Currency Exchange Risk
10 unchanged sentences
Translation Exposure
−Removed: Our sales contracts are primarily denominated in USD and, therefore, the majority of our revenue is not subject to foreign currency risk.
+Added: Our sales contracts are primarily denominated in USD and, therefore, most of our revenue is not subject to foreign currency risk.
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.
−Removed: 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.
−Removed: Our operating expenses are generally denominated in the functional currencies of our
−Removed: subsidiaries in which the operations are located.
+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 center of excellence and in the United Kingdom for our international sales and marketing activities.
+Added: 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: Nine Months Ended
−Removed: 2022 October 2,
+Added: Three Months Ended
+Added: 2023 April 2,
USD 91 % 92 %
−Removed: If USD had appreciated or depreciated by 10%, relative to RMB, GBP and INR, our operating expenses for the first nine months of 2022 would have decreased or increased by approximately $2.1 million, or approximately 1%.
+Added: If USD had appreciated or depreciated by 10%, relative to RMB, INR and GBP, our operating expenses for the first three months of 2023 would have decreased or increased by approximately $1.1 million, or approximately 1%.
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 nine months ended October 1, 2022 was a net translation loss of $0.8 million.
−Removed: This loss 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 three months ended April 1, 2023 was a net translation gain of $0.1 million.
+Added: This gain is recognized as an adjustment to stockholders’ equity through “Accumulated other comprehensive loss.”
Transaction Exposure
−Removed: We have certain assets and liabilities, primarily receivables and accounts payable (including inter-company transactions) that are denominated in currencies other than the relevant entity’s functional currency.
+Added: We have certain assets and liabilities, primarily accounts receivables and accounts payable (including inter-company transactions) that are denominated in currencies other than the relevant entity’s functional currency.
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.
3 unchanged sentences
These foreign exchange forward contracts typically have maturities of approximately one to two months.
−Removed: As of October 1, 2022, we had no forward contracts outstanding.
+Added: As of April 1, 2023, we had no forward contracts outstanding.
Transaction gains and losses on these foreign currency denominated assets and liabilities are recognized each period within “Other income (expense), net” in our Condensed Consolidated Statements of Comprehensive Income.
−Removed: During the nine months ended October 1, 2022, the net loss we recognized related to these foreign exchange assets and liabilities of approximately $0.3 million.
+Added: During the three months ended April 1, 2023, the net loss we recognized related to these foreign exchange assets and liabilities was approximately $0.2 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.