9 unchanged sentences
Our investments are held for purposes other than trading.
−Removed: As of December 31, 2024, we had $3.3 of short-term investments.
+Added: As of June 30, 2025, we had $10.1 of short-term investments.
We also had $2,025.0 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, 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 June 30, 2025.
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, 2024) or (b) 1.000% to 1.625% above SOFR, approximately 4.33% at December 31, 2024, which rates are determined by the Company's credit rating.
−Removed: At December 31, 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 (7.50% at June 30, 2025) or (b) 1.000% to 1.625% above SOFR, approximately 4.33% at June 30, 2025, which rates are determined by the Company's credit rating.
+Added: At June 30, 2025, 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 December 31, 2024 and 2023, our foreign currency translation adjustment was a loss of $104.3 and a gain of $66.3, respectively.
−Removed: For the three months ended December 31, 2024 and 2023, we recognized a foreign currency exchange transaction loss of $5.7 and a loss of $2.2, respectively, included in Interest and other, net in our Condensed Consolidated Statements of Operations.
−Removed: For the nine months ended December 31, 2024 and 2023, our foreign currency translation adjustment was a loss of $38.1 and a gain of $29.2, respectively.
−Removed: For the nine months ended December 31, 2024 and 2023, we recognized a foreign currency exchange transaction loss of $11.9 and a loss of $21.5, respectively, included in Interest and other, net in our Condensed Consolidated Statements of Operations.
+Added: For the three months ended June 30, 2025 and 2024, our foreign currency translation adjustment was a gain of $82.9 and a loss of $5.4, respectively.
+Added: The change is primarily due to the weakening of the U.S.
+Added: dollar against the British Pound.
+Added: For the three months ended June 30, 2025 and 2024, we recognized a foreign currency exchange transaction loss of $8.5 and a loss of $2.8, 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 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
+Added: 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, 2024, we had $270.3 of forward contracts outstanding to sell foreign currencies in exchange for U.S.
+Added: At June 30, 2025, we had $276.7 of forward contracts outstanding to sell foreign currencies in exchange for U.S.
dollars and $134.8 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 December 31, 2024 and 2023, we recorded a gain of $9.5 and a loss of $8.0, respectively, related to foreign currency forward contracts in Interest and other, net on our Condensed Consolidated Statements of Operations.
−Removed: For the nine months ended December 31, 2024 and 2023, we recorded a gain of $9.7 and a loss of $0.6, respectively, related to foreign currency forward contracts in Interest and other, net on our Condensed Consolidated Statements of Operations.
−Removed: As of December 31, 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 June 30, 2025 and 2024, we recorded a loss of $12.4 and a gain of $3.5, respectively, related to foreign currency forward contracts in Interest and other, net on our Condensed Consolidated Statements of Operations.
+Added: As of June 30, 2025 and March 31, 2025, the fair value of these outstanding forward contracts were immaterial, and were included in Accrued expenses and other current liabilities when in a loss position, or in Prepaid expenses and other when in a gain position.
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 December 31, 2024, 39.3% of our revenue was generated outside the United States.
+Added: For the three months ended June 30, 2025, 40.1% 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.