3 unchanged sentences
We do not enter into derivatives or other financial instruments for trading or speculative purposes and do not believe we are exposed to material market risk with respect to our cash, cash equivalents and marketable debt securities.
−Removed: Except for the foreign exchange risk described below, we believe there has been no material quantitative changes in our market risk exposure between December 31, 2019 and December 31, 2018.
Interest Rate Risk
−Removed: Our exposure to interest rate risk relates primarily to our revolving credit facility and our investments in cash equivalents and marketable debt securities portfolio.
+Added: Our exposure to interest rate risk relates primarily to our revolving credit facility and our investments in cash equivalents and marketable debt securities.
At December 31, 2020, we had no debt outstanding under our revolving credit facility and therefore were not exposed to interest rate risk with respect to interest payable under that facility.
6 unchanged sentences
Our investment policy limits the amount of credit exposure to any one issue, issuer or type of security.
−Removed: Our securities all have maturity dates within three years of the date of purchase and are designated as available for sale.
+Added: Our securities all have effective maturity dates within three years of the date of purchase and are designated as available for sale.
As of December 31, 2020, we believe that a hypothetical 10% change in interest rates would not materially affect the underlying valuation of our marketable securities.
Foreign Exchange Risk
−Removed: We operate in countries other than the United States and, therefore, we are exposed to foreign currency risks.
−Removed: Most of our direct sales outside of the United States are billed in local currencies.
−Removed: We expect that the percentage of our sales and certain operating expenses denominated in foreign currencies will increase in the foreseeable future as we continue to expand into international markets.
+Added: We operate in countries outside of the United States and, therefore, we are exposed to foreign currency risk.
+Added: Most of our direct sales outside of the United States are invoiced in local currencies.
+Added: We expect the percentage of our sales and operating expenses denominated in foreign currencies will increase in the foreseeable future as we continue to expand into international markets.
When our sales or expenses are not denominated in U.S.
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.