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Cash, Cash Equivalents and Investments | 3 Months Ended
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Mar. 31, 2025
Cash and Cash Equivalents [Abstract] |
Cash, Cash Equivalents and Investments | Cash, Cash Equivalents and Investments The following tables summarize our cash, cash equivalents, marketable securities and available-for-sale debt investments at March 31, 2025 and December 31, 2024 (in thousands):
| As of March 31, 2025
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  |  | Cash and Cash Equivalents |  | Marketable Securities |  | Short-Term Investments
Cash | $ | 95,886 |  | $ | — |  | $ | — |  | $ | 95,886 |  |  | $ | 95,886 |  | $ | — |  | $ | —
Level 1: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds | 558,249 |  | — |  | — |  | 558,249 |  |  | 558,249 |  | — |  | —
U.S. Treasury bills | 205,498 |  | 23 |  | (9) |  |  | 205,512 |  |  | 82,350 |  | — |  | 123,162
Marketable securities | 90,000 |  | 84,870 |  | — |  | 174,870 |  |  | — |  | 174,870 |  | —
Agency bonds | 86,477 |  | — |  | (21) |  |  | 86,456 |  |  | 69,401 |  | — |  | 17,055
U.S. Government bonds | 18,434 |  | 1 |  | (3) |  |  | 18,432 |  |  | — |  | — |  | 18,432
Subtotal | 958,658 |  | 84,894 |  | (33) |  |  | 1,043,519 |  |  | 710,000 |  | 174,870 |  | 158,649
Level 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Term deposits | 742,415 |  | — |  | — |  | 742,415 |  |  | 157,415 |  | — |  | 585,000
Corporate bonds | 346,150 |  | 32 |  | (173) |  | 346,009 |  |  | 88,066 |  | — |  | 257,943
Commercial paper | 139,209 |  | — |  | — |  | 139,209 |  |  | 41,571 |  | — |  | 97,638
Subtotal | 1,227,774 |  | 32 |  | (173) |  | 1,227,633 |  |  | 287,052 |  | — |  | 940,581
Total | $ | 2,282,318 |  | $ | 84,926 |  | $ | (206) |  | $ | 2,367,038 |  |  | $ | 1,092,938 |  | $ | 174,870 |  | $ | 1,099,230
As of March 31, 2025, we had $515.4 million of available-for-sale debt investments with unrealized losses, of which none have been in a continuous unrealized loss position for 12 months or longer. We do not intend to sell the investments and it is not more likely than not that we will be required to sell the investments before recovery of their amortized cost bases. Acquired common stock is recorded as marketable securities in the consolidated balance sheets and its fair value is adjusted every reporting period. Changes in fair value are recorded in the consolidated statements of operations as unrealized gain (or loss) on marketable securities, which is included in other income, net. During the three months ended March 31, 2025, we recorded an unrealized loss on marketable securities of $23.4 million. We recorded an unrealized gain on marketable securities of $21.8 million for the same period in the prior year.
| As of December 31, 2024
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  |  | Cash and Cash Equivalents |  | Marketable Securities |  | Short-Term Investments
Cash | $ | 94,919 |  |  | $ | — |  |  | $ | — |  |  | $ | 94,919 |  |  |  | $ | 94,919 |  |  | $ | — |  |  | $ | — |
Level 1: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds | 322,874 |  |  | — |  |  | — |  |  | 322,874 |  |  |  | 322,874 |  |  | — |  |  | — |
Marketable securities | 90,000 |  |  | 108,270 |  |  | — |  |  | 198,270 |  |  |  | — |  |  | 198,270 |  |  | — |
U.S. Government bonds | 75,994 |  |  | 7 |  |  | (5) |  |  | 75,996 |  |  |  | — |  |  | — |  |  | 75,996 |
U.S. Treasury bills | 14,431 |  |  | 25 |  |  | — |  |  | 14,456 |  |  |  | — |  |  | — |  |  | 14,456 |
Agency bonds | 996 |  |  | — |  |  | — |  |  | 996 |  |  |  | — |  |  | — |  |  | 996 |
Subtotal | 504,295 |  | 108,302 |  | (5) |  |  | 612,592 |  |  | 322,874 |  | 198,270 |  | 91,448
Level 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Term deposits | 136,480 |  |  | — |  |  | — |  |  | 136,480 |  |  |  | 11,480 |  |  | — |  |  | 125,000 |
Corporate bonds | 122,018 |  |  | 10 |  |  | (63) |  |  | 121,965 |  |  |  | 24,075 |  |  | — |  |  | 97,890 |
Commercial paper | 20,393 |  |  | — |  |  | — |  |  | 20,393 |  |  |  | 1,496 |  |  | — |  |  | 18,897 |
Subtotal | 278,891 |  |  | 10 |  |  | (63) |  |  | 278,838 |  |  |  | 37,051 |  |  | — |  |  | 241,787 |
Total | $ | 878,105 |  |  | $ | 108,312 |  |  | $ | (68) |  |  | $ | 986,349 |  |  |  | $ | 454,844 |  |  | $ | 198,270 |  |  | $ | 333,235 |
As of December 31, 2024, we had $136.7 million of available-for-sale investments with unrealized losses, of which none have been in a continuous unrealized loss position for 12 months or longer. We do not intend to sell the investments and it is not more likely than not that we will be required to sell the investments before recovery of their amortized cost bases.

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- Definition The entire disclosure of cash, cash equivalents, and debt and equity securities, including any unrealized or realized gain (loss). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/320/tableOfContent + Details
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