Quantitative and Qualitative Disclosures About Market Risk
−Removed: In March 2020, the World Health Organization announced that COVID-19 had become pandemic.
−Removed: The subsequent global stay-at-home orders resulted in significant travel restrictions and business closures.
−Removed: These actions have led to global economic disruptions.
−Removed: 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.
−Removed: 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: We continue to monitor the significant global economic uncertainty as a result of coronavirus (“COVID-19”) to assess the impact on the Company’s results of operations, financial condition, and liquidity.
+Added: In light of the ongoing economic disruption, we continue to face a greater degree of uncertainty than normal in making the judgments and estimates needed to apply the Company’s significant accounting policies.
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.
5 unchanged sentences
dollar value of the Company’s reported revenues, expenses, earnings, assets and liabilities.
−Removed: For the nine months ended September 30, 2020, approximately 22% of the Company’s revenues were generated outside of the United States.
+Added: For the three months ended March 31, 2021, approximately 23% 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.
6 unchanged sentences
markets, the Company’s reported results vary.
−Removed: During the first nine months of 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 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.
−Removed: The general strengthening of the U.S.
−Removed: dollar also affected the reported level of expenses incurred in the
−Removed: Company’s foreign operations.
−Removed: 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 $0.9 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.
−Removed: For the one month ended October 31, 2020, the U.S.
−Removed: dollar has strengthened against the Euro and Australian dollar and weakened against the Canadian dollar and British pound since September 30, 2020.
−Removed: 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.
+Added: During the first three months of 2021, the U.S.
+Added: dollar fluctuated, and generally weakened, against the primary currencies in which the Company conducts business, compared to one year ago.
+Added: Currency exchange rates had the effect of increasing reported net service revenues by $22.6 million, or 1.5%, in the first quarter of 2021 compared to the same period one year ago.
+Added: The general weakening of the U.S.
+Added: dollar also affected the reported level of expenses incurred in the Company’s foreign operations.
+Added: Because substantially all the Company’s foreign operations generated revenues and incurred expenses within the same country and currency, the effect of higher reported revenues is largely offset by the increase in reported operating expenses.
+Added: Reported net income was $0.8 million, or 0.9%, higher in the first quarter of 2021 compared to the same period one year ago due to the effect of currency exchange rates.
+Added: If currency exchange rates were to remain at March 31, 2021 levels throughout the remainder of 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.
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.