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As a result of the COVID-19 global pandemic and the perceived increased credit risks associated with certain securities, credit rating agencies have, from time to time, issued downgrades or revised outlooks to negative for certain issuers of the debt securities held in our short-term investments portfolio.
−Removed: Unrealized losses on available-for-sale debt securities at June 30, 2022 were primarily due to the recent increase in market interest rates.
+Added: Unrealized losses on available-for-sale debt securities at September 30, 2022 were primarily due to the recent increase in market interest rates.
Based on the credit quality of the available-for-sale debt securities that are in an unrealized loss position, and our current estimates of future cash flows to be collected from those securities, we believe the unrealized losses were not credit losses (see Note 3, “Short-Term Investments”).
2 unchanged sentences
Because of the short-term maturities of our financial instruments, we do not believe that an increase or decrease in market interest rates would have any significant impact on the realized value of our investment portfolio.
−Removed: If a 10% change in interest rates were to have occurred on June 30, 2022, it would not have had a material effect on the fair value of our investment portfolio as of that date.
+Added: If a 10% change in interest rates were to have occurred on September 30, 2022, it would not have had a material effect on the fair value of our investment portfolio as of that date.
In May 2020, we issued $287.5 million principal amount of Convertible Senior Notes, which bear interest at a fixed rate of 1.50% per year.
1 unchanged sentence
Foreign Currency Exchange Rate Risk
−Removed: Our operations are primarily located in the United States, and nearly all of our sales since inception have been made in U.S.
−Removed: With the exception of a portion of our sales in Canada, our sales outside of the United States are currently made to independent distributors under agreements denominated in U.S.
−Removed: As we expand our operations in markets outside the United States, particularly in Europe, we will be exposed to further foreign currency exchange rate risk.
−Removed: We believe our exposure to foreign currency rate fluctuations is currently limited to our operations in Canada, where fluctuations in the rate of exchange between the U.S.
−Removed: dollar and the Canadian dollar could adversely affect our financial results.
+Added: Our operations are primarily located in the United States.
+Added: In addition, we have a sales and marketing office in Canada and, beginning in 2022, a distribution center in the Netherlands.
+Added: Our sales to customers in the United States are made in U.S.
+Added: With the exception of sales from our distribution center in the Netherlands and a portion of our sales in Canada, our sales to customers outside of the United States are currently made to independent distributors under agreements denominated in U.S.
+Added: Accordingly, we believe our exposure to foreign currency rate fluctuations is currently limited to our operations in Canada and the Netherlands, where fluctuations in the rate of exchange between the U.S.
+Added: dollar and the local currency could adversely affect our financial results.
+Added: As we expand and further develop our operations in markets outside the United States, particularly in Europe, we will be exposed to additional foreign currency exchange rate risk.
In addition, from time to time, we may have foreign currency exchange risk related to existing assets and liabilities, committed transactions and forecasted future cash flows.
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.