4 unchanged sentences
Our consolidated financial statements are presented in U.S.
−Removed: Therefore, the net revenue, expenses, assets, and liabilities of our international subsidiaries are translated from their functional currencies into U.S.
+Added: Therefore, the net revenue, expenses, assets, and liabilities of
+Added: our international subsidiaries are translated from their functional currencies into U.S.
Fluctuations in the value of the U.S.
6 unchanged sentences
We enter into forward currency contracts in order to hedge a portion of the foreign currency exposure associated with the translation of our net investment in our Canadian subsidiary.
−Removed: The impact to other comprehensive loss of translation of our Canadian subsidiaries was an increase in the loss of $9.0 million, inclusive of net investment hedge gains.
+Added: During 2024, the impact to other comprehensive loss of translation of our Canadian subsidiaries was an increase in the loss of $134.8 million, inclusive of net investment hedge gains.
Transaction Risk .
We also have exposure to changes in foreign currency exchange rates associated with transactions which are undertaken by our subsidiaries in currencies other than their functional currency.
−Removed: Such transactions include intercompany transactions and inventory purchases denominated in currencies other than the functional currency of the
−Removed: purchasing entity.
+Added: Such transactions include intercompany transactions and inventory purchases denominated in currencies other than the functional currency of the purchasing entity.
We also hold cash and cash equivalents and other monetary assets in currencies that are different to the functional currency of our subsidiaries.
−Removed: As of January 28, 2024, we had certain forward currency contracts outstanding in order to economically hedge the foreign currency revaluation gains and losses recognized by our foreign subsidiaries, including our Canadian and Chinese subsidiaries, on their monetary assets and liabilities denominated in currencies other than their functional currency.
+Added: As of February 2, 2025, we had certain forward currency contracts outstanding in order to economically hedge the foreign currency revaluation gains and losses recognized by our foreign subsidiaries, including our Canadian and Chinese subsidiaries, on their monetary assets and liabilities denominated in currencies other than their functional currency.
We perform a sensitivity analysis to determine the market risk exposure associated with the fair values of our forward currency contracts.
−Removed: The net fair value of outstanding derivatives as of January 28, 2024 was a liability of $2.2 million.
−Removed: As of January 28, 2024, a 10% depreciation in the U.S.
+Added: The net fair value of outstanding derivatives as of February 2, 2025 was an asset of $2.2 million.
+Added: As of February 2, 2025, a 10% depreciation in the U.S.
dollar against the hedged currencies would have resulted in the net fair value of outstanding derivatives depreciating by $11.0 million.
7 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 January 28, 2024, aside from letters of credit of $6.3 million, there were no borrowings outstanding under these credit facilities.
+Added: As of February 2, 2025, aside from letters of credit of $6.1 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.
3 unchanged sentences
Our cash and cash equivalent balances are held in the form of cash on hand, bank balances, and short-term deposits with original maturities of three months or less, and in money market funds.
−Removed: As of January 28, 2024, we held cash and cash equivalents of $2.2 billion.
+Added: As of February 2, 2025, we held cash and cash equivalents of $2.0 billion.
Interest generated on cash balances is subject to variability as interest rates increase or decrease.
−Removed: Credit Risk .
We have cash on deposit with various large, reputable financial institutions and have invested in AAA-rated money market funds.
6 unchanged sentences
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 2022 and 2023, our operating margin was impacted by increased wage rates.
−Removed: During 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.
+Added: Inflationary pressures could also reduce consumer spending and impact the demand for our products.
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.