QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
−Removed: We had cash, cash equivalents and short-term investments of $823.4 million as of March 31, 2026, which consisted primarily of money market funds, commercial paper, corporate bonds and U.S.
+Added: We had cash, cash equivalents and short-term investments of $845.6 million as of June 30, 2026, which consisted primarily of money market funds, commercial paper, corporate bonds and U.S.
government agency securities.
−Removed: The investments
−Removed: in these financial instruments are made in accordance with an investment policy which specifies the categories, allocations and ratings of securities we may consider for investment.
+Added: The investments in these financial instruments are made in accordance with an investment policy which specifies the categories, allocations and ratings of securities we may consider for investment.
The primary objective of our investment activities is to preserve principal while at the same time maximizing the income we receive without significantly increasing risk.
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To minimize this risk, we intend to maintain a portfolio which may include cash, cash equivalents and short-term investment securities available-for-sale in a variety of securities which may include money market funds, government and non-government debt securities and commercial paper, all with various maturity dates.
−Removed: Based on our current investment portfolio, we do not believe that our financial position would be materially affected by an immediate change of 0.5% in interest rates.
−Removed: We also have established operations in Europe and Japan and hold cash in Swiss Francs, Euros and Japanese Yen.
−Removed: We are subject to foreign exchange rate risk arising from transactions conducted in the aforementioned foreign currencies, however, our foreign operations are not currently material to our business.
−Removed: We do not believe that our results of operations or our financial position would be materially affected by an immediate change of 10% in foreign currency exchange rates.
+Added: Due to the conservative nature of our investment portfolio, an hypothetical change in market interest rates of 100 basis points would not have a material effect on the fair market value of our investments.
+Added: We also have established operations in Europe and Japan and hold cash in Swiss Francs, Euros, Japanese Yen, and Great British Pounds.
+Added: We are subject to foreign exchange rate risk arising from transactions conducted in the aforementioned foreign currencies.
+Added: Future movements in foreign exchange rates are inherently uncertain, and significant fluctuations in exchange rates may positively or negatively affect our foreign currency exposures, which could materially impact our condensed consolidated results of operations and financial position.
We do not hold or issue derivatives, derivative commodity instruments or other financial instruments for speculative trading purposes.
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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.