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Interest Rate and Market Price Risk
−Removed: Our cash, cash equivalents, and short-term investments primarily consist of cash on hand and investments in money market instruments, United States Treasury securities, commercial paper, corporate bonds, and term deposits with maturities up to 12 months.
+Added: Our cash, cash equivalents, and short-term investments primarily consist of cash on hand and investments in money market instruments, United States Treasury securities, commercial paper, corporate bonds, certificates of deposit, and term deposits.
We do not enter into investments for trading or speculative purposes.
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See Note 6 "Fair Value Measurements" to our consolidated financial statements included in this Form 10-K for more information on cash, cash equivalents, and short-term investments.
−Removed: We are exposed to interest rate risk on our borrowings that bear interest at floating rates.
−Removed: A rising interest rate environment would increase the amount of interest paid on these borrowings.
−Removed: A hypothetical 100 basis point increase in interest rates on our floating rate debt as of December 31, 2023 and 2024 would increase our interest expense by an amount that is not material.
−Removed: As our Green Convertible Notes have fixed annual interest rates, there is no interest expense exposure associated with a change in interest rates;
−Removed: however, the fair value of the Green Convertible Notes would be impacted as interest rates change.
−Removed: The fair value of our Green Convertible Notes will generally increase as interest rates fall and decrease as interest rates rise.
+Added: While we are exposed to interest rate risk in connection with borrowings under the ABL Facility, which bears interest at floating rates, as of December 31, 2025 there were no outstanding cash borrowings under the ABL Facility.
+Added: Additionally, while there is no exposure to interest expense associated with our outstanding debt given that it bears fixed rates of interest, the fair value of our outstanding debt would be impacted as interest rates change, generally increasing as interest rates fall and decreasing as interest rates rise.
The fair value of our Green Convertible Notes is also subject to market price risk due to their conversion features and can be affected when the market price of our Class A common stock fluctuates.
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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.