Inflation Risk Current inflation has resulted in higher personnel costs, marketing expenses and supply chain expenses. There can be no assurance that future inflation will not have an adverse or material impact on our operating results and financial condition. ​ Interest Rate Risk At June 30, 2026 and 2025, we had cash and cash equivalents totaling $754.5 million and $782.5 million, respectively. Our excess cash has been invested in money market funds, government securities, corporate debt securities and similar investments. At June 30, 2026, a 1% gross increase in interest rates for our variable-interest instruments would result in a $7.5 million annualized increase in interest income. Additionally, the fair value of our investment portfolio is subject to changes in market interest rates. ​ Foreign Currency Exchange Risk We do not transact a material amount of business in a foreign currency. If we enter into any material transactions in a foreign currency or establish or acquire any subsidiaries that measure and record their financial condition and results of operations in a foreign currency, we will be exposed to currency transaction risk and/or currency translation risk. Exchange rates between U.S. dollars and many foreign currencies have fluctuated significantly over the last few years and may continue to do so in the future. Accordingly, we may decide in the future to undertake hedging strategies to minimize the effect of currency fluctuations on our financial condition and results of operations. ​ 55 Table of Contents