We are exposed to a variety of risks, including foreign currency exchange fluctuations, changes in interest rates and inflation. We regularly assess currency, interest rate and inflation risks to minimize any adverse effects on our business as a result of those factors. Foreign Currency Risk Our results of operations and cash flows are affected by fluctuations due to changes in foreign currency exchange rates. In 2025, approximately 65% of our revenues were denominated in U.S. dollars and approximately 35% in other currencies, primarily in Euros, British Pounds, Japanese Yen, Mexican Pesos, Canadian Dollar, Australian Dollar and the Brazilian Real. In addition, in 2025, approximately 66% of our cost of revenues and operating expenses were denominated in U.S. dollars and approximately 27% in New Israeli Shekels. Our NIS-denominated expenses consist primarily of personnel and overhead costs. Since a significant portion of our expenses are denominated in NIS, any appreciation of the NIS relative to the U.S. dollar would adversely impact our net loss or net income (if any). We collect payments from our users through various payment processors in multiple currencies. In most cases, our payment processors remit these funds to us in their original currencies without converting them to U.S. Dollars. We subsequently convert these currencies to U.S. Dollars or 143 utilize them directly for our business operations as needed. Consequently, we are exposed to exchange rate fluctuations between these foreign currencies and the U.S. Dollar during the period between receipt and conversion or utilization of these funds. Even in instances where payment processors do convert customer payments to U.S. Dollars before remitting them to us, we may still incur currency conversion fees and remain subject to exchange rate risks in our global operations. The following table presents information about the changes in the exchange rates of the NIS against the U.S. dollar: Change in Average Exchange Rate of the NIS Against the U.S. dollar (%) Period 2025 (6.7) 2024 0.3 2023 9.9 2022 4.0 2021 (6.0) The figures above represent the change in the average exchange rate in the given period compared to the average exchange rate in the immediately preceding period. Negative figures represent depreciation of the U.S. dollar compared to the NIS. A 10% increase (decrease) in the value of the NIS against the U.S. dollar would have decreased (increased) our net income by approximately $53.4 million in 2025. We estimate that a 10% concurrent devaluation of the Euros, British Pound, Brazilian Real, Japanese Yen, Mexican Pesos, Australian Dollar and Canadian Dollar against the U.S. dollar would have decreased our net income by approximately $64.6 million in 2025. To protect against the increase in value of forecasted foreign currency cash flow resulting from expenses paid in NIS during the year, we have instituted a foreign currency cash flow hedging program. We hedge certain portions of the anticipated payroll of our Israeli employees and Israeli suppliers denominated in NIS for a period of one to 12 months, as well as portions of our headquarter lease payments denominated in NIS, with forward and option contracts as well as other financial instruments. In addition, we hedge a portion of our revenue transactions denominated in euros and British pounds. See Note 2(n) of our audited consolidated financial statements included in Item 18 of this annual report. Our results of operations may also be impacted by currency translation gains and losses on monetary assets and liabilities, primarily cash and cash equivalents and restricted deposits denominated in currencies other than the U.S. dollar. Any such gains or losses only impact the dollar value of our non-dollar denominated cash and cash equivalents and restricted deposits and result from changes in reported values due to exchange rate fluctuations between the beginning and the end of reporting periods. As of December 31, 2025, we had $1.26 billion of cash and cash equivalents, restricted cash and deposits and marketable securities denominated in U.S. dollars and $402.6 million denominated in other currencies, primarily Israeli Shekel, Euro, British Pounds, Japanese Yen and the Brazilian Real. Other Market Risks We do not believe we have material exposure to interest rate risk due to the fact that we have no long-term borrowings that incur interest. We do not believe we have any material exposure to inflationary risks.