8 unchanged sentences
FOREIGN CURRENCY EXCHANGE RISK
−Removed: Although we conduct business outside of the United States, the majority of revenue and expenses associated with our international business are transacted in U.S.
−Removed: dollars, and therefore our foreign currency risk is not material.
We are exposed to foreign exchange risk in the sales at our international licensed Shacks that are denominated in their local currencies and the amount of licensing revenue we earn is directly affected by fluctuations in currency exchange rates.
Our international office in Hong Kong incurs a small portion of our operational expenses in its local currency, which are subject to foreign currency translation risk.
−Removed: During 2021, Income (loss) from operations would have decreased or increased by approximately $2 million if all foreign currencies uniformly weakened or strengthened 10% relative to the U.S.
+Added: Loss from operations would have decreased or increased by approximately $2.5 million and $2.1 million in 2022 and 2021, respectively, if all foreign currencies uniformly weakened or strengthened 10% relative to the U.S.
dollar, holding other variables constant, including sales volume.
The effect of a uniform movement of all currencies by 10% is provided to illustrate a hypothetical scenario and related effect on operating income.
−Removed: Actual results will differ as foreign currencies may move in uniform or different directions and in different magnitudes.
+Added: Actual results will differ as foreign currencies may move in uniform or different directions, magnitudes, and timing.
INTEREST RATE RISK
3 unchanged sentences
As of December 28, 2022, we had no outstanding borrowings under the Revolving Credit Facility.
−Removed: We are also exposed to interest rate risk through fluctuations of interest rates on our investments.
+Added: We are also exposed to interest rate risk through fluctuations of interest rates on our cash balances and investments.
Our equity securities primarily consist of fixed-income and equity instruments.
6 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.