FAIR VALUE

9 Months Ended

Sep. 30, 2025

FAIR VALUE

FAIR VALUE

NOTE 7 – FAIR VALUE

The following tables summarize the Company’s financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2025 and December 31, 2024:

	September 30, 2025
	Level 1		Level 2		Level 3		Total
Financial Assets:
U.S. Treasury Securities (included within Customer funds)	$	1,287,825	$	—	$	—	$	1,287,825
Derivative assets (included within Other current assets)
Interest rate floors	$	—	$	1,291	$	—	$	1,291
Foreign currency forwards		—		2,915		—		2,915
Foreign currency net purchased options		—		857		—		857
Total current derivative assets	$	—	$	5,063	$	—	$	5,063
Derivative assets (included within Other non-current assets)
Interest rate floors	$	—	$	17,306	$	—	$	17,306
Total financial assets	$	1,287,825	$	22,369	$	—	$	1,310,194
Financial Liabilities:
Skuad acquisition earnout liability (included within Other payables)	$	—	$	—	$	8,272	$	8,272
Current portion of Payeco deferred payment liability (included within Other payables)		—		—		3,830		3,830
Non-current portion of Payeco deferred payment liability (included within Other long-term liabilities)		—		—		8,424		8,424
Total financial liabilities	$	—	$	—	$	20,526	$	20,526

	December 31, 2024
	Level 1		Level 2		Level 3		Total
Financial Assets:
U.S. Treasury Securities (included within Customer funds)	$	1,174,937	$	—	$	—	$	1,174,937
Derivative assets (included within Other current assets)
Interest rate floors	$	—	$	739	$	—	$	739
Foreign currency forwards		—		910		—		910
Foreign currency net purchased options		—		385		—		385
Total current derivative assets	$	—	$	2,034	$	—	$	2,034
Derivative assets (included within Other non-current assets)
Interest rate floors	$	—	$	17,692	$	—	$	17,692
Total financial assets	$	1,174,937	$	19,726	$	—	$	1,194,663
Financial Liabilities:
Current portion of Skuad acquisition earnout liability (included within Other payables)	$	—	$	—	$	723	$	723
Non-current portion of Skuad acquisition earnout liability (included within Other long-term liabilities)	$	—	$	—	$	8,021	$	8,021
Total financial liabilities	$	—	$	—	$	8,744	$	8,744

The Company’s foreign currency derivative instruments are valued using pricing models that take into account the contract terms and relevant currency rates. The Company’s interest rate floors are valued using pricing models that take into account the contract terms and relevant interest rates.

NOTE 7 – FAIR VALUE (continued):

As of September 30, 2025 and December 31, 2024, the fair values of the Company’s cash, cash equivalents, customer funds (other than the portion consisting of available-for-sale debt securities), restricted cash, accounts receivable, capital advance receivables, accounts payable, and outstanding operating balances approximated the carrying values of these instruments presented in the Company’s condensed consolidated balance sheets because of their nature.

In 2024, the Company recognized a liability for contingent consideration related to the Skuad acquisition. During the three and nine months ended September 30, 2025, the Company recognized $124 and $499, respectively in loss related to the change in the fair value of the liability, included within General and administrative expenses on the condensed consolidated statements of comprehensive income. Refer to Note 3 above for additional details around valuation.

In April 2025, the Company recognized liabilities for deferred payments related to the PayEco acquisition, and recognized $243 during the three and nine months ended September 30, 2025, respectively in loss related to the imputed interest associated with the liability, included within the Other financial income (expense), net on the condensed consolidated statements of comprehensive income.