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In addition, Grid Dynamics’ profit margins are subject to volatility as a result of changes in foreign exchange rates.
−Removed: When and where possible, Grid Dynamics seeks to match expenses to the U.S.
−Removed: dollar, and believes, due to Ukrainian payroll being pegged to the U.S.
−Removed: dollar, that a significant portion of its foreign currency exchange rate exposure to the Ukrainian hryvnia is naturally hedged.
−Removed: In future periods, Grid Dynamics may also become materially exposed to changes in the value of the Serbian dinar against the U.S.
−Removed: dollar, as it continues to expand its operations in Serbia.
−Removed: For the year ended December 31, 2021, approximately 12.5%, 11.9%, and 6.4% of our $211.2 million of Grid Dynamics’ combined cost of revenue and total operating expenses were denominated in the Ukrainian hryvnia, Russian rouble, and Polish zloty, respectively.
−Removed: Comparatively, for the year ended December 31, 2020, approximately 11.7%, 13.8% and 9.6% of our $126.7 million of combined cost of revenue and total operating expenses were denominated in the Ukrainian hryvnia, Russian rouble, and Polish zloty, respectively.
+Added: Grid Dynamics’ functional currency apart from the U.S.
+Added: dollar includes EURO, British pounds, Mexican pesos, Moldovan leu and Indian rupees.
+Added: When and where possible, Grid Dynamics seeks to match expenses of each entity to currencies in which revenues are generated creating natural hedge.
+Added: In future periods, Grid Dynamics may also become materially exposed to changes in the value of Serbian dinars and Moldovan leu against the U.S.
+Added: dol lar, due to the recent acquisitions and continuous expansion of operations.
+Added: For the year ended December 31, 2022, approximately 33.4% of Grid Dynamics’ $331.5 million of combined cost of revenue and total operating expenses were denominated in currencies other than the U.S.
+Added: Comparatively, approximately 37.8% of Grid Dynamics’ $211.2 million of combined cost of revenue and total operating expenses were denominated in currencies other than the U.S.
+Added: dollar in the year ended December 31, 2021.
In the year ended December 31, 2022:
−Removed: • a 10% decrease in the value of the Russian rouble against the U.S.
−Removed: dollar would have resulted in a $2.3 million increase in Grid Dynamics’ income from operations, while a 10% increase in the rouble’s value would have resulted in a $2.8 million decrease in income from operations.
• a 10% decrease in the value of the Polish zloty against the U.S.
dollar would have resulted in a $2.1 million increase in Grid Dynamics’ income from operations, while a 10% increase in the zloty’s value would have resulted in a $2.6 million decrease in income from operations.
+Added: • a 10% decrease in the value of the Mexican pesos against the U.S.
+Added: dollar would have resulted in a $0.9 million increase in Grid Dynamics’ income from operations, while a 10% increase in the pesos’ value would have resulted in a $0.8 million decrease in income from operations.
In the year ended December 31, 2021:
−Removed: • a 10% decrease in the value of the Russian rouble against the U.S.
−Removed: dollar would have resulted in a $1.6 million increase in Grid Dynamics’ income from operations, while a 10% increase in the rouble’s value would have resulted in a $0.7 million decrease in income from operations.
• a 10% decrease in the value of the Polish zloty against the U.S.
dollar would have resulted in a $1.2 million increase in Grid Dynamics’ income from operations, while a 10% increase in the zloty’s value would have resulted in a $1.5 million decrease in income from operations.
−Removed: Grid Dynamics analyzes sensitivity to the rouble and zloty separately because, in management’s experience, fluctuations in the value of these currencies against the U.S.
−Removed: dollar are frequently driven by distinct macroeconomic and geopolitical factors.
+Added: • a 10% decrease in the value of the Mexican pesos against the U.S.
+Added: dollar would have resulted in a $0.2 million increase in Grid Dynamics’ income from operations, while a 10% increase in the pesos’ value would have resulted in a $0.3 million decrease in income from operations.
+Added: Grid Dynamics analyzes sensitivity to the zloty and pesos separately because, in management’s experience, fluctuations in the value of these currencies against the U.S.
+Added: dollar are frequently driven by distinct macroeconomic and geopolitical factors and have the largest effect on our results during the year ended December 31, 2022.
Grid Dynamics does not currently hedge its foreign currency exposure, although it seeks minimize it by limiting cash transfers to amounts necessary to fund subsidiary operating expenses for a short period, typically one week.
1 unchanged sentence
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.