4 unchanged sentences
The Company does not hold any instruments for trading purposes and investment criteria are governed by its Investment Policy.
−Removed: As of September 30, 2022 and 2021, the Company had cash and cash equivalents of $108.0 million and $184.4 million, respectively, and short-term and long-term investments and marketable securities of $374.3 million and $429.0 million, respectively.
−Removed: At times, the Company has invested its cash reserves in corporate bonds typically with maturities of less than 3 years and historically classified these investments as held-to-maturity.
−Removed: The Company has also invested in mutual funds that invest in marketable debt securities such as U.S.
−Removed: government bonds, U.S.
−Removed: government agency bonds, corporate bonds, and other asset backed debt securities.
+Added: As of September 30, 2023 and 2022, the Company had cash, cash equivalents, and restricted cash of $110.9 million and $108.0 million, respectively, and investments of $292.7 million and $374.3 million, respectively.
+Added: The Company has invested its cash reserves in corporate bonds typically with maturities of less than 3 years and historically classified these investments as held-to-maturity.
+Added: On September 30, 2023, the Company changed the classification of its investment securities from held-to-maturity to available-for-sale.
+Added: This change enables the Company to sell securities to diversify its portfolio, reduce exposure to market risks, and provide flexibility to meet cash flow needs and new investment opportunities.
Due to the relatively short-term nature of the investments that the Company holds, it does not believe that the results of operations or cash flows would be affected to any significant degree by a sudden change in market interest rates relative to its investment portfolio.
3 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.