3 unchanged sentences
Our market risk exposure is primarily the result of fluctuations in foreign currency exchange rates, interest rates and inflation.
+Added: In addition, we are subject to broader market risk that is created by the global market disruptions and uncertainties resulting from macroeconomic challenges, geopolitical events, tariffs, trade and other international disputes.
Foreign Currency Exchange Risk
3 unchanged sentences
dollars at exchange rates in effect at each balance sheet date and operations accounts are translated using the average exchange rate for the relevant period.
−Removed: Increases and decreases in the relative value of the U.S.
+Added: Increases or decreases in the relative value of the U.S.
dollar to other currencies may positively or negatively affect revenue and other operating results as expressed in U.S.
5 unchanged sentences
Interest Rate Risk
−Removed: As of December 31, 2024, we had cash and cash equivalents of $271.0 million, comprised primarily of operating accounts and money market instruments and $208.6 million invested in marketable securities, comprised of U.S.
−Removed: Treasury securities, corporate debt securities, certificates of deposit, asset backed securities, commercial paper and Yankee bonds.
+Added: As of December 31, 2025, we had cash and cash equivalents of $828.7 million, comprised primarily of operating accounts and money market instruments and $270.2 million invested in marketable securities, comprised of corporate debt securities, U.S.
+Added: Treasury securities, asset-backed securities, commercial paper, certificates of deposit and Yankee bonds.
We do not enter into investments for trading or speculative purposes and have not used any derivative financial instruments to manage our interest rate risk exposure.
4 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.