2025 Financial Report by asebp

2025 Financial Report

January 1, 2025 - December 31, 2025

Table of Contents 3

Message from the Chair

Message from the CEO

Financial Commentary

Financial Statements

2025 also saw the launch of ASEBP’s new strategic plan, the Journey to 2030, which highlights ASEBP’s ongoing commitment to improvement and sustainability as a trusted, innovative health and wellness provider. It builds on ASEBP’s past successes and provides direction and momentum for the organization by establishing a clear focus for the future. That focus includes continuing meaningful communication and engagement with covered members and stakeholders, improving covered members’ health and quality of life, further strengthening Plan sustainability, and deepening ASEBP’s reputation as a high-performance not-forprofit organization.

Message from the Chair This past year, ASEBP continued to evolve and adapt to ensure the Plan remains strong and meets the changing needs and unique challenges of ASEBP’s covered members and employers for decades to come. I have had the honour of serving as an ASEBP Trustee for the past year, after being an Observer throughout 2024, and I continue to admire the dedication to and care for the health of ASEBP covered members that I have seen from my fellow Trustees, ASEBP employees, employers, and other stakeholders. I would like to thank Daryl Scott for his vision and strategic leadership, while serving as an ASEBP Trustee for seven years and as Chair from 2023 until the end of 2025. His guidance and support were invaluable in helping shape the organization and set it up for future success as a health benefit provider of choice. I am also inspired by the success and resilience we continue to see from education workers. ASEBP is committed to continuing its work to improve, maintain, and protect the overall health of covered members and their dependants so they can lead a balanced life and prioritize their well-being.

The financial performance in 2025 shows that ASEBP is on the right course to ensure fiscal responsibility even when facing rising costs and economic uncertainty. ASEBP continues to monitor trends in the health and wellness industry and is mindful of cost pressures employers and covered members continue to face, while ensuring the longterm sustainability of the Plan. Through 2026 and beyond, ASEBP remains dedicated to its values and mission of providing comprehensive health benefits and services to education workers in Alberta as we continue to pursue new opportunities to balance affordability and access to care for covered members. On behalf of the ASEBP Trustees, I thank you for your ongoing trust and support and invite you to review the 2025 Financial Report. All the best,

Allison Purcell Allison Purcell, ASEBP Chair

2025 ASEBP Trustees Daryl Scotl, 2025 Chair Allison Purcell, 2026 Chair James Gerun, Vice-Chair Rob Pirie Morey Terry

Meagan Kuik Brett Nixon Norma Lang Natashya Shewchuk Brad Toone

Ensuring the health and wellness of ASEBP’s covered members is a shared mission and responsibility. I would like to express my thanks to ASEBP’s Trustees, employers, covered members, and community partners for their ongoing collaboration. ASEBP is committed to finding ways to promote, protect, improve, and sustain the health of covered members and their dependants together.

Message from the Chief Executive Officer As I reflect on everything ASEBP has accomplished in 2025, I am especially proud of efforts to modernize and streamline processes across the organization. ASEBP has evolved through innovation, continuous improvement, and proactive system upgrades to become even more effective in supporting our mission of providing comprehensive health benefits and services to covered members and their dependants. In 2025, ASEBP continued to prioritize long-term sustainability of the Plan to best serve the health and wellness needs of public education workers in Alberta now and well into the future. ASEBP focused on steady membership growth, including the addition of other education workers in Grande Prairie Public School Division and enrolments in the MyRetiree Plan. This growth was combined with a disciplined cost management approach, through administrative efficiencies and diversified investments.

I also want to express my gratitude to ASEBP’s former CEO, Kelli Littlechilds, who retired in October 2025 after more than 40 years with ASEBP. Kelli served as CEO since 2017 and was instrumental in establishing the organization as a recognized leader in providing comprehensive health benefits and services for Alberta’s public education sector. Her commitment to supporting personal and workplace well-being helped shape how ASEBP operates to support covered members. As ASEBP looks to the year ahead, the organization remains well positioned to navigate the pressures of rising prescription drug costs, increased Extended Health Care utilization, and economic uncertainty that continue to shape the health benefits landscape. ASEBP continues to explore new sustainability measures and ways to improve the experience for covered members, employers, and stakeholders to meet the shifting needs of Alberta’s public education sector with the professionalism and excellence that ASEBP has come to be known for. Sincerely,

Jocelyn Plakas-Lock Jocelyn Plakas-Lock, CEO

2025 ASEBP Executive Jocelyn Plakas-Lock, Interim Chief Executive Officer* Lucian Schulte, Chief Innovation & Finance Officer Dr. Carlyn Volume-Smith, Chief Stakeholder Relations Officer * Jocelyn Plakas-Lock was appointed Chief Executive Officer effective February 2026

Premium pricing and risk assumptions The Plan operates on a prospective pricing model where rates are set in advance based on forecasts of future claims, reserves, and risk. The rates for 2025 were established using plan experience, actuarial forecasts of expected claims incidence and severity, projected utilization trends, and inflationary assumptions. These rates were designed to recover costs over time rather than to match results in any single year.

Financial Commentary

from the Director, Financial Services This financial commentary assesses the Plan’s financial results for the year, ending December 31, 2025, and the decisions and assumptions that shaped those outcomes. It describes how premiums, claims, reserves, and investments interacted over the period, and how actual experience compared to the ranges anticipated when financial plans were finalized. Financial planning for the Plan is supported by an annual budget approved by the Trustees in March each year. The financial results are reviewed quarterly by ASEBP’s Audit & Risk Committee, with comparisons to budget, prior assumptions, and emerging experience. This ongoing review process allows ASEBP to assess alignment with planned expectations and to identify areas requiring attention or adjustment.

A key constraint in this process is uncertainty. Claims volumes, particularly for long-duration disability and high-cost drug therapies, cannot be predicted precisely. In recent years, prescription drug utilization and costs, particularly for therapies used in chronic conditions, have increased materially across many benefit plans. These are the challenges inherent in prospective pricing: rates must be set before actual experience is known, while still balancing affordability, reserve adequacy, and the financial resilience needed to respond to future volatility.

Summary of financial results For the 12-months ending December 31, 2025, total premium revenues were $434.6 million, finishing below one per cent of budget expectations. Incurred losses, which incorporate both paid claims and changes in reserve obligations, totalled $415.5 million, resulting in an incurred loss ratio of 96 per cent. This outcome remained within the tolerance assumed in the financial plan and reflects both current-year claims and adjustments to future obligations.

Administrative costs totalled $51.9 million, below budget, resulting in an administrative ratio of 12 per cent. This ratio reflects administrative spending relative to premiums, which has declined in recent years, despite higher claims volumes, indicating that fixed and variable costs continued to scale in line with plan activity. Investment activities generated net investment income of $39.6 million, strengthening the Plan’s financial position in 2025. Investment income remains a supporting mechanism for managing reserve obligations, operational cash flows, and volatility.

Role of investments in supporting benefit obligations Investments are held to support the timing and uncertainty of benefit payments. ASEBP’s investment portfolio prioritizes liquidity, income stability, and diversification to help manage economic and geopolitical volatility and ensure that assets are available when benefit obligations must be paid. Diversification across asset classes and return sources is intended to reduce reliance on any single market outcome and to limit the impact of short‑term volatility. Liquidity is managed to ensure that benefit payments and reserve requirements can be met as they fall due, without forcing asset sales under unfavourable conditions. Investment decisions are therefore evaluated in relation to obligation timing rather than short‑term return outcomes.

Outcomes compared to planned expectations Overall financial outcomes were consistent with the assumptions used to set the 2025 budget. Premium revenues aligned closely with the budget despite slower membership growth, reinforcing the rate-driven nature of the premium base. Paid claims were below budget expectations, particularly within Extended Health Care and Extended Disability Benefits. However, utilization volumes increased materially across several benefit lines, indicating higher underlying activity even where paid loss ratios improved. Increased utilization translated into higher transaction volumes, greater demands on claims adjudication, and continued pressure within disability case management and return‑to‑work processes, even where aggregate loss ratios improved. Incurred loss results reflect an increase in reserve obligations, especially within disabilityrelated reserves. This increase is primarily associated with higher volumes of long-duration disability claims, which increase the estimated future cost of benefits already incurred. While this reduced year-over-year comparability, the incurred loss ratio remained within the expected range, indicating that reserve adjustments were anticipated within the pricing framework. Investment results exceeded the budget primarily due to realized income from several investment mandates. Unrealized gains at the end of 2025 were lower than those in 2024, reflecting more cautious market sentiment and a moderation in valuation conditions. Market conditions became more volatile following year‑end, influenced by heightened geopolitical and macroeconomic uncertainty. 7

Reserves and long-term obligations At year-end, reserve obligations increased, driven by growth in the Disabled Life Reserve. This increase reflects higher volumes of long-duration disability claims and sensitivity to factors such as salary updates and claimant persistence. These reserves represent committed future benefit payments and do not constitute discretionary surplus. The Capital Adequacy Reserve was fully funded as of December 31, 2025. There was sufficient available capital to meet required reserve thresholds, with a sufficiency ratio marginally above 100 per cent.

What are reserves? Reserves represent ear-marked obligations to pay benefits that arise from claims already incurred, including long-term disability and claims not yet reported. They are liabilities, not surplus funds. Reserve estimates are prepared with the support of the Plan Actuary and are subject to independent review through the external audit process to assess their reasonableness. The Capital Adequacy Reserve is an additional buffer held to absorb volatility and protect the Plan against adverse experience. The Capital Adequacy Reserve is established in accordance

with a Trustee‑approved policy developed in collaboration with the Plan Actuary. Its purpose is to provide resilience against periods of elevated risk or uncertainty, including economic or claim experience shocks that are largely outside the Plan’s control. It is not available for routine benefit enhancements or spending. Recent periods of volatility, including during the COVID-19 pandemic, reinforce the need for such buffers to sustain benefit obligations through adverse conditions.

Emerging pressures and uncertainties

Financial stewardship at year‑end

While 2025 results remained aligned with financial expectations, several underlying pressures continue to shape the Plan’s risk profile and planning horizon. These factors influence assumptions used in pricing, reserving, and investment decisions going forward. Several cost pressures and uncertainties remain relevant for future periods:

Overall, the Plan’s 2025 financial results matched prior expectations for pricing, reserving, and investment. Premiums, claims, reserves, and investment income behaved as expected within approved financial plan ranges.

Benefit utilization: Claims volumes continue to rise across health, dental, and disability lines. In Extended Health Care, claims surpassed two million transactions for the first time, increasing administrative and cash-flow demands. Drug costs: Prescription drugs remained the largest component of Extended Health Care costs, exceeding $110 million during the year. Growth was concentrated in chronic condition therapies, including weight management medications. Disability exposure: Increases in disability claimant counts and related reserves indicate continued sensitivity to incidence and duration trends. Investment volatility: While investment income was sufficient to support obligations in 2025, market conditions remain uncertain, particularly with respect to interest rates, geopolitical risk, and private asset liquidity.

However, the period also highlighted ongoing sources of uncertainty, particularly in benefit utilization and long‑term disability exposure, that continue to shape the Plan’s risk profile. These factors emphasize why reserves and capital buffers are maintained and why financial decisions are assessed over multiple periods rather than a single year’s results. The Plan closed the year with a result of $9.6 million increase in net assets, relative to total benefit premiums of $434.6 million. Included in the $9.6 million is $9.0 million in unrealized investment gains, which reflect changes in market valuation rather than realized cash inflows. Excluding these valuation effects, the Plan’s operating result was a near breakeven result of approximately $0.6 million, which aligns closely with the outcome anticipated when premium rates were approved. In this context, the year’s results are consistent with planned assumptions. Best regards,

Nazz Baksh

Nazz Baksh, Director, Financial Services These pressures will continue to influence actuarial assumptions and financial planning, even as they remain subject to uncertainties that are beyond ASEBP’s control. 9

FINANCIAL STATEMENTS December 31, 2025

MANAGEMENT’S STATEMENT OF RESPONSIBILITY Management is responsible for the preparation and presentation of the accompanying financial statements for the Alberta School Employee Benefit Plan (ASEBP, the Organization, or the Plan) in accordance with Canadian accounting standards for pension plans. The Organization’s third-party Actuary values the benefit plan liabilities of ASEBP as presented in the statements of financial position, changes in benefit plan obligations and the changes in net assets available for benefits. Management retains ultimate responsibility for the amounts determined by the Actuary. Financial statements are not precise, as they include certain amounts based on estimates and judgments. When alternative methods exist, management has chosen those it deems most appropriate to ensure the financial statements are presented fairly, in all material respects, in accordance with Canadian accounting standards for pension plans. Management maintains adequate systems of internal accounting and administrative controls consistent with reasonable cost. Such systems are designed to provide reasonable assurance that the financial information is relevant and reliable, and that the Organization’s assets are appropriately accounted for and adequately safeguarded. The ASEBP Trustees ensure management fulfills its responsibilities for financial reporting and internal control through an Audit and Risk Committee (ARC). This committee meets periodically with management and the external auditors to discuss internal controls, audit matters, and financial reporting issues, and to satisfy itself that each party is properly discharging its responsibilities. The ARC reviews the financial statements and reports to the ASEBP Trustees. The external auditors have full and direct access to the ARC. Signed,

Jocelyn Plakas-Lock Chief Executive Officer

Nazz Baksh, MBA, CPA, CMA Director, Financial Services

KPMG LLP 2200, 10175 – 101 Street Edmonton, AB T5J 0H3 Canada Tel 780 429 7300 Fax 780 429 7379

INDEPENDENT AUDITOR’S REPORT To the Covered Members of Alberta School Employee Benefit Plan

Opinion We have audited the financial statements of Alberta School Employee Benefit Plan (the Plan), which comprise: •

the statement of financial position as at December 31, 2025

•

the statement of changes in net assets available for benefits for the year then ended

•

the statement of changes in plan obligations for the year then ended

•

the statement of cash flows for the year then ended

•

and notes to the financial statements, including a summary of material accounting policy information

(Hereinafter referred to as the “financial statements”). In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Plan as at December 31, 2025, and its changes in net assets available for benefits and its changes in pension obligations for the year then ended in accordance with Canadian accounting standards for pension plans.

Basis for Opinion We conducted our audit in accordance with Canadian generally accepted auditing standards. Our responsibilities under those standards are further described in the “Auditor’s Responsibilities for the Audit of the Financial Statements” section of our auditor’s report. We are independent of the Plan in accordance with the ethical requirements that are relevant to our audit of the financial statements in Canada and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Other Information Management is responsible for the other information. Other information comprises: •

the information, other than the financial statements and the auditor’s report thereon, included in the “2025 Financial Report”.

KPMG LLP, an Ontario limited liability partnership and member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. KPMG Canada provides services to KPMG LLP.

Our opinion on the financial statements does not cover the other information and we do not and will not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information identified above and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit and remain alert for indications that the other information appears to be materially misstated. We obtained the information, other than the financial statements and the auditor’s report thereon, included in the 2025 Financial Report as at the date of this auditor’s report. If, based on the work we have performed on this other information, we conclude that there is a material misstatement of this other information, we are required to report that fact in the auditor’s report. We have nothing to report in this regard.

Responsibilities of Management and Those Charged with Governance for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with Canadian accounting standards for pension plans, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is responsible for assessing the Plan's ability to continue as a going concern, disclosing as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Plan or to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the Plan's financial reporting process.

Auditor’s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Canadian generally accepted auditing standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements. As part of an audit in accordance with Canadian generally accepted auditing standards, we exercise professional judgment and maintain professional skepticism throughout the audit.

We also: •

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

•

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Plan's internal control.

•

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

•

Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Plan's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Plan to cease to continue as a going concern.

•

Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

•

Communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Chartered Professional Accountants Edmonton, Canada September 18, 2026

ACTUARY’S REPORT To the Covered Members of the Alberta School Employee Benefit Plan: I have valued the benefit plan of the Alberta School Employee Benefit Plan for its statement of financial position as at December 31, 2025 and changes in net assets available for benefits and changes in plan obligations for the periods then ended. These valuations were carried out in accordance with accepted actuarial practice, using appropriate assumptions and methods. In my opinion, the amount of benefit plan liabilities makes appropriate provisions for all Covered Members’ obligations. The results are also fairly presented in the financial statements and the notes thereto.

Jessica Lobb, FSA, FCIA Aon Solutions Canada Inc. Edmonton, Alberta

STATEMENT OF FINANCIAL POSITION As at December 31 (Thousands of Canadian dollars) Note

2025

2024

Assets Operating assets Cash and cash equivalents Receivables

5,490 26,191

8,051 19,527

Prepaid expenses

11,281

9,823

Total operating assets

42,962

37,401

Assets held in trust Cash and cash equivalents held for spending accounts

24,079

23,848

Invested assets Cash and cash equivalents

5,736

11,105

5, 19

615,512 621,248

578,461 589,566

7,316

8,728

4,387 11,703

4,104 12,832

Investments Total invested assets Capital assets Tangible capital assets and right-of-use asset Intangible capital assets Total capital assets Total assets Liabilities Trade and other payables Right-of-use lease liability

699,992

663,647

4,822

4,703

Spending account obligations Other benefit plan liabilities Total liabilities Provision for future policy benefits Reserve obligations Incurred but not reported provisions

9 9

Total future policy benefits Capital adequacy reserve

Net assets available for benefits Commitments and contingencies On behalf of the Trustees:

Chair: Vice-Chair:

$ 22

7,297

8,345

24,079 22,678

23,848 19,950

58,876

56,846

460,431

437,396

32,860

31,186

493,291

468,582

139,783

132,165

8,042

6,054

STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS For the years ended December 31 (Thousands of Canadian dollars) Note

2025

2024

Increase in net assets: Benefit plan contract revenues Benefit premiums

434,594

388,114

Investments Interest and dividends

22,489

14,762

Other income

2,815

3,852

5 5

8,977 11,720

33,135 7,115

480,595

3,288 450,266

390,821

361,303

3,563

4,634

23,035 1,674

342

Change in fair value Net unrealized gain on investments Net realized gain from investment sales Decrease in provision for future policy benefits Reserve obligations

Decrease in net assets: Benefit plan contract expenses Benefit claims incurred Investments Management fees and other expenses Increase in provision for future policy benefits Reserve obligations Incurred but not reported provisions Administration expenses

51,896

49,525

470,989

415,804

Increase in net assets available for benefits Net assets available for benefits, beginning of period

9,606 6,054

34,462 -

Transfer to capital adequacy reserve

(7,618)

(28,408)

Net assets available for benefits, end of period

Capital adequacy reserve (CAR)

Note

Beginning of period

2025 $

Transfer from net assets available for benefits End of period

8,042

132,165

2024 $

7,618 20

139,783

6,054

103,757 28,408

132,165

STATEMENT OF CHANGES IN PLAN OBLIGATIONS For the years ended December 31 (Thousands of Canadian dollars) Note

Extended disability

Plan obligations, Benefits beginning of period accumulated $ 388,711 $ (1,239) $

Benefits paid (65,310) $

Interest on obligation 19,234 $

(1)

Plan experience RITE impact adjustments (2) (10,035) $ 77,174

RITE(1) Extended health care Dental Vision Life insurance

12,062 63,919 1,618 304 1,968

5,281 1,935 341 -

(3,258) (11,780) (1,618) (304) -

575 3,077 31

1,681 (968) -

(306) 10,206 (8)

Total

468,582

6,318

(82,270)

22,917

(9,322)

87,066

2025 Plan obligations, end of period 9 $ 408,535 9 9 9 9 9

10,754 69,735 1,935 341 1,991 493,291

Note

Extended disability (1)

Plan obligations, Benefits beginning of period accumulated $ 394,048 $ (577) $

Benefits paid (65,118) $

Interest on obligation 19,516 $

Plan experience RITE (2) impact adjustments (11,246) $ 52,088

2024 Plan obligations, end of period 9 $ 388,711 9 9 9 9 9

(1)

RITE Extended health care Dental Vision Life insurance

11,663 62,084 1,458 273 2,002

4,098 1,618 304 -

(3,052) (11,246) (1,458) (273) -

558 2,999 31

2,855 (1,660) -

38 7,644 (65)

Total

471,528

5,443

(81,147)

23,104

(10,051)

59,705

(1)

Retirement incentives for extended disability benefit recipients

(2)

Includes net experience gains (losses), changes in the claims fluctuation reserve obligation and gains (losses) on Incurred But Not Reported

12,062 63,919 1,618 304 1,968 468,582

SUPPLEMENTARY INFORMATION - STATEMENT OF CASH FLOWS For the years ended December 31 (Thousands of Canadian dollars) Note

2025

2024

Cash flows from (used in) operating activities Increase in net assets available for benefits

9,606

34,462

Items not impacting cash: Amortization and depreciation

2,041

2,206

315

356

(8,977)

(33,135)

Realized gain on disposal of investments

(11,720)

(7,115)

Other on Loss (gain disposal on disposal of tangible of tangible and intangible capital assets, assetsand intangible assets)

6, 7

300

1,197

(8,435)

(2,029)

Receivables

(6,664)

(663)

Prepaid expenses

Interest from lease liability Unrealized gain on investments

Changes in non-cash operating working capital: (1,458)

(7,909)

Trade and other payables

119

1,197

Spending account obligations

231

1,221

Reserve obligations

23,035

(3,288)

Incurred but not reported provisions

1,674

342

Other benefit plan liabilities Total cash flows from (used in) operating activities

2,728

5,507

11,230

(5,622)

(1,363)

(1,364)

(1,363)

(1,364)

Cash flows used in financing activities Lease payments Total cash flows used in financing activities Cash flows from (used in) investing activities Purchases of investments

(25,062)

(34,868)

Reinvested interest and dividend income

(22,489)

(14,762)

Proceeds on sale of investments

29,107

59,469

Limited partnership management fees

2,090

2,166

Purchase of tangible and intangible capital assets

6, 7

(1,212)

(425)

Total cash flows from (used in) investing activities

(17,566)

11,580

Net increase (decrease) in cash and cash equivalents

(7,699)

4,594

Cash and cash equivalents, beginning of period

43,004

38,410

Cash and cash equivalents, end of period

35,305

43,004

Cash and cash equivalents consists of: Invested cash and cash equivalents

5,736

11,105

Operating cash and cash equivalents

5,490

8,051

Cash and cash equivalents held for spending accounts

24,079

23,848

35,305

43,004

Total cash and cash equivalents, end of period