−Removed: QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET
+Added: QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
We develop our products in the U.S.
−Removed: sell those products into more than 50 countries throughout the world.
−Removed: We also purchase certain components for our products from
−Removed: foreign vendors.
+Added: and sell those products into more than 77 countries throughout the world.
+Added: We also purchase certain components for our products from foreign vendors.
Most of our sale and purchase transactions are denominated in the U.S.
−Removed: As a result, our financial results
−Removed: could be affected by factors such as foreign currency exchange rates relative to the U.S.
−Removed: Dollar or weak economic conditions in
−Removed: foreign markets.
−Removed: In addition, changes in exchange rates may also affect the end-user prices of our products compared to those of
−Removed: our competitors, who may be selling their products in local currencies, making our products less competitive in some countries.
+Added: As a result, our financial results could be affected by factors such as foreign currency exchange rates relative to the U.S.
+Added: Dollar or weak economic conditions in foreign markets.
+Added: In addition, changes in exchange rates may also affect the end-user prices of our products compared to those of our competitors, who may be selling their products in local currencies, making our products less competitive in some countries.
Foreign Currency Exchange Risk
−Removed: We have foreign currency risks related to
−Removed: our revenue and cost of revenue denominated in currencies other than the U.S.
−Removed: Dollar, principally the Japanese yen (“Yen”).
+Added: We have foreign currency risks related to our revenue and cost of revenue denominated in currencies other than the U.S.
+Added: Dollar, principally the Japanese yen (“Yen”).
The volatility of the Yen depends on many factors that we cannot forecast with reliable accuracy.
−Removed: We have experienced and will
−Removed: continue to experience fluctuations in our net income as a result of transaction gains and losses related to revaluing Yen denominated
−Removed: accounts payable balances.
−Removed: In the event our Yen denominated accounts payable or expenses increase, our operating results may be
−Removed: affected by fluctuations in the Yen exchange rate.
−Removed: Dollar uniformly increased or decreased in strength by 10 percent
−Removed: relative to the Yen, our net income would have correspondingly increased or decreased by an immaterial amount for the year ended
−Removed: December 31, 2019.
+Added: We have experienced and will continue to experience fluctuations in our net income as a result of transaction gains and losses related to revaluing Yen denominated accounts payable balances.
+Added: In the event our Yen denominated accounts payable or expenses increase, our operating results may be affected by fluctuations in the Yen exchange rate.
+Added: Dollar uniformly increased or decreased in strength by 10 percent relative to the Yen, our net income would have correspondingly increased or decreased by an immaterial amount for the year ended December 31, 2020.
Interest Rate Risk
−Removed: When able, we invest excess cash in bank
−Removed: money-market funds, corporate debt securities or discrete short-term investments.
−Removed: Our interest income is sensitive to changes in
−Removed: the general level of interest rates in the U.S.
−Removed: If market interest rates were to change by 100 basis points from levels at December 31,
−Removed: 2019, we expect a corresponding change of approximately $335,000 in interest income earned on our excess cash held in interest
−Removed: bearing accounts.
−Removed: The fair value of our corporate bonds held
−Removed: as short-term investments is sensitive to changes in the general level of interest rates in the U.S., and the fair value of these
−Removed: investments will decline if market interest rates increase.
−Removed: As of December 31, 2019, our corporate bonds consisted of the
+Added: When able, we invest excess cash in bank money-market funds, corporate debt securities or discrete short-term investments.
+Added: Our interest income is sensitive to changes in the general level of interest rates in the U.S.
+Added: If market interest rates were to change by 100 basis points from levels at December 31, 2020, we expect a corresponding change of approximately $380,000 in interest income earned on our excess cash held in interest bearing accounts.
+Added: The fair value of our corporate bonds held as short-term investments is sensitive to changes in the general level of interest rates in the U.S., and the fair value of these investments will decline if market interest rates increase.
+Added: As of December 31, 2020, our corporate bonds consisted of the following:
Expected Maturity Dates
−Removed: Corporate bonds:
−Removed: International corporations
−Removed: Our corporate bonds have fixed interest
−Removed: rates and semi-annual interest payment dates.
−Removed: If market interest rates were to change by 100 basis points from levels at December 31,
−Removed: 2019, we expect the corresponding change in fair value of our investments would be approximately $40,000.
−Removed: This is based on sensitivity
−Removed: analyses performed on our financial position as of December 31, 2019.
−Removed: Actual results may differ as our analysis of the effects
−Removed: of changes in interest rates does not account for, among other things, sales of securities prior to maturity and repurchase of
−Removed: replacement securities, the change in mix or quality of the investments in the portfolio, and changes in the relationship between
−Removed: short-term and long-term interest rates.
+Added: Our corporate bonds have fixed interest rates and semi-annual interest payment dates.
+Added: If market interest rates were to change by 100 basis points from levels at December 31, 2020, we expect the corresponding change in fair value of our investments would be approximately $13,000.
+Added: This is based on sensitivity analyses performed on our financial position as of December 31, 2020.
+Added: Actual results may differ as our analysis of the effects of changes in interest rates does not account for, among other things, sales of securities prior to maturity and repurchase of replacement securities, the change in mix or quality of the investments in the portfolio, and changes in the relationship between short-term and long-term interest rates.
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.