4 unchanged sentences
Interest Rate Risk
−Removed: Changes in interest rates could impact our anticipated interest income on our cash equivalents and investments in marketable securities.
−Removed: Our investments are fixed-rate short-term and long-term securities.
−Removed: Fair market value of fixed-rate securities may be adversely impacted due to a rise in interest rates.
−Removed: As a result, our future investment income may fall short of expectations due to changes in interest rates or we may suffer losses in principal if forced to sell securities which have declined in market value due to changes in interest rates.
−Removed: As of September 30, 2024, we had no available-for-sale marketable securities.
−Removed: We do not enter into investments for trading or speculative purposes and have not used any derivative financial instruments to manage our interest rate risk exposure.
−Removed: As of September 30, 2024, we are not subject to risks from immediate interest rate increases on our unsecured revolving line of credit facility.
−Removed: Currency Rate Risk
−Removed: As a result of our international business activities, our financial results have been affected by changes in foreign currency exchange rates as well as economic conditions in foreign markets, and there is no assurance that exchange rate fluctuations will not harm our business in the future.
−Removed: We generally sell our products in the local currency of the respective country.
−Removed: This provides some natural hedging because most of the subsidiaries’ operating expenses are generally denominated in their local currencies.
+Added: Changes in interest rates could impact our anticipated interest income earned on our cash and cash equivalents balance.
+Added: As of March 31, 2025, we are not exposed to interest rate risk on our unsecured revolving line of credit.
+Added: An immediate 10% change in interest rates would not have a material adverse impact on our future operating results and cash flows.
+Added: As of March 31, 2025, we had no short term or long-term marketable securities.
+Added: We have not historically used derivative financial instruments to manage our exposure to changes in interest rates.
+Added: Foreign Currency Exchange Rate Risk
+Added: As a result of our international business activities, our financial results have been affected by changes in foreign currency exchange rates as well as economic conditions in foreign markets, and there is no assurance that exchange rate fluctuations will not adversely impact our results of operations or financial condition in the future.
+Added: We generally sell our products in the local currency of the respective countries.
+Added: This provides some natural hedging because most of the subsidiaries’ operating expenses are also generally denominated in their local currencies.
We enter into foreign currency forward contracts for currencies where we have exposures, primarily the Euro, British Pound, Chinese Yuan, Polish Zloty and Canadian Dollar, to minimize the short-term impact of foreign currency exchange rate fluctuations on certain assets and liabilities.
3 unchanged sentences
As our international operations grow, we will continue to reassess our approach to managing the risks relating to fluctuations in currency rates.
−Removed: It is difficult to predict the impact forward contracts could have on our results of operations.
−Removed: Although we will continue to monitor our exposure to currency fluctuations, and, where appropriate, may use forward contracts to minimize the effect of these fluctuations, the impact of an aggregate change of 10% in foreign currency exchange rates relative to the U.S.
+Added: Although we will continue to monitor our exposure to currency fluctuations, and, where appropriate, use forward contracts to minimize the effect of these fluctuations, the impact of an aggregate change of 10% in foreign currency exchange rates relative to the U.S.
dollar on our results of operations and financial position could be material.
Inflation Risk
−Removed: The economy has been impacted by certain macroeconomic challenges which have contributed to a rising inflationary trend that have impacted both our revenues and costs globally, and which we expect will continue into the foreseeable future.
+Added: The economy has been impacted by certain macroeconomic challenges which have contributed to a rising inflationary trend that have impacted both our revenues and costs globally.
If our costs become subject to significant inflationary pressures, we may not be able to fully offset such higher costs through price increases.
−Removed: There can be no assurance that our results of operations and financial condition will not be materially impacted by inflation in the future.
+Added: There is no assurance that our results of operations and financial condition will not be adversely impacted by inflation in the future.
+Added: Investment Risk
+Added: We hold equity securities in privately held companies, which are subject to equity price risks and exposures from the evolving macroeconomic environment, including uncertainty and volatility in financial markets and other changes in economic conditions, such as an increase in trade tensions and related tariffs, that could have a material impact on the carrying value of our investments.
+Added: Our investments in privately held companies primarily consist of equity securities without readily determinable fair values.
+Added: We elected to account for our investments in privately held companies using the measurement alternative, which is cost, less any impairment, adjusted for changes in fair value resulting from observable transactions for identical or similar investments of the same issuer.
+Added: We perform a qualitative assessment at each reporting date to determine whether there are triggering events for impairment.
+Added: The qualitative assessment considers factors such as but not limited to, the investee’s financial performance and business prospects;
+Added: industry performance;
+Added: economic environment;
+Added: and other relevant events and factors affecting the investee.
+Added: Valuations of our equity investments are complex due to the lack of readily available market data and observable transactions.
+Added: The carrying value of our investments in privately held companies was $188.2 million at March 31, 2025 and December 31, 2024.
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.