1 unchanged sentence
We periodically use derivative instruments, which primarily consist of the purchase of forward exchange contracts, for certain loans receivable and Auction and Liquidation engagements with operations outside the United States.
−Removed: As of September 30, 2022, there were no forward exchange contracts outstanding.
−Removed: As of December 31, 2021, €6.0 million forward exchange contracts were outstanding.
+Added: As of March 31, 2023 and December 31, 2022, there were no forward exchange contracts outstanding.
The forward exchange contracts were entered into to improve the predictability of cash flows related to a retail store liquidation engagement and a loan receivable.
−Removed: The net gain from forward exchange contracts was zero and $0.2 million during the three months ended September 30, 2022 and 2021, respectively, and $0.1 million and $0.9 million during the nine months ended September 30, 2022 and 2021, respectively.
+Added: The net gain from forward exchange contracts was zero and $0.1 million during the three months ended March 31, 2023 and 2022, respectively.
This amount is reported as a component of selling, general and administrative expenses in the condensed consolidated statements of operations.
5 unchanged sentences
Our primary exposure to market risk consists of risk related to changes in interest rates.
−Removed: We utilize borrowings under our senior notes payable and credit facilities to fund costs and expenses incurred in connection with our acquisitions and retail liquidation engagements.
+Added: We utilize borrowings under our senior notes payable and credit facilities to fund costs and expenses incurred in connection with our acquisitions and operations.
Borrowings under our senior notes payable are at fixed interest rates and borrowings under our credit facilities bear interest at a floating rate of interest.
−Removed: We invest in loans receivable that primarily bear interest at floating rates of interest.
−Removed: If floating rates of interest had increased by 1% during the nine months ended September 30, 2022, the rate increase would have resulted in an increase in interest expense of $3.3 million.
+Added: In our portfolio of securities owned, we invest in loans receivable that primarily bear interest at a floating rate of interest.
+Added: If floating rates of interest had increased by 1% during the three months ended March 31, 2023 , the rate increase would have resulted in an increase in interest expense of $1.9 million.
The primary objective of our investment activities is to preserve capital for the purpose of funding operations while at the same time maximizing the income that we receive from investments without significantly increasing risk.
−Removed: To achieve these objectives, our investments allow us to maintain a portfolio of cash equivalents, short-term investments through a variety of securities owned that primarily includes common stocks, corporate bonds and investments in partnership interests, and loans receivable.
−Removed: Our cash and cash equivalents through September 30, 2022 included amounts in bank checking and liquid money market accounts.
+Added: To achieve these objectives, our investments allow us to maintain a portfolio of cash equivalents, short-term investments through a
+Added: variety of securities owned that primarily includes common stocks, loans receivable, and investments in partnership interests.
+Added: Our cash and cash equivalents through March 31, 2023 included amounts in bank checking and liquid money market accounts.
We may be exposed to interest rate risk through trading activities in convertible and fixed income securities as well as U.S.
2 unchanged sentences
The majority of our operating activities are conducted in U.S.
−Removed: Revenues generated from our foreign subsidiaries totaled $10.1 million during the nine months ended September 30, 2022 or 1.7% of our total revenues of $588.7 million during the nine months ended September 30, 2022.
+Added: Revenues generated from our foreign subsidiaries totaled $30.5 million and $2.0 million during the three months ended March 31, 2023 and 2022, respectively or 7.0% and 0.8% of our total revenues of $432.1 million and $246.8 million during the three months ended March 31, 2023 and 2022, respectively.
The financial statements of our foreign subsidiaries are translated into U.S.
1 unchanged sentence
We include gains and losses resulting from foreign currency transactions in income, while we exclude those resulting from translation of financial statements from income and include them as a component of accumulated other comprehensive income (loss).
−Removed: Transaction gains (losses), which were included in our condensed consolidated statements of operations, amounted to a gain of $1.9 million and $0.9 million during the nine months ended September 30, 2022 and 2021, respectively.
+Added: Transaction gains (losses), which were included in our condensed consolidated statements of operations, amounted to a loss of $0.2 million and gain of $0.3 million during the three months ended March 31, 2023 and 2022, respectively.
We may be exposed to foreign currency risk;
−Removed: however, our operating results during the nine months ended September 30, 2022 included $10.1 million of revenues and $6.5 million of operating expenses from our foreign subsidiaries and a 10% appreciation or depreciation of the U.S.
−Removed: dollar relative to the local currency exchange rates would result in an approximately $0.9 million change in our operating income during the nine months ended September 30, 2022 .
+Added: however, our operating results during the three months ended March 31, 2023 and 2022, included $30.5 million and $2.0 million of revenues and $8.4 million and $1.7 million of operating expenses from our foreign subsidiaries, respectively and a 10% appreciation or depreciation of the U.S.
+Added: dollar relative to the local currency exchange rates would result in an approximately $0.7 million and $0.2 million change in our operating income during the three months ended March 31, 2023 and 2022, respectively.
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.