QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
−Removed: Our financial instruments that are exposed to concentrations of credit risk principally consist of cash and cash equivalents and accounts receivable.
−Removed: Our cash and cash equivalents are summarized as follows (in thousands):
−Removed: December 31, 2019
−Removed: December 31, 2018
−Removed: Money market funds (2)
−Removed: Total cash and cash equivalents
+Added: Our financial instruments that are exposed to concentrations of credit risk principally consist of cash and cash equivalents, marketable securities, accounts receivable, and contract assets – commission receivable.
+Added: Our cash, cash equivalents, short-term marketable securities, and restricted cash are summarized as follows (in thousands):
+Added: December 31, 2020 December 31, 2019
+Added: Cash and cash equivalents (1) (2)
+Added: $ 43,759 $ 23,466
+Added: Short-term marketable securities (2)
+Added: Restricted cash 3,354 3,354
+Added: Total cash, cash equivalents, short-term marketable securities, and restricted cash $ 96,733 $ 26,820
+Added: _________________
(1) We deposit our cash and cash equivalents in accounts with major banks and financial institutions and such deposits are in excess of federally insured limits.
−Removed: We also have deposits with major banks in China that are denominated in both U.S.
+Added: We also have deposits with a major bank in China that are denominated in both U.S.
dollars and Chinese Yuan Renminbi and are not insured by the U.S.
federal government.
−Removed: As of December 31, 2019 and 2018 , money market funds consisted of investments in U.S.
−Removed: government-sponsored enterprise bonds and discount notes, U.S.
−Removed: government treasury bills and notes and repurchase agreements collateralized by U.S.
−Removed: government obligations.
−Removed: We do not require collateral or other security for our total accounts receivable.
−Removed: As of December 31, 2019 , three customers represented 22% , 20% , and 20% , respectively, for a combined total of 62% of our $591.6 million total outstanding accounts receivable balance.
−Removed: As of December 31, 2018 , three customers represented 19% , 19% , and 19% , respectively, or a combined total of 57% , of our $349.5 million total outstanding accounts receivable balance.
−Removed: No other customers represented 10% or more of our total accounts receivable as of December 31, 2019 and December 31, 2018 .
−Removed: We believe the potential for collection issues with any of our customers was minimal as of December 31, 2019 .
−Removed: Accordingly, our estimate for uncollectible amounts as of December 31, 2019 was immaterial.
−Removed: Significant Customers
−Removed: Substantially all revenue for the years ended December 31, 2019 , 2018 , and 2017 was generated from customers located in the United States.
−Removed: Carriers representing 10% or more of our total revenue are presented in the table below:
−Removed: Year Ended December 31,
−Removed: UnitedHealthcare (1)
−Removed: UnitedHealthcare also includes other carriers owned by UnitedHealthcare.
−Removed: Aetna also includes other carriers owned by Aetna.
+Added: (2) See Note 5 – Fair Value Measurements in our Notes to Consolidated Financial Statements for more information on our cash and cash equivalents and marketable securities.
+Added: Our portfolio of available-for-sale debt securities is exposed to credit and interest rate risk.
+Added: As of December 31, 2020, we invested $49.6 million in marketable securities primarily consisting of commercial paper and agency bonds with credit rating of AA+ or equivalent by S&P Rating and Moody's Investor Services.
+Added: The maturity of these securities were below two years.
+Added: See Note 5 – Fair Value Measurements in our Notes to Consolidated Financial Statements for further discussion on our available-for-sale debt securities.
+Added: As of December 31, 2020, our net contract assets consisted of commissions receivable balance of $792.4 million.
+Added: Our contracts with carriers expose us to credit risk that a financial loss could be incurred if the counterparty does not fulfill its financial obligation.
+Added: While we are exposed to credit losses due to the non-performance of our counterparties, we consider the risk of this remote.
+Added: We estimate our maximum credit risk in determining the commissions receivable amount recorded on the balance sheet.
+Added: Upon the adoption of ASC 326, we recorded $1.5 million of allowance for credit losses for our commissions receivable balance as of December 31, 2019.
+Added: During the year ended December 31, 2020, we recorded an additional $0.5 million for the allowance for credit losses.
+Added: See Note 1 – Summary of Business and Significant Accounting Policies i n our Notes to Consolidated Financial Statements for additional information regarding the accounting standard adoption.
+Added: Our total contract assets and accounts receivable as of December 31, 2020 and December 31, 2019 are summarized as follows (in thousands):
+Added: December 31, 2020 December 31, 2019
+Added: Contract assets – commissions receivable – current $ 219,153 $ 174,526
+Added: Contract assets – commissions receivable – non-current 573,252 414,696
+Added: Accounts receivable 1,799 2,332
+Added: Total contract assets and accounts receivable $ 794,204 $ 591,554
Foreign Currency Exchange Risk
−Removed: To date, substantially all of our revenue has been derived from transactions denominated in United States Dollars.
+Added: Substantially all of our revenue has been derived from transactions denominated in United States Dollars.
We have exposure to adverse changes in exchange rates associated with operating expenses of our foreign operations, which are denominated in Chinese Yuan Renminbi.
−Removed: Foreign currency fluctuations have not had a material impact historically on our results of operations;
−Removed: however, there can be no assurance that future fluctuations will not have material adverse effects on our results of operations.
+Added: Foreign currency fluctuations have not had a
+Added: material impact historically on our results of operations;
+Added: however, they may in the future.
We have not engaged in any foreign currency hedging or other derivative transactions to date.
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.