3 unchanged sentences
By policy, we do not enter into investments for trading or speculative purposes.
−Removed: As of December 31, 2019 , we had cash and cash equivalents of $46.8 million , which were held primarily in cash and money market funds.
−Removed: Due to the nature of these money market funds, we believe that we do not have any material exposure to changes in the fair value of our cash equivalents as a result of changes in interest rates.
−Removed: Our exposure to interest rate risk also relates to the amount of interest we must pay on our borrowings under our revolving credit facility pursuant to our SVB Loan Agreement.
−Removed: Borrowings under the SVB Loan Agreement will bear interest through maturity at a variable annual rate based upon an annual rate of either a prime rate or a LIBOR rate, plus an applicable margin between 0.5% to 1.5% for prime rate advances and between 2.0% and 3.0% for LIBOR advances based on our maintenance of an applicable liquidity ratio.
−Removed: As of December 31, 2019 , we had $30.0 million outstanding in borrowings under the SVB Loan Agreement.
−Removed: In January 2020, we terminated the SVB Loan Agreement and entered into the BofA Loan Agreement.
−Removed: Borrowings under the BofA Loan Agreement will bear interest through maturity at a variable annual rate based upon an annual rate of either a prime rate or a LIBOR rate, plus an applicable margin between 0.5% to 1.25% for prime rate advances and between 1.5% and 2.25% for LIBOR advances based on our FCCR.
+Added: As of December 31, 2020, we had cash, cash equivalents and marketable securities of $133.8 million, which was held primarily in cash, money market funds and highly liquid marketable securities such as U.S.
+Added: government securities.
+Added: Due to the nature of these money market funds and highly liquid marketable securities, we believe that we do not have any material exposure to changes in the fair value of our cash equivalents and marketable securities as a result of changes in interest rates.
+Added: Our exposure to interest rate risk also relates to the amount of interest we must pay on our borrowings under our Loan Agreement with BofA.
+Added: Borrowings under the BofA Loan Agreement will bear interest through maturity at a variable annual rate based upon an annual rate of either a prime rate or a LIBOR rate, plus an applicable margin between 0.5% to 1.0% for prime rate advances and between 1.5% and 2.0% for LIBOR advances based on our fixed charge coverage ratio.
+Added: As of December 31, 2020, we had no outstanding borrowings under the BofA Loan Agreement.
Foreign Currency Exchange Risk
3 unchanged sentences
dollars, or USD.
−Removed: However, we are indirectly exposed to changes in foreign currency exchange rates related to our use of foreign contract manufacturers whom we pay in USD.
+Added: However, we are indirectly exposed to changes in foreign currency exchange rates to the extent of our use of foreign CMs whom we pay in USD.
Increases in the local currency rates of these vendors in relation to USD could cause an increase in the price of products that we purchase.
5 unchanged sentences
Our sales contracts are primarily denominated in USD and, therefore, the majority of our revenue is not subject to foreign currency risk.
−Removed: We are directly exposed to changes in foreign exchange rates to the extent such changes affect our expenses related to our foreign assets and liabilities with our active subsidiaries in China and the United Kingdom, whose functional currencies are the Chinese Renminbi, or RMB, and British Pounds Sterling, or GBP.
+Added: We are directly exposed to changes in foreign exchange rates to the extent such changes affect our expenses related to our foreign assets and liabilities with our subsidiaries in China and the United Kingdom, whose functional currencies are Chinese Renminbi, or RMB, and British Pounds Sterling, or GBP.
Our operating expenses are incurred primarily in the United States, in China associated with our research and development operations that are maintained there and in the United Kingdom for our international sales and marketing activities.
2 unchanged sentences
Years Ended December 31,
−Removed: If the currency exchange rates in 2019 had been the same as in 2018 , our 2019 operating expenses would have decreased by approximately $0.9 million .
−Removed: dollar had appreciated or depreciated by 10% relative to RMB and GBP, our operating expenses for 2019 would have decreased or increased by approximately $1.9 million , or approximately 1% .
−Removed: We do not currently enter into forward exchange contracts to hedge exposure denominated in foreign currencies or any derivative
−Removed: financial instruments.
+Added: 2020 2019 2018
+Added: USD 92 % 90 % 89 %
+Added: 100 % 100 % 100 %
+Added: If USD had appreciated or depreciated by 10%, relative to RMB and GBP, our operating expenses for 2020 would have decreased or increased by approximately $1.8 million, or approximately 1%.
+Added: We do not currently enter into forward exchange contracts to hedge exposure denominated in foreign currencies or any derivative financial instruments.
In the future, we may consider entering into hedging transactions to help mitigate our foreign currency exchange risk.
Foreign exchange rate fluctuations may also adversely impact our financial position as the assets and liabilities of our foreign operations are translated into USD in preparing our Consolidated Balance Sheets.
−Removed: The effect of foreign exchange rate fluctuations on our consolidated financial position for the year ended December 31, 2019 was a net translation loss of approximately $0.1 million .
−Removed: This loss is recognized as an adjustment to stockholders’ equity through accumulated other comprehensive loss.
+Added: The effect of foreign exchange rate fluctuations on our consolidated financial position for the year ended December 31, 2020 was a net translation gain of $0.7 million.
+Added: This gain is recognized as an adjustment to stockholders’ equity through accumulated other comprehensive loss.
Transaction Exposure
1 unchanged sentence
In certain circumstances, changes in the functional currency value of these assets and liabilities create fluctuations in our reported consolidated financial position, cash flows and results of operations.
−Removed: Transaction gains and losses on these foreign currency denominated assets and liabilities are recognized each period within other income (expense), net in our Consolidated Statements of Comprehensive Loss.
−Removed: During the year ended December 31, 2019 , we recognized a net gain related to these foreign exchange assets and liabilities of approximately $0.1 million .
+Added: Transaction gains and losses on these foreign currency denominated assets and liabilities are recognized each period within “Other income (expense), net” in our Consolidated Statements of Comprehensive Income (Loss).
+Added: During the year ended December 31, 2020, we recognized a net loss related to these foreign exchange assets and liabilities of approximately $0.6 million.
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.