3 unchanged sentences
Interest Rate Risk
−Removed: We had approximately $5.1 million in cash and cash equivalents and $108.1 million in available for sale securities as of December 31, 2022, which include highly liquid, investment grade debt securities.
+Added: We had approximately $17.9 million in cash and cash equivalents,$48.8 million in short-term investments, and $35.5 million in restricted cash and cash equivalents and restricted short-term investments as of December 31, 2023.
+Added: Our short-term investments include highly liquid, investment grade debt securities.
Such interest-bearing instruments are exposed to a certain degree of interest rate risk.
−Removed: The primary objective of our investment activities is to preserve principal while at the same time maximizing yields without significantly increasing risk.
+Added: The primary objective of our investment activities is to preserve principal while at the same time maximizing
+Added: yields without significantly increasing risk.
We 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.
1 unchanged sentence
To minimize our exposure due to adverse shifts in interest rates, we invest primarily in short-term securities.
−Removed: Although we are seeing, and expect to continue to see, increased interest rates, due to our investment in highly liquid and high quality government and other debt securities as well as short-term securities, as of the date of this Annual Report on Form 10-K, we do not expect anticipated changes in interest rates to have a material effect on our interest rate risk in future reporting periods.
−Removed: Due to the short holding period of our investments and the nature of our investments, a hypothetical change of 100 basis points would have approximately a $0.4 million impact on our investments.
−Removed: Our liabilities for acquisition-related contingent consideration, which is adjusted to fair value each reporting period, is also impacted by changes in interest rates.
−Removed: The risk-free interest rate used to estimate our weighted average cost of capital is a component of the discount rate used to calculate the present value of future cash flows due upon the achievement of certain milestones.
−Removed: As a result, any changes in the underlying risk-free interest rate could result in material changes to the fair value of such liabilities and could materially impact the amount of non-cash expense (or income) recorded each reporting period.
+Added: Although we are seeing, and expect to continue to see, increased interest rates, due to our investment in highly liquid and high quality government and other debt securities as well as short-term securities, as of the date of this Annual Report, we do not expect anticipated changes in interest rates to have a material effect on our interest rate risk in future reporting periods.
+Added: Due to the short holding period of our investments and the nature of our investments, a hypothetical change of 100 basis points would have approximately a $0.1 million impact on our investments income or expense.
+Added: Our liabilities for acquisition-related contingent consideration, convertible notes payable and purchase option liability are adjusted to fair value each reporting period, are also impacted by changes in interest rates.
+Added: The risk-free interest rate used to estimate our weighted average cost of capital is a component of the discount rate used to calculate the present value of future cash flows due upon the achievement of certain milestones for the contingent consideration or upon maturity of the convertible notes payable and purchase option liability As a result, any changes in the underlying risk-free interest rate could result in material changes to the fair value of such liabilities and could materially impact the amount of non-cash expense (or income) recorded each reporting period.
As a consequence of the U.S.
−Removed: Federal Reserve raising interest rates, the underlying risk-free interest rate we use for purposes of calculating fair value of our liabilities for acquisition-related contingent consideration has increased from our prior reporting periods, but such increase did not have a material impact on our financial statements, and we currently do not expect anticipated future changes to have a material effect in future reporting periods.
+Added: Federal Reserve raising interest rates, the underlying risk-free interest rate we use for purposes of calculating fair value of our liabilities for acquisition-related contingent consideration, convertible notes payable and purchase option liability has increased from our prior reporting periods, but such increase did not have a material impact on our financial statements, and we currently do not expect anticipated future changes to have a material effect in future reporting periods.
Foreign Currency Exchange Rate Risk
3 unchanged sentences
Transactions in foreign currencies are recorded at the exchange rate prevailing at the date of the transaction.
−Removed: The resulting monetary assets and liabilities are translated into the appropriate functional currency at exchange rates prevailing at the balance sheet date and the resulting gains and losses are reported in foreign currency translation adjustments in the unaudited condensed consolidated statements of comprehensive loss.
+Added: The resulting monetary assets and liabilities are translated into the appropriate functional currency at exchange rates prevailing at the balance sheet date and the resulting gains and losses are reported in foreign currency translation adjustments in the consolidated statements of comprehensive loss.
Our foreign currency exposures are primarily concentrated in the British Pound, Chinese Renminbi, Euro, and Canadian dollar.
6 unchanged sentences
dollars at the exchange rate prevailing at the balance sheet date, and at the average exchange rate for the reporting period for revenue and expense accounts.
−Removed: The cumulative foreign currency translation adjustment is recorded as a component of accumulated other comprehensive loss in shareholders’ equity.
+Added: The cumulative foreign currency translation adjustment is recorded as a component of accumulated other comprehensive income (loss) in shareholders’ equity.
The reported results of our foreign subsidiaries will be influenced by their translation into U.S.
2 unchanged sentences
We believe a hypothetical 10% change in foreign exchange rates as of December 31, 2023 would not have a material impact on our business, financial condition, or results of operations.
−Removed: Geopolitical and macroeconomic developments, including the on-going conflict between Ukraine and Russia and related sanctions and the COVID-19 pandemic, have contributed to supply chain challenges, which we believe have resulted in inflation headwinds, particularly increased logistical costs and raw material prices.
−Removed: During the year ended December 31, 2022, we experienced increased costs to secure certain component parts in our products and to produce our products at our contract manufacturers.
−Removed: However we do not believe that inflation has had a material effect on our business, financial condition or results of operations, other than its impact on the general economy, as our cost of revenue for the year ended December 31, 2022 was not significantly impacted by the cost increases we experienced.
−Removed: While the effects of the above-described geopolitical and macroeconomic developments, as well as other inflationary pressures, are highly uncertain, as of the date of this Annual Report on Form 10-K, we do not expect anticipated changes in inflation to have a material effect on our business, financial condition or
−Removed: results of operations for future reporting periods other than the general impacts on companies due to general economic and market conditions.
+Added: Geopolitical and macroeconomic events, including the ongoing conflict between Ukraine and Russia and related sanctions, the Israel-Hamas war, and the recent and potential future disruptions in access to bank deposits or lending commitments due to bank failures have contributed to supply chain challenges, which the Company believes have resulted in inflation headwinds, particularly increased logistical costs and raw material prices.
+Added: In prior periods, the Company experienced increased costs to secure certain component parts in our products and to produce our products at our contract manufacturers.
+Added: However the Company does not believe that inflation has had a material effect on our business, financial condition or results of operations, other than its impact on the general economy, as our cost of revenue as of December 31, 2023 was not significantly impacted by the cost increases we experienced.
+Added: While the effects of the above-described geopolitical and macroeconomic events, as well as other inflationary pressures, are highly uncertain, as of the date of this Annual Report, we do not expect anticipated changes in inflation to have a material effect on our business, financial condition or results of operations for future reporting periods other than the general impacts on companies due to general economic and market conditions.
If our costs were to become subject to significant inflationary pressures, we may not be able to fully offset such higher costs through price increases.
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.