1 unchanged sentence
Interest Rate Risk.
−Removed: We are primarily exposed to market risks from fluctuations in interest rates and the effects of those fluctuations on the market values of our cash and cash equivalents and our borrowings under the Credit Facility that bear interest at a variable market rate.
+Added: We are primarily exposed to market risks from fluctuations in interest rates and the effects of those fluctuations on the market values of our cash and cash equivalents and our borrowings under the 2021 Credit Facility that bore interest at a variable market rate.
As of May 31, 2025 , we had approximately $86.1 million of cash and cash equivalents and no borrowings under our 2021 Credit Facility.
1 unchanged sentence
however, assuming a constant balance available for investment, a 10% decline in interest rates would reduce our interest income but would not have a material impact on our consolidated financial position or results of operations.
−Removed: We may become exposed to interest rate risk related to fluctuations in the term SOFR rate used under our Credit Facility.
−Removed: See "Liquidity and Capital Resources” above and Note 8 – Long-Term Debt in the Notes to Consolidated Financial Statements included in Part II, Item 8 of this Annual Report on Form 10-K for further discussion about the interest rate on our Credit Facility.
−Removed: As of May 25, 2024 , we had no borrowings outstanding under our Credit Facility.
+Added: We may become exposed to interest rate risk related to fluctuations in the term SOFR rate used under our New Credit Facility.
+Added: See “ Liquidity and Capital Resources” above and Note 8 – Long-Term Debt in the Notes to Consolidated Financial Statements included in Part II, Item 8 of this Annual Report on Form 10-K for further discussion about the interest rate on our 2021 Credit Facility and New Credit Facility.
+Added: As of May 31, 2025 , we had no borrowings outstanding and $1.0 million of outstanding letters of credit issued under our 2021 Credit Facility.
Foreign Currency Exchange Rate Risk.
For the year ended May 31, 2025, approximately 18.2% of our revenues were generated outside of the U.S.
−Removed: compared to approximately 14.3% of our revenues for the year ended May 27, 2023.
+Added: compared to approximately 17.8% of our re venues for the year ended May 25, 2024.
As a result, our operating results are subject to fluctuations in the exchange rates of foreign currencies in relation to the U.S.
6 unchanged sentences
Approximately 54.2% of our cash and cash equivalents balances as of May 31, 2025 were denominated in U.S.
−Removed: The remaining amount of approximately 40.8% was comprised primarily of cash balances translated from Euros, Japanese Yen, Mexican Pesos, Chinese Yuan, Canadian Dollar, Indian Rupee and British Pound Sterling.
+Added: The remaining amount of approximately 45.8% was comprised primarily of cash balances translated from Euros, Mexican Pesos, Canadian Dollar, Chinese Yuan, Indian Rupee, Japanese Yen and British Pound Sterling.
This compares to approximately 59.2% of our cash and cash equivalents balances as of May 25, 2024 that were denominated in U.S.
5 unchanged sentences
However, we cannot provide assurance that exchange rate fluctuations will not adversely affect our financial results in the future.
+Added: Table o f Contents
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.