4 unchanged sentences
Marketable Equity Investments
−Removed: Our marketable equity investments are investments held in publicly traded companies and are measured using quoted prices in active markets which could result in material volatility in our net income in future periods.
−Removed: As of December 31, 2021, we did not have any marketable equity investments.
+Added: Our marketable equity investments are investments held in publicly-traded companies and are measured using quoted prices in active markets which could result in volatility in our financial results in future periods.
+Added: As of December 31, 2022, our marketable equity investments were immaterial.
+Added: Adjustments are recorded in other (expense) income, net on the consolidated statements of operations and establish a new carrying value for the investment.
+Added: A hypothetical 10% increase or decrease in the fair value of our marketable equity investments would not have a material effect on our financial results.
Non-Marketable Equity Investments
4 unchanged sentences
As of December 31, 2022, the aggregate carrying value of our non-marketable equity investments included in other non-current assets was $208.9 million.
−Removed: A hypothetical 10% increase or decrease in the carrying value of our non-marketable equity investments would have resulted in approximately $8.2 million increase or decrease in the value of the investment.
−Removed: Adjustments are recorded in other expense (income), net on the condensed consolidated statements of operations.
+Added: A hypothetical 10% increase or decrease in the carrying value of our non-marketable equity investments would not have a material effect on our financial results.
Bitcoin Market Price Risk
−Removed: The Company invested $50.0 million and $170.0 million in bitcoin in the fourth quarter of 2020 and first quarter of 2021, respectively.
−Removed: Bitcoin is accounted for as an indefinite lived intangible asset, and thus, is subject to impairment losses if the fair value of bitcoin decreases below the carrying value during the assessed reporting period.
+Added: As of December 31, 2022, we had made cumulative investments in bitcoin of $220.0 million.
+Added: Our investment in bitcoin is accounted for as an indefinite-lived intangible asset, and thus, is subject to impairment losses if the fair value of bitcoin decreases below the carrying value during the assessed reporting period.
Impairment losses cannot be recovered for any subsequent increase in fair value until the sale of the asset.
−Removed: As of December 31, 2021, the fair value of the investment in bitcoin was $371.0 million based on observable market prices resulting in $222.1 million in unrecognized gains.
−Removed: The Company recorded an impairment charge of $71.1 million in the year ended December 31, 2021 due to fluctuations in the market price of bitcoin observed during the period.
−Removed: A hypothetical 10% increase or decrease in the market price of bitcoin as of December 31, 2021 would have resulted in approximately $37.1 million increase or decrease in the value of the bitcoin investment.
−Removed: Any decreases to the carrying value of bitcoin assets are recorded in operating expenses in the consolidated statements of operations.
+Added: We recorded an impairment charge on our investment in bitcoin of $46.6 million in the year ended December 31, 2022 due to the observed market price of bitcoin decreasing below the carrying value during the period.
+Added: As of December 31, 2022, the cumulative impairment charges to date were $117.7 million and the fair value of the investment in bitcoin was $132.7 million based on observable market prices, which is $30.4 million in excess of our carrying value of $102.3 million after impairment charges.
+Added: Any decreases to the carrying value of bitcoin investments are recorded in operating expenses on the consolidated statements of operations.
+Added: A hypothetical 10% increase or decrease in the market price of bitcoin would not have a material effect on our financial results.
Interest Rate Sensitivity
3 unchanged sentences
Additionally, we have the ability to hold these instruments until maturity if necessary to reduce our risk.
−Removed: Any future borrowings incurred under our credit facility would accrue interest at a floating rate based on a formula tied to certain market rates at the time of incurrence (as described above).
−Removed: A hypothetical 100 basis point increase or decrease in interest rates would not have a material effect on our financial results.
+Added: Our Warehouse Facilities borrowings and any future borrowings incurred under the 2020 Credit Facility both accrue interest at variable rates based on formulas tied to certain market rates at the time of incurrence.
+Added: A hypothetical 10% increase or decrease in interest rates would not have a material effect on our financial results.
Foreign Currency Risk
+Added: Our consolidated financial statements are presented in U.S.
Most of our revenue is earned in U.S.
−Removed: dollars, and therefore our revenue is not subject to significant foreign currency risk.
−Removed: Our foreign operations are denominated in the currencies of the countries in which our operations are located, and may be subject to fluctuations due to changes in foreign currency exchange rates in the Japanese Yen, Canadian Dollar, Australian Dollar, Euro, British Pound, Chinese Yuan, Swedish Krona, Singapore Dollar, Polish Zloty, and Brazilian Real.
−Removed: in foreign currency exchange rates may cause us to recognize transaction gains and losses in our statement of operations.
−Removed: A 10% increase or decrease in current exchange rates would not have a material impact on our financial results.
+Added: dollars and, subsequent to the acquisition of Afterpay, a portion is earned in Australian Dollars.
+Added: Our foreign operations are denominated in the currencies of the countries in which our operations are located, and may be subject to fluctuations due to changes in foreign currency exchange rates.
+Added: Our results of operations and cash flows are, therefore, subject to fluctuations in foreign currency exchange rates and may cause us to recognize transaction gains and losses on our financial statements.
+Added: From time to time, we use foreign exchange derivative contracts to hedge a portion of our exposure to changes in currency exchange rates, which result from our global operating and financing activities.
+Added: We do not use derivative financial instruments for trading or speculative purposes.
+Added: Gains and losses from foreign currency transactions, as well as foreign exchange forward contracts, were not significant for the any period presented in the consolidated financial statements included in this Form 10-K.
+Added: We did not have any material foreign currency derivatives outstanding as of December 31, 2022.
+Added: A hypothetical 10% increase or decrease in current exchange rates on our financial instruments would not have a material effect on our financial results.
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.