Quantitative and Qualitative Disclosures About Market Risk
−Removed: The Company continues to monitor the global economic uncertainty as a result the COVID-19 pandemic to assess the impact on its results of operations, financial condition, and liquidity.
−Removed: 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, 2022, approximately 22.0% Company’s revenues were generated outside of the United States.
+Added: For the six months ended June 30, 2022, approximately 21.6% Company’s revenues were generated outside of the U.S..
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 2022, the U.S.
+Added: During the first six months of 2022, the U.S.
dollar fluctuated, and 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 $18.5 million, or 1.3%, in the first quarter of 2022 compared to the same period one year ago.
+Added: Currency exchange rates had the effect of decreasing reported service revenues by $55 million, or 1.9%, in the first half of 2022 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.
−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 $1 million, or 0.9%, lower in the first quarter of 2022 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, 2022 levels throughout the remainder of 2022, the currency impact on the Company’s full-year reported revenues and operating expenses would be nearly flat compared to full year 2021 results.
+Added: dollar also affected the reported level of expenses incurred in the Company’s international operations.
+Added: Because substantially all the Company’s international 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.
+Added: Reported net income was $3 million, or 1.1%, lower in the first half of 2022 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 June 30, 2022 levels throughout the remainder of 2022, the currency impact on the Company’s full-year reported revenues and operating expenses would be consistent with the first half of 2022 results.
Should current trends continue, the impact to reported net income would be immaterial.
−Removed: For the one month ended April 30, 2022, the U.S.
−Removed: dollar has strengthened against the Euro, Canadian Dollar, British Pound, Australian Dollar, and the Brazilian Real since March 31, 2022.
−Removed: If currency exchange rates were to remain at April 2022 levels throughout 2022, the currency impact on the Company’s full-year reported revenues would be unfavorable, offset by a favorable impact on operating expenses.
+Added: For the one month ended July 31, 2022, the U.S.
+Added: dollar has weakened against the Canadian Dollar, British Pound, Australian Dollar, and the Brazilian Real, and strengthened against the Euro, since June 30, 2022.
+Added: If currency exchange rates were to remain at July 2022 levels throughout 2022, the currency impact on the Company’s full-year reported revenues would be unfavorable, offset by a favorable impact on operating expenses.
These results will likely have an immaterial impact on reported net income.
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.