1 unchanged sentence
In March 2020, the World Health Organization announced that a novel strain of coronavirus (“COVID-19”) had become pandemic.
−Removed: COVID-19 has emerged as a serious threat to the health and economic well-being of our clients, employment candidates, employees, and the overall economy.
−Removed: The COVID-19 pandemic is having a significant impact on global economies as a result of stay-at-home orders and business closures to stop the spread of the virus.
−Removed: We are continuing to monitor the spread of COVID-19 and related risks, including risks related to efforts to mitigate the disease’s spread, although the rapid development and fluidity of the situation precludes any prediction as to its ultimate impact on us.
−Removed: However, if the spread and related business restrictions continue, such impact could grow and our business, financial condition, results of operations and cash flows could be materially adversely affected.
+Added: The subsequent global stay-at-home orders resulted in significant travel restrictions and business closures.
+Added: These actions have led to global economic disruptions.
+Added: We are continuing to monitor the efforts to mitigate the spread of COVID-19, including uncertainty around the duration and extent of the stay-at-home orders and the effect on the Company’s results of operations, financial condition, and liquidity.
+Added: In light of the economic disruption, we face a greater degree of uncertainty than normal in making the judgments and estimates needed to apply the Company’s significant accounting policies.
+Added: As the situation continues to develop, we may make changes to these estimates and judgments over time, which could result in meaningful impacts to the Company’s financial statements in future periods.
+Added: Actual results and outcomes may differ from management’s estimates and assumptions.
Because a portion of the Company’s net revenues are derived from its operations outside the U.S.
3 unchanged sentences
dollar value of the Company’s reported revenues, expenses, earnings, assets and liabilities.
−Removed: For the three months ended March 31, 2020, approximately 22% of the Company’s revenues were generated outside of the United States.
+Added: For the six months ended June 30, 2020, approximately 22% of the Company’s revenues were generated outside of the United States.
These operations transact business in their functional currency, which is the same as their local currency.
2 unchanged sentences
Under GAAP, revenues and expenses denominated in foreign currencies are translated into U.S.
−Removed: dollars at the monthly average exchange rates prevailing during the period.
+Added: dollars at the monthly average exchange rates prevailing during the
Consequently, as the value of the U.S.
1 unchanged sentence
markets, the Company’s reported results vary.
−Removed: During the first three months of 2020, the U.S.
+Added: During the first six months of 2020, the U.S.
dollar fluctuated, but generally strengthened, against the primary currencies in which the Company conducts business, compared to one year ago.
−Removed: Currency exchange rates had the effect of decreasing reported net service revenues by $10.5 million, or 0.7%, in the first quarter of 2020 compared to the same period one year ago.
+Added: Currency exchange rates had the effect of decreasing reported net service revenues by $19.2 million, or 0.6%, in the first half of 2020 compared to the same period one year ago.
The general strengthening of the U.S.
1 unchanged sentence
Because substantially all the Company’s foreign operations generated revenues and incurred expenses within the same country and currency, the effect of lower reported revenues is largely offset by the decrease in reported operating expenses.
−Removed: Reported net income was $0.4 million, or 0.3%, lower in the first quarter of 2020 compared to the same period one year ago due to the effect of currency exchange rates.
−Removed: For the one month ended April 30, 2020, the U.S.
−Removed: dollar has weakened against the Canadian dollar, Australian dollar, and British pound but slightly strengthened against the Euro since March 31, 2020.
−Removed: If currency exchange rates were to remain at April 2020 levels throughout the remainder of 2020, the currency impact on the Company’s full-year reported revenues and operating expenses would be nearly flat compared to full year 2019 results.
+Added: Reported net income was $0.7 million, or 0.3%, lower in the first half of 2020 compared to the same period one year ago due to the effect of currency exchange rates.
+Added: For the one month ended July 31, 2020, the U.S.
+Added: dollar has weakened against the Canadian dollar, Euro, Australian dollar, and British pound since June 30, 2020.
+Added: If currency exchange rates were to remain at July 2020 levels throughout the remainder of 2020, the currency impact on the Company’s full-year reported revenues and operating expenses would be nearly flat compared to full year 2019 results.
Should current trends continue, the impact to reported net income would be immaterial.
10 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.