4 unchanged sentences
As of December 31, 2021, we had cash, cash equivalents and marketable securities of $204.3 million, which was held primarily in cash, money market funds and highly liquid marketable securities such as U.S.
−Removed: government securities.
+Added: government agency securities and commercial paper.
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.
−Removed: 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.
−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 1.0% for prime rate advances and between 1.5% and 2.0% for LIBOR advances based on our fixed charge coverage ratio.
−Removed: As of December 31, 2020, we had no outstanding borrowings under the BofA Loan Agreement.
Foreign Currency Exchange Risk
11 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 subsidiaries in China and the United Kingdom, whose functional currencies are Chinese Renminbi, or RMB, and British Pounds Sterling, or GBP.
−Removed: 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.
+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, India and the United Kingdom, whose functional currencies are Chinese Renminbi, or RMB, Indian Rupee, or INR, and British Pounds Sterling, or GBP.
+Added: Our operating expenses are incurred primarily in the United States, in China associated with our research and development operations that are maintained there, in India for our new center of excellence and in the United Kingdom for our international sales and marketing activities.
Our operating expenses are generally denominated in the functional currencies of our subsidiaries in which the operations are located.
4 unchanged sentences
100 % 100 % 100 %
−Removed: 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: If USD had appreciated or depreciated by 10%, relative to RMB, GBP and INR, our operating expenses for 2021 would have decreased or increased by approximately $2.3 million, or approximately 1%.
We do not currently enter into forward exchange contracts to hedge exposure denominated in foreign currencies or any derivative financial instruments.
1 unchanged sentence
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, 2020 was a net translation gain of $0.7 million.
+Added: The effect of foreign exchange rate fluctuations on our consolidated financial position for the year ended December 31, 2021 was a net translation gain of $50,000.
This gain is recognized as an adjustment to stockholders’ equity through “Accumulated other comprehensive loss.”
Transaction Exposure
−Removed: We have certain assets and liabilities, primarily receivables and accounts payable (including inter-company transactions) that are denominated in currencies other than the relevant entity’s functional currency.
+Added: We have certain assets and liabilities, primarily accounts receivables and accounts payable (including inter-company transactions) that are denominated in currencies other than the relevant entity’s functional currency.
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 Income (Loss).
+Added: Transaction gains and losses on these foreign currency denominated assets and
+Added: liabilities are recognized each period within “Other income (expense), net” in our Consolidated Statements of Comprehensive Income (Loss).
During the year ended December 31, 2021, we recognized a net loss related to these foreign exchange assets and liabilities of approximately $0.2 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.