17 unchanged sentences
Revenue and related expenses generated in currencies other than the U.S.
−Removed: dollar could result in higher or lower net income when, upon consolidation, those transactions are translated to U.S.
−Removed: When the value or timing of revenue and expenses in a given currency are materially different, we may be exposed to significant impacts on our net income and non-GAAP financial metrics, such as adjusted EBITDA.
+Added: dollar could result in higher or lower net loss when, upon consolidation, those transactions are translated to U.S.
+Added: When the value or timing of revenue and expenses in a given currency are materially different, we may be exposed to significant impacts on our net loss and non-GAAP financial metrics, such as adjusted EBITDA.
Our currency hedging objectives are targeted at reducing volatility in our forecasted U.S.
dollar-equivalent adjusted EBITDA in order to maintain stability on our incurrence-based debt covenants.
−Removed: Since adjusted EBITDA excludes non-cash items such as depreciation and amortization that are included in net income, we may experience increased, not decreased, volatility in our GAAP results due to our hedging approach.
+Added: Since adjusted EBITDA excludes non-cash items such as depreciation and amortization that are included in net loss, we may experience increased, not decreased, volatility in our GAAP results due to our hedging approach.
Our most significant net currency exposures by volume are in the Euro and British Pound.
In addition, we elect to execute currency derivatives contracts that do not qualify for hedge accounting.
−Removed: As a result, we may experience volatility in our consolidated statements of operations due to (i) the impact of unrealized gains and losses reported in other (expense) income, net on the mark-to-market of outstanding contracts and (ii) realized gains and losses recognized in other (expense) income, net, whereas the offsetting economic gains and losses are reported in the line item of the underlying activity, for example, revenue.
+Added: As a result, we may experience volatility in our consolidated statements of operations due to (i) the impact of unrealized gains and losses reported in other income (expense), net, on the mark-to-market of outstanding contracts and (ii) realized gains and losses recognized in other income (expense), net, whereas the offsetting economic gains and losses are reported in the line item of the underlying activity, for example, revenue.
• Translation of our non-U.S.
7 unchanged sentences
• Remeasurement of monetary assets and liabilities:
−Removed: Transaction gains and losses generated from remeasurement of monetary assets and liabilities denominated in currencies other than the functional currency of a subsidiary are included in other (expense) income, net on the consolidated statements of operations.
+Added: Transaction gains and losses generated from remeasurement of monetary assets and liabilities denominated in currencies other than the functional currency of a subsidiary are included in other income (expense), net, on the consolidated statements of operations.
Certain of our subsidiaries hold intercompany loans denominated in a currency other than their functional currency.
−Removed: Due to the significance of these balances, the revaluation of intercompany loans can have a material impact on other (expense) income, net.
+Added: Due to the significance of these balances, the revaluation of intercompany loans can have a material impact on other income (expense), net.
We expect these impacts may be volatile in the future, although our largest intercompany loans do not have a U.S.
5 unchanged sentences
The balances are inclusive of the notional value of any cross-currency swaps designated as cash flow hedges.
−Removed: A hypothetical decrease in exchange rates of 10% against the functional currency of our subsidiaries would have resulted in an increase of $6.0 million, $15.8 million, and $33.3 million, on our (loss) income before income taxes for the years ended June 30, 2021, 2020 and 2019, respectively.
+Added: A hypothetical decrease in exchange rates of 10% against the functional currency of our subsidiaries would have resulted in a change of $2.8 million on our income before income taxes for the year ended June 30, 2022.
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.