Quantitative and Qualitative Disclosures About Market Risk
−Removed: We are a smaller reporting company as defined by Rule 12b-2
−Removed: of the Exchange Act and are not required to provide the information otherwise required under this item.
−Removed: As of December 31, 2021, we were not subject to any market or interest rate risk.
−Removed: The net proceeds of the Initial Public Offering, including amounts in the Trust Account, will be invested in U.S.
−Removed: government securities with a maturity of 185 days or less or in money market funds that meet certain conditions under Rule 2a-7
−Removed: under the Investment Company Act of 1940, as amended, that invest only in direct U.S.
−Removed: government treasury obligations.
−Removed: Due to the short-term nature of these investments, we believe there will be no associated material exposure to interest rate risk.
−Removed: We have not engaged in any hedging activities since our inception and we do not expect to engage in any hedging activities with respect to the market risk to which we are exposed.
−Removed: FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
−Removed: This information appears following Item 15 of this Report and is included herein by reference.
−Removed: CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
+Added: We are exposed to market risk, including changes to interest rates and foreign currency exchange rates.
+Added: Interest Rate Sensitivity
+Added: We had cash and cash equivalents totaling $353.5 million and $156.6 million as of September 24, 2022, and September 25, 2021, respectively.
+Added: Cash and cash equivalents include cash on hand and investments with original maturities of three months or less, are stated at cost, and approximate fair value.
+Added: Our investment policy and strategy are focused on preservation of capital, supporting our liquidity requirements, and delivering competitive returns subject to prevailing market conditions.
+Added: We were not exposed to material risks due to changes in market interest rates given the liquidity of the cash and investments with original maturities of three months.
+Added: Foreign Currency Risk
+Added: Although we are exposed to foreign currency risk from our international operations, we do not consider it to have a material impact.
+Added: Certain transactions of the Company and its subsidiaries are denominated in currencies other than the functional currency.
+Added: Foreign currency transaction losses were less than $0.1 million for the year ended September 24, 2022, $0.1 million for the year ended September 25, 2021, and less than $0.1 million for the year ended September 26, 2020, and were recorded within other income, net on the consolidated statements of operations.
+Added: Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable.
+Added: The Company’s cash and cash equivalents are generally held with large financial institutions.
+Added: Although the Company’s deposits may exceed federally insured limits, the financial institutions that the Company uses have high investment-grade credit ratings and, as a result, the Company believes that, as of September 24, 2022, its risk relating to deposits exceeding federally insured limits was not significant.
+Added: The Company has no significant off-balance sheet risk such as foreign exchange contracts, options contracts, or other hedging arrangements.
+Added: The Company believes its credit policies are prudent and reflect normal industry terms and business risk.
+Added: The Company generally does not require collateral from its customers and generally requires payment 30 days from the invoice date.
+Added: At September 24, 2022, three customers accounted for over 10% of the Company’s accounts receivable balance, and one customer accounted for over 10% of the Company’s accounts receivable balance at September 25, 2021.
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.