1 unchanged sentence
Credit and Interest Rate Risk
−Removed: Our financial instruments that are exposed to concentrations of credit risk principally consist of cash and cash equivalents, accounts receivable, contract assets – commissions receivable, and marketable securities.
−Removed: As of September 30, 2020 and December 31, 2019, our cash, cash equivalents and restricted cash are summarized as follows (in thousands):
−Removed: September 30, 2020 December 31, 2019
+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: March 31, 2021 December 31, 2020
+Added: Cash and cash equivalents (1) (2)
$ 92,250 $ 43,759
−Removed: Cash equivalents (2)
−Removed: Total cash and cash equivalents $ 87,833 $ 23,466
+Added: Short-term marketable securities (2)
+Added: 33,922 49,620
Restricted cash 3,354 3,354
−Removed: Total cash, cash equivalents and restricted cash $ 91,187 $ 26,820
+Added: Total cash, cash equivalents, short-term marketable securities, and restricted cash $ 129,526 $ 96,733
_________________
(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 a major bank in China that are denominated in both U.S.
+Added: We also have deposits with major banks 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: (2) See Note 4 – Fair Value Measurements in our Notes to Condensed Consolidated Financial Statements for more information on our cash and cash equivalents.
−Removed: As of September 30, 2020, our net contract assets consisted of commissions receivable balance of $604.3 million.
+Added: (2) See Note 4 – Fair Value Measurements in our Notes to Condensed 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 March 31, 2021, we invested $33.9 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 less than one year.
+Added: See Note 4 – Fair Value Measurements in our Notes to Condensed Consolidated Financial Statements for further discussion on our available-for-sale debt securities.
+Added: As of March 31, 2021, our net contract assets consisted of commissions receivable balance of $741.8 million.
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.
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We estimate our maximum credit risk in determining the commissions receivable amount recorded on the balance sheet.
−Removed: 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.
−Removed: During the nine months ended September 30, 2020, we recorded an additional $0.1 million for the allowance for credit losses.
−Removed: See Note 1 – Summary of Business and Significant Accounting Policies i n our
−Removed: Notes to Condensed Consolidated Financial Statements for additional information regarding the accounting standard adoption.
−Removed: Our total contract assets and accounts receivable as of September 30, 2020 and December 31, 2019 are summarized as follows (in thousands):
−Removed: September 30, 2020 December 31, 2019
+Added: We had a $1.9 million allowance for credit losses for our commissions receivable balance as of March 31, 2021.
+Added: Our total contract assets and accounts receivable as of March 31, 2021 and December 31, 2020 are summarized as follows (in thousands):
+Added: March 31, 2021 December 31, 2020
Contract assets – commissions receivable – current $ 180,276 $ 219,153
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Total contract assets and accounts receivable $ 743,694 $ 794,204
−Removed: Our portfolio of available-for-sale debt securities is exposed to credit and interest rate risk.
−Removed: As of September 30, 2020, we invested $108.6 million and $1.3 million in short-term and long-term marketable securities, respectively.
−Removed: These marketable securities primarily consisted of commercial paper and agency bonds with credit rating of AA+ or equivalent by S&P Rating and Moody's Investor Services.
−Removed: The maturity of these securities were below two years.
−Removed: See Note 4 – Fair Value Measurements in our Notes to Condensed Consolidated Financial Statements for further discussion on our available-for-sale debt securities.
Foreign Currency Exchange Risk
To date, substantially all of our revenue has been derived from transactions denominated in United States Dollars.
−Removed: We have exposure to adverse changes in exchange rates associated with operating expenses of our foreign operations, which are denominated in Chinese Yuan Renminbi.
+Added: We have exposure to adverse changes in exchange rates associated with operating expenses of our foreign operations, which are
+Added: denominated in Chinese Yuan Renminbi.
Foreign currency fluctuations have not had a material impact historically on our results of operations;
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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.