12 unchanged sentences
The potential impact of currency fluctuation increases as our international expansion increases.
−Removed: As of October 30, 2022, we had certain forward currency contracts outstanding in order to hedge a portion of the foreign currency exposure that arises on translation of a Canadian subsidiary into U.S.
+Added: As of April 30, 2023, we had certain forward currency contracts outstanding in order to hedge a portion of the foreign currency exposure that arises on translation of a Canadian subsidiary into U.S.
We also had certain forward currency contracts outstanding in an effort to reduce our exposure to the foreign currency exchange revaluation gains and losses that are recognized by our Canadian and Chinese subsidiaries on U.S.
dollar denominated monetary assets and liabilities.
−Removed: Please refer to Note 8.
+Added: refer to Note 6.
Derivative Financial Instruments included in Item 1 of Part I of this report for further information, including details of the notional amounts outstanding.
17 unchanged sentences
– net investment hedge losses from derivative valuation losses on forward currency contracts, entered into as net investment hedges of a Canadian subsidiary.
−Removed: During the first three quarters of 2022, the change in the relative value of the U.S.
+Added: During the first quarter of 2023, the change in the relative value of the U.S.
dollar against the Canadian dollar resulted in a $22.8 million increase in accumulated other comprehensive loss within stockholders' equity.
−Removed: During the first three quarters of 2021, the change in the relative value of the U.S.
−Removed: dollar against the Canadian dollar resulted in a $35.6 million reduction in accumulated other comprehensive loss within stockholders' equity.
+Added: During the first quarter of 2022, the change in the relative value of the U.S.
+Added: dollar against the Canadian dollar resulted in a $11.4 million increase in accumulated other comprehensive loss within stockholders' equity.
A 10% appreciation in the relative value of the U.S.
−Removed: dollar against the Canadian dollar compared to the foreign currency exchange rates in effect for the first three quarters of 2022 would have resulted in lower income from operations of approximately $26.9 million.
+Added: dollar against the Canadian dollar compared to the foreign currency exchange rates in effect for the first quarter of 2023 would have resulted in lower income from operations of approximately $83.9 million.
This assumes a consistent 10% appreciation in the U.S.
−Removed: dollar against the Canadian dollar over the first three quarters of 2022.
+Added: dollar against the Canadian dollar over the first quarter of 2023.
The timing of changes in the relative value of the U.S.
3 unchanged sentences
Because our revolving credit facilities bear interest at a variable rate, we will be exposed to market risks relating to changes in interest rates, if we have a meaningful outstanding balance.
−Removed: As of October 30, 2022, aside from letters of credit of $5.2 million, there were no borrowings outstanding under these credit facilities.
+Added: As of April 30, 2023, aside from letters of credit of $6.5 million, there were no borrowings outstanding under these credit facilities.
We currently do not engage in any interest rate hedging activity and currently have no intention to do so.
5 unchanged sentences
Credit Risk .
−Removed: We have cash on deposit with various large, reputable financial institutions and have invested in AAA-rated money market funds.
+Added: We have cash on deposit with various large, reputable financial institutions and have invested in AAA-rated money market funds, which include investments in government bonds.
The amount of cash and cash equivalents held with certain financial institutions exceeds government-insured limits.
2 unchanged sentences
We have not experienced any losses related to these items, and we believe credit risk to be minimal.
−Removed: We seek to minimize our credit risk by entering into transactions with credit worthy and reputable financial institutions and by monitoring the credit standing of the financial institutions with whom we transact.
+Added: We seek to minimize our credit risk by entering into transactions with investment grade credit worthy and reputable financial institutions and by monitoring the credit standing of the financial institutions with whom we transact.
We seek to limit the amount of exposure with any one counterparty.
Inflationary factors such as increases in the cost of our product, as well as overhead costs and capital expenditures may adversely affect our operating results.
−Removed: During 2021 and the first three quarters of 2022, our operating margin was impacted by higher air freight costs compared to fiscal 2021 and 2020 as a result of global supply chain disruption, as well as increased wage rates.
+Added: During 2022 and the first quarter of 2023, our operating margin was impacted by increased wage rates.
+Added: During the first half of 2022, our gross margin was impacted by higher air freight costs as a result of global supply chain disruption.
Sustained increases in transportation costs, wages, and raw material costs, or other inflationary pressures in the future may have an adverse effect on our ability to maintain current levels of operating margin if the selling prices of our products do not increase with these increased costs, or we cannot identify cost efficiencies.
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.