Remitly Global, Inc.

Previous wording

This reliable, fair, and secure experience enables us to engage beyond the initial transaction, generating strong repeat usage and high customer loyalty. Our services are highly non-discretionary for many of our customers which results in high revenue visibility throughout economic cycles. As of March 31, 2026, our Remitly app had a 4.9 iOS App Store rating with approximately 4.3 million reviewers and a 4.8 Android Google Play rating with over 1.4 million reviewers (app ratings are based on all countries or regions and the rating may vary based on user location and device type).

Current wording

This reliable, fair, and secure experience enables us to engage beyond the initial transaction, generating strong repeat usage and high customer loyalty. Our services are highly non-discretionary for many of our customers which results in high revenue visibility throughout economic cycles. As of June 30, 2026, our Remitly app had a 4.9 iOS App Store rating with approximately 4.5 million reviewers and a 4.8 Android Google Play rating with over 1.4 million reviewers (app ratings are based on all countries or regions and the rating may vary based on user location and device type).

Previous wording

Our global network of funding and disbursement partnerships is at the core of our business and enables us to complete transactions efficiently across more than 5,500 corridors without the need to deploy local operations in each country, while complying with global and local licensing and regulatory requirements. A corridor represents the pairing of a send country, from which a customer can send a cross-border payment, with a specific receive country to which such cross-border payment can be sent. As a result of the quality of our network and the foundational investments we have made, adding a new send country typically unlocks a significant number of new corridors, allowing us to scale rapidly.

Current wording

Our global network of funding and disbursement partnerships is at the core of our business and enables us to complete transactions efficiently across more than 5,700 corridors without the need to deploy local operations in each country, while complying with global and local licensing and regulatory requirements. A corridor represents the pairing of a send country, from which a customer can send a cross-border payment, with a specific receive country to which such cross-border payment can be sent. As a result of the quality of our network and the foundational investments we have made, adding a new send country typically unlocks a significant number of new corridors, allowing us to scale rapidly.

Previous wording

•Payment Disbursement. We provide broad and high quality access to disbursement options for our customers allowing them to choose the method that is most convenient for their recipients, including bank accounts, cash, and alternative payment methods. Our broad disbursement network supports reliable delivery and choice, allowing customers to select whatever method works best for their family and friends to receive funds. We have access to many disbursement partners across the globe including major banks, aggregators, cash pick-up options, and mobile wallet partners. These relationships provide our customers with choice of disbursement and enable us to send funds within minutes, or even seconds, to over 5.7 billion bank accounts and mobile wallets, and approximately 490,000 cash pick-up options, including retail outlets and banks.

Current wording

•Payment Disbursement. We provide broad and high quality access to disbursement options for our customers allowing them to choose the method that is most convenient for their recipients, including bank accounts, cash, and alternative payment methods. Our broad disbursement network supports reliable delivery and choice, allowing customers to select whatever method works best for their family and friends to receive funds. We have access to many disbursement partners across the globe including major banks, aggregators, cash pick-up options, and mobile wallet partners. These relationships provide our customers with choice of disbursement and enable us to send funds within minutes, or even seconds, to over 5.8 billion bank accounts and mobile wallets, and approximately 490,000 cash pick-up options, including retail outlets and banks.

Previous wording

Active customers increased to approximately 9.6 million, or 20% growth, for the three months ended March 31, 2026, compared to the three months ended March 31, 2025. This increase was primarily due to an increase in the number of new customers, driven by continued marketing efficiency and strong retention, as well as product and geographic expansion. The increase was also a result of growth in new customer categories, including high-amount senders and small- to mid-sized businesses. Ongoing improvements in customer experience and localized innovation in key corridors supported customer acquisition and engagement.

Current wording

Active customers increased to approximately 10.2 million, or 20% growth, for the three months ended June 30, 2026, compared to the three months ended June 30, 2025. This increase was primarily due to an increase in the number of new customers, driven by continued marketing efficiency and strong retention, as well as product and geographic expansion. The increase was also a result of growth in new customer categories, including high-amount senders and business accounts. Ongoing improvements in customer experience and localized innovation in key corridors supported customer acquisition and engagement.

Previous wording

Send volume increased 37% to $22.1 billion for the three months ended March 31, 2026, compared to $16.2 billion for the three months ended March 31, 2025, driven by the increase in active customers.

Current wording

Send volume increased 27% to $23.5 billion for the three months ended June 30, 2026, compared to $18.5 billion for the three months ended June 30, 2025, driven by the increase in active customers.

Previous wording

We measure active customers to monitor the growth and performance of our customer base. The majority of our active customers send money for recurring, non-discretionary needs multiple times per month, providing a recurring revenue stream with high predictability and durability. Additionally, new customer categories, such as small- to mid-sized businesses, contribute often higher-value transactions as they send money to pay contractors, vendors, and employees.

Current wording

We measure active customers to monitor the growth and performance of our customer base. The majority of our active customers send money for recurring, non-discretionary needs multiple times per month, providing a recurring revenue stream with high predictability and durability. Additionally, new customer categories, such as business accounts, contribute often higher-value transactions as they send money to pay contractors, vendors, and employees.

Previous wording

We manage fraud (e.g., through identity theft) and other illegitimate activity (e.g., money laundering) by utilizing our proprietary risk models, which include machine learning, early warning signals, bespoke rules, and manual investigation processes. These capabilities are enhanced by AI to improve detection accuracy and automation. Our models and processes enable us to identify and address complex and evolving risks in these unwanted activities, while maintaining a differentiated customer experience. In addition, we integrate historical fraud loss data and other transaction data into our risk models, which helps us identify emerging patterns and quantify fraud and compliance risks across all aspects of our customer interactions. These models and processes allow us to achieve and maintain fraud loss rates within desired guardrails, as well as continuously refine our risk models to address new risks.

Current wording

We manage fraud (e.g., identity theft) and other illegitimate activity (e.g., money laundering) by utilizing our proprietary risk models, which include machine learning, early warning signals, bespoke rules, and manual investigation processes. These capabilities are enhanced by AI to improve detection accuracy and automation. Our models and processes enable us to identify and address complex and evolving risks in these unwanted activities, while maintaining a differentiated customer experience. In addition, we integrate historical fraud loss data and other transaction data into our risk models, which helps us identify emerging patterns and quantify fraud and compliance risks across all aspects of our customer interactions. These models and processes allow us to achieve and maintain fraud loss rates within desired guardrails, as well as continuously refine our risk models to address new risks.

Previous wording

In addition, foreign currency movements impact our business in numerous ways. For example, as the U.S. dollar strengthens, we see customers in certain geographies taking advantage of the ability to get more local currency to their families and friends. We also believe the strength of the U.S. dollar and the strength of other developed country currencies versus emerging country currencies make it easier to acquire new customers in certain geographies. Conversely, expansion of our international business can negatively impact our condensed consolidated results when these currencies weaken against the U.S. dollar. As we grow, we are becoming more diversified across geographies and currencies, which can help mitigate some localized geopolitical risks and macroeconomic trends. As foreign currency can have a significant impact on our business, we maintain a diversified cash balance portfolio and manage foreign exchange risk through various operational measures, including use of foreign exchange contracts. Our proactive risk management is designed to help mitigate potential impacts. For a more comprehensive description of our foreign currency exchange rate risk, current business concentrations, and details on our foreign exchange contracts, refer to Note 2. Basis of Presentation and Summary of Significant Accounting Policies in the notes to the condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q.

Current wording

In addition, foreign currency movements impact our business in numerous ways. For example, as the U.S. dollar strengthens, we see customers in certain geographies taking advantage of the ability to get more local currency to their families and friends. We also believe the strength of the U.S. dollar and the strength of other developed country currencies versus emerging country currencies make it easier to acquire new customers in certain geographies. Conversely, expansion of our international business can negatively impact our condensed consolidated results when these currencies weaken against the U.S. dollar. As we grow, we are becoming more diversified across geographies and currencies, which can help mitigate some localized geopolitical risks and macroeconomic trends. As foreign currency can have a significant impact on our business, we maintain a diversified cash balance portfolio and manage foreign exchange risk through various operational measures, including use of foreign exchange contracts. Our proactive risk management is designed to help mitigate potential impacts. For a more comprehensive description of our foreign currency exchange rate risk, current business concentrations, and details on our foreign exchange contracts, refer to Part I, Item 3 of this Quarterly Report on Form 10-Q.

Previous wording

Evolving regulatory developments may influence customer behavior and transaction volumes. For example, recent U.S. policy changes have increased the costs associated with the H-1B visa program and increased deportation activity more broadly, and the One Big Beautiful Bill Act (the “OBBBA”), which passed on July 4, 2025, imposes a tax on outbound, non-digital remittances from the United States to recipients abroad. While these regulatory developments may impact certain areas of our business, our business has remained resilient through various macroeconomic, political, and regulatory cycles over the past decade. We will continue to evaluate the impact the new legislation will have on our condensed consolidated financial statements, but at this time, we do not expect that the remittance tax included in the OBBBA will have a material impact on our business.

Current wording

Evolving regulatory and legislative developments may influence customer behavior and transaction volumes. For example, recent U.S. legal and policy changes have changed the legal status of certain population groups and increased deportation activity more broadly, and the One Big Beautiful Bill Act (the “OBBBA”), which passed on July 4, 2025, imposes a tax on outbound, non-digital remittances from the United States to recipients abroad. While these regulatory and legislative developments may impact certain areas of our business, our business has remained resilient through various macroeconomic, political, and regulatory cycles over the past decade. We will continue to evaluate the impact the new regulation and legislation will have on our condensed consolidated financial statements, but at this time, we do not expect that the remittance tax included in the OBBBA will have a material impact on our business.

Previous wording

Other income (expense), net, primarily includes foreign currency exchange gains and losses due to remeasurement of certain foreign currency denominated monetary assets and liabilities.

Current wording

Other expense, net, primarily includes foreign currency exchange gains and losses due to remeasurement of certain foreign currency denominated monetary assets and liabilities.

Previous wording

Provision for income taxes consists primarily of income taxes in certain foreign jurisdictions in which we conduct business and state income taxes in the United States. We maintain a full valuation allowance for U.S. deferred tax assets. When considering our historical earnings trend and anticipated future earnings, we believe there is a reasonable possibility that within the next 12 months sufficient positive evidence may become available where we will release all or a portion of the valuation allowance in a future period. Release of the valuation allowance would result in the recognition of certain deferred tax assets and a decrease to income tax expense for the period the release is recorded.

Current wording

(Benefit from) provision for income taxes consists primarily of federal and state income taxes in the United States and income taxes in certain foreign jurisdictions in which we conduct business. During the three months ended June 30, 2026, we released our full valuation allowance for U.S. deferred tax assets. The income tax benefit was $138.2 million for the six months ended June 30, 2026, inclusive of a $140.6 million discrete tax benefit from the U.S. valuation allowance release. We periodically assess the need for a valuation allowance against our deferred tax assets by weighing positive and negative evidence to determine whether it is more likely than not that some or all of the deferred tax assets will be realized.

Previous wording

Comparison of the three months ended March 31, 2026 and 2025

Current wording

Comparison of the three and six months ended June 30, 2026 and 2025

Previous wording

The following table sets forth our results of operations together with the dollar and percentage change for the three months ended March 31, 2026 and 2025:

Current wording

The following table sets forth our results of operations together with the dollar and percentage change for the three and six months ended June 30, 2026 and 2025:

Previous wording

The following discussion and analysis is for the three months ended March 31, 2026, compared to the same period in 2025.

Current wording

The following discussion and analysis is for the three and six months ended June 30, 2026, compared to the same period in 2025.

Previous wording

Revenue increased $91.2 million, or 25%, to $452.8 million for the three months ended March 31, 2026, compared to $361.6 million for the three months ended March 31, 2025. This increase was primarily driven by a 20% increase in active customers period over period, continued strength in the retention of existing customers, favorable customer behavior based on foreign currency movement, increased send volume for high-amount senders, and a continued mix shift trending towards digital disbursements. Revenue derived from each transaction varies based on a number of attributes, including the funding method chosen by the customer, the size of the transaction, the currency to be ultimately disbursed, the rate at which the currency was disbursed, the disbursement method chosen by the customer, and the country to which the funds are transferred.

Current wording

Revenue increased 20%, or $83.3 million, and 23%, or $174.5 million, for the three and six months ended June 30, 2026, respectively, compared to the three and six months ended June 30, 2025. The increase was primarily driven by a 20% increase in active customers period over period, continued strength in the retention of existing customers, favorable customer behavior based on foreign currency movement, increased send volume for high-amount senders, and a continued mix shift trending towards digital disbursements. Revenue derived from each transaction varies based on a number of attributes, including the funding method chosen by the customer, the size of the transaction, the currency to be ultimately purchased, the rate at which the currency was purchased, the disbursement method chosen by the customer, and the country to which the funds are transferred.

Previous wording

As a reflection of this growth, send volume increased 37% to $22.1 billion for the three months ended March 31, 2026, as compared to $16.2 billion for the three months ended March 31, 2025.

Current wording

As a reflection of this growth, send volume increased 27% and 32% to $23.5 billion and $45.6 billion for the three and six months ended June 30, 2026, respectively, as compared to $18.5 billion and $34.6 billion for the three and six months ended June 30, 2025, respectively.

Previous wording

Transaction expenses increased $23.5 million, or 19%, to $144.9 million for the three months ended March 31, 2026, compared to $121.4 million for the three months ended March 31, 2025. The increase was primarily due to an $18.8 million, or 19%, increase in direct costs associated with processing a higher volume of our customers’ remittance transactions and the disbursement of our customers’ funds to their recipients, and a $2.6 million increase in our provision for transaction losses.

Current wording

Transaction expenses increased $17.4 million, or 12%, for the three months ended June 30, 2026, compared to the three months ended June 30, 2025. The increase was primarily due to a $19.6 million, or 18%, increase in direct costs associated with processing a higher volume of our customers’ remittance transactions and the disbursement of our customers’ funds to their recipients, partially offset by a $3.5 million decrease in our provision for transaction losses.

Previous wording

As a percentage of revenue, transaction expenses decreased to 32% for the three months ended March 31, 2026, from 34% for the three months ended March 31, 2025.

Current wording

As a percentage of revenue, transaction expenses decreased to 33% and 32% for the three and six months ended June 30, 2026, respectively, compared to 35% and 34% for the three and six months ended June 30, 2025, respectively.

Previous wording

Customer support and operations expenses increased $4.2 million, or 19%, for the three months ended March 31, 2026, compared to the three months ended March 31, 2025. The increase was primarily driven by a $3.2 million increase in personnel-related costs compared to the three months ended March 31, 2025.

Current wording

Customer support and operations expenses increased $1.6 million, or 6%, for the three months ended June 30, 2026, compared to the three months ended June 30, 2025. The increase was primarily driven by a $3.3 million increase in personnel-related costs compared to the three months ended June 30, 2025.

Previous wording

As a percentage of revenue, customer support and operations expenses remained flat at 6% for the three months ended March 31, 2026 and 2025.

Current wording

As a percentage of revenue, customer support and operations expenses remained flat at 5% and 6% for the three and six months ended June 30, 2026, respectively, compared to 6% for both the three and six months ended June 30, 2025.

Previous wording

Marketing expenses increased $13.0 million, or 18%, for the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily due to an increase of $15.7 million in advertising expense, including online and offline marketing spend and promotion costs to acquire new customers.

Current wording

Marketing expenses increased $19.4 million, or 23%, for the three months ended June 30, 2026, compared to the three months ended June 30, 2025, primarily due to an increase of $19.1 million in advertising expense, including online and offline marketing spend and promotion costs to acquire new customers.

Previous wording

As a percentage of revenue, marketing expenses decreased to 19% for the three months ended March 31, 2026, from 20% for the three months ended March 31, 2025, primarily due to efficiencies in digital and brand marketing.

Current wording

As a percentage of revenue, marketing expenses were 21% and 20% for the three and six months ended June 30, 2026, respectively, compared to 21% and 20% for the three and six months ended June 30, 2025, respectively.

Previous wording

Technology and development expenses increased $5.8 million, or 8% for the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily driven by a $4.0 million increase in software costs for cloud services to support incremental transaction volume and a $3.5 million increase in restructuring costs primarily related to severance (refer to Note 13 Restructuring Initiatives in the notes to the condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q for more information on the restructuring costs).

Current wording

Technology and development expenses increased $2.3 million, or 2%, for the six months ended June 30, 2026, compared to the six months ended June 30, 2025. The increase was primarily driven by a $9.3 million increase in software costs primarily related to cloud services to support incremental transaction volume and a $3.6 million increase in restructuring costs primarily related to severance (refer to Note 13. Restructuring Initiatives in the notes to the condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q for more information on the restructuring costs). These increases were partially offset by a $8.4 million decrease in personnel-related costs.

Previous wording

As a percentage of revenue, technology and development expenses decreased to 18% for the three months ended March 31, 2026, from 20% for the three months ended March 31, 2025, as we benefited from increasing efficiencies, including the usage of AI.

Current wording

As a percentage of revenue, technology and development expenses decreased to 15% and 16% for the three and six months ended June 30, 2026, respectively, from 19% and 20% for the three and six months ended June 30, 2025, as we benefited from increasing efficiencies, including the usage of AI.

Previous wording

General and administrative expenses increased $2.3 million, or 4%, for the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily driven by a $4.3 million increase in restructuring costs primarily related to severance (refer to Note 13 Restructuring Initiatives in the notes to the condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q for more information on the restructuring costs). This was partially offset by a decrease in ongoing personnel-related costs compared to the three months ended March 31, 2025.

Current wording

General and administrative expenses decreased $1.3 million, or 1%, for the six months ended June 30, 2026, compared to the six months ended June 30, 2025. The decrease was primarily driven by a $4.6 million decrease in personnel-related expenses, partially offset by a $4.1 million increase in restructuring costs primarily related to severance (refer to Note 13. Restructuring Initiatives in the notes to the condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q for more information on the restructuring costs).

Previous wording

As a percentage of revenue, general and administrative expenses decreased to 12% for the three months ended March 31, 2026, from 15% for the three months ended March 31, 2025, as we continue to leverage efficiencies in our general and administrative functions.

Current wording

As a percentage of revenue, general and administrative expenses decreased to 11% and 12% for the three and six months ended June 30, 2026, respectively, from 14% and 15% for the three and six months ended June 30, 2025, respectively, as we continue to leverage efficiencies in our general and administrative functions.

Previous wording

Interest expense increased by $1.1 million for the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily due to draws on the Revolving Credit Facility.

Current wording

Interest expense increased $1.5 million and $2.6 million for the three and six months ended June 30, 2026, respectively, compared to the three and six months ended June 30, 2025, primarily due to draws on the revolving credit facility.

Previous wording

Other income (expense), net is primarily driven by unrealized losses and gains on foreign exchange remeasurements of certain foreign currency denominated monetary assets and liabilities.

Current wording

Other expense, net is primarily driven by unrealized losses and gains on foreign exchange remeasurements of certain foreign currency denominated monetary assets and liabilities.

Previous wording

We use Adjusted EBITDA, a non-GAAP financial measure, to supplement net income (loss). Adjusted EBITDA is calculated as net income (loss) adjusted by (i) interest (income) expense, net; (ii) provision for income taxes; (iii) noncash charges of depreciation and amortization; (iv) other (income) expense, net; (v) noncash charges associated with our donation of common stock in connection with our Pledge 1% commitment; (vi) noncash stock-based compensation expense, net; (vii) payroll taxes related to stock-based compensation expense, net; and (viii) certain restructuring and other costs.

Current wording

We use Adjusted EBITDA, a non-GAAP financial measure, to supplement net income (loss). Adjusted EBITDA is calculated as net income (loss) adjusted by (i) interest (income) expense, net; (ii) (benefit from) provision for income taxes; (iii) noncash charges of depreciation and amortization; (iv) other (income) expense, net; (v) noncash charges associated with our donation of common stock in connection with our Pledge 1% commitment; (vi) noncash stock-based compensation expense, net; (vii) payroll taxes related to stock-based compensation expense, net; and (viii) certain restructuring and other costs.

Previous wording

(2)Restructuring and other costs for the three months ended March 31, 2026 and March 31, 2025 consisted primarily of non-recurring termination benefits.

Current wording

(2)Restructuring and other costs for the three and six months ended June 30, 2026 and June 30, 2025 consisted primarily of termination benefits. These costs are not indicative of ongoing operating performance.

Previous wording

As of March 31, 2026 and December 31, 2025, our principal sources of liquidity were cash and cash equivalents of $649.1 million and $542.4 million, respectively, as well as funds available under the 2025 Revolving Credit Facility, which we entered into in June 2025. The 2025 Revolving Credit Facility has revolving commitments up to$550.0 million (including a$200.0 million letter of credit sub-facility). We have historically financed our operations and capital expenditures primarily through cash generated from operations, including transaction fees and foreign exchange spreads. In recent periods, we have supplemented those cash flows with borrowings on our 2025 Revolving Credit Facility, primarily to support customer transaction volumes during peak periods and weekends, which we expect to continue to do in the future. During the three months ended March 31, 2026 and 2025, the average term of outstanding borrowings under our Revolving Credit Facility was approximately four days. Operations continue to be substantially funded by the existing cash we have on hand and ongoing utilization of the 2025 Revolving Credit Facility (including the letter of credit sub-facility). During the three months ended March 31, 2026, we borrowed $2.4 billion and repaid $2.5 billion against the credit facility. As of March 31, 2026, we had no outstanding borrowings under the 2025 Revolving Credit Facility. As of March 31, 2026, we had unused borrowing capacity of $470.1 million.

Current wording

As of June 30, 2026 and December 31, 2025, our principal sources of liquidity were cash and cash equivalents of $676.4 million and $542.4 million, respectively, as well as funds available under the 2025 Revolving Credit Facility, which we entered into in June 2025. The 2025 Revolving Credit Facility has revolving commitments up to$550.0 million (including a$200.0 million letter of credit sub-facility). We have historically financed our operations and capital expenditures primarily through cash generated from operations, including transaction fees and foreign exchange spreads. In recent periods, we have supplemented those cash flows with borrowings on our 2025 Revolving Credit Facility, primarily to support customer transaction volumes during peak periods and weekends, which we expect to continue to do in the future. During the six months ended June 30, 2026 and 2025, the average term of outstanding borrowings under our Revolving Credit Facility was approximately four days. Operations continue to be substantially funded by the existing cash we have on hand and ongoing utilization of the 2025 Revolving Credit Facility (including the letter of credit sub-facility). During the six months ended June 30, 2026, we borrowed $5.8 billion and repaid $6.0 billion against the credit facility. As of June 30, 2026, we had no outstanding borrowings under the 2025 Revolving Credit Facility. As of June 30, 2026, we had unused borrowing capacity of $474.7 million.

Previous wording

In July 2025, our board of directors approved a share repurchase program that provides for the repurchase of up to an aggregate of $200 million of our outstanding common stock. The program allows for share repurchases through open market transactions, in privately negotiated transactions, or by other means, in accordance with applicable securities laws and other restrictions, but does not obligate us to acquire any amount of common stock. The timing and total amount of share repurchases will be determined by us in our discretion and will depend on a variety of factors, including business, economic and market conditions, corporate and regulatory requirements, prevailing stock prices, alternative investment opportunities, and other considerations. During the three months ended March 31, 2026, we repurchased $44.2 million of our common stock in open market transactions.

Current wording

In July 2025, our board of directors approved a share repurchase program that provides for the repurchase of up to an aggregate of $200.0 million of our outstanding common stock. The program allows for share repurchases through open market transactions, in privately negotiated transactions, or by other means, in accordance with applicable securities laws and other restrictions, but does not obligate us to acquire any amount of common stock. The timing and total amount of share repurchases will be determined by us in our discretion and will depend on a variety of factors, including business, economic and market conditions, corporate and regulatory requirements, prevailing stock prices, alternative investment opportunities, and other considerations. During the six months ended June 30, 2026, we repurchased $65.6 million of our common stock in open market transactions.

Previous wording

Net cash provided by operating activities for thethree months ended March 31, 2026 was $81.9 million, an increase of $1.1 million compared to net cash provided by operating activities for the three months ended March 31, 2025. This was primarily driven by a $37.7 million increase in net income, partially offset by changes in working capital including a $17.4 million decrease from accounts payable, a $7.7 million decrease from accrued expenses, and a $6.5 million decrease from prepaid expenses and other assets.

Current wording

Net cash provided by operating activities for thesix months ended June 30, 2026 was $216.5 million, an increase of $81.0 million compared to net cash provided by operating activities for the six months ended June 30, 2025. The increase was driven primarily by a $237.1 million increase in net income, partially offset by a $143.9 million increase in deferred income taxes in addition to other changes in working capital.

Previous wording

Net cash used in investing activities for the three months ended March 31, 2026 was $13.7 million, a decrease of $3.2 million compared to net cash used in investing activities for the three months ended March 31, 2025. This change was primarily driven by a $4.6 million decrease in purchases of property and equipment, primarily related to leasehold improvements for our corporate headquarters, offset by a $1.2 million increase in originations from consumer receivables, net of collections.

Current wording

Net cash used in investing activities for the six months ended June 30, 2026 was $20.3 million, a decrease of $12.3 million compared to net cash used in investing activities for the six months ended June 30, 2025. This change was primarily driven by an $11.3 million decrease in purchases of property and equipment, primarily related to leasehold improvements for our corporate headquarters, and a $1.5 million decrease in originations from consumer receivables, net of collections.

Previous wording

Cash flows from financing activities consists primarily of borrowings on our revolving credit facility, proceeds from the exercise of stock options, the net change in customer funds assets and liabilities (exclusive of the operating activity portion of such accounts), and proceeds from the issuance of common stock in connection with the Employee Stock Purchase Plan (“ESPP”), offset by repayments of our revolving credit facility borrowings, cash paid for repurchase of common stock, and cash paid for taxes related to net share settlement of equity awards. Activity in the customer funds assets and liabilities is heavily impacted by the timing of customer transactions and, in particular, the day of the week that the year end falls on, including holidays and long weekends. For example, we generally have higher prefunding amounts if the year closes on a weekend or in advance of a long weekend, such as a holiday, which creates variability in customer transaction related balances period over period and can reduce our cash position at a particular point in time.

Current wording

Cash flows from financing activities consists primarily of borrowings on our revolving credit facility, proceeds from the exercise of stock options, the net change in customer funds assets and liabilities (exclusive of the operating activity portion of such accounts), and proceeds from the issuance of common stock in connection with the ESPP, offset by repayments of our revolving credit facility borrowings, cash paid for repurchase of common stock, and cash paid for taxes related to net share settlement of equity awards. Activity in the customer funds assets and liabilities is heavily impacted by the timing of customer transactions and, in particular, the day of the week that the year end falls on, including holidays and long weekends. For example, we generally have higher prefunding amounts if the year closes on a weekend or in advance of a long weekend, such as a holiday, which creates variability in customer transaction related balances period over period and can reduce our cash position at a particular point in time.

Previous wording

Net cash provided by financing activities for the three months ended March 31, 2026 was $39.1 million, a decrease of $20.1 million, compared to net cash provided by financing activities for the three months ended March 31, 2025 of $59.2 million. The change was primarily driven by a $155.0 million decrease in net borrowings on our revolving credit facility as well as a $42.5 million increase in cash paid for the repurchase of common stock, offset by a $178.7 million increase in cash flows from customer funds assets and liabilities.

Current wording

Net cash used in financing activities for the six months ended June 30, 2026 was $60.6 million, a decrease of $95.4 million, compared to net cash provided by financing activities for the six months ended June 30, 2025 of $34.7 million. The change was primarily driven by a $155.0 million decrease in net borrowings on our revolving credit facility as well as a $65.2 million increase in cash paid for the repurchase of common stock, offset by a $116.8 million increase in cash flows from customer funds assets and liabilities.

Previous wording

During the three months ended March 31, 2026, other than software, cloud infrastructure, marketing, compliance-tool related contracts, and leases entered into in the normal course of business, there were no other material changes to the contractual obligations and contingencies as disclosed in Note 16. Commitments and Contingencies and Note 18. Leases in the notes to the consolidated financial statements included in Part II, Item 8 in our Annual Report on Form 10-K for the year ended December 31, 2025. For further discussion of commitments and contingencies, also refer to Note 15. Commitments and Contingencies in the notes to the condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q.

Current wording

During the six months ended June 30, 2026, other than software, cloud infrastructure, marketing, compliance-tool related contracts, and leases entered into in the normal course of business, there were no other material changes to the contractual obligations and contingencies as disclosed in Note 16. Commitments and Contingencies and Note 18. Leases in the notes to the consolidated financial statements included in Part II, Item 8 in our Annual Report on Form 10-K for the year ended December 31, 2025. For further discussion of commitments and contingencies, also refer to Note 15. Commitments and Contingencies in the notes to the condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q.