3 unchanged sentences
Our cash, cash equivalents, short-term marketable securities and restricted cash are summarized as follows (in thousands):
−Removed: March 31, 2023 December 31, 2022
+Added: June 30, 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 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: As of June 30, 2023, we invested $36.6 million in marketable securities primarily consisting of commercial paper and agency bonds.
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 March 31, 2023, our net contract assets – commissions receivable balance was $802.0 million.
+Added: As of June 30, 2023, our net contract assets – commissions receivable balance was $789.6 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 allowances for credit losses of $2.2 million and $2.4 million as of March 31, 2023 and December 31, 2022, respectively.
+Added: We had allowances for credit losses of $2.1 million and $2.4 million as of June 30, 2023 and December 31, 2022, respectively.
Our total contract assets and accounts receivable are summarized as follows (in thousands):
−Removed: March 31, 2023 December 31, 2022
+Added: June 30, 2023 December 31, 2022
Contract assets – commissions receivable – current $ 188,697 $ 242,749
3 unchanged sentences
Foreign Currency Exchange Risk
−Removed: To date, substantially all of our revenue has been derived from transactions denominated in United States Dollars.
+Added: To date, substantially all of our revenue has been derived from transactions denominated in U.S.
We have exposure to adverse changes in exchange rates associated with operating expenses of our foreign operations, which are denominated in Chinese Yuan Renminbi.
3 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.