We have operations both within the U.S. and internationally, and we are exposed to market risks in the ordinary course of our business, including the effects of interest rate changes and foreign currency fluctuations. Information relating to quantitative and qualitative disclosures about these market risks is described below. Interest Rate Risk Our exposure to interest rate changes relates primarily to our investment portfolio. Although we are exposed to global interest rate fluctuations, U.S. interest rate fluctuations tend to have the greatest effect on our interest income, impacting the interest earned on our cash, cash equivalents, and marketable securities as well as the fair value of the underlying securities. Our investment policy and strategy are focused on preserving capital and supporting our liquidity requirements. We use a combination of internal and external management to execute our investment strategy and achieve our investment objectives. We invest in highly-rated securities, such as U.S. Treasury securities and U.S. government-backed money market funds, with maturities of one year or less. 44 Table of Contents A hypothetical 100 basis point increase or decrease in interest rates as of June 30, 2026 would not have a material impact on the fair value of our portfolio, and such impact would only be realized if we sold the investments prior to their maturities. Based on our invested cash equivalents and marketable securities balance as of June 30, 2026, a hypothetical 100 basis point change in interest rates would result in a $8.8 million increase or decrease in interest income on an annualized basis. Foreign Currency Risk Our reporting currency is the U.S. dollar. We determine the functional currency for each of our foreign subsidiaries by reviewing their operations and currencies used in their primary economic environments. While the majority of our sales are denominated in U.S. dollars or collected in advance of service delivery, we also generate revenue in local currencies, particularly in our Consumer segment and in certain countries within our Enterprise segment. As a result, our revenue is subject to some foreign currency risk. Our operating expenses are typically incurred in the local currencies of the countries where we operate, including but not limited to the euro, British pound sterling, Canadian dollar, Indian rupee, and Japanese yen. These currencies are subject to fluctuations due to changes in foreign currency exchange rates. We also maintain foreign-currency denominated cash and cash equivalents in our foreign entities to support their ongoing operations. These balances may cause us to recognize transaction gains and losses due to exchange rate fluctuations, which are reflected in our Condensed Consolidated Statements of Operations. We have not entered into any foreign currency hedging arrangements or other derivative instruments to manage this risk, although we may choose to do so in the future. A hypothetical 10% increase or decrease in average foreign exchange rates relative to the U.S. dollar would not have resulted in a material impact on our loss before income taxes in our Condensed Consolidated Financial Statements (Unaudited) for the three months ended June 30, 2026 and 2025. Convertible Note Investment We hold a convertible note investment with a private company, with an estimated fair market value of $8.5 million as of June 30, 2026. We have elected to account for the investment under the fair value option. The determination of the fair market value of the investment is based on a variety of market-related risks, including but not limited to interest rates and volatility in equity markets, that could impact the carrying value of our investments.