Fair Value Measurements

3 Months Ended

Mar. 31, 2025

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The carrying value of our cash and cash equivalents, restricted cash, accounts receivable and accounts payable approximate fair value because of their short-term nature.

The following tables show our cash, cash equivalents, and debt investments by significant investment category as of March 31, 2025 and December 31, 2024:


	March 31, 2025
	Adjusted cost		Unrealized Gains		Unrealized Losses		Fair Value		Cash and Cash Equivalents		Current Investments		Long-term Investments
Cash	$	87,596	$	-	$	-	$	87,596	$	87,596	$	-	$	-
Level 1
Money market funds	559,835		-		-		559,835		559,835		-		-
Time deposits	78,166		-		-		78,166		78,166		-		-
U.S. Treasury securities	1,248,831		5,471		27		1,254,275		-		636,185		612,646
Corporate debt securities	48,290		109		-		48,399		-		48,290		-
Subtotal	1,935,122		5,580		27		1,940,675		638,001		684,475		612,646
Level 3
Corporate debt security(1)	16,001		-		205		15,796		-		2,400		13,601
Notes receivable(2)	3,806		250		-		4,056		-		2,250		1,806
Subtotal	19,807		250		205		19,852		-		4,650		15,407
Total	$	2,042,525	$	5,830	$	232	$	2,048,123	$	725,597	$	689,125	$	628,053


	December 31, 2024
	Adjusted cost		Unrealized Gains		Unrealized Losses		Fair Value		Cash and Cash Equivalents		Current Investments		Long-term Investments
Cash	$	95,969	$	-	$	-	$	95,969	$	95,969	$	-	$	-
Level 1
Money market funds	574,689		-		-		574,689		574,689		-		-
Time deposits	77,879		-		-		77,879		77,879		-		-
U.S. Treasury securities	1,404,777		4,831		693		1,408,915		-		635,392		769,385
Corporate debt securities	48,210		116		-		48,326		-		34,736		13,474
Subtotal	2,105,555		4,947		693		2,109,809		652,568		670,128		782,859
Level 3
Corporate debt security(1)	16,401		11		-		16,412		-		2,000		14,401
Notes receivable(2)	3,763		250		-		4,013		-		2,250		1,763
Subtotal	20,164		261		-		20,425		-		4,250		16,164
Total	$	2,221,688	$	5,208	$	693	$	2,226,203	$	748,537	$	674,378	$	799,023

(1)The fair value of the corporate debt security is measured using Level 3 (unobservable) inputs. We determined the fair value for the corporate debt security using an internally-developed valuation model and unobservable inputs include credit and liquidity spreads and effective maturity.

(2)We have elected to measure our investment in convertible notes receivable of private companies at fair value under the fair value option. The fair value of the notes receivable are measured using Level 3 (unobservable) inputs. We determined the fair value for the notes receivable using an internally-developed valuation model and unobservable inputs include estimates of the equity value of the underlying business and the timing and probability of future financing events.

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

Assets recognized or disclosed at fair value on the condensed consolidated financial statements on a nonrecurring basis include items such as leasehold improvements, property and equipment, certain long-term investments, operating lease assets, other assets, and goodwill. These assets are measured at fair value whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable or if there has been an observable price change of a non-marketable equity security.

For the three months ended March 31, 2025 and 2024, nonrecurring fair value measurements resulting in asset impairments were not material.