9 unchanged sentences
Our investments are held for purposes other than trading.
−Removed: As of June 30, 2023, we had $109.2 of short-term investments, which included $68.3 of available-for-sale securities.
+Added: As of September 30, 2023, we had $45.1 of short-term investments, which included $15.8 of available-for-sale securities.
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 $756.8 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 June 30, 2023.
+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 September 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 (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.
−Removed: At June 30, 2023, there were no borrowings under the 2022 Credit Agreement.
+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 (8.50% at September 30, 2023) or (b) 1.000% to 1.625% above SOFR, approximately 5.32% at September 30, 2023, which rates are determined by the Company's credit rating.
+Added: At September 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.
−Removed: In particular, during the three months ended June 30, 2023, there was a significant devaluation of the Turkish Lira against the U.S.
+Added: In particular, during the six months ended September 30, 2023, there was a significant devaluation of the Turkish Lira against the U.S.
Dollar, which negatively affected our results.
3 unchanged sentences
Translation adjustments are included as a separate component of Stockholders' equity on our Condensed Consolidated Balance Sheets.
−Removed: 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.
−Removed: 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.
+Added: For the three months ended September 30, 2023 and 2022, our foreign currency translation adjustment was a loss of $63.1 and a loss of $116.3, respectively.
+Added: For the three months ended September 30, 2023 and 2022, we recognized a foreign currency exchange transaction loss of $5.5 and a loss of $21.9, respectively, included in Interest and other, net in our Condensed Consolidated Statements of Operations.
+Added: For the six months ended September 30, 2023 and 2022, our foreign currency translation adjustment was a loss of $37.1 and a loss of $179.1, respectively.
+Added: For the six months ended September 30, 2023 and 2022, we recognized a foreign currency exchange transaction loss of $19.3 and a loss of $25.4, 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
−Removed: 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 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 June 30, 2023, we had $257.3 of forward contracts outstanding to sell foreign currencies in exchange for U.S.
+Added: At September 30, 2023, we had $292.8 of forward contracts outstanding to sell foreign currencies in exchange for U.S.
dollars and $30.3 of forward contracts outstanding to buy foreign currencies in exchange for U.S.
3 unchanged sentences
dollars, all of which had maturities of less than one year.
−Removed: For the three months ended June 30, 2023 and 2022, we recorded a gain of $3.8 and a gain of $1.6, respectively.
−Removed: 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.
+Added: For the three months ended September 30, 2023 and 2022, we recorded a gain of $3.6 and a loss of $4.6, respectively.
+Added: For the six months ended September 30, 2023 and 2022, we recorded a gain of $7.4 and a loss of $2.6, respectively.
+Added: As of September 30, 2023, the fair value of these outstanding forward contracts resulted in a gain of $0.3 and was included in Other assets, 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.
2 unchanged sentences
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.
−Removed: For the three months ended June 30, 2023, 37.4% of our revenue was generated outside the United States.
+Added: For the three months ended September 30, 2023, 38.8% of our
+Added: revenue was generated outside the United States.
Using sensitivity analysis, a hypothetical 10% increase in the value of 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.