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: December 31, 2022, no forward exchange contracts were outstanding.
−Removed: As of December 31, 2021, €6.0 million forward exchange contracts were outstanding.
+Added: As of December 31, 2023 and 2022, no forward exchange contracts were 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 forward exchange contracts had a net gain of $0.1 million and net gain of $1.1 million during the years ended December 31, 2022 and 2021, respectively.
+Added: The forward exchange contracts had a net gain of zero and $0.1 million during the years ended December 31, 2023 and 2022, respectively.
This amount is reported as a component of selling, general and administrative expenses in the consolidated statements of operations.
20 unchanged sentences
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 consolidated statements of operations, amounted to a gain of $2.2 million and gain of $1.3 million during the years ended December 31, 2022 and 2021, respectively.
+Added: Transaction gains (losses), which were included in our consolidated statements of operations, amounted to a loss of $2.8 million and gain of $2.2 million during the years ended December 31, 2023 and 2022, respectively.
We may be exposed to foreign currency risk;
−Removed: however, our operating results during the years ended December 31, 2022 and 2021 included $101.9 million and $50.5 million of revenues and $55.0 million and $42.8 million of operating expenses, respectively, from our foreign subsidiaries and a 10% appreciation or depreciation of the U.S.
+Added: however, our operating results during the years ended December 31, 2023 and 2022 included $232.1 million and $101.9 million of revenues, respectively, and $91.3 million and $55.0 million of operating expenses, respectively, from our foreign subsidiaries.
+Added: A 10% appreciation or depreciation of the U.S.
dollar relative to the local currency exchange rates would result in an approximately $7.5 million and $5.9 million change in our operating income during the years ended December 31, 2023 and 2022, respectively.
3 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.