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, marketable securities, accounts receivable, and contract assets – commission receivable.
+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 – commissions receivable.
Our cash, cash equivalents, short-term marketable securities, and restricted cash are summarized as follows (in thousands):
−Removed: September 30, 2022 December 31, 2021
+Added: March 31, 2023 December 31, 2022
Cash and cash equivalents (1) (2)
10 unchanged sentences
Our portfolio of available-for-sale debt securities is exposed to credit and interest rate risk.
−Removed: As of September 30, 2022, we invested $4.5 million in marketable securities primarily consisting of commercial paper with credit rating of AA or equivalent by S&P Rating and Moody's Investor Services.
−Removed: The maturity of these securities were less than one year.
+Added: As of March 31, 2023, we invested $22.1 million in marketable securities primarily consisting of commercial paper with credit ratings of A or equivalent by S&P Rating and Moody's Investor Services.
+Added: The maturities of these securities were less than one year.
See Note 4 – Fair Value Measurements in our Notes to Condensed Consolidated Financial Statements for further discussion on our available-for-sale debt securities.
−Removed: As of September 30, 2022, our net contract assets – commissions receivable balance was $785.8 million.
+Added: As of March 31, 2023, our net contract assets – commissions receivable balance was $802.0 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.
1 unchanged sentence
We estimate our maximum credit risk in determining the contract assets – commissions receivable balance recognized on the balance sheet.
−Removed: We had a $2.2 million allowance for credit losses for our commissions receivable balance as of September 30, 2022.
+Added: We had allowances for credit losses of $2.2 million and $2.4 million as of March 31, 2023 and December 31, 2022, respectively.
Our total contract assets and accounts receivable are summarized as follows (in thousands):
−Removed: September 30, 2022 December 31, 2021
+Added: March 31, 2023 December 31, 2022
Contract assets – commissions receivable – current $ 205,679 $ 242,749
9 unchanged sentences
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.