2 unchanged sentences
Our exposure to market risk is limited primarily to the fluctuating interest rates associated with variable rate indebtedness.
−Removed: At July 31, 2024, we had approximately $0.6 billion of net variable rate indebtedness (after taking into consideration $400.0 million in interest rate swaps which converts variable-rate debt to fixed-rate debt, which expired on September 23, 2024), representing approximately 22% of our total debt outstanding, at an average interest rate during Fiscal 2024 of approximately 6.9%.
+Added: At July 31, 2025, we had approximately $1.0 billion of net variable rate indebtedness, representing approximately 30% of our total debt outstanding, at an average interest rate during Fiscal 2025 of approximately 6.1%.
Based on variable-rate borrowings outstanding as of July 31, 2025, a 100-basis point (or 1.0%) change in our borrowing rates would result in our annual interest payments changing by $9.6 million.
−Removed: Our market risk exposure fluctuates based on changes in underlying interest rates, as well as our potential entry into future interest rate hedging instruments or expiration of existing interest rate hedging agreements.
+Added: Our market risk exposure fluctuates based on changes in underlying interest rates.
Foreign Currency Exchange Rate Risk.
3 unchanged sentences
dollar, affect the amounts we record for our foreign assets, liabilities, revenues and expenses, and could have a negative effect on our financial results.
−Removed: Additionally, we have foreign currency transaction exposure from an intercompany loan to Whistler Blackcomb that is not deemed to be permanently invested, which has and could materially change due to fluctuations in the Canadian dollar exchange rate.
The results of Whistler Blackcomb are reported in Canadian dollars;
7 unchanged sentences
Foreign currency translation adjustments $ 21,948 $ (67,384) $ (25,439)
−Removed: Foreign currency loss on intercompany loans $ (4,140) $ (2,907) $ (2,682)
+Added: Foreign currency gain (loss) on intercompany loans $ 20 $ (4,140) $ (2,907)
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.