2 unchanged sentences
We are exposed to risk related to changes in interest rates on our outstanding borrowings.
−Removed: We had $720.1 million of outstanding floating rate debt as of December 31, 2024.
+Added: We had $1.0 billion of outstanding floating rate debt as of December 31, 2025.
A 100-basis point increase in interest rates as of December 31, 2025 would increase our annual pre-tax interest expense by approximately $10.4 million.
7 unchanged sentences
The RMB compared to the U.S.
−Removed: dollar depreciated approximately 2.8% for both the years ended December 31, 2024 and 2023, and depreciated approximately 8.2% for the year ended December 31, 2022, respectively.
+Added: dollar depreciated approximately 4.4% for the year ended December 31, 2025, and depreciated approximately 2.8% for both the years ended December 31, 2024 and 2023, respectively.
It is difficult to predict how market forces or PRC or U.S.
9 unchanged sentences
dollar against the RMB, Euro, and Australian dollar.
−Removed: During the years ended December 31, 2024, 2023 and 2022, we recognized foreign exchange losses of $16.0 million, $64.8 million and $233.8 million, respectively, resulting from the strengthening of the U.S.
+Added: We recognized foreign exchange gains of $4.2 million during the year ended December 31, 2025 and foreign exchange losses of $16.0 million and $64.8 million for the years ended December 31, 2024 and 2023, respectively, resulting from changes in the value of the U.S.
Dollar compared to the RMB and the revaluation impact of RMB-denominated deposits held in U.S.
−Removed: dollar functional currency entities, including the Parent Company.
−Removed: As of December 31, 2024, the Parent Company held RMB-denominated deposits of $220.4 million.
−Removed: A hypothetical 10% appreciation in the U.S.
−Removed: dollar exchange rate compared with the RMB as of December 31, 2024 would have resulted in an increase in foreign exchange loss of approximately $20.0 million.
+Added: dollar functional currency entities.
Translational Risk
10 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.