5 unchanged sentences
dollar value of the Company’s reported revenues, expenses, earnings, assets and liabilities.
−Removed: For the nine months ended September 30, 2022, approximately 21.1% Company’s revenues were generated outside of the U.S..
+Added: For the three months ended March 31, 2023, approximately 21.8% of the Company’s revenues were generated outside of the U.S..
These operations transact business in their functional currency, which is the same as their local currency.
4 unchanged sentences
Consequently, as the value of the U.S.
−Removed: dollar changes relative to the currencies of the Company’s non-U.S.
−Removed: markets, the Company’s reported results vary.
−Removed: During the first nine months of 2022, the U.S.
+Added: dollar changes relative to the currencies of the Company’s international markets, the Company’s reported results vary.
+Added: During the first three months of 2023, the U.S.
dollar fluctuated, and generally strengthened, against the primary currencies in which the Company conducts business, compared to one year ago.
−Removed: Currency exchange rates had the effect of decreasing reported service revenues by $101 million, or 2.1%, in the first three quarters of 2022 compared to the same period one year ago.
+Added: Foreign currency exchange rates had the effect of decreasing reported service revenues by $21 million, or 1.2%, in the first quarter of 2023 compared to the same period one year ago.
The general strengthening of the U.S.
1 unchanged sentence
Because substantially all the Company’s international operations generated revenues and incurred expenses within the same country and currency, the effect of lower reported revenues is largely offset by the decrease in reported operating expenses.
−Removed: Reported net income was $5 million, or 1.1%, lower in the first three quarters of 2022 compared to the same period one year ago due to the effect of currency exchange rates.
−Removed: If currency exchange rates were to remain at September 30, 2022, levels throughout the remainder of 2022, the currency impact on the Company’s full-year reported revenues and operating expenses would be consistent with the first three quarters of 2022 results.
+Added: Reported net income was $1 million, or 0.6%, lower in the first quarter of 2023 compared to the same period one year ago due to the effect of currency exchange rates.
+Added: If currency exchange rates were to remain at March 31, 2023, levels throughout the remainder of 2023, the currency impact on the Company’s full-year reported revenues and operating expenses would be consistent with the first quarter of 2023 results.
Should current trends continue, the impact to reported net income would be immaterial.
−Removed: Fluctuations in currency exchange rates impact the U.S.
+Added: For the one month ended April 30, 2023, the U.S.
+Added: dollar has weakened against the Euro, British Pound, Brazilian Real, Canadian Dollar, and the Australian Dollar since March 31, 2023.
+Added: If foreign currency exchange rates were to remain at April 2023 levels throughout 2023, the currency impact on the Company’s full-year reported revenues would be favorable, offset by an unfavorable impact on operating expenses.
+Added: These results will likely have an immaterial impact on reported net income.
+Added: Fluctuations in foreign currency exchange rates impact the U.S.
dollar amount of the Company’s stockholders’ equity.
−Removed: The assets and liabilities of the Company’s non-U.S.
−Removed: subsidiaries are translated into U.S.
+Added: The assets and liabilities of the Company’s international subsidiaries are translated into U.S.
dollars at the exchange rates in effect at period end.
−Removed: The resulting translation adjustments are recorded in stockholders’ equity as a component of accumulated other comprehensive income.
+Added: The resulting translation adjustments are recorded in stockholders’ equity as a component of accumulated other comprehensive (income) loss.
Although currency fluctuations impact the Company’s reported results and shareholders’ equity, such fluctuations generally do not affect cash flow or result in actual economic gains or losses.
2 unchanged sentences
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.