3 unchanged sentences
Our market risk exposure is primarily a result of fluctuations in foreign currency exchange rates, interest rates, and strategic equity investments.
−Removed: Macroeconomic uncertainties, including inflation, monetary policy shifts, uncertainty in the global banking and financial services markets, recession risks, potential disruptions from the Russia-Ukraine and Israel-Hamas conflicts, the Houthi movement in the Red Sea and the U.S.
−Removed: trade war with China have increased the volatility of global financial markets, which may increase our foreign currency exchange risk and interest rate risk.
+Added: Global economic and business activities continue to face widespread macroeconomic uncertainties, including the effects of, among other things, inflation, monetary policy shifts, recession risks, potential supply chain disruptions, geopolitical pressures, and escalating international trade measures, which may increase our foreign currency exchange risk and interest rate risk.
For further discussion of the potential impacts on our business, operating results, and financial condition, see Risk Factors included in Part I, Item 1A of this Form 10-K.
12 unchanged sentences
Our results of operations and cash flows are, therefore, subject to fluctuations due to changes in foreign currency exchange rates and may be adversely affected in the future due to changes in foreign exchange rates.
−Removed: A hypothetical 10% change in foreign currency exchange rates on our monetary assets and liabilities would not be material to our financial condition or results of operations.
To date, foreign currency transaction gains and losses and exchange rate fluctuations have not been material to our financial statements.
10 unchanged sentences
A decline in interest rates would reduce our interest income on our cash, cash equivalents and marketable securities.
−Removed: For the years ended December 31, 2023, 2022 and 2021, the effect of an immediate 10% change in interest rates would not have been material to our operating results and the total value of the portfolio assuming consistent investment levels.
Conversely, an increase in interest rates could have a material impact to the fair market value of our investments in fixed income securities.
We would incur unrealized losses on fixed income securities if there is an increase in interest rates compared to interest rates at the time of purchase.
+Added: A hypothetical 100 basis point increase in market interest rates would have resulted in a decrease approximately $70.0 million and $39.0 million in the market value of our available-for-sale debt securities and cash equivalents as of December 31, 2024 and 2023.
In the unlikely event we are forced to sell our marketable securities prior to maturity, we may incur realized losses in such investments.
3 unchanged sentences
As of December 31, 2024 and 2023, the total carrying amount of our investments in privately-held companies was $81.3 million and $62.3 million, respectively.
−Removed: For the years ended December 31, 2023, 2022 and 2021, we recorded a net gain of $13.9 million, $15.8 million and $0, respectively, with respect to these investments.
Fair Value Measurements of the Notes to Consolidated Financial Statements included in Part II, Item 8, of this Annual Report on Form 10-K for details.
2 unchanged sentences
We could lose our entire investment in these companies.
−Removed: Our evaluation of investments in privately-held companies is based on the fundamentals of the businesses invested in, including among other factors, the nature of their technologies and potential for financial return.
−Removed: One of our equity investments in a privately-held company completed an initial public offering at the beginning of 2022 and subsequently our investment converted to a marketable equity security.
−Removed: During the year ended December 31, 2023, the Company sold all its shares of this security for $23.9 million.
−Removed: The cost of this investment was $3.0 million and the cumulative gain since inception was $20.9 million, the majority of which has been reflected in prior periods as mark-to-market net gains in Other income, net.
+Added: Our evaluation of investments in
+Added: privately-held companies is based on the fundamentals of the businesses invested in, including among other factors, the nature of their technologies and potential for financial return.
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.