1 unchanged sentence
We are exposed to market risks in the ordinary course of our business.
−Removed: These risks primarily include interest rate risk and foreign currency risk as follows:
+Added: These risks primarily include interest rate risk, foreign currency risk and equity price risk as follows:
Interest Rate Risk
−Removed: We had cash and cash equivalents totaling $1.8 billion and $1.4 billion at December 31, 2023 and December 31, 2022, respectively.
−Removed: We had marketable securities totaling $1.8 billion and $2.5 billion at December 31, 2023 and December 31, 2022, respectively.
−Removed: Our cash and cash equivalents consist of cash in bank accounts and marketable securities consisting of U.S.
+Added: We had cash and cash equivalents totaling $1.0 billion and $1.8 billion as of December 31, 2024 and December 31, 2023, respectively.
+Added: We had marketable securities totaling $2.3 billion and $1.8 billion as of December 31, 2024 and December 31, 2023, respectively.
+Added: Our cash and cash equivalents primarily consist of cash in bank accounts and money market funds, and our marketable securities consist of U.S.
government debt and agency securities, publicly traded equity securities, corporate debt securities, certificates of deposit, and commercial paper.
2 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 May 2024, we issued the 2030 Notes with an aggregate principal amount of $750.0 million, the full amount of which is outstanding as of December 31, 2024.
+Added: We carry the 2030 Notes at face value less the unamortized debt issuance costs on our consolidated balance sheets.
+Added: The 2030 Notes have a fixed interest rate;
+Added: therefore, we have no financial statement risk associated with changes in interest rates with respect to the 2030 Notes.
+Added: The fair value of the 2030 Notes changes when the market price of our stock fluctuates or market interest rates change.
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, 2024.
−Removed: We carry the 2028 Notes at face value less the unamortized debt issuance
−Removed: costs on our consolidated balance sheets.
+Added: We carry the 2028 Notes at face value less the unamortized debt issuance costs on our consolidated balance sheets.
The 2028 Notes have a fixed interest rate;
9 unchanged sentences
The 2025 Notes have a fixed interest rate;
−Removed: therefore, we have no financial statement risk associated with changes in interest rates with respect to the 2025 Notes.
+Added: therefore, we have no
+Added: financial statement risk associated with changes in interest rates with respect to the 2025 Notes.
The fair value of the 2025 Notes changes when the market price of our stock fluctuates or market interest rates change.
11 unchanged sentences
As we grow operations, our exposure to foreign currency risk will likely become more significant.
−Removed: For the periods presented, we did not enter into any foreign currency exchange contracts.
−Removed: We may, however, enter into foreign currency exchange contracts for purposes of hedging foreign exchange rate fluctuations on our business operations in future operating periods as our exposures are deemed to be material.
+Added: For the periods presented, we did not enter into any forward foreign currency exchange contracts.
+Added: We may, however, enter into forward foreign currency exchange contracts for purposes of hedging foreign exchange rate fluctuations on our business operations in future operating periods as our exposures are deemed to be material.
For additional discussion on foreign currency risk, see “Risk Factors” elsewhere in this Annual Report on Form 10-K.
+Added: Equity Price Risk
+Added: We hold equity securities in privately held and publicly traded companies, which are subject to equity price risks that could have a material impact on the carrying value of our holdings.
+Added: Our strategic investments in privately held companies primarily consist of equity securities without readily determinable fair values.
+Added: We adjust the carrying value of these equity securities to fair value upon observable transactions for identical or similar investments of the same issuer or upon impairment.
+Added: All strategic investments are reviewed periodically for impairment.
+Added: Our investments in publicly traded equity securities are recorded at fair value using quoted market prices.
+Added: Uncertainties in the global economic climate and financial markets could adversely impact the valuation of these investments and result in a material impairment or downward adjustment of their carrying values.
+Added: Our total strategic investments had carrying values of $188.3 million and $195.3 million as of December 31, 2024 and 2023, respectively.
+Added: Our investments in publicly traded equity securities had carrying values of $12.4 million and $13.6 million as of December 31, 2024 and 2023, respectively.
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.