4 unchanged sentences
Interest Rate Risk
−Removed: Our exposure to interest rate risk primarily relates to our finance lease arrangements and lease financing obligations for obtaining hard drives and related equipment for our data center operations, which may be impacted by interest rate changes for any future agreements we enter in to.
+Added: Our exposure to interest rate risk primarily relates to our finance lease arrangements and lease financing obligations for obtaining hard drives and related equipment for our data center operations, which may be impacted by interest rate changes for any future agreements we enter in to, and our credit facility with City National Bank.
We also earn interest income generated by cash, cash equivalents and short-term investments held at City National Bank.
−Removed: At December 31, 2022, we had cash and cash equivalents and short-term investments balances of $6.7 million and $58.7 million, respectively.
+Added: As of December 31, 2023, we had cash and cash equivalents and short-term investments balances of $12.5 million and $16.8 million, respectively.
Interest-earning instruments carry a degree of interest rate risk.
−Removed: The primary objective of our investment activities is to preserve principal while maximizing income without
−Removed: significantly increasing risk.
−Removed: As such, we generally do not enter into investments for trading or speculative purposes and have not used any derivative financial instruments to manage our interest rate risk exposure, and intend to hold all investments to their respective maturities.
+Added: The primary objective of our investment activities is to preserve principal while maximizing income without significantly increasing risk.
+Added: As such, we gen erally do not enter into investments for trading or speculative purposes and have not used any derivative financial instruments to manage our interest rate risk exposure, and intend to hold all investments to their respective maturities.
Due to the short-term nature of these investments and as all investments are generally intended to be held-to-maturity, we do not believe that an increase or decrease in interest rates of 100 basis points would have a material effect on our operating results or financial condition.
−Removed: As amended, our credit facility with City National Bank is at a variable interest rate tied, at our discretion, to the SOFR or to the Prime Rate announced by City National Bank, provided such rate is greater than 3.0%.
+Added: Further, our credit facility with City National Bank, which was initially entered into during October 2021, as amended, is at a variable interest rate tied, at our discretion, to SOFR or to the prime rate most recently announced by City National Bank, assuming such rate is greater than 3.0%.
Foreign Currency Exchange Rate Risk
+Added: Our reporting currency and the functional currency of our wholly owned foreign subsidiary is the U.S.
Our sales are currently denominated in the U.S.
dollar and we have minimal foreign currency risk related to our revenue.
−Removed: In addition, most of our operating expenses are denominated in the U.S.
+Added: I n addition, most of our operating expenses are denominated in the U.S.
dollar, resulting in minimal foreign currency risks.
5 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.