4 unchanged sentences
Our cash balances are kept in customary operating accounts, a portion of which are insured by the Federal Deposit Insurance Corporation, and uninsured money market accounts.
−Removed: The majority of our cash balances in money market accounts are with Wells Fargo, our lender under our loan
+Added: The majority of our cash balances in money market accounts are with Wells Fargo, our lender under our loan facility.
To date, we have not used derivative instruments to mitigate the impact of our market risk exposures.
1 unchanged sentence
Interest Rate Risk
−Removed: Our exposure to market risk for changes in interest rates primarily relates to our cash equivalents and any variable rate indebtedness.
+Added: Our exposure to market risk for changes in interest rates primarily relates to our cash equivalents and any variable rate
+Added: indebtedness.
The primary objective of our investment activities is to preserve principal while maximizing yields without significantly increasing risk.
This objective is accomplished currently by making diversified investments, consisting only of money market mutual funds and certificates of deposit.
−Removed: In conjunction with entering into our $350 million, 7 year, term credit facility, and subsequent entry into an additional $190 million in incremental term loans under the Credit Facility, we entered into interest rate hedge instruments for the full 7 year term, effectively fixing our interest rate at 5.4%.
−Removed: However, the interest rate associated with our $60 million, 5 year, Revolver remains floating.
−Removed: As of December 31, 2020, we had a principal balance of $533.3 million under our Credit Facility.
+Added: In conjunction with entering into our $350 million, 7 year, term Credit Facility, and subsequent entry into an additional $190 million 2019 Incremental Term Loan under the Credit Facility, we entered into interest rate hedge instruments for the full 7 year term, effectively fixing our interest rate at 5.4%.
+Added: However, the interest rate associated with our $60 million, 5 year, term Revolver remains floating.
+Added: As of December 31, 2021, we had an outstanding debt balance of $527.9 million under our Credit Facility.
As there was no debt outstanding under our Revolver as of December 31, 2021, a hypothetical change of 100 basis points would result in no change to interest expense.
1 unchanged sentence
Our customers are generally invoiced in the currency of the country in which they are located.
−Removed: In addition, we incur a portion of our operating expenses in foreign currencies, including Canadian dollars, British pounds and Euros, and in the future, as we expand into other foreign countries, we expect to incur operating expenses in other foreign currencies.
+Added: In addition, we incur a portion of our operating expenses in foreign currencies, including Australian dollars, British pounds, Canadian dollars, Euros and Israeli New Shekels, and in the future, as we expand into other foreign countries, we expect to incur operating expenses in other foreign currencies.
As a result, we are exposed to foreign exchange rate fluctuations as the financial results of our international operations and our revenue and operating results could be adversely affected.
4 unchanged sentences
As our international operations grow, we will continue to reassess our approach to manage our risk relating to fluctuations in foreign currency exchange rates.
−Removed: The non-financial assets and liabilities of our foreign subsidiaries are translated into United States dollars using the exchange rates in effect at the balance sheet date.
+Added: The non-financial assets and liabilities of our foreign subsidiaries are translated into USD using the exchange rates in effect at the balance sheet date.
The related translation adjustments are recorded in a separate component of stockholders' equity in accumulated other comprehensive loss.
In addition, we have intercompany loans that were used to fund the acquisition of foreign subsidiaries during the years ended December 31, 2019 and 2018.
−Removed: Due to the long-term nature of these loans, the foreign currency gains (losses) resulting from remeasurement are recognized as a component of accumulated other comprehensive income (loss).
−Removed: We do not believe that inflation had a material effect on our business, financial condition or results of operations in the last three fiscal 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.
+Added: Due to the long-term nature of these loans, the foreign currency gains (losses) resulting from remeasurement are recognized as a component of accumulated other comprehensive loss.
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.