−Removed: Quantitative and Qualitative Disclosure About Market Risk
+Added: Quantitative and Qualitative Disclosures About Market Risk
We are exposed to market risk in the ordinary course of our business.
5 unchanged sentences
Cash equivalents and marketable securities were invested primarily in U.S.
−Removed: agency securities, U.S.
−Removed: treasury, municipal bonds, commercial paper, corporate bonds, certificates of deposit and money market funds.
+Added: agency and government sponsored securities, U.S.
+Added: treasury securities, municipal bonds, commercial paper, corporate bonds, certificates of deposit and money market funds.
Our investment policy is focused on the preservation of capital and supporting our liquidity needs.
−Removed: Under the policy, we invest in highly rated securities, while limiting the amount of credit exposure to any one issuer other than the U.S.
+Added: Under this policy, we invest in highly rated securities, while limiting the amount of credit exposure to any one issuer other than the U.S.
We do not invest in financial instruments for trading or speculative purposes, nor do we use leveraged financial instruments.
1 unchanged sentence
A hypothetical 100 basis point change in interest rates would not have a material impact on the value of our cash and cash equivalents or marketable investments.
−Removed: As of December 31, 2021, aggregate principal amount outstanding of our 2025 convertible senior notes and 2023 convertible senior notes was $747.5 million and $34.2 million, respectively.
+Added: As of December 31, 2022, the aggregate principal amount outstanding of our 2025 convertible senior notes and 2023 convertible senior notes was $747.5 million and $0.2 million, respectively.
The fair value of the convertible senior notes are subject to interest rate risk, market risk and other factors due to their conversion features.
−Removed: The fair values of the convertible senior notes will generally increase as our common stock price increases and will generally decrease as our common stock price declines.
−Removed: The interest and market value changes affect the fair values of the convertible senior notes but do not impact our financial position, cash flows or results of operations due to the fixed nature of the debt obligations.
−Removed: Additionally, we carry the convertible senior notes at face value less unamortized discount on our consolidated balance sheets, and we present the fair value for required disclosure purposes only.
+Added: The fair value of the convertible senior notes will generally increase as our common stock price increases and will generally decrease as our common stock price declines.
+Added: The interest and market value changes affect the fair value of the convertible senior notes but do not impact our financial position, cash flows or results of operations due to the fixed nature of the debt obligations.
+Added: Additionally, we carry the convertible senior notes at face value less
+Added: unamortized discount on our consolidated balance sheets, and we present the fair value for required disclosure purposes only.
Our convertible senior notes bear fixed interest rates and, therefore, are not subject to interest rate risk.
6 unchanged sentences
A stronger U.S.
−Removed: dollar could make our solution more expensive outside the United States and therefore reduce demand.
+Added: dollar makes our solution more expensive outside the United States and therefore can reduce demand.
A weaker U.S.
−Removed: dollar could have the opposite effect.
+Added: dollar could have the opposite effects.
Such economic exposure to currency fluctuations is difficult to measure or predict because our sales are influenced by many factors in addition to the impact of currency fluctuations.
−Removed: Our operating expenses are generally denominated in the currencies of the countries in which our operations are located, except for Russia where compensation of our employees is primarily denominated in the U.S.
+Added: Our operating expenses are generally denominated in the currencies of the countries in which our operations are located, except for Russia where compensation of our employees was primarily denominated in the U.S.
+Added: In March 2022, we made a decision to close our Russia office in June 2022 and to establish a new European development center in Portugal.
Our consolidated 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.
2 unchanged sentences
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.