8 unchanged sentences
Our expenses are generally denominated in the currencies in which our operations are located, primarily the U.S.
−Removed: dollar and New Israeli Shekel, and to a lesser extent, the Euro and Korean Won.
+Added: dollar and New Israeli Shekel, Euro, and to a lesser extent, the Korean Won.
Our New Israeli Shekel‑denominated expenses consist primarily of personnel and overhead costs.
9 unchanged sentences
dollar during the reporting period.
−Removed: To date, we have used derivative financial instruments, specifically foreign currency forward contracts, to manage exposure to foreign currency risks by hedging a portion of our account receivable balances denominated in Euros expected to be paid within six months.
+Added: To date, we have used derivative financial instruments, specifically foreign currency forward contracts, to manage exposure to foreign currency risks by hedging portions of the anticipated payroll payments denominated in New Israeli Shekels (“NIS”).
Our foreign currency forward contracts are expected to mitigate exchange rate changes related to the hedged assets.
−Removed: We do not use derivative financial instruments for speculative or trading purposes.
+Added: Those hedging contracts are designated as cash flow hedges.
+Added: In addition, we also entered into derivative instrument arrangements to hedge the Company’s exposure to currencies other than the U.S.
+Added: dollar, mainly put and call options to sell Euro for U.S.
+Added: dollars, put and call options to sell Australian dollars (“AUD”) for U.S.
+Added: dollars and forward contracts to sell AUD for U.S.
+Added: dollars, forward contracts to sell Euro for U.S.
+Added: dollars and forward contracts to sell U.S.
+Added: dollars for South Korean Won (“KRW”).
+Added: These derivative instruments are not designated as cash flow hedges.
We had cash, cash equivalents and restricted cash of $223.8 million and $827.1 at the end of the year ending December 31, 2019 and the year ended December 31, 2020, respectively, which was held for working capital purposes.
2 unchanged sentences
We had restricted bank deposits of $27.6 million and $2.6 million as of December 31, 2019 December 31, 2020, respectively.
−Removed: As of December 31, 2019, we had no outstanding forward contracts or put and call options or derivative financial instruments, such as foreign exchange forward contracts, to mitigate the risk of changes in foreign exchange rates on accounts receivable and forecast cash flows denominated in certain foreign currencies.
−Removed: We may not be able to purchase derivative instruments adequate to fully insulate ourselves from foreign currency exchange risks and over the past year we have incurred losses as a result of exchange rate fluctuations on exposures that have not been covered by our hedging strategy.
Additionally, our hedging activities may also contribute to increased losses as a result of volatility in foreign currency markets.
3 unchanged sentences
Our trade accounts receivables potentially expose us to a concentration of credit risk with our major customers.
−Removed: For the year ended December 31, 2019, one major customer accounted for 20.4% of our total revenues, and as of December 31, 2019, one major customer accounted for approximately 32.1% of our consolidated trade receivables balance.
−Removed: For the year ended December 31, 2018, one major customer accounted for 19.4% of total revenues, and as of December 31, 2018, two major customers accounted for approximately 41.3% of our consolidated trade receivables balance.
+Added: For the year ended December 31, 2020, one major customer accounted for 14.8% of our total revenues, and as of December 31, 2020, two major customers accounted for approximately 34.6% of our consolidated trade receivables balance.
+Added: For the year ended December 31, 2019, one major customer accounted for 20.4% of total revenues, and as of December 31, 2019, one major customer accounted for approximately 32.1% of our consolidated trade receivables balance.
We currently do not foresee a credit risk associated with these receivables.
−Removed: We do not believe that inflation had a material effect on our business, financial condition, or results of operations in the last three years.
−Removed: If our costs were to become subject to significant inflationary pressures, we may not be able to fully offset such higher costs through price increases.
−Removed: Our inability or failure to do so could harm our business, financial condition, and results of operations.
Commodity Price Risk
3 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.