2 unchanged sentences
We are subject to market risks, including interest rate fluctuation exposure through our investments, in the ordinary course of our business.
−Removed: However, the goals of our investment policy are the preservation of capital, fulfillment of liquidity needs and fiduciary control of cash.
−Removed: To achieve our goal of maximizing income without assuming significant market
−Removed: risk, we maintain our excess cash and cash equivalents in money market funds and short-term debt securities.
+Added: The goals of our investment policy are the preservation of capital, fulfillment of liquidity needs and fiduciary control of cash.
+Added: To achieve our goal of maximizing income without assuming significant market risk, we maintain our excess cash and cash equivalents in money market funds and short-term debt securities.
Because of the short-term maturities of our cash equivalents, we do not believe that a decrease in interest rates would have any material negative impact on the fair value of our cash equivalents.
−Removed: As of September 30, 2024, we had cash, cash equivalents and short-term investments of $190.4 million, which consisted of bank deposits and money market funds, as well as high quality fixed income instruments including commercial paper, U.S.
−Removed: government-sponsored agency bonds, corporate bonds, Yankee bonds and asset-backed securities.
+Added: Table of Content s
+Added: As of March 31, 2025, we had cash, cash equivalents and short-term investments of $214.0 million, which consisted of bank deposits and money market funds, as well as high quality fixed income instruments including commercial paper, U.S.
+Added: government-sponsored agency bonds, U.S.
+Added: treasury securities, corporate bonds, Yankee bonds and asset-backed securities.
The credit rating of our short-term investments must be rated A-1/P-1, or better by Standard and Poor’s and Moody’s Investors Service.
4 unchanged sentences
We do not enter into investments for trading or speculative purposes.
−Removed: We are subject to interest rate fluctuation exposure through our borrowings under the Loan Agreement and our investment in money market accounts which bear a variable interest rate.
−Removed: Borrowings under the 2022 Loan Agreement as amended bear interest at a floating per annum interest rate with 7.95% plus the greater of (a) one percent (1.00%) per annum and (b)(i) 0.022% plus (ii) 1-month CME Term SOFR reference rate as published by the CME Term SOFR Administrator on the CME Term SOFR Administrator’s Website.
−Removed: A hypothetical increase in one-month CME Term SOFR of 100 basis points above the current one-month CME Term SOFR rate would have increased our interest expense by approximately $0.7 million for the nine months ended September 30, 2024.
−Removed: As of September 30, 2024, we had an aggregate principal amount of $100.0 million outstanding pursuant to our 2022 Loan Agreement.
+Added: We are subject to interest rate fluctuation exposure through our borrowings under the 2022 Loan Agreement, which bear interest at SOFR plus a spread based on our public debt rating.
+Added: A hypothetical increase in one-month CME Term SOFR of 100 basis points above the current one-month CME Term SOFR rate would have increased our interest expense by approximately $0.4 million for the 2025 first quarter.
+Added: As of March 31, 2025, we had an aggregate principal amount of $150.0 million outstanding pursuant to our 2022 Loan Agreement.
Foreign Currency Risk
1 unchanged sentence
However, we do have certain transactions that are denominated in currencies other than the U.S.
−Removed: dollar, primarily Swiss francs and the euro, and we therefore are subject to foreign exchange risk.
+Added: dollar, primarily Swiss francs, Japanese yen and the Euro, and we therefore are subject to foreign exchange risk.
The fluctuation in the value of the U.S.
1 unchanged sentence
We do not use derivative financial instruments for speculative trading purposes, nor do we hedge foreign currency exchange rate exposure in a manner that entirely offsets the earnings effects of changes in foreign currency exchange rates.
−Removed: The counterparties to our forward foreign currency exchange contracts are creditworthy commercial banks, which minimizes the risk of counterparty nonperformance.
−Removed: As of September 30, 2024, we had no open forward foreign currency exchange contracts.
+Added: As of March 31, 2025, we had no open forward foreign currency exchange contracts.
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.