WEX — Jul 23, 2025 release

12 Balance Sheet and Debt The following table includes a further condensed version of our balance sheet as well as key operating metrics relevant to our balance sheet: (in millions, except for leverage ratio) 6/30/23 9/30/23 12/31/23 3/31/24 6/30/24 9/30/24 12/31/24 3/31/25 6/30/25 Cash and Cash Equivalents $ 901  $ 958  $ 976  $ 780  $ 683  $ 535  $ 599  $ 610  $ 773   Accounts Receivable 3,622  4,054  3,429  3,857  3,966  3,770  3,023  3,768  3,925   Long-Term Debt, Net 2,499  2,650  2,828  3,082  2,960  3,143  3,082  4,100  3,909   Corporate Cash $ 194  $ 170  $ 172  $ 176  $ 143  $ 123  $ 80  $ 163  $ 134   Available Liquidity 10 $ 1,087  $ 1,095  $ 903  $ 639  $ 947  $ 729  $ 735  $ 770  $ 916   Leverage Ratio 2.8x 2.4x 2.5x 2.6x 2.5x 2.6x 2.6x 3.5x 3.4x Investment Securities at Cost 11 $ 2,789  $ 2,830  $ 3,102  $ 3,411  $ 3,438  $ 3,734  $ 3,875  $ 3,891  $ 4,180   We remain in a healthy financial position and ended the quarter with $916 million of available liquidity that includes our available corporate cash and capacity to borrow under our revolving Credit Agreement. Our leverage ratio as of June 30, 2025, as defined in the Credit Agreement, stands at 3.4 times, and remains within our long-term target of 2.5 times to 3.5 times. Our leverage remains near the high end of the long-term range due to financing for the recently-completed Tender Offer. The Company expects to use cash flow generated through the remainder of the year to reduce leverage. The following table summarizes the Company's long-term debt maturities, excluding our revolver and nominal scheduled principal payments on our term loans: We have maintained ample access to debt markets and strategically review our debt composition and maturity schedule to align with our long-term objectives. We currently have a three-year runway before our next maturity, which we believe provides us with an appropriate cushion to remain opportunistic in the market. (10)      Available liquidity includes corporate cash, plus the portion of our revolving credit facility undrawn as of the specific balance sheet date. (11)     Our available-for-sale debt securities are measured and reported at fair value on the face of the balance sheet. We have additionally included the cost basis of these investments to provide greater clarity on the nature and extent of our investing activities. 13 Cash Flow The following table presents our operating cash flow and adjusted free c