17 unchanged sentences
We minimize foreign currency risk by maintaining cash and cash equivalents of each currency at levels sufficient to meet foreseeable expenditure to the extent practical.
−Removed: Our cash and cash equivalents were $498.4 million and $455.7 million as of September 30, 2025 and December 31, 2024, respectively.
−Removed: As of September 30, 2025, 75% of our cash and cash equivalents were held by our U.K.
+Added: Our cash and cash equivalents were $452.7 million and $467.7 million as of March 31, 2026 and December 31, 2025, respectively.
+Added: As of March 31, 2026, 78% of our cash and cash equivalents were held by our U.K.
operating subsidiary, of which 47% were denominated in U.S.
4 unchanged sentences
Changes in exchange rates had an impact on U.S.
−Removed: dollar cash and cash equivalents balances held by our main operating subsidiary in the United Kingdom, which resulted in foreign exchange losses in the nine months ended September 30, 2025 and 2024.
−Removed: These losses were more than offset by foreign exchange gains primarily on intercompany loans in the nine months ended September 30, 2025.
+Added: dollar cash and cash equivalents balances held by our main operating subsidiary in the United Kingdom, which resulted in foreign exchange gains in the three months ended March 31, 2026 and 2025.
+Added: These gains were partially offset by foreign exchange losses primarily on intercompany loans in the three months ended March 31, 2026.
Further movements in exchange rates or returns to previous exchange rate levels have caused, and may continue to cause, material fluctuations or equivalent losses in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss).
−Removed: A five percentage point increase in exchange rates would reduce the carrying value of net financial assets and liabilities held in foreign currencies as of September 30, 2025 by $5.9 million and as of December 31, 2024 by $6.5 million.
−Removed: A five percentage point decrease in exchange rates would increase the carrying value of net financial assets and liabilities held in foreign currencies as of September 30, 2025 by $5.9 million and as of December 31, 2024 by $6.5 million.
+Added: A five percentage point increase in exchange rates would reduce the carrying value of net financial assets and liabilities held in foreign currencies as of March 31, 2026 by $6.4 million and as of December 31, 2025 by $6.5 million.
+Added: A five percentage point decrease in exchange rates would increase the carrying value of net financial assets and liabilities held in foreign currencies as of March 31, 2026 by $6.4 million and as of December 31, 2025 by $6.5 million.
We are exposed to credit risk from our operating activities, primarily accounts receivable, and cash and cash equivalents and marketable securities held with banks and financial institutions.
7 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.