5 unchanged sentences
We seek to manage our interest rate risk by maintaining a short-term investment portfolio that includes corporate bonds with high credit quality and maturities of less than two years.
−Removed: Since short-term investments mature relatively quickly and can be reinvested at the then-current market rates, interest income on a portfolio consisting of short-term securities is more
−Removed: subject to market fluctuations than a portfolio of longer-term maturities.
+Added: Since short-term investments mature relatively quickly and can be reinvested at the then-current market rates, interest income on a portfolio consisting of short-term securities is more subject to market fluctuations than a portfolio of longer-term maturities.
However, the fair value of a short-term portfolio is less sensitive to market fluctuations than a portfolio of longer-term securities.
1 unchanged sentence
Our investments are held for purposes other than trading.
−Removed: As of June 30, 2024, we had $15.4 of short-term investments, which included $0.0 of available-for-sale securities.
+Added: As of September 30, 2024, we had $3.5 of short-term investments, which included $0.0 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, in Stockholders' equity.
We also had $876.1 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, 2024.
+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, 2024.
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 (8.50% at June 30, 2024) or (b) 1.000% to 1.625% above SOFR, approximately 5.33% at June 30, 2024, which rates are determined by the Company's credit rating.
−Removed: At June 30, 2024, there were no borrowings under our 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 (8.00% at September 30, 2024) or (b) 1.000% to 1.625% above SOFR, approximately 4.84% at September 30, 2024, which rates are determined by the Company's credit rating.
+Added: At September 30, 2024, there were no borrowings under our 2022 Credit Agreement.
Foreign Currency Exchange Rate Risk
6 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, 2024 and 2023, our foreign currency translation adjustment was a loss of $5.4 and a gain of $26.0, respectively, included in Interest and other, net in our Condensed Consolidated Statements of Operations.
−Removed: For the three months ended June 30, 2024 and 2023, our foreign currency translation adjustment was a loss of $2.8 and a loss of $13.8, respectively.
+Added: For the three months ended September 30, 2024 and 2023, our foreign currency translation adjustment was a gain of $71.6 and a loss of $63.1, respectively.
+Added: For the three months ended September 30, 2024 and 2023, we recognized a foreign currency exchange transaction loss of $3.4 and a loss of $5.5, respectively, included in Interest and other, net in our Condensed Consolidated Statements of Operations.
+Added: For the six months ended September 30, 2024 and 2023, our foreign currency translation adjustment was a gain of $66.2 and a loss of $37.1, respectively.
+Added: For the six months ended September 30, 2024 and 2023, we recognized a foreign currency exchange transaction loss of $6.2 and a loss of $19.3, respectively, included in Interest and other, net in our Condensed Consolidated Statements of Operations.
Balance Sheet Hedging Activities
2 unchanged sentences
We do not enter into derivative financial contracts for speculative or trading purposes.
−Removed: At June 30, 2024, we had $247.2 of forward contracts outstanding to sell foreign currencies in exchange for U.S.
+Added: At September 30, 2024, we had $332.6 of forward contracts outstanding to sell foreign currencies in exchange for U.S.
dollars and $156.9 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, 2024 and 2023, we recorded a gain of $3.5 and a gain of $3.8, respectively, related to foreign currency forward contracts in Interest and other, net on our Condensed Consolidated Statements of Operations.
−Removed: As of June 30, 2024 and March 31, 2024, the fair value of these outstanding forward contracts were immaterial and were included in Accrued expenses and other current liabilities.
+Added: For the three months ended September 30, 2024 and 2023, we recorded a loss of $3.3 and a gain of $3.6, respectively, related to foreign currency forward contracts in Interest and other, net on our Condensed Consolidated Statements of Operations.
+Added: For the six months ended September 30, 2024 and 2023, we recorded a gain of $0.2 and a gain of $7.4, respectively, related to foreign currency forward contracts in Interest and other, net on our Condensed Consolidated Statements of Operations.
+Added: As of September 30, 2024 and March 31, 2024, the fair value of these outstanding forward contracts were immaterial and were 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 June 30, 2024, 38.7% 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 September 30, 2024, 39.8% of our revenue was generated outside the United States.
Using sensitivity analysis, a hypothetical 10% increase in the value of the U.S.
3 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.