We are exposed to market risks in the ordinary course of our business. These risks primarily include interest rate risk, investment risk, and foreign currency risk as follows: Interest rate risk Our exposures to market risk for changes in interest rates relate primarily to our Term Loan and our Revolving Credit Facility. The Term Loan and our Revolving Credit Facility are floating rate facilities. Therefore, fluctuations in interest rates will impact the amount of interest expense we incur and have to pay. In January 2023, we entered into two interest rate swap agreements, each with a notional value of $250 million. Each of these swap agreements requires us to pay a fixed interest rate of 3.435% in exchange for receiving one-month LIBOR for six months and one-month Term Secured Overnight Financing Rate (“SOFR”) afterwards. The interest rate swap agreements settle monthly commencing in February 2023 through their termination dates on February 28, 2028. In May 2026, the Company entered into an additional interest rate swap agreement to replace two interest rate swap agreements that matured on April 30, 2026. The new interest rate swap agreement has a notional value of $500 million. Under the agreement we pay a fixed interest rate of 3.709% in exchange for receiving one-month Term SOFR. The new interest rate swap agreement settles monthly commencing in May 2026 through its termination date on February 28, 2027. The estimated fair value of the our interest rate swap agreements is derived from a discounted cash flow analysis. We had borrowings outstanding under our Term Loan with book values of $1,787.3 million and $1,793.2 million at June 30, 2026 and December 31, 2025, respectively, which were subject to a weighted average interest rate of 6.552% and 6.879% for the six months ended June 30, 2026 and the year ended December 31, 2025, respectively. There were no borrowings against our Revolving Credit Facility at June 30, 2026 or December 31, 2025. The Notes bear interest at a fixed rate of 4.250% per annum and accordingly do not vary with prevailing interest rates. -35- As of June 30, 2026, hypothetical 100 basis point increase or decrease in weighted average interest rates under our Term Loan would have increased or decreased our interest expense by $8.0 million over a twelve-month period, including consideration of the impact the hypothetical basis point change would have had on our interest rate swap agreements. The fair value of our senior notes will generally fluctuate with movements of interest rates, increasing in periods of declining rates of interest and declining in periods of increasing rates of interest. A hypothetical 100 basis point increase in interest rates would have decreased the fair value of our senior notes by $12.9 million as of June 30, 2026. A hypothetical 100 basis point decrease in interest rates would have increased the fair value of our senior notes by $13.3 million as of June 30, 2026. Investment risk We had cash and cash equivalents including restricted cash totaling $438.7 million and $685.7 million as of June 30, 2026 and December 31, 2025, respectively. We also had short-term investments of $136.0 million as of December 31, 2025. Our investment policy and strategy primarily attempts to preserve capital and meet liquidity requirements without significantly increasing risk. Our cash and cash equivalents and short-term investments primarily consist of commercial papers, bank deposits and money market funds. We do not enter into investments for trading or speculative purposes. Changes in rates would primarily impact interest income due to the relatively short-term nature of our investments. Foreign currency risk Our functional currency is the U.S. Dollar and most of our revenues are denominated in U.S. Dollars. However, we have foreign currency risks related to a significant portion of our operating expenses, consisting of headcount related expenses as well as certain other operating expenses, denominated in currencies other than the U.S. Dollar, primarily the Euro (“EUR”), Israeli Shekel (“ILS”), Polish Zloty (“PLN”) and Romanian Leu (“RON”). Accordingly, changes in exchange rates in the future may negatively affect our future revenues and other operating results as expressed in U.S. Dollars. Our foreign currency risk is partially mitigated as our revenues recognized in currencies other than the U.S. Dollar is diversified across geographic regions and we incur expenses in the same currencies in these regions. We have experienced and will continue to experience fluctuations in our net income as a result of transaction gains or losses related to remeasurement of our asset and liability balances that are denominated in currencies other than the functional currency of the entities in which they are recorded. As of June 30, 2026, we had entered into derivative contracts to purchase certain foreign currencies at future dates. The approximate amount of hedges was equal to $253.3 million, and all contracts are expected to mature during the upcoming 12 months.