0001594805 2026-01-01 2026-03-31 0001594805 dei:OtherAddressMember 2026-01-01 2026-03-31 0001594805 us-gaap:CommonClassAMember 2026-05-01 0001594805 us-gaap:CommonClassBMember 2026-05-01 0001594805 shop:FounderShareMember 2026-05-01 0001594805 2026-03-31 0001594805 2025-12-31 0001594805 us-gaap:CommonClassAMember 2026-03-31 0001594805 us-gaap:CommonClassAMember 2025-12-31 0001594805 us-gaap:CommonClassBMember 2026-03-31 0001594805 us-gaap:CommonClassBMember 2025-12-31 0001594805 shop:FounderShareMember 2026-03-31 0001594805 shop:FounderShareMember 2025-12-31 0001594805 us-gaap:SubscriptionAndCirculationMember 2026-01-01 2026-03-31 0001594805 us-gaap:SubscriptionAndCirculationMember 2025-01-01 2025-03-31 0001594805 us-gaap:ServiceMember 2026-01-01 2026-03-31 0001594805 us-gaap:ServiceMember 2025-01-01 2025-03-31 0001594805 2025-01-01 2025-03-31 0001594805 us-gaap:CommonStockMember 2024-12-31 0001594805 us-gaap:AdditionalPaidInCapitalMember 2024-12-31 0001594805 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-12-31 0001594805 us-gaap:RetainedEarningsMember 2024-12-31 0001594805 2024-12-31 0001594805 us-gaap:CommonStockMember 2025-01-01 2025-03-31 0001594805 us-gaap:AdditionalPaidInCapitalMember 2025-01-01 2025-03-31 0001594805 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-01-01 2025-03-31 0001594805 us-gaap:RetainedEarningsMember 2025-01-01 2025-03-31 0001594805 us-gaap:CommonStockMember 2025-03-31 0001594805 us-gaap:AdditionalPaidInCapitalMember 2025-03-31 0001594805 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-03-31 0001594805 us-gaap:RetainedEarningsMember 2025-03-31 0001594805 2025-03-31 0001594805 us-gaap:CommonStockMember 2025-12-31 0001594805 us-gaap:AdditionalPaidInCapitalMember 2025-12-31 0001594805 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-12-31 0001594805 us-gaap:RetainedEarningsMember 2025-12-31 0001594805 us-gaap:CommonStockMember 2026-01-01 2026-03-31 0001594805 us-gaap:AdditionalPaidInCapitalMember 2026-01-01 2026-03-31 0001594805 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2026-01-01 2026-03-31 0001594805 us-gaap:RetainedEarningsMember 2026-01-01 2026-03-31 0001594805 us-gaap:CommonStockMember 2026-03-31 0001594805 us-gaap:AdditionalPaidInCapitalMember 2026-03-31 0001594805 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2026-03-31 0001594805 us-gaap:RetainedEarningsMember 2026-03-31 0001594805 us-gaap:FairValueInputsLevel1Member shop:U.S.TermDepositsMember 2026-03-31 0001594805 us-gaap:FairValueInputsLevel1Member us-gaap:USTreasuryAndGovernmentMember 2026-03-31 0001594805 us-gaap:FairValueInputsLevel1Member 2026-03-31 0001594805 us-gaap:FairValueInputsLevel2Member us-gaap:CorporateBondSecuritiesMember 2026-03-31 0001594805 us-gaap:FairValueInputsLevel3Member shop:ConvertibleNotesInPrivateCompaniesMember 2026-03-31 0001594805 us-gaap:FairValueInputsLevel12And3Member 2026-03-31 0001594805 shop:AccruedInterestReceivableMember 2026-03-31 0001594805 us-gaap:FairValueInputsLevel1Member shop:U.S.TermDepositsMember 2025-12-31 0001594805 us-gaap:FairValueInputsLevel1Member us-gaap:USTreasuryAndGovernmentMember 2025-12-31 0001594805 us-gaap:FairValueInputsLevel1Member 2025-12-31 0001594805 us-gaap:FairValueInputsLevel2Member us-gaap:CorporateBondSecuritiesMember 2025-12-31 0001594805 us-gaap:FairValueInputsLevel3Member shop:ConvertibleNotesInPrivateCompaniesMember 2025-12-31 0001594805 us-gaap:FairValueInputsLevel12And3Member 2025-12-31 0001594805 shop:AccruedInterestReceivableMember 2025-12-31 0001594805 2025-01-01 2025-12-31 0001594805 shop:AffirmHoldingsIncMember us-gaap:FairValueInputsLevel1Member 2026-03-31 0001594805 shop:AffirmHoldingsIncMember us-gaap:FairValueInputsLevel3Member 2026-03-31 0001594805 shop:AffirmHoldingsIncMember 2026-03-31 0001594805 shop:AffirmHoldingsIncMember us-gaap:FairValueInputsLevel1Member 2025-12-31 0001594805 shop:AffirmHoldingsIncMember us-gaap:FairValueInputsLevel3Member 2025-12-31 0001594805 shop:AffirmHoldingsIncMember 2025-12-31 0001594805 shop:GlobalEOnlineLtdMember us-gaap:FairValueInputsLevel1Member 2026-03-31 0001594805 shop:GlobalEOnlineLtdMember us-gaap:FairValueInputsLevel3Member 2026-03-31 0001594805 shop:GlobalEOnlineLtdMember 2026-03-31 0001594805 shop:GlobalEOnlineLtdMember us-gaap:FairValueInputsLevel1Member 2025-12-31 0001594805 shop:GlobalEOnlineLtdMember us-gaap:FairValueInputsLevel3Member 2025-12-31 0001594805 shop:GlobalEOnlineLtdMember 2025-12-31 0001594805 shop:KlaviyoIncMember us-gaap:FairValueInputsLevel1Member 2026-03-31 0001594805 shop:KlaviyoIncMember us-gaap:FairValueInputsLevel3Member 2026-03-31 0001594805 shop:KlaviyoIncMember 2026-03-31 0001594805 shop:KlaviyoIncMember us-gaap:FairValueInputsLevel1Member 2025-12-31 0001594805 shop:KlaviyoIncMember us-gaap:FairValueInputsLevel3Member 2025-12-31 0001594805 shop:KlaviyoIncMember 2025-12-31 0001594805 shop:OtherInvestmentMember us-gaap:FairValueInputsLevel1Member 2026-03-31 0001594805 shop:OtherInvestmentMember us-gaap:FairValueInputsLevel3Member 2026-03-31 0001594805 shop:OtherInvestmentMember 2026-03-31 0001594805 shop:OtherInvestmentMember us-gaap:FairValueInputsLevel1Member 2025-12-31 0001594805 shop:OtherInvestmentMember us-gaap:FairValueInputsLevel3Member 2025-12-31 0001594805 shop:OtherInvestmentMember 2025-12-31 0001594805 us-gaap:FairValueInputsLevel3Member 2026-03-31 0001594805 us-gaap:FairValueInputsLevel3Member 2025-12-31 0001594805 shop:KlaviyoIncMember 2026-01-01 2026-03-31 0001594805 shop:KlaviyoIncMember 2025-01-01 2025-03-31 0001594805 shop:KlaviyoIncMember us-gaap:MeasurementInputDiscountForLackOfMarketabilityMember 2026-03-31 0001594805 shop:KlaviyoIncMember us-gaap:MeasurementInputDiscountForLackOfMarketabilityMember 2025-12-31 0001594805 shop:EquitySecuritiesWithReadilyDeterminableFairValueMember 2025-12-31 0001594805 shop:EquitySecuritiesWithReadilyDeterminableFairValueMember 2024-12-31 0001594805 shop:EquitySecuritiesWithReadilyDeterminableFairValueMember 2026-01-01 2026-03-31 0001594805 shop:EquitySecuritiesWithReadilyDeterminableFairValueMember 2025-01-01 2025-03-31 0001594805 shop:EquitySecuritiesWithReadilyDeterminableFairValueMember 2026-03-31 0001594805 shop:EquitySecuritiesWithReadilyDeterminableFairValueMember 2025-03-31 0001594805 shop:EquityInvestmentsInPrivateCompaniesMember 2026-03-31 0001594805 shop:EquityInvestmentsInPrivateCompaniesMember 2025-12-31 0001594805 shop:EquitySecuritiesWithoutReadilyDeterminableFairValueMember 2025-12-31 0001594805 shop:EquitySecuritiesWithoutReadilyDeterminableFairValueMember 2024-12-31 0001594805 shop:EquitySecuritiesWithoutReadilyDeterminableFairValueMember 2026-01-01 2026-03-31 0001594805 shop:EquitySecuritiesWithoutReadilyDeterminableFairValueMember 2025-01-01 2025-03-31 0001594805 shop:EquitySecuritiesWithoutReadilyDeterminableFairValueMember 2026-03-31 0001594805 shop:EquitySecuritiesWithoutReadilyDeterminableFairValueMember 2025-03-31 0001594805 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsNonrecurringMember 2026-03-31 0001594805 us-gaap:ForeignExchangeForwardMember 2026-03-31 0001594805 us-gaap:ForeignExchangeForwardMember 2025-12-31 0001594805 us-gaap:ForeignExchangeForwardMember us-gaap:FairValueInputsLevel2Member 2026-03-31 0001594805 us-gaap:ForeignExchangeForwardMember us-gaap:FairValueInputsLevel2Member 2025-12-31 0001594805 us-gaap:ForeignExchangeForwardMember 2026-01-01 2026-03-31 0001594805 us-gaap:ForeignExchangeForwardMember 2025-01-01 2025-03-31 0001594805 shop:KlaviyoIncMember us-gaap:CallOptionMember 2026-01-01 2026-03-31 0001594805 shop:UnbilledRevenuesReceivableMember 2026-03-31 0001594805 shop:UnbilledRevenuesReceivableMember 2025-12-31 0001594805 us-gaap:TradeAccountsReceivableMember 2026-03-31 0001594805 us-gaap:TradeAccountsReceivableMember 2025-12-31 0001594805 shop:SalesTaxReceivableMember 2026-03-31 0001594805 shop:SalesTaxReceivableMember 2025-12-31 0001594805 shop:OtherReceivableMember 2026-03-31 0001594805 shop:OtherReceivableMember 2025-12-31 0001594805 shop:UnbilledRevenuesandTradeReceivablesMember 2025-12-31 0001594805 shop:UnbilledRevenuesandTradeReceivablesMember 2024-12-31 0001594805 shop:UnbilledRevenuesandTradeReceivablesMember 2026-01-01 2026-03-31 0001594805 shop:UnbilledRevenuesandTradeReceivablesMember 2025-01-01 2025-03-31 0001594805 shop:UnbilledRevenuesandTradeReceivablesMember 2026-03-31 0001594805 shop:UnbilledRevenuesandTradeReceivablesMember 2025-03-31 0001594805 us-gaap:FinanceReceivablesMember 2026-03-31 0001594805 us-gaap:FinanceReceivablesMember 2025-12-31 0001594805 shop:MerchantCashAdvancesMember 2026-03-31 0001594805 shop:MerchantCashAdvancesMember 2025-12-31 0001594805 us-gaap:FinanceReceivablesMember 2024-12-31 0001594805 us-gaap:FinanceReceivablesMember 2026-01-01 2026-03-31 0001594805 us-gaap:FinanceReceivablesMember 2025-01-01 2025-03-31 0001594805 us-gaap:FinanceReceivablesMember 2025-03-31 0001594805 us-gaap:FinancialAssetNotPastDueMember 2026-03-31 0001594805 shop:FinancialAsset30To89DaysPastDueMember 2026-03-31 0001594805 shop:FinancialAsset90To179DaysPastDueMember 2026-03-31 0001594805 shop:FinancialAssetEqualToOrGreaterThan180DaysPastDueMember 2026-03-31 0001594805 us-gaap:FinancialAssetNotPastDueMember 2025-12-31 0001594805 shop:FinancialAsset30To89DaysPastDueMember 2025-12-31 0001594805 shop:FinancialAsset90To179DaysPastDueMember 2025-12-31 0001594805 shop:FinancialAssetEqualToOrGreaterThan180DaysPastDueMember 2025-12-31 0001594805 shop:MerchantCashAdvancesMember 2024-12-31 0001594805 shop:MerchantCashAdvancesMember 2026-01-01 2026-03-31 0001594805 shop:MerchantCashAdvancesMember 2025-01-01 2025-03-31 0001594805 shop:MerchantCashAdvancesMember 2025-03-31 0001594805 2025-01-01 0001594805 srt:MinimumMember 2026-03-31 0001594805 srt:MaximumMember 2026-03-31 0001594805 srt:MinimumMember shop:StrategicPartnershipsMember 2026-03-31 0001594805 srt:MaximumMember shop:StrategicPartnershipsMember 2026-03-31 0001594805 us-gaap:RelatedPartyMember 2026-01-01 2026-03-31 0001594805 us-gaap:RelatedPartyMember 2025-01-01 2025-03-31 0001594805 us-gaap:RelatedPartyMember 2026-03-31 0001594805 us-gaap:RelatedPartyMember 2025-12-31 0001594805 shop:StockOptionPlanandLTIPMember us-gaap:CommonClassAMember 2026-03-31 0001594805 us-gaap:RestrictedStockUnitsRSUMember 2025-12-31 0001594805 us-gaap:RestrictedStockUnitsRSUMember 2026-01-01 2026-03-31 0001594805 us-gaap:RestrictedStockUnitsRSUMember 2026-03-31 0001594805 shop:StockOptionPlanMember us-gaap:CommonClassAMember 2026-03-31 0001594805 shop:DeliverrIncMember us-gaap:CommonClassAMember 2026-03-31 0001594805 shop:DeferredSharesMember shop:LongTermIncentivePlanMember 2026-01-01 2026-03-31 0001594805 shop:VantageMember us-gaap:CommonClassAMember 2025-03-01 2025-03-31 0001594805 shop:VantageMember us-gaap:CommonClassAMember 2026-01-01 2026-03-31 0001594805 us-gaap:CostOfSalesMember 2026-01-01 2026-03-31 0001594805 us-gaap:CostOfSalesMember 2025-01-01 2025-03-31 0001594805 us-gaap:SellingAndMarketingExpenseMember 2026-01-01 2026-03-31 0001594805 us-gaap:SellingAndMarketingExpenseMember 2025-01-01 2025-03-31 0001594805 us-gaap:ResearchAndDevelopmentExpenseMember 2026-01-01 2026-03-31 0001594805 us-gaap:ResearchAndDevelopmentExpenseMember 2025-01-01 2025-03-31 0001594805 us-gaap:GeneralAndAdministrativeExpenseMember 2026-01-01 2026-03-31 0001594805 us-gaap:GeneralAndAdministrativeExpenseMember 2025-01-01 2025-03-31 0001594805 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2025-12-31 0001594805 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2024-12-31 0001594805 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2026-01-01 2026-03-31 0001594805 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2025-01-01 2025-03-31 0001594805 us-gaap:SellingAndMarketingExpenseMember us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2026-01-01 2026-03-31 0001594805 us-gaap:SellingAndMarketingExpenseMember us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2025-01-01 2025-03-31 0001594805 us-gaap:ResearchAndDevelopmentExpenseMember us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2026-01-01 2026-03-31 0001594805 us-gaap:ResearchAndDevelopmentExpenseMember us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2025-01-01 2025-03-31 0001594805 us-gaap:GeneralAndAdministrativeExpenseMember us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2026-01-01 2026-03-31 0001594805 us-gaap:GeneralAndAdministrativeExpenseMember us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2025-01-01 2025-03-31 0001594805 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2026-03-31 0001594805 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2025-03-31 0001594805 us-gaap:EmployeeStockOptionMember 2026-01-01 2026-03-31 0001594805 us-gaap:EmployeeStockOptionMember 2025-01-01 2025-03-31 0001594805 us-gaap:RestrictedStockUnitsRSUMember 2026-01-01 2026-03-31 0001594805 us-gaap:RestrictedStockUnitsRSUMember 2025-01-01 2025-03-31 0001594805 shop:DeferredShareUnitsDSUsMember 2026-01-01 2026-03-31 0001594805 shop:DeferredShareUnitsDSUsMember 2025-01-01 2025-03-31 0001594805 shop:ConvertibleSeniorNotesMember 2026-01-01 2026-03-31 0001594805 shop:ConvertibleSeniorNotesMember 2025-01-01 2025-03-31 0001594805 shop:ZeroPointOneTwoFivePercentConvertibleSeniorNotesDue2025Member us-gaap:ConvertibleDebtMember 2020-09-30 0001594805 country:US us-gaap:SalesRevenueNetMember us-gaap:GeographicConcentrationRiskMember 2026-01-01 2026-03-31 0001594805 country:US us-gaap:SalesRevenueNetMember us-gaap:GeographicConcentrationRiskMember 2025-01-01 2025-03-31 0001594805 country:CA us-gaap:SalesRevenueNetMember us-gaap:GeographicConcentrationRiskMember 2026-01-01 2026-03-31 0001594805 country:CA us-gaap:SalesRevenueNetMember us-gaap:GeographicConcentrationRiskMember 2025-01-01 2025-03-31 0001594805 srt:EuropeMember us-gaap:SalesRevenueNetMember us-gaap:GeographicConcentrationRiskMember 2026-01-01 2026-03-31 0001594805 srt:EuropeMember us-gaap:SalesRevenueNetMember us-gaap:GeographicConcentrationRiskMember 2025-01-01 2025-03-31 0001594805 srt:AsiaPacificMember us-gaap:SalesRevenueNetMember us-gaap:GeographicConcentrationRiskMember 2026-01-01 2026-03-31 0001594805 srt:AsiaPacificMember us-gaap:SalesRevenueNetMember us-gaap:GeographicConcentrationRiskMember 2025-01-01 2025-03-31 0001594805 shop:RestOfWorldMember us-gaap:SalesRevenueNetMember us-gaap:GeographicConcentrationRiskMember 2026-01-01 2026-03-31 0001594805 shop:RestOfWorldMember us-gaap:SalesRevenueNetMember us-gaap:GeographicConcentrationRiskMember 2025-01-01 2025-03-31 0001594805 us-gaap:SalesRevenueNetMember us-gaap:GeographicConcentrationRiskMember 2026-01-01 2026-03-31 0001594805 us-gaap:SalesRevenueNetMember us-gaap:GeographicConcentrationRiskMember 2025-01-01 2025-03-31 shares iso4217:USD iso4217:USD shares pure shop:segment 2026 0001594805 false Q1 --12-31 10-Q true 2026-03-31 false Shopify Inc. Z4 001-37400 98-0486686 151 O'Connor Street, Ground Floor 85 10th Avenue, Suite 800 Ottawa, ON New York, NY CA K2P 2L8 US 10011 613 241-2828 x 1045 Class A Subordinate Voting Shares SHOP NASDAQ Yes Yes Large Accelerated Filer false false false 1219581025 78073584 1 1848000000 1545000000 3895000000 4233000000 449000000 500000000 2097000000 1784000000 206000000 234000000 8495000000 8296000000 54000000 53000000 84000000 88000000 28000000 30000000 117000000 33000000 30000000 39000000 708000000 975000000 2563000000 3619000000 3533000000 4582000000 581000000 602000000 491000000 491000000 5626000000 6893000000 14121000000 15189000000 1034000000 1075000000 321000000 300000000 16000000 17000000 1371000000 1392000000 86000000 98000000 163000000 171000000 0 55000000 249000000 324000000 1222705445 1222705445 1225830706 1225830706 78073584 78073584 78073594 78073594 1 1 1 1 1 1 9971000000 10376000000 255000000 236000000 -4000000 1000000 2279000000 2860000000 12501000000 13473000000 14121000000 15189000000 750000000 620000000 2420000000 1740000000 3170000000 2360000000 148000000 123000000 1476000000 1068000000 1624000000 1191000000 1546000000 1169000000 496000000 405000000 437000000 377000000 115000000 109000000 116000000 75000000 1164000000 966000000 382000000 203000000 75000000 65000000 3000000 0 -1064000000 -1021000000 -21000000 -23000000 -9000000 6000000 -1016000000 -973000000 -634000000 -770000000 -53000000 -88000000 -581000000 -682000000 -0.45 -0.53 -0.45 -0.53 1303357874 1295377376 1303357874 1295377376 -7000000 5000000 -2000000 1000000 -5000000 4000000 -586000000 -678000000 1294580140 9634000000 305000000 -10000000 1629000000 11558000000 1190811 87000000 -28000000 59000000 114000000 114000000 1055597 86000000 -88000000 -2000000 252257 24000000 -24000000 0 4000000 -682000000 -678000000 1297078805 9831000000 279000000 -6000000 947000000 11051000000 1303904301 10376000000 236000000 1000000 2860000000 13473000000 202056 10000000 -4000000 6000000 132000000 132000000 886692 106000000 -109000000 -3000000 4214019 521000000 521000000 -5000000 -581000000 -586000000 1300779030 9971000000 255000000 -4000000 2279000000 12501000000 -581000000 -682000000 7000000 8000000 132000000 114000000 48000000 43000000 139000000 129000000 12000000 13000000 -1061000000 -1021000000 -21000000 -23000000 -14000000 12000000 70000000 6000000 481000000 367000000 5000000 4000000 843000000 1718000000 1463000000 1331000000 1349000000 805000000 1043000000 637000000 1000000 4000000 0 56000000 -2000000 0 310000000 -619000000 6000000 59000000 491000000 0 -485000000 59000000 -3000000 4000000 303000000 -189000000 1545000000 1498000000 1848000000 1309000000 93000000 27000000 <span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:11.07pt">Nature of Business</span>Shopify Inc. ("Shopify" or the "Company") was incorporated on September 28, 2004. Shopify provides essential internet infrastructure for commerce. Shopify's all-in-one platform makes it easier to start, run and grow a business, powering sales online, in store, and everywhere in between. Shopify's mission is to make commerce better for everyone with a platform and services that are engineered for speed, customization, reliability and security, while delivering a better shopping experience for consumers everywhere. The Company's platform enables merchants to manage, market and sell their products across various sales channels, including online storefronts, physical retail spaces, AI platforms, social media and more. Shopify provides merchants with an integrated back-end system to streamline operations, from managing inventory and transaction management to building relationships with buyers. With a robust and continuously updated infrastructure, Shopify's goal is to provide merchants with cutting-edge technology to thrive in a competitive market. <span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:10.07pt">Basis of Presentation and Consolidation </span><div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:10pt;font-weight:400;line-height:120%">These unaudited condensed consolidated financial statements include the accounts of the Company and its directly and indirectly held wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated upon consolidation. </span></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:10pt;font-weight:400;line-height:120%">These unaudited condensed consolidated financial statements of the Company have been presented in U.S. dollars ("USD") and have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"), including the applicable rules and regulations of the Securities and Exchange Commission ("SEC") regarding financial reporting. Certain information and note disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations.</span></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In the opinion of the Company, the accompanying unaudited condensed consolidated financial statements contain all adjustments, consisting of only normal recurring adjustments, necessary for the fair statement of its financial position, results of operations and comprehensive loss, changes in shareholders' equity and cash flows for the interim periods. These unaudited quarterly condensed consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements and related notes included in Item 15 in the Company's 2025 Form 10-K. The consolidated balance sheet at December 31, 2025 is derived from the audited annual financial statements, but does not contain all of the footnote disclosures from the annual financial statements.</span></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The quarterly results for the three months ended March 31, 2026 are not necessarily indicative of the results expected for the full fiscal year.</span></div> <span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:9.94pt">Significant Accounting Policies </span><div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:10pt;font-weight:400;line-height:120%">There have been no material changes to the Company’s significant accounting policies and no material updates in the Company's assessment of the recent accounting pronouncements not yet adopted during the three months ended March 31, 2026, as compared to the significant accounting policies described in the Company’s annual consolidated financial statements for the year ended December 31, 2025.</span></div><div style="margin-bottom:10pt"><span id="i10475a9f8c1e44759633b2b2d8ea6cf4"></span><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates </span></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of condensed consolidated financial statements, in accordance with U.S. GAAP, requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from the estimates made by management. Significant estimates, judgments and assumptions in these condensed consolidated financial statements include: key judgments related to revenue recognition in determining whether the Company is the principal or an agent to the arrangements with merchants; estimates and judgments involved in applying the measurement alternative associated with equity and other </span></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:10pt;font-weight:400;line-height:120%">investments in private companies, including revenue growth rates and revenue multiples based on market comparables; estimates involved in our equity method investment; probabilities of achieving performance milestones associated with non-cash revenue consideration from strategic partnerships; the probability and amount of loss contingencies; and judgments involved in uncertain tax positions. </span></div><div style="margin-bottom:10pt"><span id="if37d69d8cad441efaf1f2342b142745f"></span><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Concentration of Credit Risk </span></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company’s cash and cash equivalents, marketable securities, trade and other receivables, loans, merchant cash advances and foreign exchange derivative instruments subject the Company to concentrations of credit risk. Management mitigates this risk associated with cash and cash equivalents by making deposits and entering into foreign exchange derivative products only with large banks and financial institutions that are considered to be highly creditworthy. We limit the amount of credit exposure with any one financial institution and conduct timely evaluations of the credit worthiness of these financial institutions. Management mitigates the risks associated with marketable securities by adhering to its investment policy, which stipulates minimum rating requirements, maximum investment exposures and maximum maturities. Due to the Company’s diversified merchant base, there is no particular concentration of credit risk related to the Company’s trade and other receivables, loans receivable and merchant cash advances. Trade and other receivables, loans receivable and merchant cash advances are monitored on an ongoing basis to ensure timely collection of amounts. There are no receivables from individual merchants accounting for 10% or more of revenues or receivables. </span></div><div style="margin-bottom:10pt"><span id="ieeedc54c22894b6dbddcac1148727c8a"></span><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Equity and Other Investments Risk</span></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company holds equity and other investments that are subject to a wide variety of market-related risks that could substantially reduce or increase the fair value of our holdings. The Company's equity and other investments in public companies are recorded at fair value, which is subject to market price volatility. The Company also holds an investment option to purchase Series B common shares in Klaviyo, Inc. which is accounted for as a derivative instrument and valued using the Black-Scholes model, and is subject to market price volatility as well as a discount for lack of marketability. The Company's equity investments in private companies are recorded using the measurement alternative and are assessed each reporting period for observable price changes and impairments, which may involve estimates and judgments given the lack of readily available market data. Certain equity investments in private companies are in the early stages of development and are inherently risky due to their lack of operational history. Furthermore, for the equity method investment, Shopify's share of income and loss from these investments may cause volatility to Shopify's earnings. The Company's debt investments in convertible notes of private companies are recorded at fair value, which are impacted by the underlying entities' valuations and interest rates.</span></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company has a high concentration of risk associated with a small number of equity and other investments that are impacted by fluctuations in their fair values or by observable changes or impairments.</span></div><div style="margin-bottom:10pt"><span id="i0ab49171d0204d15ad19e0446c6c1e5e"></span><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Foreign Exchange Risk </span></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company's results of operations and foreign currency assets and liabilities are exposed to foreign currency fluctuations.</span></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:10pt;font-weight:400;line-height:120%">While the majority of the Company's revenues, cost of revenues and operating expenses are denominated in USD, a significant portion are denominated in foreign currencies. Due to offering Shopify Payments, Shopify Capital, subscriptions and other billings to select countries in local currency, a significant proportion of revenue transactions are denominated in Euros ("EUR"), British pound sterling ("GBP") and Canadian dollars ("CAD"). Furthermore, a significant proportion of operating expenses are also incurred in the aforementioned foreign currencies.</span></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Although foreign currency fluctuations associated with revenues and costs may partially offset one another in earnings, the Company uses foreign exchange derivative products to mitigate a portion of the remaining exposure of foreign currency fluctuations as discussed in Note 4. By their nature, derivative financial instruments involve risk, including the credit risk of non-performance by counterparties.</span></div> <div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of condensed consolidated financial statements, in accordance with U.S. GAAP, requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from the estimates made by management. Significant estimates, judgments and assumptions in these condensed consolidated financial statements include: key judgments related to revenue recognition in determining whether the Company is the principal or an agent to the arrangements with merchants; estimates and judgments involved in applying the measurement alternative associated with equity and other </span></div>investments in private companies, including revenue growth rates and revenue multiples based on market comparables; estimates involved in our equity method investment; probabilities of achieving performance milestones associated with non-cash revenue consideration from strategic partnerships; the probability and amount of loss contingencies; and judgments involved in uncertain tax positions. The Company’s cash and cash equivalents, marketable securities, trade and other receivables, loans, merchant cash advances and foreign exchange derivative instruments subject the Company to concentrations of credit risk. Management mitigates this risk associated with cash and cash equivalents by making deposits and entering into foreign exchange derivative products only with large banks and financial institutions that are considered to be highly creditworthy. We limit the amount of credit exposure with any one financial institution and conduct timely evaluations of the credit worthiness of these financial institutions. Management mitigates the risks associated with marketable securities by adhering to its investment policy, which stipulates minimum rating requirements, maximum investment exposures and maximum maturities. Due to the Company’s diversified merchant base, there is no particular concentration of credit risk related to the Company’s trade and other receivables, loans receivable and merchant cash advances. Trade and other receivables, loans receivable and merchant cash advances are monitored on an ongoing basis to ensure timely collection of amounts. There are no receivables from individual merchants accounting for 10% or more of revenues or receivables. <div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company holds equity and other investments that are subject to a wide variety of market-related risks that could substantially reduce or increase the fair value of our holdings. The Company's equity and other investments in public companies are recorded at fair value, which is subject to market price volatility. The Company also holds an investment option to purchase Series B common shares in Klaviyo, Inc. which is accounted for as a derivative instrument and valued using the Black-Scholes model, and is subject to market price volatility as well as a discount for lack of marketability. The Company's equity investments in private companies are recorded using the measurement alternative and are assessed each reporting period for observable price changes and impairments, which may involve estimates and judgments given the lack of readily available market data. Certain equity investments in private companies are in the early stages of development and are inherently risky due to their lack of operational history. Furthermore, for the equity method investment, Shopify's share of income and loss from these investments may cause volatility to Shopify's earnings. The Company's debt investments in convertible notes of private companies are recorded at fair value, which are impacted by the underlying entities' valuations and interest rates.</span></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company has a high concentration of risk associated with a small number of equity and other investments that are impacted by fluctuations in their fair values or by observable changes or impairments.</span></div> <div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company's results of operations and foreign currency assets and liabilities are exposed to foreign currency fluctuations.</span></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:10pt;font-weight:400;line-height:120%">While the majority of the Company's revenues, cost of revenues and operating expenses are denominated in USD, a significant portion are denominated in foreign currencies. Due to offering Shopify Payments, Shopify Capital, subscriptions and other billings to select countries in local currency, a significant proportion of revenue transactions are denominated in Euros ("EUR"), British pound sterling ("GBP") and Canadian dollars ("CAD"). Furthermore, a significant proportion of operating expenses are also incurred in the aforementioned foreign currencies.</span></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Although foreign currency fluctuations associated with revenues and costs may partially offset one another in earnings, the Company uses foreign exchange derivative products to mitigate a portion of the remaining exposure of foreign currency fluctuations as discussed in Note 4. By their nature, derivative financial instruments involve risk, including the credit risk of non-performance by counterparties.</span></div> <span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:9.52pt">Financial Instruments</span><div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company measures financial instruments based on quoted prices in active markets (Level 1), inputs from similar instruments such as quoted prices or other observable market data (Level 2) or where little or no market activity exists, using unobservable inputs that require judgment or estimation (Level 3).</span></div><div style="margin-bottom:10pt"><span id="ic229660a19384ac6a2302c5ba7e70894"></span><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Debt Securities </span></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company holds certain debt securities that are classified as held-to-maturity at the time of purchase as the Company has both the positive intent and ability to hold to maturity. The fair value of corporate bonds are based upon Level 2 inputs, which include period-end mid-market quotations for each underlying contract as calculated by the financial institution with which the Company has transacted. The quotations are based on bid/ask quotations and represent the discounted future settlement amounts based on current market rates.</span></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company also holds debt securities in the form of convertible notes in private companies classified as available-for-sale for which the Company has elected to apply the fair value option. The investments are carried at fair value at each balance sheet date and any movements in the fair values are classified as "Other expense, net" in the condensed consolidated statements of operations and comprehensive loss.</span></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following tables summarize debt securities by balance sheet classification and level within the fair value hierarchy:</span></div><div style="margin-bottom:10pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.839%"><tr><td style="width:1.0%"></td><td style="width:25.705%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.383%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.244%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:12.383%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.244%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.383%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.244%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.383%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.244%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.387%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="27" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">March 31, 2026</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="21" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Carrying Value</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 4.37pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Cash Equivalents</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 4.37pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Marketable Securities</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 4.37pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Long-term Investments</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Equity and Other Investments</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 4.37pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Fair Value</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="27" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(in US $ millions)</span></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt 2px 12.25pt;text-align:left;text-indent:-9pt;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Level 1: </span></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 19pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">U.S. term deposits</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">—</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">520</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">—</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">—</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">531</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt 2px 19pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">U.S. federal bonds and agency securities</span></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">56</span></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,682</span></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">484</span></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">—</span></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2,220</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">56</span></td><td colspan="3" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2,202</span></td><td colspan="3" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">484</span></td><td colspan="3" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">—</span></td><td colspan="3" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2,751</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:6pt"><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 12.25pt;text-align:left;text-indent:-9pt;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Level 2:</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt 2px 19pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Corporate bonds and commercial paper</span></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">—</span></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,693</span></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">224</span></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">—</span></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,916</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:6pt"><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt 2px 12.25pt;text-align:left;text-indent:-9pt;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Level 3:</span></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 19pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Convertible notes in private companies</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">—</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">—</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">—</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">567</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">567</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">56</span></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3,895</span></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">708</span></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">567</span></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">5,234</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The fair values of marketable securities above include accrued interest of $34 million, which is excluded from the carrying amounts. The accrued interest is included in "Trade and other receivables, net" in the condensed consolidated balance sheets. Additional accrued interest of $117 million recognized on the convertible notes in private companies is included in the carrying amount and fair value above.</span></div><div style="margin-bottom:10pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.839%"><tr><td style="width:1.0%"></td><td style="width:25.705%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.383%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.244%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:12.383%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.244%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.383%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.244%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.383%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.244%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.387%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="27" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">December 31, 2025</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt 0 12.25pt"></td><td colspan="21" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Carrying Value</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt 0 12.25pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Cash Equivalents</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Marketable Securities</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Long-term Investments</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Equity and Other Investments</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Fair Value</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt 0 12.25pt;text-indent:-9pt"></td><td colspan="27" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(in US $ millions)</span></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt 2px 12.25pt;text-align:left;text-indent:-9pt;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Level 1:</span></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt 0 7.75pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt 0 7.75pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt 0 7.75pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt 0 7.75pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt 0 7.75pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt 0 7.75pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt 0 7.75pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt 0 7.75pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt 0 7.75pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">U.S. term deposits</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">—</span></td><td colspan="3" style="background-color:#ffffff;padding:0 7.75pt 0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">520</span></td><td colspan="3" style="background-color:#ffffff;padding:0 7.75pt 0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">—</span></td><td colspan="3" style="background-color:#ffffff;padding:0 7.75pt 0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">—</span></td><td colspan="3" style="background-color:#ffffff;padding:0 7.75pt 0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">531</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">U.S. federal bonds and agency securities</span></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1</span></td><td colspan="3" style="background-color:#f7f7f7;padding:0 7.75pt 0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,923</span></td><td colspan="3" style="background-color:#f7f7f7;padding:0 7.75pt 0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">527</span></td><td colspan="3" style="background-color:#f7f7f7;padding:0 7.75pt 0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">—</span></td><td colspan="3" style="background-color:#f7f7f7;padding:0 7.75pt 0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2,453</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt 0 6.25pt;text-indent:-9pt"></td><td colspan="3" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1</span></td><td colspan="3" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:0 7.75pt 0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2,443</span></td><td colspan="3" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:0 7.75pt 0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">527</span></td><td colspan="3" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:0 7.75pt 0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">—</span></td><td colspan="3" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:0 7.75pt 0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2,984</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:14pt"><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:0 1pt 0 6.25pt;text-indent:-9pt"></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:0 1pt 0 7.75pt"></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:0 1pt 0 7.75pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:0 1pt 0 7.75pt"></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:0 1pt 0 7.75pt"></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:0 1pt 0 7.75pt"></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:0 1pt 0 7.75pt"></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:0 1pt 0 7.75pt"></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:0 1pt 0 7.75pt"></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:0 1pt 0 7.75pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 12.25pt;text-align:left;text-indent:-9pt;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Level 2:</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt 0 7.75pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt 0 7.75pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt 0 7.75pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt 0 7.75pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt 0 7.75pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt 0 7.75pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt 0 7.75pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt 0 7.75pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt 0 7.75pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Corporate bonds and commercial paper</span></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">—</span></td><td colspan="3" style="background-color:#f7f7f7;padding:0 7.75pt 0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,790</span></td><td colspan="3" style="background-color:#f7f7f7;padding:0 7.75pt 0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">448</span></td><td colspan="3" style="background-color:#f7f7f7;padding:0 7.75pt 0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">—</span></td><td colspan="3" style="background-color:#f7f7f7;padding:0 7.75pt 0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2,240</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:14pt"><td colspan="3" style="background-color:#ffffff;padding:0 1pt 0 6.25pt;text-indent:-9pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 7.75pt 0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 7.75pt 0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 7.75pt 0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 7.75pt 0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 7.75pt 0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 7.75pt 0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 7.75pt 0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 7.75pt 0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 7.75pt 0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt 2px 12.25pt;text-align:left;text-indent:-9pt;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Level 3:</span></td><td colspan="3" style="background-color:#f7f7f7;padding:0 7.75pt 0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 7.75pt 0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 7.75pt 0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 7.75pt 0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 7.75pt 0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 7.75pt 0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 7.75pt 0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 7.75pt 0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 7.75pt 0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Convertible notes in private companies</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">—</span></td><td colspan="3" style="background-color:#ffffff;padding:0 7.75pt 0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">—</span></td><td colspan="3" style="background-color:#ffffff;padding:0 7.75pt 0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">—</span></td><td colspan="3" style="background-color:#ffffff;padding:0 7.75pt 0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">558</span></td><td colspan="3" style="background-color:#ffffff;padding:0 7.75pt 0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">558</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt 0 6.25pt;text-indent:-9pt"></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1</span></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:0 7.75pt 0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">4,233</span></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:0 7.75pt 0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">975</span></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:0 7.75pt 0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">558</span></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:0 7.75pt 0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">5,782</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The fair values above include accrued interest of $39 million, which is excluded from the carrying amounts. The accrued interest is included in "Trade and other receivables, net" in the condensed consolidated balance sheets. Additional accrued interest of $105 million recognized on the convertible notes in private companies is included in the carrying amount and fair value above.</span></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table outlines estimated fair values of our debt securities by date of contractual maturity as of March 31, 2026:</span></div><div style="margin-bottom:10pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:85.438%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:12.362%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Fair Value</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(in US $ millions)</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Due within one year</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3,961 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Due after one year to three years</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">706 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">4,667 </span></td><td style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:10pt"><span id="id16ec1c4432148e6b83709b2e5be66b2"></span><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Equity Securities </span></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company holds equity investments in public and private companies that were obtained through a combination of direct investment and strategic partnerships. </span></div><div style="margin-bottom:10pt"><span id="ib7e8519a23a147ba8689e10a1634c544"></span><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Equity Investments with Readily Determinable Fair Values</span></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Equity investments with readily determinable fair values are comprised of:</span></div><div style="margin-bottom:10pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:21.496%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.598%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.242%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.598%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.242%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.598%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.242%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.598%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.242%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.598%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.242%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.604%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="15" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">March 31, 2026</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="15" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">December 31, 2025</span></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 4.37pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Level 1</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 4.37pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Level 3</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 4.37pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Total</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 4.37pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Level 1</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 4.37pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Level 3</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 4.37pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Total</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="33" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(in US $ millions)</span></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Affirm Holdings, Inc.</span></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">930</span></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">—</span></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">930</span></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,511</span></td><td colspan="3" style="background-color:#f7f7f7;padding:0 7.75pt 0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">—</span></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,511</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Global-E Online Ltd.</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">682</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">—</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">682</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">868</span></td><td colspan="3" style="background-color:#ffffff;padding:0 7.75pt 0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">—</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">868</span></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6pt"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Klaviyo, Inc.</span><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">324</span></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">36</span></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">360</span></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">529</span></td><td colspan="3" style="background-color:#f7f7f7;padding:0 7.75pt 0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">70</span></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">599</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Other</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">—</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">8</span></td><td colspan="3" style="background-color:#ffffff;padding:0 7.75pt 0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">—</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">8</span></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,939</span></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">36</span></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,975</span></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2,916</span></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">70</span></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2,986</span></td></tr></table><span id="id0af7649a5a040139fbadfc790839539"></span><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> In the three months ended March 31, 2026, $11 million was transferred from Level 3 to Level 1 due to the vesting of warrants (March 31, 2025 - $14 million). The equity investments categorized as Level 3 in the fair value hierarchy represent unvested warrants that require the application of a discount for lack of marketability which was 10% at March 31, 2026 (December 31, 2025 - 11%).</span></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Adjustments related to equity and other investments with readily determinable fair values for the three months ended March 31, 2026 and 2025 were as follows:</span></div><div style="margin-bottom:10pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:70.534%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.361%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.242%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.363%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Three months ended March 31,</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2026</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="9" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(in US $ millions)</span></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Balance, beginning of the period</span></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2,986 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3,183 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Adjustments related to equity and other investments with readily determinable fair values:</span></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Sale of equity and other investments</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(2)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Net unrealized losses</span></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(1,009)</span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(930)</span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Balance, end of the period</span></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,975 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2,253 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:10pt"><span id="ic59f96ea697542ca81d968defbb2000f"></span><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Equity Investments without Readily Determinable Fair Values</span></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The carrying value of equity investments in private companies without readily determinable fair values were as follows:</span></div><div style="margin-bottom:10pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:70.534%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.361%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.242%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.363%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">March 31, 2026</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">December 31, 2025</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="9" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(in US $ millions)</span></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Total initial value</span></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,072 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,068 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Cumulative gross unrealized gains</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">310 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">310 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Cumulative gross unrealized losses and impairment</span></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(412)</span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(415)</span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Total carrying value of equity and other investments without readily determinable fair values</span></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">970 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">963 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Adjustments related to equity and other investments without readily determinable fair values for the three months ended March 31, 2026 and 2025 were as follows:</span></div><div style="margin-bottom:10pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:70.534%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.361%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.242%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.363%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Three months ended March 31,</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2026</span></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="9" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(in US $ millions)</span></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Balance, beginning of the period</span></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">963 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">717 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Adjustments related to equity and other investments without readily determinable fair values:</span></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Purchases of equity and other investments</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">10 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">4 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Gross unrealized gains</span></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:12pt"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Sales of equity and other investments</span><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(1)</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(5)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:12pt"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Gross unrealized losses and impairments</span><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(2)</span></div></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(12)</span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Balance, end of the period</span></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">970 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">709 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:8pt;text-align:justify"><span id="i769ebf93b95f4d5ead6dd5651ed00ee5"></span><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1) </span><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">During the three months ended March 31, 2026, the Company held an investment in a private company, which was acquired by third parties, resulting in the deemed sale of equity and other investments. The resulting realized gain is presented as "Net realized gain on equity and other investments" in the condensed consolidated statements of operations and comprehensive loss.</span></div><div style="margin-bottom:8pt;text-align:justify"><span id="ibcda99052bd64a77b522ed3077ffab26"></span><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(2) </span><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">During the three months ended March 31, 2025, the Company applied certain valuation methods based on information available, including the market approach and option pricing models in order to quantify the level of impairment recognized. The resulting unrealized losses and impairments were presented as "Net unrealized loss on equity and other investments" in the condensed consolidated statements of operations and comprehensive loss. </span></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As of March 31, 2026, included in the total $970 million of equity and other investments without readily determinable fair values, of which $803 million was remeasured at fair value and was classified within Level 3 of the fair value measurement hierarchy on a non-recurring basis.</span></div><div style="margin-bottom:10pt"><span id="i3afc104cd442431fb45d95a93b0754b8"></span><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Equity Method Investment</span></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company holds an equity method investment in Flexport which is presented within "Equity method investment" in the condensed consolidated balance sheets and is carried at the amount of Shopify’s original investment, as adjusted each period for Shopify’s share of the investee’s income or loss and the basis difference amortization, which is the difference between the fair value of our investment in the company and the underlying equity in the net assets of the investee. Results are reported with a one-quarter delay due to the timing of financial information availability from the investee. For the three months ended March 31, 2026, our share of the loss in the investee was $21 million (March 31, 2025 - $23 million), and is presented within "Net loss on equity method investment" in the condensed consolidated statements of operations and comprehensive loss.</span></div><div style="margin-bottom:10pt"><span id="ic4f776a6d7dc4123bb2e61d5eb92ff87"></span><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Derivative Instruments and Hedging</span></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As of March 31, 2026, the Company held foreign exchange forward contracts and options for USD, CAD, GBP, EUR and Australian dollars ("AUD") with a total notional value of $745 million (December 31, 2025 - $702 million), to fund a portion of its operations. The fair value of foreign exchange forward contracts and options was based upon Level 2 inputs, which included period-end mid-market quotations for each underlying contract as calculated by the financial institution with which the Company has transacted. The quotations are based on bid/ask quotations and represent the discounted future settlement amounts based on current market rates.</span></div><div style="margin-bottom:10pt"><span id="i7b4a9cc558ef4248856ce763499fc7f2"></span><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Derivative Instruments Designated as Hedges</span></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company has a hedging program to mitigate the impact of foreign currency fluctuations on future cash flows and earnings. Under this program, the Company has entered into foreign exchange forward contracts and options with certain financial institutions and designated those hedges as cash flow hedges. The Company is hedging cash flows associated with payroll and facility costs.</span></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The fair values of outstanding derivative instruments were as follows:</span></div><div style="margin-bottom:10pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:70.534%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.361%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.242%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.363%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">March 31, 2026</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">December 31, 2025</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="9" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(in US $ millions)</span></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Level 2:</span></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Foreign exchange forward contracts and options assets (classified in other current assets)</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">4 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Foreign exchange forward contract liabilities (classified in accounts payable and accrued liabilities)</span></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">6 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Unrealized losses related to changes in the fair value of foreign exchange forward contracts and options designated as cash flow hedges were as follows:</span></div><div style="margin-bottom:10pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:70.534%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.361%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.242%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.363%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">March 31, 2026</span></td><td colspan="3" style="border-bottom:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">March 31, 2025</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="9" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(in US $ millions)</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Unrealized losses</span></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(4)</span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(8)</span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:10pt;font-weight:400;line-height:120%">These unrealized losses were included in "Accumulated other comprehensive (loss) income", "Other current assets" and "Accounts payable and accrued liabilities" in the condensed consolidated balance sheets. These amounts are expected to be reclassified into earnings over the next twelve months.</span></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Realized gains (losses) related to the maturity of foreign exchange forward contracts and options designated as cash flow hedges were as follows:</span></div><div style="margin-bottom:10pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:70.534%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.361%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.242%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.363%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Three months ended March 31,</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2026</span></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="9" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(in US $ millions)</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Realized gains (losses) in operating expenses</span></div></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(6)</span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:10pt"><span id="ib0c476e1c21f450aa98dac883b8c037b"></span><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Derivative Instruments Not Designated as Hedges</span></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company holds an investment option to purchase 15,743,174 of Series B common shares of Klaviyo, Inc. at an exercise price of $88.93 with an expiration date of July 28, 2030. The options are fair valued quarterly under Level 3 of the fair value hierarchy as certain unobservable inputs are used within the Black-Scholes model as well as a discount for lack of marketability. The fair value of the options as of March 31, 2026, utilizing a discount for lack of marketability of 20%, was $21 million (December 31, 2025 - 21% and $75 million) and is presented within "Equity and other investments" in the condensed consolidated balance sheets. The Company recognized an unrealized loss of $54 million for the three months ended March 31, 2026 (March 31, 2025 - unrealized loss of $86 million) and is presented as a component of "Net unrealized loss on equity and other investments".</span></div> <div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following tables summarize debt securities by balance sheet classification and level within the fair value hierarchy:</span></div><div style="margin-bottom:10pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.839%"><tr><td style="width:1.0%"></td><td style="width:25.705%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.383%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.244%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:12.383%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.244%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.383%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.244%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.383%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.244%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.387%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="27" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">March 31, 2026</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="21" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Carrying Value</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 4.37pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Cash Equivalents</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 4.37pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Marketable Securities</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 4.37pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Long-term Investments</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Equity and Other Investments</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 4.37pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Fair Value</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="27" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(in US $ millions)</span></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt 2px 12.25pt;text-align:left;text-indent:-9pt;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Level 1: </span></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 19pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">U.S. term deposits</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">—</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">520</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">—</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">—</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">531</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt 2px 19pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">U.S. federal bonds and agency securities</span></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">56</span></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,682</span></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">484</span></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">—</span></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2,220</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">56</span></td><td colspan="3" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2,202</span></td><td colspan="3" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">484</span></td><td colspan="3" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">—</span></td><td colspan="3" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2,751</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:6pt"><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 12.25pt;text-align:left;text-indent:-9pt;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Level 2:</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt 2px 19pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Corporate bonds and commercial paper</span></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">—</span></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,693</span></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">224</span></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">—</span></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,916</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:6pt"><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt 2px 12.25pt;text-align:left;text-indent:-9pt;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Level 3:</span></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 19pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Convertible notes in private companies</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">—</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">—</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">—</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">567</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">567</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">56</span></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3,895</span></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">708</span></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">567</span></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">5,234</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:10pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.839%"><tr><td style="width:1.0%"></td><td style="width:25.705%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.383%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.244%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:12.383%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.244%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.383%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.244%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.383%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.244%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.387%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="27" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">December 31, 2025</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt 0 12.25pt"></td><td colspan="21" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Carrying Value</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt 0 12.25pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Cash Equivalents</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Marketable Securities</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Long-term Investments</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Equity and Other Investments</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Fair Value</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt 0 12.25pt;text-indent:-9pt"></td><td colspan="27" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(in US $ millions)</span></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt 2px 12.25pt;text-align:left;text-indent:-9pt;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Level 1:</span></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt 0 7.75pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt 0 7.75pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt 0 7.75pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt 0 7.75pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt 0 7.75pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt 0 7.75pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt 0 7.75pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt 0 7.75pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt 0 7.75pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">U.S. term deposits</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">—</span></td><td colspan="3" style="background-color:#ffffff;padding:0 7.75pt 0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">520</span></td><td colspan="3" style="background-color:#ffffff;padding:0 7.75pt 0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">—</span></td><td colspan="3" style="background-color:#ffffff;padding:0 7.75pt 0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">—</span></td><td colspan="3" style="background-color:#ffffff;padding:0 7.75pt 0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">531</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">U.S. federal bonds and agency securities</span></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1</span></td><td colspan="3" style="background-color:#f7f7f7;padding:0 7.75pt 0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,923</span></td><td colspan="3" style="background-color:#f7f7f7;padding:0 7.75pt 0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">527</span></td><td colspan="3" style="background-color:#f7f7f7;padding:0 7.75pt 0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">—</span></td><td colspan="3" style="background-color:#f7f7f7;padding:0 7.75pt 0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2,453</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt 0 6.25pt;text-indent:-9pt"></td><td colspan="3" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1</span></td><td colspan="3" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:0 7.75pt 0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2,443</span></td><td colspan="3" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:0 7.75pt 0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">527</span></td><td colspan="3" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:0 7.75pt 0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">—</span></td><td colspan="3" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:0 7.75pt 0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2,984</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:14pt"><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:0 1pt 0 6.25pt;text-indent:-9pt"></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:0 1pt 0 7.75pt"></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:0 1pt 0 7.75pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:0 1pt 0 7.75pt"></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:0 1pt 0 7.75pt"></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:0 1pt 0 7.75pt"></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:0 1pt 0 7.75pt"></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:0 1pt 0 7.75pt"></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:0 1pt 0 7.75pt"></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:0 1pt 0 7.75pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 12.25pt;text-align:left;text-indent:-9pt;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Level 2:</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt 0 7.75pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt 0 7.75pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt 0 7.75pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt 0 7.75pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt 0 7.75pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt 0 7.75pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt 0 7.75pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt 0 7.75pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt 0 7.75pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Corporate bonds and commercial paper</span></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">—</span></td><td colspan="3" style="background-color:#f7f7f7;padding:0 7.75pt 0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,790</span></td><td colspan="3" style="background-color:#f7f7f7;padding:0 7.75pt 0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">448</span></td><td colspan="3" style="background-color:#f7f7f7;padding:0 7.75pt 0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">—</span></td><td colspan="3" style="background-color:#f7f7f7;padding:0 7.75pt 0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2,240</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:14pt"><td colspan="3" style="background-color:#ffffff;padding:0 1pt 0 6.25pt;text-indent:-9pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 7.75pt 0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 7.75pt 0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 7.75pt 0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 7.75pt 0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 7.75pt 0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 7.75pt 0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 7.75pt 0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 7.75pt 0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 7.75pt 0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt 2px 12.25pt;text-align:left;text-indent:-9pt;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Level 3:</span></td><td colspan="3" style="background-color:#f7f7f7;padding:0 7.75pt 0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 7.75pt 0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 7.75pt 0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 7.75pt 0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 7.75pt 0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 7.75pt 0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 7.75pt 0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 7.75pt 0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 7.75pt 0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Convertible notes in private companies</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">—</span></td><td colspan="3" style="background-color:#ffffff;padding:0 7.75pt 0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">—</span></td><td colspan="3" style="background-color:#ffffff;padding:0 7.75pt 0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">—</span></td><td colspan="3" style="background-color:#ffffff;padding:0 7.75pt 0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">558</span></td><td colspan="3" style="background-color:#ffffff;padding:0 7.75pt 0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">558</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt 0 6.25pt;text-indent:-9pt"></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1</span></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:0 7.75pt 0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">4,233</span></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:0 7.75pt 0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">975</span></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:0 7.75pt 0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">558</span></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:0 7.75pt 0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">5,782</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div> 0 520000000 0 0 531000000 56000000 1682000000 484000000 0 2220000000 56000000 2202000000 484000000 0 2751000000 0 1693000000 224000000 0 1916000000 0 0 0 567000000 567000000 56000000 3895000000 708000000 567000000 5234000000 34000000 117000000 0 520000000 0 0 531000000 1000000 1923000000 527000000 0 2453000000 1000000 2443000000 527000000 0 2984000000 0 1790000000 448000000 0 2240000000 0 0 0 558000000 558000000 1000000 4233000000 975000000 558000000 5782000000 39000000 105000000 <div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table outlines estimated fair values of our debt securities by date of contractual maturity as of March 31, 2026:</span></div><div style="margin-bottom:10pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:85.438%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:12.362%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Fair Value</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(in US $ millions)</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Due within one year</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3,961 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Due after one year to three years</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">706 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">4,667 </span></td><td style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div> 3961000000 706000000 4667000000 <div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Equity investments with readily determinable fair values are comprised of:</span></div><div style="margin-bottom:10pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:21.496%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.598%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.242%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.598%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.242%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.598%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.242%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.598%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.242%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.598%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.242%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.604%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="15" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">March 31, 2026</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="15" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">December 31, 2025</span></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 4.37pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Level 1</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 4.37pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Level 3</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 4.37pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Total</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 4.37pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Level 1</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 4.37pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Level 3</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 4.37pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Total</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="33" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(in US $ millions)</span></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Affirm Holdings, Inc.</span></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">930</span></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">—</span></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">930</span></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,511</span></td><td colspan="3" style="background-color:#f7f7f7;padding:0 7.75pt 0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">—</span></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,511</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Global-E Online Ltd.</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">682</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">—</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">682</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">868</span></td><td colspan="3" style="background-color:#ffffff;padding:0 7.75pt 0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">—</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">868</span></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6pt"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Klaviyo, Inc.</span><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">324</span></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">36</span></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">360</span></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">529</span></td><td colspan="3" style="background-color:#f7f7f7;padding:0 7.75pt 0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">70</span></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">599</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Other</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">—</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">8</span></td><td colspan="3" style="background-color:#ffffff;padding:0 7.75pt 0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">—</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">8</span></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,939</span></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">36</span></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,975</span></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2,916</span></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">70</span></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2,986</span></td></tr></table><span id="id0af7649a5a040139fbadfc790839539"></span><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> In the three months ended March 31, 2026, $11 million was transferred from Level 3 to Level 1 due to the vesting of warrants (March 31, 2025 - $14 million). The equity investments categorized as Level 3 in the fair value hierarchy represent unvested warrants that require the application of a discount for lack of marketability which was 10% at March 31, 2026 (December 31, 2025 - 11%).</span></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Adjustments related to equity and other investments with readily determinable fair values for the three months ended March 31, 2026 and 2025 were as follows:</span></div><div style="margin-bottom:10pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:70.534%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.361%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.242%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.363%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Three months ended March 31,</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2026</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="9" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(in US $ millions)</span></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Balance, beginning of the period</span></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2,986 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3,183 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Adjustments related to equity and other investments with readily determinable fair values:</span></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Sale of equity and other investments</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(2)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Net unrealized losses</span></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(1,009)</span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(930)</span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Balance, end of the period</span></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,975 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2,253 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div> 930000000 0 930000000 1511000000 0 1511000000 682000000 0 682000000 868000000 0 868000000 324000000 36000000 360000000 529000000 70000000 599000000 3000000 0 3000000 8000000 0 8000000 1939000000 36000000 1975000000 2916000000 70000000 2986000000 11000000 14000000 0.10 0.11 2986000000 3183000000 2000000 0 -1009000000 -930000000 1975000000 2253000000 <div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The carrying value of equity investments in private companies without readily determinable fair values were as follows:</span></div><div style="margin-bottom:10pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:70.534%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.361%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.242%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.363%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">March 31, 2026</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">December 31, 2025</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="9" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(in US $ millions)</span></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Total initial value</span></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,072 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,068 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Cumulative gross unrealized gains</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">310 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">310 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Cumulative gross unrealized losses and impairment</span></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(412)</span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(415)</span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Total carrying value of equity and other investments without readily determinable fair values</span></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">970 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">963 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Adjustments related to equity and other investments without readily determinable fair values for the three months ended March 31, 2026 and 2025 were as follows:</span></div><div style="margin-bottom:10pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:70.534%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.361%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.242%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.363%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Three months ended March 31,</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2026</span></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="9" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(in US $ millions)</span></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Balance, beginning of the period</span></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">963 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">717 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Adjustments related to equity and other investments without readily determinable fair values:</span></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Purchases of equity and other investments</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">10 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">4 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Gross unrealized gains</span></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:12pt"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Sales of equity and other investments</span><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(1)</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(5)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:12pt"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Gross unrealized losses and impairments</span><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(2)</span></div></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(12)</span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Balance, end of the period</span></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">970 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">709 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:8pt;text-align:justify"><span id="i769ebf93b95f4d5ead6dd5651ed00ee5"></span><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1) </span><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">During the three months ended March 31, 2026, the Company held an investment in a private company, which was acquired by third parties, resulting in the deemed sale of equity and other investments. The resulting realized gain is presented as "Net realized gain on equity and other investments" in the condensed consolidated statements of operations and comprehensive loss.</span></div><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(2) </span>During the three months ended March 31, 2025, the Company applied certain valuation methods based on information available, including the market approach and option pricing models in order to quantify the level of impairment recognized. The resulting unrealized losses and impairments were presented as "Net unrealized loss on equity and other investments" in the condensed consolidated statements of operations and comprehensive loss. 1072000000 1068000000 310000000 310000000 412000000 415000000 970000000 963000000 963000000 717000000 10000000 4000000 2000000 0 5000000 0 0 12000000 970000000 709000000 970000000 803000000 -21000000 -23000000 745000000 702000000 <div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The fair values of outstanding derivative instruments were as follows:</span></div><div style="margin-bottom:10pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:70.534%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.361%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.242%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.363%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">March 31, 2026</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">December 31, 2025</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="9" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(in US $ millions)</span></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Level 2:</span></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Foreign exchange forward contracts and options assets (classified in other current assets)</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">4 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Foreign exchange forward contract liabilities (classified in accounts payable and accrued liabilities)</span></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">6 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Unrealized losses related to changes in the fair value of foreign exchange forward contracts and options designated as cash flow hedges were as follows:</span></div><div style="margin-bottom:10pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:70.534%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.361%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.242%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.363%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">March 31, 2026</span></td><td colspan="3" style="border-bottom:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">March 31, 2025</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="9" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(in US $ millions)</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Unrealized losses</span></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(4)</span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(8)</span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Realized gains (losses) related to the maturity of foreign exchange forward contracts and options designated as cash flow hedges were as follows:</span></div><div style="margin-bottom:10pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:70.534%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.361%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.242%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.363%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Three months ended March 31,</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2026</span></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="9" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(in US $ millions)</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Realized gains (losses) in operating expenses</span></div></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(6)</span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div> 0 4000000 6000000 1000000 4000000 8000000 1000000 -6000000 15743174 88.93 0.20 21000000 0.21 75000000 -54000000 -86000000 <span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:9.89pt">Trade and Other Receivables</span><div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Trade receivables and unbilled revenues, net of allowance for credit losses, were as follows:</span></div><div style="margin-bottom:10pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:70.534%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.361%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.242%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.363%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">March 31, 2026</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">December 31, 2025</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="9" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(in US $ millions)</span></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Unbilled revenues, net</span></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">219 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">229 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Trade receivables, net</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">99 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">98 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Indirect taxes receivable</span></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">71 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">109 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Accrued interest</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">34 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">39 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Other receivables</span></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">26 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">25 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">449 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">500 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Unbilled revenues represent amounts not yet billed related to partner referral fees, subscription fees for Plus merchants, shipping charges and transaction fees as of the condensed consolidated balance sheet dates. </span></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The allowance for credit losses reflects the Company's best estimate of probable losses inherent in the unbilled revenues and trade receivables accounts. The Company determined the provision based on known troubled accounts, historical experience, supportable forecasts of collectibility and other currently available evidence.</span></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Activity in the allowance for credit losses was as follows for the three months ended:</span></div><div style="margin-bottom:10pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:70.534%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.361%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.242%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.363%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Three months ended March 31,</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2026</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="9" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(in US $ millions)</span></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Balance, beginning of the period</span></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">17 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"><div style="text-align:right"><span><br/></span></div></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">16 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Provision for credit losses related to uncollectible receivables</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">6 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"><div style="text-align:right"><span><br/></span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">7 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Write-offs</span></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(4)</span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"><div style="text-align:right"><span><br/></span></div></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(7)</span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Balance, end of the period</span></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">19 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"><div style="text-align:right"><span><br/></span></div></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">16 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:9.71pt">Loans and Merchant Cash Advances</span><div style="margin-bottom:10pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:70.534%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.361%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.242%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.363%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">March 31, 2026</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">December 31, 2025</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="9" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(in US $ millions)</span></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Loans receivable, gross</span><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(1)</span></div></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,895 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,621 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Allowance for credit losses related to uncollectible loans receivable</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(182)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(160)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Merchant cash advances receivable, gross</span></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">422 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">358 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Allowance for credit losses related to uncollectible merchant cash advances receivable</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(38)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(35)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Loans and merchant cash advances, net</span></td><td colspan="2" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2,097 </span></td><td style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,784 </span></td><td style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table><span id="i55db6e44622a4b3b9a2ee6c7a89951e8"></span><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1) </span><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Included in the loans receivable gross balance as of March 31, 2026 is $35 million of interest receivable (December 31, 2025 - $24 million).</span></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Certain loans and merchant cash advances are facilitated by the Company and originated by a bank partner, from whom the Company then purchases the loans and merchant cash advances obtaining all rights, title and interest or discount. In the three months ended March 31, 2026, the Company purchased $1.4 billion of loans and merchant cash advances to Shopify merchants (March 31, 2025 - $821 million).</span></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In the three months ended March 31, 2026, the Company recognized revenue of $84 million related to interest and fees earned on the Company's loans, which do not represent revenues recognized in the scope of ASC 606, Revenue from Contracts with Customers (March 31, 2025 - $57 million).</span></div><div style="margin-bottom:10pt"><span id="i75631f8dce734d67b4b2dcdb941abf79"></span><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Loans</span></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table summarizes the activities of the Company’s allowance for credit losses related to uncollectible loans receivable for the three months ended March 31, 2026 and 2025:</span></div><div style="margin-bottom:10pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:70.534%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.361%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.242%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.363%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Three months ended</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">March 31, 2026</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">March 31, 2025</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="9" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(in US $ millions)</span></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Allowance, beginning of the period</span></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">160</span></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">110</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Provision for credit losses related to uncollectible loans receivable</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">63</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">40</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Loans receivable charged off, net of recoveries</span></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(41)</span></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(21)</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Allowance, end of the period</span></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">182</span></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">129</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table presents the delinquency status of the gross amount of merchant loans by year of origination. The delinquency status is determined based on the number of days past the contractual or expected repayment date for which the Company anticipates to receive the amounts outstanding. The "current" category represents balances that are anticipated to be repaid within 29 days of the contractual repayment dates, or are anticipated to be repaid within 29 days of the expected repayment date.</span></div><div style="margin-bottom:1pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:25.823%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.361%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.242%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.361%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.242%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.361%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.242%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.361%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.242%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.365%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="27" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">March 31, 2026</span></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="15" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Year of origination</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2026</span></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="border-bottom:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Total</span></td><td colspan="3" style="border-bottom:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Percent</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="27" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(in US $ millions)</span></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Current</span></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,022 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">708 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">5 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,735 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">91.6 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">30-89 Days</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">20 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">22 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1.2 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">90-179 Days</span></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">21 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">4 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">25 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1.3 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">180+ Days</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">91 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">22 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">113 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">5.9 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Total</span></td><td colspan="2" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,022 </span></td><td style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">840 </span></td><td style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">33 </span></td><td style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,895 </span></td><td style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">100.0 </span></td><td style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td></tr></table></div><div style="margin-bottom:10pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:40.726%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.361%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.242%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.361%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.242%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.361%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.242%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.365%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="21" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">December 31, 2025</span></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Year of origination</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="border-bottom:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Total</span></td><td colspan="3" style="border-bottom:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Percent</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="21" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(in US $ millions)</span></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Current</span></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,473 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">17 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,490 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">91.9 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">30-89 Days</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">14 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">5 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">19 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1.2 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">90-179 Days</span></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">14 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">6 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">20 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1.2 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">180+ Days</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">63 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">29 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">92 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">5.7 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Total</span></td><td colspan="2" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,564 </span></td><td style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">57 </span></td><td style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,621 </span></td><td style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">100.0 </span></td><td style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td></tr></table></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company maintains an internal monitoring list related to its outstanding loans. A merchant's ability and willingness to repay the financing receivables outstanding under the program is analyzed for a variety of factors that include, but are not limited to current or expected age of the financing, merchant subscription or financing status, merchant gross merchandise volume trends and other changes to merchant credit profiles. </span></div><div style="margin-bottom:10pt"><span id="ie56ac303cb294613a3542b45cf8273fe"></span><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Merchant Cash Advances</span></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table summarizes the activities of the Company's allowance for credit losses related to uncollectible merchant cash advances receivable for the three months ended March 31, 2026 and 2025:</span></div><div style="margin-bottom:10pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:70.534%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.361%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.242%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.363%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Three months ended</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">March 31, 2026</span></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">March 31, 2025</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="9" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(in US $ millions)</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Allowance, beginning of the period</span></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">35</span></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">31</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Provision for credit losses related to uncollectible merchant cash advances receivable</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">10</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">6</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Merchant cash advances receivable charged off, net of recoveries</span></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(7)</span></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(4)</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Allowance, end of the period</span></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">38</span></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">33</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div> <div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Trade receivables and unbilled revenues, net of allowance for credit losses, were as follows:</span></div><div style="margin-bottom:10pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:70.534%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.361%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.242%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.363%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">March 31, 2026</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">December 31, 2025</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="9" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(in US $ millions)</span></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Unbilled revenues, net</span></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">219 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">229 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Trade receivables, net</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">99 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">98 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Indirect taxes receivable</span></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">71 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">109 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Accrued interest</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">34 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">39 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Other receivables</span></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">26 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">25 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">449 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">500 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Activity in the allowance for credit losses was as follows for the three months ended:</span></div><div style="margin-bottom:10pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:70.534%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.361%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.242%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.363%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Three months ended March 31,</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2026</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="9" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(in US $ millions)</span></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Balance, beginning of the period</span></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">17 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"><div style="text-align:right"><span><br/></span></div></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">16 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Provision for credit losses related to uncollectible receivables</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">6 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"><div style="text-align:right"><span><br/></span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">7 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Write-offs</span></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(4)</span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"><div style="text-align:right"><span><br/></span></div></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(7)</span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Balance, end of the period</span></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">19 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"><div style="text-align:right"><span><br/></span></div></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">16 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:10pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:70.534%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.361%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.242%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.363%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">March 31, 2026</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">December 31, 2025</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="9" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(in US $ millions)</span></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Loans receivable, gross</span><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(1)</span></div></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,895 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,621 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Allowance for credit losses related to uncollectible loans receivable</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(182)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(160)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Merchant cash advances receivable, gross</span></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">422 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">358 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Allowance for credit losses related to uncollectible merchant cash advances receivable</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(38)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(35)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Loans and merchant cash advances, net</span></td><td colspan="2" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2,097 </span></td><td style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,784 </span></td><td style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table><span id="i55db6e44622a4b3b9a2ee6c7a89951e8"></span><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1) </span><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Included in the loans receivable gross balance as of March 31, 2026 is $35 million of interest receivable (December 31, 2025 - $24 million).</span></div> 219000000 229000000 99000000 98000000 71000000 109000000 34000000 39000000 26000000 25000000 449000000 500000000 17000000 16000000 6000000 7000000 4000000 7000000 19000000 16000000 1895000000 1621000000 182000000 160000000 422000000 358000000 38000000 35000000 2097000000 1784000000 35000000 24000000 1400000000 821000000 84000000 57000000 <div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table summarizes the activities of the Company’s allowance for credit losses related to uncollectible loans receivable for the three months ended March 31, 2026 and 2025:</span></div><div style="margin-bottom:10pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:70.534%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.361%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.242%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.363%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Three months ended</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">March 31, 2026</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">March 31, 2025</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="9" style="background-color:#ffffff;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(in US $ millions)</span></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Allowance, beginning of the period</span></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">160</span></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">110</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Provision for credit losses related to uncollectible loans receivable</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">63</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">40</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Loans receivable charged off, net of recoveries</span></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(41)</span></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(21)</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Allowance, end of the period</span></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">182</span></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">129</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table summarizes the activities of the Company's allowance for credit losses related to uncollectible merchant cash advances receivable for the three months ended March 31, 2026 and 2025:</span></div><div style="margin-bottom:10pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:70.534%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.361%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.242%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.363%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Three months ended</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">March 31, 2026</span></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">March 31, 2025</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="9" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(in US $ millions)</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Allowance, beginning of the period</span></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">35</span></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">31</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Provision for credit losses related to uncollectible merchant cash advances receivable</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">10</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">6</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Merchant cash advances receivable charged off, net of recoveries</span></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(7)</span></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(4)</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Allowance, end of the period</span></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">38</span></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">33</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div> 160000000 110000000 63000000 40000000 41000000 21000000 182000000 129000000 <div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table presents the delinquency status of the gross amount of merchant loans by year of origination. The delinquency status is determined based on the number of days past the contractual or expected repayment date for which the Company anticipates to receive the amounts outstanding. The "current" category represents balances that are anticipated to be repaid within 29 days of the contractual repayment dates, or are anticipated to be repaid within 29 days of the expected repayment date.</span></div><div style="margin-bottom:1pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:25.823%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.361%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.242%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.361%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.242%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.361%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.242%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.361%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.242%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.365%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="27" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">March 31, 2026</span></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="15" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Year of origination</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2026</span></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="border-bottom:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Total</span></td><td colspan="3" style="border-bottom:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Percent</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="27" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(in US $ millions)</span></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Current</span></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,022 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">708 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">5 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,735 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">91.6 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">30-89 Days</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">20 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">22 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1.2 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">90-179 Days</span></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">21 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">4 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">25 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1.3 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">180+ Days</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">91 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">22 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">113 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">5.9 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Total</span></td><td colspan="2" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,022 </span></td><td style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">840 </span></td><td style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">33 </span></td><td style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,895 </span></td><td style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">100.0 </span></td><td style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td></tr></table></div><div style="margin-bottom:10pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:40.726%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.361%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.242%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.361%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.242%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.361%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.242%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.365%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="21" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">December 31, 2025</span></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Year of origination</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="border-bottom:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Total</span></td><td colspan="3" style="border-bottom:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Percent</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="21" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(in US $ millions)</span></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Current</span></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,473 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">17 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,490 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">91.9 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">30-89 Days</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">14 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">5 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">19 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1.2 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">90-179 Days</span></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">14 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">6 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">20 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1.2 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">180+ Days</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">63 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">29 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">92 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">5.7 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Total</span></td><td colspan="2" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,564 </span></td><td style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">57 </span></td><td style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,621 </span></td><td style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">100.0 </span></td><td style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td></tr></table></div> 1022000000 708000000 5000000 1735000000 0.916 0 20000000 2000000 22000000 0.012 0 21000000 4000000 25000000 0.013 0 91000000 22000000 113000000 0.059 1022000000 840000000 33000000 1895000000 1.000 1473000000 17000000 1490000000 0.919 14000000 5000000 19000000 0.012 14000000 6000000 20000000 0.012 63000000 29000000 92000000 0.057 1564000000 57000000 1621000000 1.000 35000000 31000000 10000000 6000000 7000000 4000000 38000000 33000000 <span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:10.18pt">Deferred Revenue</span><div style="margin-bottom:10pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:70.534%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.361%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.242%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.363%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Three months ended March 31,</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2026</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="9" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(in US $ millions)</span></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Balance, beginning of the period</span></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">398 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">430 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:12pt"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Deferral of revenue</span><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(1)</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">138 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">121 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Recognition of deferred revenue from beginning balance</span></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(129)</span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(121)</span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Balance, end of the period</span></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">407 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">430 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:8pt;text-align:justify"><span id="i73919509c20d431584c9e4881cee3f6f"></span><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1) </span><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Deferral of revenue includes only the portion of collections from merchant billings throughout the period, primarily related to subscription fees, for which the services have not yet been provided. The amounts primarily exclude subscription revenue that has both been deferred and recognized within the period presented.</span></div><div style="margin-bottom:10pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:70.534%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:12.361%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.242%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.363%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">March 31, 2026</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">March 31, 2025</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="9" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(in US $ millions)</span></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Current portion</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">321 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">295 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Long-term portion</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">86 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">135 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">407 </span></td><td style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">430 </span></td><td style="background-color:#f7f7f7;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The opening balances of current and long-term deferred revenue were $283 million and $147 million, respectively, as of January 1, 2025.</span></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As of March 31, 2026, the long-term deferred revenue, excluding non-cash consideration received, will be recognized ratably over the remaining terms of the contracts with the customers, which range from two years to three years.</span></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company has received non-cash consideration in the form of equity investments in exchange for services to be rendered as part of strategic partnerships. As the Company is required to provide referral services and other services to support the partners' merchant offerings over the period of the performance obligations, revenue is deferred and recognized over time on a ratable basis over the expected terms of the contracts.</span></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The table below summarizes the gross changes in deferred revenue associated with this non-cash consideration received for the three months ended March 31, 2026 and 2025: </span></div><div style="margin-bottom:10pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:70.534%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.361%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.242%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.363%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Three months ended March 31,</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> </span></div></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2026</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="9" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(in US $ millions)</span></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Balance, beginning of the period</span></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">141 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">190 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Revenue recognized related to non-cash consideration</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(12)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(13)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Balance, end of the period</span></td><td colspan="2" style="background-color:#f7f7f7;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">129 </span></td><td style="background-color:#f7f7f7;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">177 </span></td><td style="background-color:#f7f7f7;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:6pt"><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Current portion</span></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">49 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">49 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Long-term portion</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">80 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">128 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">129 </span></td><td style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">177 </span></td><td style="background-color:#f7f7f7;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company will recognize this revenue ratably over the remaining terms of the respective strategic partnership service agreements, which range from two years to four years.</span></div> <div style="margin-bottom:10pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:70.534%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.361%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.242%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.363%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Three months ended March 31,</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2026</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="9" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(in US $ millions)</span></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Balance, beginning of the period</span></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">398 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">430 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:12pt"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Deferral of revenue</span><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(1)</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">138 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">121 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Recognition of deferred revenue from beginning balance</span></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(129)</span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(121)</span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Balance, end of the period</span></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">407 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">430 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:8pt;text-align:justify"><span id="i73919509c20d431584c9e4881cee3f6f"></span><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1) </span><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Deferral of revenue includes only the portion of collections from merchant billings throughout the period, primarily related to subscription fees, for which the services have not yet been provided. The amounts primarily exclude subscription revenue that has both been deferred and recognized within the period presented.</span></div><div style="margin-bottom:10pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:70.534%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:12.361%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.242%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.363%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">March 31, 2026</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">March 31, 2025</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="9" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(in US $ millions)</span></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Current portion</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">321 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">295 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Long-term portion</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">86 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">135 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">407 </span></td><td style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">430 </span></td><td style="background-color:#f7f7f7;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The table below summarizes the gross changes in deferred revenue associated with this non-cash consideration received for the three months ended March 31, 2026 and 2025: </span></div><div style="margin-bottom:10pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:70.534%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.361%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.242%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.363%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Three months ended March 31,</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> </span></div></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2026</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="9" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(in US $ millions)</span></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Balance, beginning of the period</span></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">141 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">190 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Revenue recognized related to non-cash consideration</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(12)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(13)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Balance, end of the period</span></td><td colspan="2" style="background-color:#f7f7f7;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">129 </span></td><td style="background-color:#f7f7f7;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">177 </span></td><td style="background-color:#f7f7f7;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:6pt"><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Current portion</span></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">49 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">49 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Long-term portion</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">80 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">128 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">129 </span></td><td style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">177 </span></td><td style="background-color:#f7f7f7;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div> 398000000 430000000 138000000 121000000 129000000 121000000 407000000 430000000 321000000 295000000 86000000 135000000 407000000 430000000 283000000 147000000 P2Y P3Y 141000000 190000000 12000000 13000000 129000000 177000000 49000000 49000000 80000000 128000000 129000000 177000000 P2Y P4Y <span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:9.8pt">Contingencies</span><div style="margin-bottom:10pt"><span id="ie0f17fed80f4472f8b1a2e4c5952f652"></span><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Litigation and Loss Contingencies</span></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:10pt;font-weight:400;line-height:120%">From time to time, the Company may become a party to litigation and subject to claims incidental to the ordinary course of business, including intellectual property claims, labor and employment claims and threatened claims, breach of contract claims, tax and other matters. </span></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company records accruals for loss contingencies when losses are probable and reasonably estimable. The Company currently has no material pending litigation or claims. The Company is not aware of any litigation matters or loss contingencies that would be expected to have a material adverse effect on the business, condensed consolidated financial position, results of operations or cash flows.</span></div> <span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:9.72pt">Related Parties</span><div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company has a commercial agreement with Flexport, a company in which it has an equity method investment. The Company is entitled to earn a share of revenues for orders processed or otherwise sent through services provided by Shopify, subject to certain financial conditions. In the three months ended March 31, 2026, as certain financial conditions were not met, the Company recognized nil revenue related to this agreement. The Company has a separate agreement with Flexport to provide co-marketing services for the coordinated marketing of fulfillment-related products and services to current and prospective merchants. In the three months ended March 31, 2026, the Company recognized $3 million of expense in the condensed consolidated statements of operations and comprehensive loss (March 31, 2025 - $2 million) and as of March 31, 2026, $16 million in "Other current assets" and $8 million in "Other long-term assets" in the condensed consolidated balance sheets are related to this agreement. </span></div>The Company also has an investment in Flexport in the form of convertible notes with a fair value of $332 million as of March 31, 2026 (December 31, 2025 - $326 million). The Company has elected to account for it using the fair value option for the investment, which is classified within "Equity and other investments" in the condensed consolidated balance sheets. In the three months ended March 31, 2026, the Company has recognized $10 million of interest income related to the convertible notes within "Interest income" (March 31, 2025 - $8 million), and an immaterial amount of unrealized losses in the condensed consolidated statements of operations and comprehensive loss 0 3000000 2000000 16000000 8000000 332000000 326000000 10000000 8000000 <span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:5.22pt">Shareholders’ Equity </span><div style="margin-bottom:10pt"><span id="i4d27b84011b24b03a2a3977dfbb1e7f5"></span><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Stock-Based Compensation</span></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As of March 31, 2026, there were 534,206,777 shares reserved for issuance under the Company's Third Amended and Restated Stock Option Plan ("SOP") and the Third Amended and Restated Long Term Incentive Plan ("LTIP").</span></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table summarizes the stock option and Restricted Share Unit ("RSU") award activities under the Company's share-based compensation plans for the three months ended March 31, 2026:</span></div><div style="margin-bottom:10pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:18.611%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.996%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.242%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.996%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.242%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.637%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.242%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.355%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.242%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.996%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.242%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.957%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.242%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.000%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="27" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Shares Subject to Options Outstanding</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Outstanding RSUs</span></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Number of Options</span><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Weighted Average Exercise Price</span></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Remaining Contractual Term (in years)</span></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Aggregate Intrinsic Value</span><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span></div></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Weighted Average Grant Date Fair Value</span></td><td colspan="3" style="border-bottom:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Outstanding RSUs</span></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Weighted Average Grant Date Fair Value</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="39" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(in US $ millions, except share and share price amounts)</span></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December 31, 2025</span></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">10,200,678</span><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">80.03</span></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">7.22</span></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">826</span><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,486,886</span><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">110.16</span><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Stock options granted</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,223,132 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">116.07</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">53.58 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Stock options exercised</span></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(202,056)</span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">31.55</span></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Stock options forfeited</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(10,345)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">107.87</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">RSUs granted</span></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">—</span></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,525,623 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">124.28 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">RSUs settled</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">—</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(886,692)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">122.20 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">RSUs forfeited</span></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">—</span></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(67,263)</span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">107.16 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2026</span></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12,211,409</span><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">87.37</span></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">7.53</span></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">382</span><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4,058,554</span><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">112.89</span><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:6pt"><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Stock options exercisable as of March 31, 2026</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5,025,058 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">73.64</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5.77</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">229 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr></table></div><div style="margin-bottom:8pt;text-align:justify"><span id="i1b0620b84bcc49cfb22d70ef381d4f67"></span><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> As of March 31, 2026, 12,200,273 of the outstanding stock options were granted under the Company's SOP and are exercisable for Class A subordinate voting shares and 11,136 of the outstanding stock options were granted under the Deliverr 2017 Stock Option and Grant Plan and are exercisable for Class A subordinate voting shares.</span></div><div style="margin-bottom:8pt;text-align:justify"><span id="i88499078c4e84637b75bcdb650bac4fb"></span><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying stock option awards and the closing market price of the Company's Class A subordinate voting shares as of March 31, 2026 and December 31, 2025.</span></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As of March 31, 2026, the Company had issued 5,657 deferred share units ("DSUs") under its LTIP.</span></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In connection with the acquisition of Vantage Discovery Inc. in the first quarter of 2025, 252,257 Class A subordinate voting shares were issued with trading restrictions. The restrictions on these shares are lifted over time and are being accounted for as stock-based compensation as the vesting is contingent on continued employment and therefore related to post-combination services. As of March 31, 2026, 189,193 of the Class A subordinate voting shares remained restricted.</span></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table illustrates the classification of stock-based compensation expense in the condensed consolidated statements of operations and comprehensive loss, which includes both stock-based compensation and restricted stock-compensation expense:</span></div><div style="margin-bottom:10pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:70.534%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.361%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.242%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.363%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="9" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Three months ended March 31,</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2026</span></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="9" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(in US $ millions)</span></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Cost of revenues</span></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1</span></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Sales and marketing</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">10</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">12</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Research and development</span></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">93</span></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">79</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">General and administrative</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">28</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">22</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">132</span></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">114</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:10pt"><span id="i0e36b908d95c476d8c1fecdd37bf7b2d"></span><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Share Repurchase Program</span></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In the first quarter of 2026, the Company's Board of Directors authorized a share repurchase program of up to $2 billion of the Company’s outstanding Class A subordinate voting shares. The share repurchase program went into effect on February 17, 2026, has no fixed expiration date, and may be amended, suspended, or discontinued at any time, subject to applicable laws.</span></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Repurchases may be made through open-market purchases on the Nasdaq, privately negotiated transactions including block trades, or other means, in each case in compliance with applicable securities laws. The timing, number, and value of any Class A subordinate voting shares repurchased will depend on a variety of factors, including price, general business and market conditions, applicable legal requirements, and alternative investment opportunities. In accordance with applicable securities laws, the maximum number of Class A subordinate voting shares repurchased will not exceed 5% of Shopify’s issued and outstanding Class A subordinate voting shares.</span></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table summarizes repurchase activity under our share repurchase program for the three months ended March 31, 2026:</span></div><div style="margin-bottom:10pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.519%"><tr><td style="width:1.0%"></td><td style="width:36.259%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.714%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.927%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.714%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.927%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.714%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.927%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.718%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Shares Repurchased</span><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:5.85pt;font-weight:700;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="border-bottom:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Average Price per Share</span><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:5.85pt;font-weight:700;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(2)</span></div></td><td colspan="3" style="border-bottom:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Value of Shares Repurchased</span><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:5.85pt;font-weight:700;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(2)</span></div></td><td colspan="3" style="border-bottom:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Remaining Amount Authorized</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="21" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(in US $ millions, except share and share price amounts)</span></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Balance, beginning of the period</span></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#f7f7f7;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Authorization of share repurchases</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2,000 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Repurchase of shares of class A subordinate voting shares</span></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">4,214,019 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#f7f7f7;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">121.89 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">514 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(514)</span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Balance, end of the period</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,486 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:8pt;text-align:justify"><span id="ifce9224bd683480587ca1ff473bddb50"></span><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1) </span><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">These repurchased shares of Class A subordinate voting shares were recognized within "Common stock".</span></div><div style="margin-bottom:8pt;text-align:justify"><span id="i96b5e8c591464501b9601bbfa34d90e1"></span><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(2) </span><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Excludes immaterial broker commissions and excise tax accruals.</span></div> 534206777 <div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table summarizes the stock option and Restricted Share Unit ("RSU") award activities under the Company's share-based compensation plans for the three months ended March 31, 2026:</span></div><div style="margin-bottom:10pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:18.611%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.996%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.242%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.996%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.242%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.637%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.242%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.355%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.242%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.996%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.242%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.957%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.242%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.000%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="27" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Shares Subject to Options Outstanding</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Outstanding RSUs</span></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Number of Options</span><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Weighted Average Exercise Price</span></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Remaining Contractual Term (in years)</span></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Aggregate Intrinsic Value</span><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span></div></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Weighted Average Grant Date Fair Value</span></td><td colspan="3" style="border-bottom:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Outstanding RSUs</span></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Weighted Average Grant Date Fair Value</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="39" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(in US $ millions, except share and share price amounts)</span></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December 31, 2025</span></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">10,200,678</span><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">80.03</span></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">7.22</span></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">826</span><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,486,886</span><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">110.16</span><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Stock options granted</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,223,132 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">116.07</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">53.58 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Stock options exercised</span></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(202,056)</span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">31.55</span></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Stock options forfeited</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(10,345)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">107.87</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">RSUs granted</span></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">—</span></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,525,623 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">124.28 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">RSUs settled</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">—</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(886,692)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">122.20 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">RSUs forfeited</span></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">—</span></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(67,263)</span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">107.16 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31, 2026</span></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12,211,409</span><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">87.37</span></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">7.53</span></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">382</span><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4,058,554</span><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%">112.89</span><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:6pt"><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Stock options exercisable as of March 31, 2026</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5,025,058 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">73.64</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5.77</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">229 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr></table></div><div style="margin-bottom:8pt;text-align:justify"><span id="i1b0620b84bcc49cfb22d70ef381d4f67"></span><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> As of March 31, 2026, 12,200,273 of the outstanding stock options were granted under the Company's SOP and are exercisable for Class A subordinate voting shares and 11,136 of the outstanding stock options were granted under the Deliverr 2017 Stock Option and Grant Plan and are exercisable for Class A subordinate voting shares.</span></div><div style="margin-bottom:8pt;text-align:justify"><span id="i88499078c4e84637b75bcdb650bac4fb"></span><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying stock option awards and the closing market price of the Company's Class A subordinate voting shares as of March 31, 2026 and December 31, 2025.</span></div> 10200678 80.03 P7Y2M19D 826000000 0 3486886 110.16 2223132 116.07 53.58 202056 31.55 10345 107.87 1525623 124.28 886692 122.20 67263 107.16 12211409 87.37 P7Y6M10D 382000000 0 4058554 112.89 5025058 73.64 P5Y9M7D 229000000 12200273 11136 5657 252257 189193 <div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table illustrates the classification of stock-based compensation expense in the condensed consolidated statements of operations and comprehensive loss, which includes both stock-based compensation and restricted stock-compensation expense:</span></div><div style="margin-bottom:10pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:70.534%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.361%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.242%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.363%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="9" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Three months ended March 31,</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2026</span></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="9" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(in US $ millions)</span></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Cost of revenues</span></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1</span></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Sales and marketing</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">10</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">12</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Research and development</span></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">93</span></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">79</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">General and administrative</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">28</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">22</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">132</span></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">114</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div> 1000000 1000000 10000000 12000000 93000000 79000000 28000000 22000000 132000000 114000000 2000000000 <div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table summarizes repurchase activity under our share repurchase program for the three months ended March 31, 2026:</span></div><div style="margin-bottom:10pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.519%"><tr><td style="width:1.0%"></td><td style="width:36.259%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.714%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.927%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.714%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.927%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.714%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.927%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.718%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Shares Repurchased</span><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:5.85pt;font-weight:700;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="border-bottom:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Average Price per Share</span><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:5.85pt;font-weight:700;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(2)</span></div></td><td colspan="3" style="border-bottom:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Value of Shares Repurchased</span><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:5.85pt;font-weight:700;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(2)</span></div></td><td colspan="3" style="border-bottom:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Remaining Amount Authorized</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="21" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(in US $ millions, except share and share price amounts)</span></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Balance, beginning of the period</span></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#f7f7f7;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Authorization of share repurchases</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2,000 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Repurchase of shares of class A subordinate voting shares</span></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">4,214,019 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#f7f7f7;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">121.89 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">514 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(514)</span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Balance, end of the period</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,486 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:8pt;text-align:justify"><span id="ifce9224bd683480587ca1ff473bddb50"></span><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1) </span><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">These repurchased shares of Class A subordinate voting shares were recognized within "Common stock".</span></div><div style="margin-bottom:8pt;text-align:justify"><span id="i96b5e8c591464501b9601bbfa34d90e1"></span><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(2) </span><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Excludes immaterial broker commissions and excise tax accruals.</span></div> 0 2000000000 4214019 121.89 514000000 514000000 1486000000 <span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:6.65pt">Changes in Accumulated Other Comprehensive (Loss) Income</span><div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table summarizes the changes in accumulated other comprehensive (loss) income, which is reported as a component of shareholders’ equity:</span></div><div style="margin-bottom:10pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:70.534%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.361%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.242%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.363%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Three months ended March 31,</span></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2026</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2025</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="9" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(in US $ millions)</span></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Balance, beginning of the period</span></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(10)</span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:6pt"><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Other comprehensive loss before reclassifications</span></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(6)</span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(1)</span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Gain on cash flow hedges reclassified from accumulated other comprehensive loss to earnings:</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt 2px 19pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Sales and marketing</span></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 19pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Research and development</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(1)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">4 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt 2px 19pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">General and administrative</span></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Tax effect on unrealized (loss) on cash flow hedges</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(1)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Other comprehensive (loss) income, net of tax</span></td><td colspan="2" style="background-color:#f7f7f7;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(5)</span></td><td style="background-color:#f7f7f7;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">4 </span></td><td style="background-color:#f7f7f7;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Balance, end of the period</span></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(4)</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(6)</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div> <div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table summarizes the changes in accumulated other comprehensive (loss) income, which is reported as a component of shareholders’ equity:</span></div><div style="margin-bottom:10pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:70.534%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.361%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.242%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.363%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Three months ended March 31,</span></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2026</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2025</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="9" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(in US $ millions)</span></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Balance, beginning of the period</span></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(10)</span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:6pt"><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Other comprehensive loss before reclassifications</span></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(6)</span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(1)</span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Gain on cash flow hedges reclassified from accumulated other comprehensive loss to earnings:</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt 2px 19pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Sales and marketing</span></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 19pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Research and development</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(1)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">4 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt 2px 19pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">General and administrative</span></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Tax effect on unrealized (loss) on cash flow hedges</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(1)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Other comprehensive (loss) income, net of tax</span></td><td colspan="2" style="background-color:#f7f7f7;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(5)</span></td><td style="background-color:#f7f7f7;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">4 </span></td><td style="background-color:#f7f7f7;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Balance, end of the period</span></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(4)</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(6)</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div> 1000000 -10000000 -6000000 -1000000 0 -1000000 1000000 -4000000 0 -1000000 -2000000 1000000 -5000000 4000000 -4000000 -6000000 <span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:5.65pt">Income Taxes</span><div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company's provision for income taxes is determined by applying the estimated annual effective tax rate to income or loss from recurring operations and adjusting for the effects of any discrete income tax items specific to the period.</span></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company updates its estimate of the annual effective tax rate each quarter and makes cumulative adjustments if its estimated annual tax rate is expected to change. The Company’s effective tax rate may be subject to fluctuation during the year as new information is obtained, which may affect the assumptions used to estimate the annual effective tax rate, including factors such as the mix of forecasted pre-tax earnings in the various jurisdictions in which the Company operates, any valuation allowance against deferred tax assets, the recognition and derecognition of tax benefits related to uncertain tax positions and changes in or the interpretation of tax laws in jurisdictions where the Company conducts business.</span></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company recognized a recovery of income taxes of $53 million and $88 million in the three months ended March 31, 2026 and 2025, respectively, as a result of net unrealized loss on equity and other investments, partially offset by provision for income taxes related to income from operations.</span></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We continue to be subject to review and audit by tax authorities around the world, which may lead to adjustments to our tax liabilities. In 2025, we received a proposed assessment from the Canada Revenue Agency ("CRA") related to our transfer pricing for tax year 2020. We disagree with the proposed assessment and intend to defend our position. </span></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:10pt;font-weight:400;line-height:120%">While we believe that our tax position is appropriate, the final determination and timing of resolution of the above matter, and any other tax audits or litigation cannot be predicted with certainty. We continue to monitor the progress of tax audits with tax authorities. Adjustments arising from tax audits or litigation will be recorded in the period in which such matters are resolved.</span></div> -53000000 -88000000 <span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:5.52pt">Net Loss per Share </span><div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company applies the two-class method to calculate its basic and diluted net loss per share as Class A subordinate voting shares and Class B restricted voting shares are participating securities with equal participation rights and are entitled to receive dividends on a share for share basis. The Company uses the treasury stock method for calculating the effect of dilutive potential common stock from employee stock options and employee RSUs.</span></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table summarizes the reconciliation of the basic weighted average number of shares outstanding and the diluted weighted average number of shares outstanding:</span></div><div style="margin-bottom:10pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:70.534%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.361%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.242%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.363%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Three months ended March 31,</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2026</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="9" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(in US $ millions, except share and per share amounts)</span></div></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Numerator:</span></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 13.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Net loss</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(581)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(682)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Denominator:</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt 2px 13.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Basic weighted average number of shares outstanding</span></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,303,357,874</span></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,295,377,376</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 13.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Weighted average effect of dilutive securities:</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt 2px 25.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Stock options</span></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">—</span></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">—</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 25.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Restricted share units</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">—</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">—</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt 2px 25.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Deferred share units</span></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">—</span></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">—</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 13.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Diluted weighted average number of shares</span></td><td colspan="3" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,303,357,874</span></td><td colspan="3" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,295,377,376</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Net loss per share:</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt 2px 13.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Basic</span></td><td style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#f7f7f7;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(0.45)</span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#f7f7f7;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(0.53)</span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 13.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Diluted</span></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(0.45)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(0.53)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Common stock equivalents excluded from net loss per diluted share because they are anti-dilutive:</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt 2px 13.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Stock options</span></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">12,211,409</span></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">14,767,620 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 13.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Restricted share units</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">4,058,554</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">5,300,232 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:12.75pt"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Convertible senior notes</span><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">—</span></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">6,388,480 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 13.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Deferred share units</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">5,657</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">15,488 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">16,275,620</span></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">26,471,820 </span></td><td style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1) </span>In the third quarter of 2020, the Company issued $920 million aggregate principal amount of 0.125% convertible senior notes. The convertible senior notes were settled in the fourth quarter of 2025 with no further dilutive effect on securities thereafter. <div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table summarizes the reconciliation of the basic weighted average number of shares outstanding and the diluted weighted average number of shares outstanding:</span></div><div style="margin-bottom:10pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:70.534%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.361%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.242%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.363%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Three months ended March 31,</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2026</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="9" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(in US $ millions, except share and per share amounts)</span></div></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Numerator:</span></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 13.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Net loss</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(581)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(682)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Denominator:</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt 2px 13.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Basic weighted average number of shares outstanding</span></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,303,357,874</span></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,295,377,376</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 13.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Weighted average effect of dilutive securities:</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt 2px 25.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Stock options</span></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">—</span></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">—</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 25.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Restricted share units</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">—</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">—</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt 2px 25.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Deferred share units</span></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">—</span></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">—</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 13.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Diluted weighted average number of shares</span></td><td colspan="3" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,303,357,874</span></td><td colspan="3" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,295,377,376</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Net loss per share:</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt 2px 13.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Basic</span></td><td style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#f7f7f7;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(0.45)</span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#f7f7f7;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(0.53)</span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 13.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Diluted</span></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(0.45)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(0.53)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Common stock equivalents excluded from net loss per diluted share because they are anti-dilutive:</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt 2px 13.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Stock options</span></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">12,211,409</span></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">14,767,620 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 13.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Restricted share units</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">4,058,554</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">5,300,232 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:12.75pt"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Convertible senior notes</span><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="background-color:#f7f7f7;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">—</span></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">6,388,480 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 13.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Deferred share units</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">5,657</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">15,488 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 7.75pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">16,275,620</span></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">26,471,820 </span></td><td style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1) </span>In the third quarter of 2020, the Company issued $920 million aggregate principal amount of 0.125% convertible senior notes. The convertible senior notes were settled in the fourth quarter of 2025 with no further dilutive effect on securities thereafter. -581000000 -682000000 1303357874 1295377376 0 0 0 0 0 0 1303357874 1295377376 -0.45 -0.53 -0.45 -0.53 12211409 14767620 4058554 5300232 0 6388480 5657 15488 16275620 26471820 920000000 0.00125 <span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:5.1pt">Segment and Geographical Information </span><div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company's chief operating decision maker ("CODM") is its Chief Executive Officer. The CODM has determined that the Company operates in one single operating and reportable segment and manages segment performance and resource allocation based upon consolidated net income (loss). The CODM uses consolidated net income (loss) in deciding whether to reinvest profits into opportunities for the business, invest in business combinations or equity investments or return a portion of such profits to shareholders. The measure of segment assets is reported on the condensed consolidated balance sheets as total consolidated assets. Significant expenses reviewed by the CODM include those that are presented in the Condensed Consolidated Statements of Operations and Comprehensive Loss.</span></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table presents total external revenues by geographic location, based on the location of the Company’s merchants:</span></div><div style="margin-bottom:10pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:58.355%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.355%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.441%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.355%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.242%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.355%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.441%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.356%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="21" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Three months ended March 31,</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%"> </span></td><td colspan="9" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2026</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="9" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="21" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(in US $ millions, except percentages)</span></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">North America</span></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">United States</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2,001 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">63 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,499 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">64 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Canada</span></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">147 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">5 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">119 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">5 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6pt"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Europe</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">653 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">21 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">461 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">20 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">APAC</span></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">312 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">10 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">240 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">10 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6pt"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Rest of World</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">57 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">41 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Total Revenue</span></div></td><td colspan="2" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3,170 </span></td><td style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">100 </span></td><td style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2,360 </span></td><td style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">100 </span></td><td style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div> 1000000 1000000 <div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Adelle Sans Light',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table presents total external revenues by geographic location, based on the location of the Company’s merchants:</span></div><div style="margin-bottom:10pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:58.355%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.355%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.441%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.355%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.242%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.355%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.441%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.356%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="21" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Three months ended March 31,</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%"> </span></td><td colspan="9" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2026</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="9" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="21" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(in US $ millions, except percentages)</span></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">North America</span></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">United States</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2,001 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">63 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,499 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">64 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Canada</span></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">147 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">5 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">119 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">5 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6pt"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Europe</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">653 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">21 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">461 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">20 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">APAC</span></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">312 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">10 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">240 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">10 </span></td><td style="background-color:#f7f7f7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6pt"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Rest of World</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">57 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">41 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#f7f7f7;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Total Revenue</span></div></td><td colspan="2" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3,170 </span></td><td style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">100 </span></td><td style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2,360 </span></td><td style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">100 </span></td><td style="background-color:#f7f7f7;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Adelle Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div> 2001000000 0.63 1499000000 0.64 147000000 0.05 119000000 0.05 653000000 0.21 461000000 0.20 312000000 0.10 240000000 0.10 57000000 0.01 41000000 0.01 3170000000 1 2360000000 1 false false false false