5 unchanged sentences
Interest Rate Risk
−Removed: We had total cash, cash equivalents, and restricted cash of $109.9 million as of March 31, 2022, which consisted of $43.6 million invested in a money market fund, cash in readily available checking accounts, and overnight repurchase investments.
+Added: We had total cash, cash equivalents, and restricted cash of $79.1 million as of June 30, 2022, which consisted of $9.4 million invested in a money market fund, cash in readily available checking accounts, and overnight repurchase investments.
These securities, which are not dependent on interest rate fluctuations that may cause principal amounts to fluctuate, are held for reinvestment and working capital purchases.
−Removed: In addition, as of March 31, 2022, we held $61.6 million of fixed income securities such as U.S.
+Added: In addition, as of June 30, 2022, we held $61.8 million of fixed income securities such as U.S.
Treasuries, commercial paper, corporate bonds, and asset-backed securities.
1 unchanged sentence
We classify investments as available-for-sale, including those with stated maturities beyond twelve months.
−Removed: As such, no gains or losses due to changes in interest rates are recognized in our condensed consolidated statements of operations unless such securities are sold prior to maturity or due to expected credit losses.
−Removed: A hypothetical 100 basis point change in interest rates would not have had a material effect on the fair market value of our investment portfolio as of March 31, 2022.
+Added: As such, no gains or losses due to changes in interest rates are recognized in our consolidated statements of operations unless such securities are sold prior to maturity or due to expected credit losses.
+Added: A hypothetical 100 basis point change in interest rates would not have had a material effect on the fair market value of our investment portfolio as of June 30, 2022.
To date, fluctuations in interest income have also not been significant.
1 unchanged sentence
We do not enter into investments for trading or speculative purposes.
−Removed: At March 31, 2022, we had no outstanding borrowings.
+Added: As of June 30, 2022, we had no outstanding borrowings.
Inflation Risk
−Removed: We do not believe inflation has had a material effect on our business, financial condition, or results of operations.
−Removed: If our costs become subject to significant inflationary pressures, we may not be able to fully offset such higher costs through price increases.
−Removed: Our inability or failure to do so could harm our business, financial condition, and results of operations.
+Added: We are exposed to market risks related to inflation in personnel costs, third-party service providers, subcontracting costs, professional fees, and general overhead expenses.
+Added: During 2022, inflation has increased to rates beyond recent history, and as a result we have experienced rising costs.
+Added: If these inflation pressures continue or increase in severity, we may not be able to fully offset such higher costs through price increases and productivity initiatives.
+Added: While we do not believe inflation has had a material impact on our results of operations to date, continued high rate of inflation in the future may have an adverse effect on our ability to maintain operating costs and adversely affect our gross profit margin.
Foreign Currency Exchange Risk
1 unchanged sentence
Due to our international operations, we have foreign currency risks related to revenue and operating expenses denominated in currencies other than the U.S.
−Removed: dollar, primarily the Australian dollar, Swedish krona, Swiss franc, British pound sterling, Euro, and Singapore dollar.
−Removed: Our sales contracts are primarily denominated in the local currency of the customer making the purchase.
+Added: dollar, primarily the Australian dollar, Swiss franc, British pound, and Euro.
+Added: Our international sales contracts are primarily denominated in the local currency of the customer making the purchase.
In addition, a portion of operating expenses are incurred outside the United States and are denominated in foreign currencies.
−Removed: Decreases in the relative value of the U.S.
−Removed: dollar to other currencies may negatively affect revenue and other operating results as expressed in U.S.
−Removed: We do not believe an immediate 10% increase or decrease in the relative value of the U.S.
−Removed: dollar to other currencies would have a material effect on operating results.
+Added: Increases in the relative value of the U.S.
+Added: dollar to other currencies will negatively affect revenue and net operating results as expressed in U.S.
+Added: Based on a sensitivity analysis, a 10% change in the foreign currency exchange rates for the six months ended June 30, 2022 would have impacted our total revenue by approximately 3% and operating loss by approximately 3%.
+Added: This calculation assumes all currencies change in the same direction and proportion relative to the U.S.
We have experienced and will continue to experience fluctuations in net loss as a result of transaction gains or losses related to remeasuring certain current asset and current liability balances denominated in currencies other than the functional currency of the entities in which they are recorded.
1 unchanged sentence
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.