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 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).

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 September 30, 2026, our Remitly app had a 4.9 iOS App Store rating with approximately 4.8 million reviewers and a 4.8 Android Google Play rating with over 1.6 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

We believe scale reinforces both trust and network capabilities by enabling lower unit costs, better pricing, and continuous reinvestment in product performance and quality, including through greater use of direct integrations that improve efficiency as our volumes grow. Our data-driven approach to optimizing customer lifetime value, combined with localized and scalable marketing solutions, allows us to acquire new customers at attractive unit economics. In addition to product enhancements and efficiencies in variable operating costs, we are transforming our marketing engine from a single-product acquisition model into an artificial intelligence-powered system that drives multi-product engagement, and strengthens our ability to reactivate, retain, and increase share of wallet among existing customers. We believe our expertise in localizing our marketing, products, and customer support at scale is a key differentiator and enables us to provide customers with a personalized experience that drives peace of mind while also delivering high returns on marketing and product investments.

Current wording

We believe scale reinforces both trust and network capabilities by enabling lower unit costs, better pricing, and continuous reinvestment in product performance and quality, including through greater use of direct integrations that improve efficiency as our volumes grow. Our data-driven approach to optimizing customer lifetime value, combined with localized and scalable marketing solutions, allows us to acquire new customers at attractive unit economics. In addition to product enhancements and efficiencies in variable operating costs, we are transforming our marketing engine from a single-product acquisition model into an AI-powered system that drives multi-product engagement, and strengthens our ability to reactivate, retain, and increase share of wallet among existing customers. We believe our expertise in localizing our marketing, products, and customer support at scale is a key differentiator and enables us to provide customers with a personalized experience that drives peace of mind while also delivering high returns on marketing and product investments.

Previous 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.

Current wording

Active customers increased to approximately 10.3 million, or 17% growth, for the three months ended September 30, 2026, compared to the three months ended September 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 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.

Current wording

Send volume increased 25% to $24.4 billion for the three months ended September 30, 2026, compared to $19.5 billion for the three months ended September 30, 2025, driven by the increase in active customers.

Previous wording

Send volume increased 32% to $45.6 billion for the six months ended June 30, 2026, compared to $34.6 billion for the six months ended June 30, 2025, driven by the increase in active customers.

Current wording

Send volume increased 29% to $70.0 billion for the nine months ended September 30, 2026, compared to $54.2 billion for the nine months ended September 30, 2025, driven by the increase in active customers.

Previous wording

Efficiently acquiring customers is critical to our growth and maintaining attractive customer economics, which are impacted by online marketing competition, our ability to effectively target the right demographic, and a competitive environment. We have a history of successfully monitoring customer acquisition costs through disciplined, data-driven investment decisions, and will continue to be strategic and disciplined toward customer acquisition. Our marketing engine increasingly leverages automation and artificial intelligence to optimize channel mix, targeting, and lifetime value.

Current wording

Efficiently acquiring customers is critical to our growth and maintaining attractive customer economics, which are impacted by online marketing competition, our ability to effectively target the right demographic, and a competitive environment. We have a history of successfully monitoring customer acquisition costs through disciplined, data-driven investment decisions, and will continue to be strategic and disciplined toward customer acquisition. Our marketing engine increasingly leverages automation and AI to optimize channel mix, targeting, and lifetime value.

Previous wording

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

Previous 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.

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 for the nine months ended September 30, 2026, consists primarily of a $136.5 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 and six months ended June 30, 2026 and 2025

Current wording

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

Previous wording

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

Current wording

The following discussion and analysis is for the three and nine months ended September 30, 2026, compared to the same periods in 2025.

Previous 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.

Current wording

Revenue increased 22%, or $90.3 million, and 22%, or $264.8 million, for the three and nine months ended September 30, 2026, respectively, compared to the three and nine months ended September 30, 2025. The increase was primarily driven by a 17% increase in active customers period over period, continued strength in the retention of existing customers, 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 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.

Current wording

As a reflection of this growth, send volume increased 25% and 29% to $24.4 billion and $70.0 billion for the three and nine months ended September 30, 2026, respectively, as compared to $19.5 billion and $54.2 billion for the three and nine months ended September 30, 2025, respectively.

Previous 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.

Current wording

Transaction expenses increased $15.7 million, or 11%, for the three months ended September 30, 2026, compared to the three months ended September 30, 2025. The increase was primarily due to a $19.1 million, or 17%, 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 $3.7 million decrease in our provision for transaction losses.

Previous wording

Transaction expenses increased $41.0 million, or 15%, for the six months ended June 30, 2026, compared to the six months ended June 30, 2025. The increase was primarily due to a $38.4 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.

Current wording

Transaction expenses increased $56.7 million, or 14%, for the nine months ended September 30, 2026, compared to the nine months ended September 30, 2025. The increase was primarily due to a $57.5 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.

Previous 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.

Current wording

As a percentage of revenue, transaction expenses decreased to 32% for both the three and nine months ended September 30, 2026, compared to 35% for both the three and nine months ended September 30, 2025, as we benefited from increasing efficiencies across our network.

Previous 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.

Current wording

Customer support and operations expenses increased $1.4 million, or 5%, for the three months ended September 30, 2026, compared to the three months ended September 30, 2025. The increase was primarily driven by a $2.6 million increase in personnel-related costs compared to the three months ended September 30, 2025.

Previous wording

Customer support and operations expenses increased $5.8 million, or 12%, for the six months ended June 30, 2026, compared to the six months ended June 30, 2025. The increase was primarily driven by a $6.4 million increase in personnel-related costs compared to the six months ended June 30, 2025.

Current wording

Customer support and operations expenses increased $7.2 million, or 10%, for the nine months ended September 30, 2026, compared to the nine months ended September 30, 2025. The increase was primarily driven by a $9.0 million increase in personnel-related costs compared to the nine months ended September 30, 2025.

Previous 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.

Current wording

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

Previous 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.

Current wording

Marketing expenses increased $12.2 million, or 13%, for the three months ended September 30, 2026, compared to the three months ended September 30, 2025, primarily due to an increase of $17.2 million in advertising expense, including online and offline marketing spend and promotion costs to acquire new customers, partially offset by a decrease in media agency spend.

Previous wording

Marketing expenses increased $32.4 million, or 20%, for the six months ended June 30, 2026, compared to the six months ended June 30, 2025, primarily due to an increase of $34.7 million in advertising expense, including online and offline marketing spend and promotion costs to acquire new customers.

Current wording

Marketing expenses increased $44.6 million, or 18%, for the nine months ended September 30, 2026, compared to the nine months ended September 30, 2025, primarily due to an increase of $52.0 million in advertising expense, including online and offline marketing spend and promotion costs to acquire new customers, partially offset by a decrease in media agency spend.

Previous 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.

Current wording

As a percentage of revenue, marketing expenses decreased to 20% for both the three and nine months ended September 30, 2026, compared to 22% and 21% for the three and nine months ended September 30, 2025, respectively.

Previous 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.

Current wording

Technology and development expenses increased $2.0 million, or 1%, for the nine months ended September 30, 2026, compared to the nine months ended September 30, 2025. The increase was primarily driven by a $16.9 million increase in software costs, largely related to cloud services to support continued business growth and investment in AI, as well as a $3.7 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 (“Note 13”) for more information on the restructuring costs. These increases were partially offset by a $14.1 million decrease in personnel-related costs and a $3.1 million decrease in professional fees.

Previous 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.

Current wording

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

Previous wording

General and administrative expenses decreased $3.7 million, or 6%, for the three months ended June 30, 2026, compared to the three months ended June 30, 2025. The decrease was primarily due to a $3.9 million decrease in provisions related to collectability of amounts due from certain processing partners.

Current wording

General and administrative expenses increased $3.4 million, or 6%, for the three months ended September 30, 2026, compared to the three months ended September 30, 2025. The increase was primarily due to a $1.5 million increase in restructuring costs primarily related to lease exit and other related costs. Refer to Note 13 for more information on the restructuring costs.

Previous 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.

Current wording

As a percentage of revenue, general and administrative expenses decreased to 12% for both the three and nine months ended September 30, 2026, from 13% and 14% for the three and nine months ended September 30, 2025, respectively, as we continue to leverage efficiencies in our general and administrative functions.

Previous wording

Depreciation and amortization remained flat for the three months ended June 30, 2026, compared to the three months ended June 30, 2025. Depreciation and amortization increased $0.8 million, or 7%, for the six months ended June 30, 2026, compared to the six months ended June 30, 2025.

Current wording

Depreciation and amortization remained flat for the three months ended September 30, 2026, compared to the three months ended September 30, 2025. Depreciation and amortization increased $1.1 million, or 6%, for the nine months ended September 30, 2026, compared to the nine months ended September 30, 2025.

Previous 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.

Current wording

Interest expense remained flat for the three months ended September 30, 2026, compared to the three months ended September 30, 2025. Interest expense increased $3.0 million for the nine months ended September 30, 2026, compared to the nine months ended September 30, 2025, primarily due to draws on the 2025 Revolving Credit Facility.

Previous 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.

Current 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.

Previous wording

The benefit from income taxes increased $142.8 million and $143.4 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 in both the three and six months ended June 30, 2026 is primarily due to the release of the U.S. valuation allowance during the three months ended June 30, 2026.

Current wording

The benefit from income taxes increased $144.8 million for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025. The increase was primarily due to the release of the U.S. valuation allowance during the three months ended June 30, 2026.

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) (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.

Current wording

We use Adjusted EBITDA, a non-GAAP financial measure, to supplement net income. Adjusted EBITDA is calculated as net income 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 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.

Current wording

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

Previous 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.

Current wording

As of September 30, 2026 and December 31, 2025, our principal sources of liquidity were cash and cash equivalents of $669.1 million and $542.4 million, respectively, as well as funds available under the 2025 Revolving Credit Facility, which we entered into in June 2025. As of September 30, 2026, the 2025 Revolving Credit Facility had revolving commitments up to$550.0 million (including a$200.0 million letter of credit sub-facility). On October 26, 2026, we entered into Amendment No. 2 to the 2025 Revolving Credit Facility, which amended the 2025 Revolving Credit Facility to increase the aggregate amount of the revolving commitment from $550.0 million to $1.0 billion (including an increase to the letter of credit sub-facility from $200.0 million to $400.0 million). 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 nine months ended September 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 nine months ended September 30, 2026, we borrowed $8.5 billion and repaid $8.6 billion against the credit facility. As of September 30, 2026, we had no outstanding borrowings under the 2025 Revolving Credit Facility. As of September 30, 2026, we had unused borrowing capacity of $468.5 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 $200.0 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.

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. On October 28, 2026, our board of directors approved an increase in the aggregate authorization of the program by $300.0 million, from $200.0 million to $500.0 million. 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 nine months ended September 30, 2026, we repurchased $80.0 million of our common stock in open market transactions.

Previous 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.

Current wording

Net cash provided by operating activities for the nine months ended September 30, 2026 was $309.5 million, an increase of $84.4 million compared to net cash provided by operating activities for the nine months ended September 30, 2025. The increase was driven primarily by a $295.8 million increase in net income, partially offset by a $144.4 million increase in deferred income taxes, in addition to other changes in working capital.

Previous 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.

Current wording

Net cash used in investing activities for the nine months ended September 30, 2026 was $25.6 million, a decrease of $26.0 million compared to net cash used in investing activities for the nine months ended September 30, 2025. This change was primarily driven by a $14.5 million decrease in purchases of property and equipment, due to higher prior-year spending related to leasehold improvements for our corporate headquarters, as well as a $12.5 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 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, the net change in customer funds assets and liabilities (exclusive of the operating activity portion of such accounts), proceeds from the issuance of common stock in connection with the ESPP, andproceeds from the exercise of stock options, 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 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.

Current wording

Net cash used in financing activities for the nine months ended September 30, 2026 was $155.6 million, an increase of $82.2 million, compared to net cash used in financing activities for the nine months ended September 30, 2025. The change was primarily driven by a $155.0 million decrease in net borrowings on our revolving credit facility, as well as a $68.1 million increase in cash paid for the repurchase of common stock, offset by a $121.0 million change in cash flows from customer funds assets and liabilities.

Previous 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.

Current wording

During the nine months ended September 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.