10 unchanged sentences
The interest-bearing liabilities are denominated in U.S.
−Removed: dollars and until September 29, 2023, the interest expense is based on LIBOR, plus an additional margin, depending on the lending institution.
+Added: Until September 29, 2023, the interest expense was based on LIBOR, plus an additional margin, depending on the lending institution.
If the LIBOR had increased by 100 basis points during fiscal year 2024, fiscal year 2023 and fiscal year 2022, our interest expense would have increased by approximately $0.1 million, $0.2 million and $0.3 million, respectively, assuming consistent borrowing levels.
+Added: As a result of the phase-out of LIBOR, we amended the Term Loan Agreement to replace the interest rate reference from LIBOR to the SOFR effective from September 29, 2023 (see Note 13).
We therefore entered into interest rate swap agreements (the “Swap Agreements”) to manage this risk and increase the profile of our debt obligation.
−Removed: The terms of the Swap Agreements allow us to effectively convert the floating interest rate to a fixed interest rate.
+Added: The terms of the Swap Agreements, one of which matured in June 2023, allow us to effectively convert the floating interest rate to a fixed interest rate.
This locks the variable interest expenses associated with our floating rate borrowings and results in fixed interest expenses that are unsusceptible to market rate increases.
12 unchanged sentences
As a result of our foreign operations, we have significant expenses, assets and liabilities that are denominated in foreign currencies.
−Removed: Substantially all of our employees and most of our facilities are located in Thailand, the PRC and the United Kingdom.
−Removed: Therefore, a substantial portion of our payroll as well as certain other operating expenses are paid in Thai baht, RMB and GBP.
+Added: Substantially all of our employees and most of our facilities are located in Thailand and the PRC.
+Added: Therefore, a substantial portion of our payroll as well as certain other operating expenses are paid in Thai baht and RMB.
The significant majority of our revenues are denominated in U.S.
dollars because our customer contracts generally provide that our customers will pay us in U.S.
−Removed: As a consequence, our gross profit margins, operating results, profitability and cash flows are adversely impacted when the dollar depreciates relative to the Thai baht, the GBP or the RMB.
−Removed: We have a particularly significant currency rate exposure to changes in the exchange rate between the Thai baht, the GBP, the RMB and the U.S.
+Added: As a consequence, our gross profit margins, operating results, profitability and cash flows are adversely impacted when the dollar depreciates relative to the Thai baht or the RMB.
+Added: We have a particularly significant currency rate exposure to changes
+Added: in the exchange rate between the Thai baht, the RMB and the U.S.
We must translate foreign currency-denominated results of operations, assets and liabilities for our foreign subsidiaries to U.S.
−Removed: dollars in our consolidated
−Removed: financial statements.
+Added: dollars in our consolidated financial statements.
Consequently, increases and decreases in the value of the U.S.
6 unchanged sentences
From December 28, 2019, any gains or losses related to these outstanding foreign currency forward contracts will be recorded in accumulated other comprehensive income in the consolidated balance sheets, with subsequent reclassification to the same statement of operations and comprehensive income line item as the earnings effect of hedge items when settled.
−Removed: We recorded unrealized gain of $0.4 million and unrealized loss $0.8 million for the year ended June 30, 2023 and June 24, 2022, respectively, related to derivatives that are not designated as hedging instruments.
+Added: We recorded unrealized gain of $0.7 million and $0.4 million, respectively, for the year ended June 28, 2024 and June 30, 2023, respectively, related to derivatives that are not designated as hedging instruments.
As foreign currency exchange rates fluctuate relative to the U.S.
1 unchanged sentence
For example, a 10% weakening in the U.S.
−Removed: dollar against the Thai baht, the RMB and the GBP would have resulted in a decrease in our net dollar position of approximately $6.0 million and $5.3 million as of June 30, 2023 and June 24, 2022, respectively.
+Added: dollar against the Thai baht and the RMB would have resulted in a decrease in our net dollar position of approximately $7.2 million and $6.0 million as of June 28, 2024 and June 30, 2023, respectively.
We cannot give any assurance as to the effect that future changes in foreign currency rates will have on our consolidated financial position, operating results or cash flows.
7 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.