1 unchanged sentence
Foreign Currency Exchange Risk
−Removed: Our sales contracts are primarily denominated in U.S.
−Removed: A portion of our operating expenses are incurred outside of the United States and are denominated in foreign currencies and are subject to fluctuations due to changes in foreign currency exchange rates.
+Added: Our sales contracts are denominated in U.S.
+Added: A portion of our operating expenditures are incurred outside of the United States and are denominated in foreign currencies and are subject to fluctuations due to changes in foreign currency exchange rates.
Additionally, fluctuations in foreign currency exchange rates may cause us to recognize transaction gains and losses in our statement of operations.
8 unchanged sentences
dollar can increase the costs of our international expansion and a strengthening U.S.
−Removed: dollar can increase the real cost of our products to our end-customers outside of the United States, leading to delays in the purchase of our products and services.
−Removed: For additional information, see the risk factor entitled “ We are exposed to fluctuations in foreign currency exchange rates, which could negatively affect our financial condition and operating results.
−Removed: ” in Part 1, Item 1A of this Annual Report on Form 10-K.
+Added: dollar can increase the real cost of our products and services to our end-customers outside of the United States, leading to delays in the purchase of our products and services.
+Added: For additional information, see the risk factor entitled “We are exposed to fluctuations in foreign currency exchange rates, which could negatively affect our financial condition and operating results.” in Part 1, Item 1A of this Annual Report on Form 10-K.
Interest Rate Risk
1 unchanged sentence
Most of the securities we invest in are subject to interest rate risk.
−Removed: To minimize this risk, we maintain our portfolio of cash, cash equivalents, and short-term investments in a variety of securities, including commercial paper, money market funds, U.S.
−Removed: government and agency securities, corporate debt securities, and asset-backed securities.
+Added: To minimize this risk, we maintain a diversified portfolio of cash, cash equivalents, and investments, consisting only of investment-grade securities.
To assess the interest rate risk, we performed a sensitivity analysis to determine the impact a change in interest rates would have on the value of the investment portfolio.
2 unchanged sentences
Conversely, a hypothetical 100 basis point decrease in interest rates would lead to a $55.5 million increase in the fair market value of the portfolio.
−Removed: In July 2018, we issued $1.7 billion aggregate principal amount of 0.75% Convertible Senior Notes due 2023 (the “2023 Notes”) and in June 2020, we issued $2.0 billion aggregate principal amount of 0.375% Convertible Senior Notes due 2025 (the “2025 Notes”).
−Removed: We carry these instruments at face value less unamortized discount and unamortized issuance costs on our consolidated balance sheets.
+Added: In June 2020, we issued $2.0 billion aggregate principal amount of 0.375% Convertible Senior Notes due 2025 (the “2025 Notes”).
+Added: We carry these instruments at face value less unamortized issuance costs on our consolidated balance sheets.
As these instruments have a fixed annual interest rate, we have no financial and economic exposure associated with changes in interest rates.
−Removed: However, the fair value of fixed rate instruments fluctuates when interest rates change, and additionally, in the case of either series of Notes, when the market price of our common stock fluctuates.
+Added: However, the fair value of fixed rate debt instruments fluctuates when interest rates change, and additionally, in the case of the 2025 Notes, when the market price of our common stock fluctuates.
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.