7 unchanged sentences
Our expenses are generally denominated in the currencies of the countries where our operations are located.
−Removed: To date, we have not entered into any hedging arrangements with respect to foreign currency risk or other derivative instruments.
+Added: To date, we have not undertaken any hedging transactions related to foreign currency exposure, but we may do so in the future if our exposure to foreign currency should become more significant.
+Added: As our international operations grow, we will continue to reassess our approach to manage our risk relating to fluctuations in currency rates.
In the event our foreign sales and expenses increase, our operating results may be more significantly affected by foreign currency exchange rate fluctuations, which can affect our operating income or loss.
14 unchanged sentences
Therefore, we do not expect our operating results or cash flows to be materially affected by any sudden change in interest rates.
+Added: On February 12, 2025, we entered into the Revolver, which provides for a senior secured revolving credit facility in an aggregate principal amount of $500.0 million, including a $25.0 million sublimit for the issuance of letters of credit.
+Added: At our option, and subject to certain conditions, any borrowings under the Revolver bear interest at a variable rate tied to a base rate, a term Secured Overnight Financing Rate or an alternative currency term rate, plus, in each case, an applicable margin based on our total leverage ratio.
+Added: Consequently, our interest expense could fluctuate as a result of the variable interest rates applicable to any borrowings under the Revolver.
+Added: As of July 31, 2025, we had no borrowings and an immaterial amount of letters of credit outstanding under the Revolver.
+Added: As of July 31, 2025, we had outstanding $500.0 million aggregate principal amount of 2027 Notes and $862.5 million aggregate principal amount of 2029 Notes.
+Added: The 2027 Notes and the 2029 Notes are not recorded at fair value but are measured at fair value on a quarterly basis for disclosure purposes.
+Added: See Note 3 of Notes to Consolidated Financial Statements included in Part II, Item 8 of this Annual Report on Form 10-K.
+Added: The 2027 Notes and the 2029 Notes have a fixed annual interest rate and therefore we have no economic exposure to changes in interest rates.
+Added: However, the fair value of the 2027 Notes and the 2029 Notes is affected by interest rates.
+Added: Generally, the fair value of the 2027 Notes and the 2029 Notes will increase as interest rates decrease and decrease as interest rates increase.
+Added: In addition, the fair values of the 2027 Notes and the 2029 Notes are affected by the price of our Class A common stock.
+Added: The fair value of the 2027 Notes and the 2029 Notes will generally increase as the price of our Class A common stock increases and will generally decrease as the price of our Class A common stock decreases.
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.