1 unchanged sentence
We are exposed to market risks in the ordinary course of our business.
−Removed: These risks primarily include interest rate risk, foreign currency risk and equity price risk as follows:
+Added: These risks primarily include interest rate risk, foreign currency risk and investment valuation and liquidity risk as follows:
Interest Rate Risk
1 unchanged sentence
We had marketable securities totaling $1.9 billion and $2.3 billion as of December 31, 2025 and December 31, 2024, respectively.
−Removed: Our cash and cash equivalents primarily consist of cash in bank accounts and money market funds, and our marketable securities consist of U.S.
−Removed: government debt and agency securities, publicly traded equity securities, corporate debt securities, certificates of deposit, and commercial paper.
+Added: Our cash and cash equivalents primarily consist of cash in bank accounts and money market funds, and our marketable securities generally consist of U.S.
+Added: government debt securities, publicly traded equity securities and corporate debt securities.
The primary objectives of our investment activities are to preserve principal and provide liquidity without significantly increasing risk.
We do not enter into investments for trading or speculative purposes.
−Removed: 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.
−Removed: 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.
−Removed: We carry the 2030 Notes at face value less the unamortized debt issuance costs on our consolidated balance sheets.
−Removed: The 2030 Notes have a fixed interest rate;
−Removed: therefore, we have no financial statement risk associated with changes in interest rates with respect to the 2030 Notes.
−Removed: The fair value of the 2030 Notes changes when the market price of our stock fluctuates or market interest rates change.
−Removed: 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 costs on our consolidated balance sheets.
−Removed: The 2028 Notes have a fixed interest rate;
−Removed: therefore, we have no financial statement risk associated with changes in interest rates with respect to the 2028 Notes.
−Removed: The fair value of the 2028 Notes changes when the market price of our stock fluctuates or market interest rates change.
−Removed: 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, 2024.
−Removed: We carry the 2027 Notes at face value less the unamortized debt issuance costs on our consolidated balance sheets.
−Removed: The 2027 Notes do not bear regular interest;
−Removed: therefore, we have no financial statement risk associated with changes in interest rates with respect to the 2027 Notes.
−Removed: 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 $36.2 million remains outstanding as of December 31, 2024.
−Removed: We carry the 2025 Notes at face value less the unamortized debt issuance costs on our consolidated balance sheets.
−Removed: The 2025 Notes have a fixed interest rate;
−Removed: therefore, we have no
−Removed: financial statement risk associated with changes in interest rates with respect to the 2025 Notes.
−Removed: 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 $249.8 million remains outstanding as of December 31, 2024.
−Removed: We carry the 2026 Notes at face value less the unamortized debt issuance costs on our consolidated balance sheets.
−Removed: The 2026 Notes have a fixed interest rate;
−Removed: therefore, we have no financial statement risk associated with changes in interest rates with respect to the 2026 Notes.
−Removed: The fair value of the 2026 Notes changes when the market price of our stock fluctuates or market interest rates change.
+Added: Due to the relatively short-term nature of our investment portfolio, changes in interest rates do not have a material effect on the fair value of our portfolio.
+Added: A hypothetical 100 basis point increase in interest rates would result in a $18.2 million and $22.5 million decrease in the market value of our cash equivalents and marketable securities as of December 31, 2025 and December 31, 2024, respectively.
+Added: As of December 31, 2025 and December 31, 2024, we had aggregate principal amounts of debt outstanding of $3.5 billion and $3.7 billion, respectively.
+Added: Since our notes bear interest at fixed rates and are carried at amortized cost, fluctuations in interest rates do not have any impact on our consolidated financial statements.
+Added: However, the fair value of the notes will fluctuate with movements in market interest rates, and in the case of the Convertible Notes, with movements of our stock’s market price.
Foreign Currency Risk
3 unchanged sentences
The functional currency of our material operating entities is the U.S.
−Removed: For the periods presented, we believe the exposure to foreign currency fluctuation from operating expenses is immaterial as the related costs do not constitute a significant portion of our total expenses.
+Added: For the periods presented, we believe the exposure to foreign currency fluctuation from revenue and operating expenses is immaterial as the related revenue or costs do not constitute a significant portion of their respective totals.
As we grow operations, our exposure to foreign currency risk will likely become more significant.
2 unchanged sentences
For additional discussion on foreign currency risk, see “Risk Factors” elsewhere in this Annual Report on Form 10-K.
−Removed: Equity Price Risk
−Removed: 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: Investment Valuation and Liquidity Risk
+Added: We hold equity securities in privately held and publicly traded companies, which expose us to valuation and liquidity risks that could have a material impact on the carrying value of our holdings.
Our strategic investments in privately held companies primarily consist of equity securities without readily determinable fair values.
−Removed: 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.
−Removed: All strategic investments are reviewed periodically for impairment.
+Added: We adjust the carrying value of these securities to fair value upon observable transactions for identical or similar investments of the same issuer or upon impairment.
+Added: The fair value derived from an observable transaction is based on information available at that time and may not be indicative of the fair value at the balance sheet date.
+Added: These investments, particularly those in early-stage companies, are inherently risky because their technologies or products may not progress to commercialization, and the companies may experience financial or operational difficulties, either of which could result in the loss of a substantial portion of our investment.
+Added: The value ultimately realized on these investments is also subject to the occurrence and timing of liquidity events, such as public offerings, acquisitions, private sales, or other market transactions.
+Added: Our total strategic investments had carrying values of $183.7 million and $188.3 million as of December 31, 2025 and 2024, respectively.
Our investments in publicly traded equity securities are recorded at fair value using quoted market prices.
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.
−Removed: Our total strategic investments had carrying values of $188.3 million and $195.3 million as of December 31, 2024 and 2023, respectively.
Our investments in publicly traded equity securities had carrying values of $9.5 million and $12.4 million as of December 31, 2025 and 2024, 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.