Foreign Currency Exchange Risk We conduct business in certain foreign markets, primarily in the United Kingdom and the European Union. For the three months ended June 30, 2026 and 2025, revenue outside of the United States accounted for 58.5% and 55.7% of consolidated revenue, respectively. For the six months ended June 30, 2026 and 2025, revenue outside of the United States accounted for 58.2% and 54.6% of consolidated revenue, respectively. Our primary exposure to foreign currency exchange risk is the underlying paying user’s functional currency other than the U.S. Dollar, primarily the British Pound and Euro. As foreign currency exchange rates change, translation of the statements of operations of our international businesses into U.S. dollars affects year-over-year comparability of operating results. The average Euro versus the U.S. Dollar exchange rate was 2.6% and 6.9% higher in the three and six months ended June 30, 2026 compared to the three and six months ended June 30, 2025, respectively. The average British Pound versus the U.S. Dollar exchange rate was 0.5% and 3.8% higher in the three and six months ended June 30, 2026 compared to the three and six months ended June 30, 2025, respectively. Our continued international expansion increases our exposure to exchange rate fluctuations and as a result such fluctuations could have a significant impact on our future results of operations. We performed a sensitivity analysis as of June 30, 2026 and 2025. A hypothetical 10% change in British Pound and Euro, relative to the U.S. Dollar, would have changed revenue by $11.1 million and $12.3 million for the six months ended June 30, 2026 and 2025, respectively, with all other variables held constant. This accounts for 2.6% and 2.5% of total revenue for the six months ended June 30, 2026 and 2025, respectively. 44 Beginning in the third quarter of 2025, we entered into foreign currency forward contracts to manage the volatility of cash flows from revenues transactions denominated in foreign currencies, primarily in Euro. Changes in the fair value of these foreign currency contracts are recorded as a component of Accumulated Other Comprehensive Income until the forecasted transaction occurs, at which point the related gain and losses are reclassified into earnings. As of June 30, 2026, the notional value of our foreign exchange forward contracts in U.S. dollar equivalents was $8.9 million. We performed a sensitivity analysis to determine the effects that market risk exposures may have on the fair values of our foreign currency contracts. To perform the sensitivity analysis, we assessed the risk of changes in fair values from the effect of hypothetical changes in foreign currency exchange rates. This analysis assumes a like movement by the foreign currencies in our hedge portfolio against the U.S. Dollar. As of June 30, 2026, a 10% appreciation in the value of the U.S. Dollar versus the Euro would result in a net increase in the fair value of our derivative by $0.9 million and a 10% decline in the value of the U.S. Dollar versus the Euro would result in a net decrease in the fair value of our derivatives by $0.9 million. Interest Rate Risk On April 24, 2026, the Company entered into the 2026 Credit Agreement. The proceeds from the 2026 Credit Agreement, together with cash on hand, were used to repay in full and terminate the Company's outstanding indebtedness under the 2020 Credit Agreement. At June 30, 2026, we had outstanding debt with a carrying value of $451.0 million under the 2026 Credit Agreement. With consideration of the financial impact of our interest rate swaps, a hypothetical interest rate increase of 1% would have increased interest expense for the three and six months ended June 30, 2026 by $0.4 million and $1.0 million, respectively, based upon the outstanding debt balances and interest rates in effect during that period. Borrowings under our 2026 Credit Agreement bear interest at a variable market rate. In order to reduce the financial impact of increases in interest rates, we have two interest rate swaps with a total notional amount of $350.0 million that fix the variable interest rate element on $350.0 million of the long-term debt at a rate of 3.18%. These interest rate swaps expire in January 2027. For additional information, see Note 8, Debt, to the unaudited condensed consolidated financial statements included in “Item 1 - Financial Statements (Unaudited).”