4 unchanged sentences
Interest Rate Sensitivity
−Removed: Cash and cash equivalents and short- and long-term investments were held primarily in cash deposits, certificates of deposit, money market funds and investment grade corporate debt.
−Removed: The fair value of our cash, cash equivalents and short- and long-term investments will fluctuate with movements of interest rates, increasing in periods of declining rates of interest and declining in periods of increasing rates of interest.
+Added: Cash and cash equivalents and short-term investments were held primarily in cash deposits, certificates of deposit, money market funds and investment grade corporate debt.
+Added: The fair value of our cash, cash equivalents and short-term investments will fluctuate with movements of interest rates, increasing in periods of declining rates of interest and declining in periods of increasing rates of interest.
Our 2022 Notes, which were issued in September 2017, carry a fixed interest rate of 0.375% per year, our 2024 Notes, which were issued in November 2018, carry a fixed interest rate of 1.125% per year, our 2026 Notes, which were issued in August 2019, carry a fixed interest rate of 1.00% per year, our 2025 Accreting Notes, which were issued in April 2020, carry a fixed interest rate of 2.50% per year and our 2025 Notes, which were issued in August 2020, carry a fixed interest rate of 0.625% per year.
6 unchanged sentences
However, as our international business has grown, fluctuations in foreign currency exchange rates have started to have a greater impact.
−Removed: Our operating expenses are denominated in the currencies of the countries in which our
−Removed: operations are located or in which net revenue is generated, and as a result we face exposure to adverse movements in foreign currency exchange rates, particularly changes in the British Pound, Euro and Canadian Dollar, as the financial results of our international operations are translated from local currency, or functional currency, into U.S.
+Added: Our operating expenses are denominated in the currencies of the countries in which our operations are located or in which net revenue is generated, and as a result we face exposure to adverse movements in foreign currency exchange rates, particularly changes in the British Pound, Euro and Canadian Dollar, as the financial results of our international operations are translated from local currency, or functional currency, into U.S.
dollars upon consolidation.
2 unchanged sentences
The effect of foreign currency exchange on our business historically has varied from quarter to quarter and may continue to do so, potentially materially.
−Removed: In addition, volatile market conditions arising from the COVID-19 outbreak may result in changes in exchange rates, and in particular a weakening of foreign currencies relative to the U.S.
+Added: In addition, volatile market conditions arising from the COVID-19 pandemic may result in changes in exchange rates, and in particular a weakening of foreign currencies relative to the U.S.
dollar may negatively affect our net revenue as expressed in U.S.
−Removed: We do not believe that inflation has had a material effect on our business, financial condition or results of operations.
+Added: In fiscal year 2021, we saw inflationary pressures across various parts of our business and operations, including, but not limited to, wholesale cost inflation and rising costs across our supply chain.
We continue to monitor the impact of inflation in order to minimize its effects through pricing strategies, productivity improvements and cost reductions.
−Removed: If our costs were to become subject to significant inflationary pressures, we may not be able to fully offset such higher costs through price increases.
+Added: If our costs were to be subject to more significant inflationary pressures, we may not be able to fully offset such higher costs through price increases or other cost efficiency measures.
Our inability or failure to do so could harm our business, financial condition and results of operations.
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.