9 unchanged sentences
Our investments are held for purposes other than trading.
−Removed: As of December 31, 2022, we had $268.6 of short-term investments, which included $249.9 of available-for-sale securities.
−Removed: The available-for-sale securities were recorded at fair market value with unrealized gains or losses resulting from changes in fair value reported as a separate component of Accumulated other comprehensive income (loss), net of tax, in Stockholders' equity.
+Added: As of June 30, 2023, we had $109.2 of short-term investments, which included $68.3 of available-for-sale securities.
+Added: The available-for-sale securities were recorded at fair market value with unrealized gains or losses resulting from changes in fair value reported as a separate component of Accumulated other comprehensive loss, net of tax, in Stockholders' equity.
We also had $775.8 of cash and cash equivalents that are comprised primarily of money market funds and bank-time deposits.
−Removed: We determined that, based on the composition of our investment portfolio, there was no material interest rate risk exposure to our Condensed Consolidated Financial Statements or liquidity as of December 31, 2022.
+Added: We determined that, based on the composition of our investment portfolio, there was no material interest rate risk exposure to our Condensed Consolidated Financial Statements or liquidity as of June 30, 2023.
Historically, fluctuations in interest rates have not had a significant effect on our operating results.
−Removed: Under our 2022 Credit Agreement, loans will bear interest at a rate of (a) 0.000% to 0.625% above an alternate base rate (7.50% at December 31, 2022) or (b) 1.000% to 1.625% above Secured Overnight Financing Rate ("SOFR"), approximately 4.36% at December 31, 2022, which rates are determined by the Company's credit rating.
−Removed: At December 31, 2022, there were no borrowings under the 2022 Credit Agreement.
−Removed: We also have borrowings of $350.0 at 3.60% under our Term Loan.
−Removed: The Term Loan provides for an unsecured 364-day term loan credit facility in the aggregate principal amount of $350.0 and matures on June 21, 2023, and will bear interest at our election at a margin of (a) 0.000% to 0.375% above an alternate base rate (defined on the basis of prime rate) or (b) 0.750% to 1.375% above SOFR, which margins are determined by reference to our credit rating.
+Added: Under our 2022 Credit Agreement, loans will bear interest at a rate of (a) 0.000% to 0.625% above an alternate base rate (8.25% at June 30, 2023) or (b) 1.000% to 1.625% above SOFR, approximately 5.14% at June 30, 2023, which rates are determined by the Company's credit rating.
+Added: At June 30, 2023, there were no borrowings under the 2022 Credit Agreement.
Foreign Currency Exchange Rate Risk
We transact business in foreign currencies and are exposed to risks resulting from fluctuations in foreign currency exchange rates.
+Added: In particular, during the three months ended June 30, 2023, there was a significant devaluation of the Turkish Lira against the U.S.
+Added: Dollar, which negatively affected our results.
+Added: It is possible that further devaluations could occur, which would have a negative impact on our results.
Accounts relating to foreign operations are translated into U.S.
1 unchanged sentence
Translation adjustments are included as a separate component of Stockholders' equity on our Condensed Consolidated Balance Sheets.
−Removed: For the three months ended December 31, 2022 and 2021, our foreign currency translation adjustment was a gain of $100.7 and a loss of $13.5, respectively.
−Removed: For the three months ended December 31, 2022 and 2021, we recognized a foreign currency exchange transaction gain of $0.1 and a loss of $3.7, respectively, included in Interest and other, net in our Condensed Consolidated Statements of Operations.
−Removed: For the nine months ended December 31, 2022 and 2021, our foreign currency translation adjustment was a loss of $78.4 and a loss of $24.1, respectively.
−Removed: For the nine months ended December 31, 2022 and 2021, we recognized a foreign currency exchange transaction loss of $25.3 and a loss of $5.7, respectively, included in Interest and other, net in our Condensed Consolidated Statements of Operations.
+Added: For the three months ended June 30, 2023 and 2022, our foreign currency translation adjustment was a gain of $26.0 and a loss of $62.8, respectively.
+Added: For the three months ended June 30, 2023 and 2022, we recognized a foreign currency exchange transaction loss of $13.8 and a loss of $3.5, respectively, included in Interest and other, net in our Condensed Consolidated Statements of Operations.
Balance Sheet Hedging Activities
We use foreign currency forward contracts to mitigate foreign currency exchange rate risk associated with non-functional currency denominated cash balances and intercompany funding loans, non-functional currency denominated accounts receivable and non-functional currency denominated accounts payable.
−Removed: These transactions are not designated as hedging instruments and are accounted for as derivatives whereby the fair value of the contracts is reported as either assets or liabilities on our Condensed Consolidated Balance Sheets, and gains and losses resulting from changes in the fair value are reported in Interest and other, net, in our Condensed Consolidated Statements of Operations.
+Added: These transactions are not designated as
+Added: hedging instruments and are accounted for as derivatives whereby the fair value of the contracts is reported as either assets or liabilities on our Condensed Consolidated Balance Sheets, and gains and losses resulting from changes in the fair value are reported in Interest and other, net, in our Condensed Consolidated Statements of Operations.
We do not enter into derivative financial contracts for speculative or trading purposes.
−Removed: At December 31, 2022, we had $241.9 of forward contracts outstanding to sell foreign currencies in exchange for U.S.
+Added: At June 30, 2023, we had $257.3 of forward contracts outstanding to sell foreign currencies in exchange for U.S.
dollars and $107.0 of forward contracts outstanding to buy foreign currencies in exchange for U.S.
2 unchanged sentences
dollars and $51.2 of forward contracts outstanding to buy foreign currencies in exchange for U.S.
−Removed: dollars, all of which have maturities of less than one year.
−Removed: For the three months ended December 31, 2022 and 2021, we recorded a loss of $14.1 and a gain of $4.1, respectively.
−Removed: For the nine months ended December 31, 2022 and 2021, we recorded a loss of $16.7 and a gain of $2.9, respectively.
−Removed: As of December 31, 2022, the fair value of these outstanding forward contracts was $2.2 and was included in Accrued expenses and other current liabilities, and, as of March 31, 2022, the fair value of outstanding forward contracts was an immaterial loss of $0.2 and was included in
−Removed: Accrued expenses and other current liabilities.
+Added: dollars, all of which had maturities of less than one year.
+Added: For the three months ended June 30, 2023 and 2022, we recorded a gain of $3.8 and a gain of $1.6, respectively.
+Added: As of June 30, 2023, the fair value of these outstanding forward contracts was a gain of $0.1 and was included in Accrued expenses and other current liabilities, and, as of March 31, 2023, the fair value of outstanding forward contracts was a gain of $2.5 and was included in Accrued expenses and other current liabilities.
The fair value of these outstanding forward contracts is estimated based on the prevailing exchange rates of the various hedged currencies as of the end of the period.
1 unchanged sentence
We believe that the counterparties to these foreign currency forward contracts are creditworthy multinational commercial banks and that the risk of counterparty nonperformance is not material.
−Removed: Notwithstanding our efforts to mitigate some foreign currency exchange rate risks, there can be no assurance that our hedging activities will adequately protect us against the risks associated with foreign currency fluctuations, which may be more volatile as a result of the COVID-19 pandemic.
−Removed: For the three months ended December 31, 2022, 37.0% of our revenue was generated outside the United States.
+Added: Notwithstanding our efforts to mitigate some foreign currency exchange rate risks, there can be no assurance that our hedging activities will adequately protect us against the risks associated with foreign currency fluctuations.
+Added: For the three months ended June 30, 2023, 37.4% of our revenue was generated outside the United States.
Using sensitivity analysis, a hypothetical 10% increase in the value of the U.S.
1 unchanged sentence
dollar against all currencies would increase revenues by 3.7%.
+Added: This sensitivity analysis assumes a parallel shift of all foreign currency exchange rates against the U.S.
+Added: however, all foreign currency exchange rates do not always move in this manner, and actual results may differ materially.
In our opinion, a substantial portion of this fluctuation would be offset by cost of revenue and operating expenses incurred in local currency.
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.