Quantitative and Qualitative Disclosures About Market Risk
−Removed: In March 2020, the World Health Organization announced that a novel strain of coronavirus (“COVID-19”) had become pandemic.
+Added: In March 2020, the World Health Organization announced that COVID-19 had become pandemic.
The subsequent global stay-at-home orders resulted in significant travel restrictions and business closures.
9 unchanged sentences
dollar value of the Company’s reported revenues, expenses, earnings, assets and liabilities.
−Removed: For the six months ended June 30, 2020, approximately 22% of the Company’s revenues were generated outside of the United States.
+Added: For the nine months ended September 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
+Added: dollars at the monthly average exchange rates prevailing during the period.
Consequently, as the value of the U.S.
1 unchanged sentence
markets, the Company’s reported results vary.
−Removed: During the first six months of 2020, the U.S.
+Added: During the first nine 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 $19.2 million, or 0.6%, in the first half of 2020 compared to the same period one year ago.
+Added: Currency exchange rates had the effect of decreasing reported net service revenues by $13.1 million, or 0.3%, in the first three quarters of 2020 compared to the same period one year ago.
The general strengthening of the U.S.
−Removed: dollar also affected the reported level of expenses incurred in the Company’s foreign operations.
+Added: dollar also affected the reported level of expenses incurred in the
+Added: Company’s foreign operations.
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 $0.7 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.
−Removed: For the one month ended July 31, 2020, the U.S.
−Removed: dollar has weakened against the Canadian dollar, Euro, Australian dollar, and British pound since June 30, 2020.
−Removed: 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.
+Added: Reported net income was $0.9 million, or 0.3%, lower in the first three quarters of 2020 compared to the same period one year ago due to the effect of currency exchange rates.
+Added: For the one month ended October 31, 2020, the U.S.
+Added: dollar has strengthened against the Euro and Australian dollar and weakened against the Canadian dollar and British pound since September 30, 2020.
+Added: If currency exchange rates were to remain at October 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.