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Table of Contents
fair value of the instruments are recognized through Other comprehensive income in our statements of comprehensive income (see Item 15 of Part IV,
"Financial Statements"—Note 2. Accounting Policies, ).
Our exposure to market risk for changes in interest rates relates primarily to our short-term investments and short-term obligations; thus, fluctuations
in interest rates would not have a material impact on the fair value of these securities. However, the fair values of our investments may be subject to
fluctuations due to volatility of the stock market in general, investment-specific circumstances, and changes in general economic conditions.
At December 31, 2014, we had $181.6 million in cash and cash equivalents. Hypothetically, an increase or decrease in interest rates of one hundred
basis points would have an estimated impact of $1.8 million on our earnings or loss, or the fair market value or cash flows of these instruments.
At December 31, 2014, we had assets consisting of investments in precious metals totaling $10.9 million. Hypothetically, an increase or decrease in
the market value of one hundred basis points would have an estimated impact of $109,000 on our earnings or loss, or the recorded value or cash flows of
these instruments. Earnings resulting from increases in the market value of precious metals would be limited to losses incurred in the same fiscal year.
At December 31, 2014, letters of credit totaling $580,000 were outstanding under our credit facilities. Hypothetically, an increase or decrease in
interest rates of one hundred basis points would have an estimated impact of $5,800 on our earnings or loss, or the cash flows of these instruments, if the
letters of credit were fully drawn.
At December 31, 2014, we had cryptocurrency-denominated assets totaling $340,000. Hypothetically, an increase or decrease in the market value of
one hundred basis points would have an estimated impact of $3,400 on our earnings or loss, or the recorded value or cash flows of these instruments.
Reported earnings resulting from increases in the market value of cryptocurrency would be limited to their historical cost.

The financial statements and supplementary data required by this item are included in Part IV, Item 15 of this Annual Report on Form 10-K.

None.


We maintain disclosure controls and procedures, as such term is defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as
amended (the "Exchange Act"). The term  means controls and other procedures of an issuer that are designed to ensure that
information required to be disclosed by the issuer in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and
reported, within the time periods specified in the Commission's rules and forms.
Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed
by an issuer in the reports that it files or submits under the Exchange Act is accumulated and communicated to the issuer's management, including its
principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required
disclosure.

We carried out an evaluation required by the Exchange Act under the supervision and with the participation of our principal executive officer and
principal financial officer, of the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Rule 13a-15(e) of the
Exchange Act, as of the end of the period covered by this report. Based on this evaluation, our principal executive officer and principal financial officer
concluded that our disclosure controls and procedures were effective to provide reasonable assurance that information required to be disclosed by us in the
reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and
forms and to provide reasonable assurance that such information is accumulated and communicated to our
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