Our activities expose us to a variety of financial risks: market risk (includes foreign currency), interest rate risk and credit risk. Foreign Currency Risk Our exposure to market risk arises principally from exchange rate risk. Although substantially all of our revenues are denominated in U.S. dollars, a substantial portion of our expenses were incurred and paid in the Philippine peso, Indian rupee, Mexican peso, Colombian peso and euro, in the six months ended June 30, 2026 and 2025. We also incur expenses in U.S. dollars, and currencies of the other countries in which we have operations. The exchange rates among the Philippine peso, Indian rupee, Mexican peso, Colombian peso, euro and the U.S. dollar have changed substantially in recent years and may fluctuate substantially in the future. The following table presents a summary of foreign currency exchange rates and changes for the periods indicated: Philippine Peso Indian Rupee Mexican Peso Colombian Peso Euro Average exchange rate against the U.S. dollar Six months ended June 30, 2026 59.95 93.02 17.48 3,659.24 0.86 Six months ended June 30, 2025 57.11 86.09 19.97 4,192.17 0.92 Depreciation (appreciation) 5.0 % 8.0 % (12.5) % (12.7) % (6.5) % Based on our level of operations during the six months ended June 30, 2026, and excluding any forward contract arrangements that we had in place during that period, a 10% appreciation (depreciation) of each foreign currency against the U.S. dollar would have increased (decreased) our expenses incurred and paid in that foreign currency as follows: (in thousands) Philippine Peso Indian Rupee Mexican Peso Colombian Peso Euro 10% appreciation $ 22,356 $ 6,974 $ 2,359 $ 6,676 $ 3,922 10% depreciation $ (18,291) $ (5,706) $ (1,930) $ (5,462) $ (3,209) In order to mitigate our exposure to foreign currency fluctuation risks and minimize the earnings and cash flow volatility associated with forecasted transactions denominated in certain foreign currencies, and economically hedge our intercompany balances and other monetary assets and liabilities denominated in currencies other than functional currencies, we enter into foreign currency forward contracts. These contracts must be settled on the day of maturity or may be canceled subject to the receipts or payments of any gains or losses, respectively, equal to the difference between the contract exchange rate and the market exchange rate on the date of cancellation. We do not enter into foreign currency forward contracts for speculative or trading purposes. These derivative instruments do not subject us to material balance sheet risk due to exchange rate movements because gains and losses on the settlement of these derivatives are intended to offset revaluation losses and gains on the assets and liabilities being hedged. See Note 4, "Forward Contracts" in the Notes to Unaudited Condensed Consolidated Financial Statements included in this Quarterly Report for additional information regarding our forward contracts. Interest Rate Risk Our exposure to market risk is influenced by the changes in interest rates paid on any outstanding balance on our borrowings, mainly under our 2026 Credit Facilities. All of our borrowings outstanding under the 2026 Credit Facilities as of June 30, 2026 accrue interest at Term SOFR plus 2.75%. As of June 30, 2026 our total principal balance outstanding was $500.0 million and the interest rate in effect was 6.482% per annum. Based on the outstanding balances and interest rates under the 2026 Credit Facilities as of June 30, 2026, a hypothetical 10% increase or decrease in Term SOFR would cause an increase or decrease in interest expense of approximately $1.9 million over the next 12 months. 33 Table of Contents Credit Risk As of June 30, 2026, we had accounts receivable, net of allowance for credit losses, of $245.4 million, of which $160.7 million was owed by ten of our clients. Collectively, these clients represented approximately 65% of our gross accounts receivable as of June 30, 2026.