3 unchanged sentences
Interest Rate Risk
−Removed: We had cash and cash equivalents totaling $2.0 billion and $545.6 million at December 31, 2021 and December 31, 2020, respectively.
+Added: We had cash and cash equivalents totaling $1.4 billion and $2.0 billion at December 31, 2022 and December 31, 2021, respectively.
We had marketable securities totaling $2.5 billion and $1.7 billion at December 31, 2022 and December 31, 2021, respectively.
4 unchanged sentences
Due to the relatively short-term nature of our investment portfolio, a hypothetical 100 basis point change in interest rates would not have a material effect on the fair value of our portfolio for the periods presented.
+Added: In February 2022, we issued the 2028 Notes with an aggregate principal amount of $1.5 billion, the full amount of which is outstanding as of December 31, 2022.
+Added: We carry the 2028 Notes at face value less the unamortized debt issuance costs on our consolidated balance sheets.
+Added: The 2028 Notes have a fixed interest rate;
+Added: therefore, we have no financial statement risk associated with changes in interest rates with respect to the 2028 Notes.
+Added: The fair value of the 2028 Notes changes when the market price of our stock fluctuates or market interest rates change.
In April 2021, we issued the 2027 Notes with an aggregate principal amount of $1.15 billion, the full amount of which is outstanding as of December 31, 2022.
3 unchanged sentences
The fair value of the 2027 Notes changes when the market price of our stock fluctuates or market interest rates change.
−Removed: In April 2020, we issued the 2025 Notes with an aggregate principal amount of $1.0 billion, of which $0.3 billion remains outstanding as of December 31, 2021.
+Added: In April 2020, we issued the 2025 Notes with an aggregate principal amount of $1.0 billion, of which $284.1 million remains outstanding as of December 31, 2022.
We carry the 2025 Notes at face value less the unamortized debt issuance costs on our consolidated balance sheets.
2 unchanged sentences
The fair value of the 2025 Notes changes when the market price of our stock fluctuates or market interest rates change.
−Removed: In August 2019, we issued the 2026 Notes with an aggregate principal amount of $1.265 billion, of which $0.8 billion remains outstanding as of December 31, 2021.
+Added: In August 2019, we issued the 2026 Notes with an aggregate principal amount of $1.265 billion, of which $838.5 million remains outstanding as of December 31, 2022.
We carry the 2026 Notes at face value less the unamortized debt issuance costs on our consolidated balance sheets.
3 unchanged sentences
Foreign Currency Risk
−Removed: For all periods presented, our sales and operating expenses were predominately denominated in U.S.
−Removed: We therefore have not had material foreign currency risk associated with sales and cost-based activities.
+Added: For all periods presented, our revenue and operating expenses were predominately denominated in U.S.
+Added: We therefore have not had material foreign currency risk associated with revenue and cost-based activities.
+Added: However, due to fluctuations in exchange rates resulting from the current macroeconomic environment, and in particular, a strengthening of the U.S.
+Added: dollar in relation to the Euro and British Pound, we have, and may in the future experience negative impacts to
+Added: our revenue and operating expenses denominated in currencies other than the U.S.
The functional currency of our material operating entities is the U.S.
5 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.