Company: SVV
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0001883313-25-000013
Chunk: 98

Company: Savers Value Village, Inc.
Filing Date: 2025-02-21
Form: 10-K
Item: Item 7
Chunk 98
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.3 million during fiscal year 2023 to $773.8 million during fiscal year 2024 primarily due to the timing of debt repayments. Over the same period, the weighted average interest rate decreased 72 basis points from 10.18% to 9.46%. This decrease was primarily due to the execution of the Third Amendment to our Senior Secured Credit Facilities on January 30, 2024, which lowered the total margin on existing borrowings under the Term Loan Facility by 151 basis points.

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(Loss) gain on foreign currency, net

The following table presents (loss) gain on foreign currency, net:

Fiscal Year(in thousands)20242023$ Change% Change(Loss) gain on foreign currency remeasurement$(27,342)$9,803 $(37,145)n/mGain (loss) on derivative instruments13,048 (3,143)16,191 n/mTotal (loss) gain on foreign currency, net$(14,294)$6,660 $(20,954)n/mn/m - not meaningful

Gains and losses on foreign currency relate primarily to movements in the Canadian dollar (“CAD”) relative to the U.S. dollar (“USD”). In fiscal year 2024, the USD strengthened against CAD resulting in remeasurement losses of $27.3 million arising primarily on USD-denominated debt held by one of our Canadian subsidiaries, which was the primary driver of foreign currency remeasurement gains and losses in both fiscal year 2024 and fiscal year 2023. We also recorded gains of $13.0 million in fiscal year 2024 on derivative instruments that we use to manage foreign currency exchange rate risk. The $9.8 million gain on foreign currency remeasurement in fiscal year 2023 resulted primarily from USD weakening against CAD, partially offset by losses of $3.1 million on derivative instruments that we use to manage foreign currency exchange rate risk. 

Other income, net

The following table presents other income, net:

Fiscal Year(in thousands)20242023$ Change% ChangeOther income, net$71 $3,688 $(3,617)(98.1)%

Other income, net is comprised primarily of miscellaneous income and expenses not directly related to our core operating activities.

Loss on extinguishment of debt

The following table presents loss on extinguishment of debt:

Fiscal Year(in thousands)20242023$ Change% ChangeLoss on extinguishment of debt$(4,088)