Interest Rate Sensitivity As of June 30, 2026, we had corporate cash and cash equivalents of $198.0 million and funds held for clients cash and cash equivalents of $2.6 billion. These amounts are invested primarily in demand deposit accounts and money market funds. We consider all highly liquid debt instruments with an original maturity of three months or less and SEC registered money market mutual funds to be cash equivalents. Additionally, we had $375.1 million of available-for-sale securities included within funds held for clients on the consolidated balance sheets. Our available-for-sale securities consisted of U.S. treasury securities 31 with original maturities of two years or less and a certificate of deposit. The primary objectives of our investing activities are capital preservation, liquidity, and, with respect to client funds, generating interest income while preserving principal. We do not invest for trading or speculative purposes. Our investments are subject to interest rate risk. Rising interest rates generally reduce the market value of fixed-rate securities, while declining interest rates may reduce income earned on floating-rate investments. Accordingly, changes in interest rates could reduce future investment income or result in losses if securities are sold before maturity. Debt securities with original maturities greater than three months are classified as available-for-sale; and unrealized gains and losses resulting from changes in interest rates are not recognized in earnings unless securities are sold or credit losses are recognized. We have not recorded any credit losses on our portfolio. As of June 30, 2026, a hypothetical 100 basis point increase or decrease in interest rates would have resulted in an approximately $25.7 million increase or decrease, respectively, in interest earned on funds held for clients over the ensuing 12-month period. There are no incremental costs of revenue associated with changes in interest earned on funds held for clients. An immediate 100 basis point increase or decrease in interest rates would have decreased or increased, respectively, the aggregate market value of our available-for-sale securities by approximately $0.9 million as of June 30, 2026. These estimates are based on a sensitivity model measuring the effect of interest rate changes on market values. As of June 30, 2026, we had $900.0 million of indebtedness outstanding under the Revolving Credit Facility. Because borrowings under the Revolving Credit Facility bear interest at floating rates, we are exposed to interest rate risk. A hypothetical 100 basis point change in applicable reference rates would have resulted in a $5.9 million change in interest expense over the ensuing 12-month period. See Note 6 “Long-Term Debt” for additional information.