Quantitative and Qualitative Disclosures About Market Risk
+Added: In March 2020, the World Health Organization announced that COVID-19 had become pandemic.
+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.
14 unchanged sentences
During 2020, the U.S.
−Removed: 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 service revenues by $62.8 million, or 1.1%, in 2019 compared to prior year.
−Removed: The general strengthening of the U.S.
+Added: dollar fluctuated and strengthened against the Canadian dollar and Australian dollar but weakened against the British pound and Euro, compared to one year ago.
+Added: Currency exchange rates had the effect of decreasing reported service revenues by $1.6 million, or less than 0.1%, in 2020 compared to prior year.
+Added: The general fluctuation of the U.S.
dollar also affected the reported level of expenses incurred in the Company’s foreign operations.
2 unchanged sentences
For the one month ended January 31, 2021, the U.S.
−Removed: dollar has strengthened against the Euro, British pound, Canadian dollar, and Australian dollar since December 31, 2019.
−Removed: If currency exchange rates were to remain at January 2020 levels throughout 2020, the Company’s 2020 full-year reported revenues would be impacted unfavorably, mostly offset by a favorable impact to operating expenses.
−Removed: Thus, the impact to reported net income would likely be immaterial.
+Added: dollar has strengthened against the Euro, Canadian dollar, and Australian dollar and weakened against the British pound, since December 31, 2020.
+Added: If currency exchange rates were to remain at January 2021 levels throughout 2021, the currency impact on the Company’s full-year reported revenues and operating expenses would be nearly flat compared to full year 2020 results.
+Added: Should current trends continue, the impact on reported net income would be immaterial.
Fluctuations in currency exchange rates impact the U.S.
9 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.