2 unchanged sentences
Market risk represents the risk of loss that may impact our financial position due to adverse changes in financial market prices and rates.
−Removed: Our market risk exposure is primarily a result of fluctuations in interest rates and foreign currency exchange rates.
+Added: Our market risk
+Added: exposure is primarily a result of fluctuations in interest rates and foreign currency exchange rates.
We do not hold or issue financial instruments for trading purposes.
10 unchanged sentences
As of December 31, 2025, the aggregate principal amount outstanding of our 2029 convertible senior notes was $747.5 million.
−Removed: The fair values of the convertible senior notes are subject to interest rate risk, market risk and other factors due to their conversion features.
+Added: The fair value of the 2029 convertible senior notes is subject to interest rate risk, market risk and other factors due to their conversion features.
The fair value of the 2029 convertible senior notes will generally increase as our common stock price increases and will generally decrease as our common stock price declines.
2 unchanged sentences
Our 2029 convertible senior notes bear fixed interest rates and, therefore, are not subject to interest rate risk.
−Removed: We have not utilized derivative financial instruments, derivative commodity instruments or other market risk sensitive instruments, positions or transactions in any material fashion, except for the privately negotiated capped call transactions entered into in May and June 2020 related to the issuance of our 2025 convertible senior notes and entered in March 2024 related to the issuance of our 2029 convertible senior notes.
+Added: We have not utilized derivative financial instruments, derivative commodity instruments or other market risk sensitive instruments, positions or transactions in any material fashion, except for the privately negotiated capped call transactions entered into in March 2024 related to the issuance of our 2029 convertible senior notes.
Foreign Currency Risk
6 unchanged sentences
A weaker U.S.
−Removed: dollar could have the opposite effects.
+Added: dollar could have the opposite effect.
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 was primarily denominated in the U.S.
−Removed: 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.
+Added: Our operating expenses are generally denominated in the currencies of the countries in which our operations are located.
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.