8 unchanged sentences
As a result of the fluctuation in exchange rates compared to the U.S.
−Removed: dollar our revenue was $25.7 million lower in the first three quarters of 2024 in comparison to the first three quarters of 2023.
+Added: dollar our revenue was $21.3 million lower in the first quarter of 2025 in comparison to the first quarter of 2024.
Foreign currency exchange differences which arise on translation of our international subsidiaries' balance sheets into U.S.
−Removed: dollars are recorded as other comprehensive income (loss), net of tax in accumulated other comprehensive income or loss within stockholders' equity.
+Added: dollars are recorded as other comprehensive income (loss), net of tax in accumulated other comprehensive income (loss) within stockholders' equity.
A significant portion of our net assets are held by our Canadian dollar subsidiary.
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: During the first three quarters of 2024, the impact to other comprehensive loss of translation of our Canadian subsidiaries was an increase in the loss of $46.5 million, inclusive of net investment hedge gains.
+Added: During the first quarter of 2025, the impact to other comprehensive loss of translation of our Canadian subsidiaries was a reduction in the loss of $52.9 million, inclusive of net investment hedge gains.
Transaction Risk .
2 unchanged sentences
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 October 27, 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 May 4, 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 October 27, 2024 was an asset of $2.3 million.
−Removed: As of October 27, 2024, a 10% depreciation in the U.S.
+Added: The net fair value of outstanding derivatives as of May 4, 2025 was a liability of $1.1 million.
+Added: As of May 4, 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 $21.9 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 October 27, 2024, aside from letters of credit of $6.5 million, there were no borrowings outstanding under these credit facilities.
+Added: As of May 4, 2025, there were no borrowings outstanding under this facility other than letters of credit and guarantee of $6.6 million.
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 October 27, 2024, we held cash and cash equivalents of $1.2 billion.
+Added: As of May 4, 2025, we held cash and cash equivalents of $1.3 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.
The amount of cash and cash equivalents held with certain financial institutions exceeds government-insured limits.
−Removed: We are also exposed to credit-related losses in the event of nonperformance by the financial institutions that are counterparties to our forward currency contracts.
+Added: We are also exposed to credit-related losses in the event of nonperformance by the financial institutions that are
+Added: counterparties to our forward currency contracts.
The credit risk amount is our unrealized gains on our derivative instruments, based on foreign currency rates at the time of nonperformance.
2 unchanged sentences
We seek to limit the amount of exposure with any one counterparty.
−Removed: 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: 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, such as rising product, transportation, labor and raw material costs, may adversely affect our operating results, particularly if we are unable to increase selling prices or offset higher costs through efficiencies.
+Added: Inflation could also reduce consumer discretionary spending and negatively impact 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.