August 26, 2022

With 69% of employees outside the US as of 12/31/21, is it fair to assume that the strengthening US dollar will be a headwind to revenue but a tailwind to overall operating profit / margins as 70% of revenue is US based?

You’re correct that the strengthening U.S. dollar has been a headwind for revenue, with foreign currency translation resulting in a $12.3 million decrease in reported revenue in the second quarter of 2022. And you’re also right that, given our operations outside of the U.S., the strengthening dollar has been a positive for operating income. Foreign currency translations decreased operating expense by $13.5 million and resulted in an overall increase of $1.2 million in second-quarter operating income.

Please also refer to the Quantitative and Qualitative Disclosures section of our 10-Q filing for the quarter ended 6/30/22 for the estimated impact of fluctuations in specific currencies on both revenue and operating income.

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