Non-GAAP Financial Measures This presentation contains non-GAAP financial measures, such as Adjusted Cash, Adjusted EBITDA and Adjusted EPS. Please see the Appendix for a further discussion. Earnings Call and Webcast Q3 2025 November 3, 2025 Safe Harbor Statement The statements contained herein that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. You can identify such forward-looki ...

The average number of worksite employees ("WSEE†) paid per month increased 1% from Q3 2024 to 312,842 WSEEs. Revenues in Q3 2025 increased 4% to $1.6 billion on a 3% increase in revenue per WSEE on higher pricing and the increase in paid WSEEs. Gross profit decreased 15% to $195 million in Q3 2025 from $229 million in Q3 2024 due primarily to higher-than-expected benefits costs. Higher Q3 2025 healthcare costs were driven by elevated inpatient, outpatient and pharmacy trends and frequency of large claim a ...