1 unchanged sentence
Market risk represents the risk of loss that may impact our financial position due to adverse changes in financial market prices and rates.
−Removed: Our market risk exposure is primarily the result of fluctuations in interest rates, as well as to a lesser extent, foreign exchange rates and inflation.
+Added: Our market risk exposure is primarily the result of foreign exchange rates.
+Added: Because our 2017 Facility was terminated in January 2021, we believe our exposure to interest rate risk and inflation risks are immaterial to our business for the year ended December 31, 2021 as compared to the year ended December 31, 2020.
The uncertainty that exists with respect to the economic impact of the COVID-19 pandemic continues to create significant volatility in the financial markets subsequent to the year ended December 31, 2021.
−Removed: Interest Rate Risk
−Removed: We were primarily exposed to changes in short-term interest rates with respect to our cost of borrowing under our 2017 Facility with SVB.
−Removed: We monitor our cost of borrowing under our various facilities, taking into account our funding requirements, and our expectation for short-term rates in the future.
−Removed: As of December 31, 2020 and 2019, an increase or decrease in the interest rate on our 2017 Facility with SVB by 100 basis points would increase or decrease our annual interest expense by approximately $1.1 million and $0.6 million, respectively.
+Added: On January 20, 2021, we issued the 2026 Notes.
+Added: We carry these instruments at face value less unamortized discount and unamortized issuance costs on our consolidated balance sheets.
+Added: However, the fair value of the 2026 Notes fluctuates when the market price of our common stock fluctuates.
Foreign Currency Exchange Risk
4 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.