QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
−Removed: Market risk represents the risk of loss that may affect us due to adverse financial market price and rate changes.
+Added: Market risk is the risk of loss from adverse changes in financial market prices and rates.
Foreign currency exposure
Translation risk
−Removed: Our foreign operations’ operating expenses are primarily denominated in foreign currencies.
−Removed: However, our international sales are also primarily denominated in foreign currencies, which partially offsets our foreign currency exposure.
+Added: Our international operations’ operating expenses are primarily denominated in foreign currencies.
+Added: However, our international sales are also primarily denominated in foreign currencies, partially offsetting our foreign currency exposure.
A hypothetical 10% strengthening in the U.S.
−Removed: dollar against other currencies would result in the following impact:
+Added: dollar against other currencies would have resulted in the following:
2023 2022 2021
(Decrease) in revenue (4) % (3) % (4) %
−Removed: Increase (decrease) in net income 2 % 1 % 12 %
+Added: (Decrease) increase in net income (8) % 2 % 1 %
Remeasurement risk
−Removed: We experience fluctuations in transaction gains or losses from the remeasurement of monetary assets and liabilities denominated in currencies other than the functional currency of the entities in which they are recorded.
+Added: We incur transaction gains and losses from the remeasurement of monetary assets and liabilities denominated in currencies other than the functional currency of the entities in which they are recorded.
We are primarily exposed to changes in foreign currency exchange rates associated with the Australian dollar, Euro, and U.S.
−Removed: dollar-denominated cash and cash equivalents, accounts receivable, unbilled receivables, and intercompany receivables and payables held by our U.K.
+Added: dollar-denominated cash, cash equivalents, receivables, and intercompany balances held by our U.K.
subsidiary, a British pound functional entity.
−Removed: A hypothetical 10% strengthening in the British pound exchange rate against the Australian dollar, Euro, and U.S.
−Removed: dollar would result in the following impact:
+Added: A hypothetical 10% strengthening in the British pound exchange rate in comparison to the Australian dollar, Euro, and U.S.
+Added: dollar would have resulted in the following impact:
(in thousands) December 31, 2023 December 31, 2022 December 31, 2021
−Removed: Foreign currency (loss) gain $ (10,164) $ (8,352) $ (7,782)
+Added: Foreign currency (loss) $ (11,892) $ (10,164) $ (8,352)
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.