Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 3 . Quantitative and Qualitative Disclosures About Market Risk.
As of September 30, 2021, we had cash, cash equivalents and marketable securities of $666.3 million, which consisted of cash, money market funds and marketable securities. Interest income is sensitive to changes in the general level of interest rates; however, due to the nature of these investments, an immediate 10% change in interest rates would not have a material impact on the fair value of our investment portfolio. As of September 30, 2021, we had no debt outstanding. Therefore, we are not exposed to interest rate risk with respect to debt.
We are not currently exposed to significant market risk related to changes in foreign currency exchange rates. Our operations may be subject to fluctuations in foreign currency exchange rates in the future.
We do not believe that inflation has had a material effect on our business, financial condition or results of operations. Our operations may be subject to inflation in the future.
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