1 unchanged sentence
Interest rate risk
−Removed: We had cash and cash equivalents of $365.0 million and marketable securities of $44.5 million as of September 20, 2021.
−Removed: We hold our cash and cash equivalents and marketable securities for working capital purposes.
−Removed: Our cash, cash equivalents, and marketable securities consist primarily of cash, money market funds, corporate notes and obligations, U.S.
−Removed: Treasury securities and commercial paper.
−Removed: The primary objectives of our investment activities are the preservation of capital, the fulfillment of liquidity needs, and the control of cash and investments.
−Removed: We do not enter into investments for trading or speculative purposes.
−Removed: Due to the short-term nature of these instruments, we believe that we do not have material exposure to changes in the fair value of our investment portfolio as a result of changes in interest rates.
−Removed: Decreases in interest rates, however, would reduce future interest income.
−Removed: In September 2021, we issued and sold $345.0 million aggregate principal amount of 0.25% convertible senior notes due in October 2026 in a private offering to qualified institutional buyers.
−Removed: The fair value of the Notes is subject to interest rate risk, market risk, and other factors due to the conversion features.
−Removed: The fair value of the Notes will generally increase as our common stock price increases and will generally decrease as our common stock price decreases.
−Removed: The interest and market value changes affect the fair value of the Notes but do not impact our financial position, cash flows, or results of operations due to the fixed nature of the debt obligation.
−Removed: Additionally, we carry the Notes at face value less debt issuance costs on the balance sheet, and we present the fair value for required disclosure purposes only.
+Added: Our cash, cash equivalents and restricted cash, consist primarily of interest-bearing accounts.
+Added: Such interest-earning instruments carry a degree of interest rate risk.
+Added: To minimize interest rate risk in the future, we intend to maintain our portfolio of cash equivalents in a variety of investment-grade securities, which may include commercial paper, money market funds, and government and non-government debt securities.
+Added: Because of the short-term maturities of our cash, cash equivalents, restricted cash, and marketable securities, we do not believe that an increase in market rates would have any significant negative impact on the realized value of our investments.
+Added: A one-eighth percent change in interest expense would have an annual impact of approximately $0.4 million on cash interest expense.
Foreign currency exchange risk
−Removed: All of our revenue and a majority of our expense and capital purchasing activities are transacted in U.S.
+Added: All of our revenue and a majority of our expense and capital purchasing activities for the year ended December 31, 2021 were transacted in U.S.
As we expand our sales and operations internationally, we will be more exposed to changes in foreign exchange rates.
11 unchanged sentences
It is difficult to predict the effect future hedging activities would have on our operating results.
−Removed: Financial instruments that potentially subject us to concentrations of credit risk consist of cash and cash equivalents, marketable securities, restricted cash, and accounts receivable.
+Added: Financial instruments that potentially subject us to concentrations of credit risk consist of cash and cash equivalents, restricted cash, and accounts receivable.
Our investment policy limits investments to high credit quality securities issued by the U.S.
5 unchanged sentences
We are exposed to credit risk in the event of default by the financial institutions holding our cash and cash equivalents or an event of default by the issuers of the corporate debt securities we hold.
−Removed: Emerging growth company status
−Removed: We are an emerging growth company, as defined in the JOBS Act.
−Removed: Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act, until those standards apply to private companies.
−Removed: We have not elected to use this extended transition period for complying with new or revised accounting standards.
−Removed: We will remain an emerging growth company until the earliest of:
−Removed: (1) December 31, 2025, (2) the first fiscal year after our annual gross revenue exceeds $1.07 billion, (3) the date on which we have, during the immediately preceding three-year period, issued more
−Removed: than $1.0 billion in non-convertible debt securities, and (4) the end of any fiscal year in which the market value of our common stock held by non-affiliates exceeds $700 million as of the end of the seco nd quarter of that fiscal year.
−Removed: As of June 30, 2021 (the last business day of our most recently completed second fiscal quarter) the market value of our common stock held by non-affiliates exceeded $700 million, and we therefore will cease to satisfy the conditions of remaining an emerging growth company as of December 31, 2021.
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.