Quantitative and Qualitative Disclosures About Market Risk
−Removed: 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.
−Removed: 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.
−Removed: 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: We continue to monitor the 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: We continue to face uncertainty in making the judgments and estimates needed to apply the Company’s significant accounting policies.
Actual results and outcomes may differ from management’s estimates and assumptions.
4 unchanged sentences
dollar value of the Company’s reported revenues, expenses, earnings, assets and liabilities.
−Removed: For the three months ended March 31, 2021, approximately 23% of the Company’s revenues were generated outside of the United States.
+Added: For the six months ended June 30, 2021, approximately 22.9% 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 three months of 2021, the U.S.
+Added: During the first six months of 2021, the U.S.
dollar fluctuated, and generally weakened, against the primary currencies in which the Company conducts business, compared to one year ago.
−Removed: 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: Currency exchange rates had the effect of increasing reported service revenues by $32.0 million, or 2.9%, in the first half of 2021 compared to the same period one year ago.
The general weakening 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 higher reported revenues is largely offset by the increase in reported operating expenses.
−Removed: 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.
−Removed: 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.
+Added: Reported net income was $2.2 million, or 4.8%, higher in the first half of 2021 compared to the same period one year ago due to the effect of currency exchange rates.
+Added: For the one month ended July 31, 2021, the U.S.
+Added: dollar has strengthened against the Euro, Australian dollar and Canadian dollar, but weakened against the British pound since June 30, 2021.
+Added: If currency exchange rates were to remain at June 30, 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.