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Due to the short-term nature of our investments, we believe that we have no material exposure to interest rate risk.
+Added: We do not use derivative financial instruments for speculation or trading purposes or for activities other than risk management.
Market Price Sensitive Instruments
−Removed: In order to reduce potential equity dilution, in connection with the issuance of the 2023 Notes we entered into the 2023 Note Hedge which entitles us to purchase shares of our common stock.
−Removed: Upon conversion of the 2023 Notes, the 2023 Note Hedge is expected to reduce the equity dilution if the daily volume-weighted average price per share of our common stock exceeds the strike price of the hedge.
−Removed: We also entered into warrant transactions with the counterparties of the 2023 Note Hedge entitling them to acquire shares of our common stock.
−Removed: transactions could have a dilutive effect on our earnings per share to the extent that the price of our common stock during a given quarterly or annual measurement period exceeds the strike price of the warrants.
+Added: The 2023 Warrants could have a dilutive effect on our earnings per share to the extent that the price of our common stock during a given quarterly or annual measurement period exceeds the strike price of the warrants.
+Added: The 2028 Capped Calls are expected generally to reduce potential dilution to our common stock upon conversion of the 2028 Notes and/or offset any cash payments that we are required to make in excess of the principal amount of converted 2028 Notes, with such reduction and/or offset subject to a cap.
See Note 5 “Debt” to the consolidated financial statements in Part II, Item 8 of this Annual Report for more information.
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dollars, such as cost of sales and operating expenses.
−Removed: Changes in foreign currencies impact currency translation and had a slightly negative effect on our revenues and gross profit margins.
−Removed: We will be exposed to additional foreign currency exchange risk related to our foreign operations when we begin manufacturing in Malaysia and as our business continues to increase in markets outside of the United States.
+Added: We are exposed to additional foreign currency exchange risk related to our foreign operations as we are now manufacturing internationally and as our business continues to increase in markets outside of the United States.
Fluctuations in the rate of exchange between the U.S.
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These adjustments will affect net income only upon sale or liquidation of the underlying investment in international subsidiaries.
−Removed: We also record exchange rate fluctuations resulting from the translation of the short-term intercompany balances between domestic entities and our international subsidiaries as foreign currency transaction gains or losses and include them in interest and other income (expense), net in our consolidated statements of operations.
+Added: We also record exchange rate fluctuations resulting from the translation of the short-term intercompany balances between domestic entities and our international subsidiaries as foreign currency transaction gains or losses and include them in other income (expense), net in our consolidated statements of operations.
We enter into foreign currency forward contracts to hedge monetary assets and liabilities denominated in foreign currencies.
These forward contracts are not designated as hedging instruments and generally mature in one month.
−Removed: The derivative gains and losses are included in interest and other income (expense), net in our consolidated statements of operations.
+Added: The derivative gains and losses are included in other income (expense), net in our consolidated statements of operations.
See Note 3 “Fair Value Measurements” to the consolidated financial statements in Part II, Item 8 of this Annual Report for more information.
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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.