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CUSTOMER FUNDS

6 Months Ended

Jun. 30, 2024

Investments, Debt and Equity Securities [Abstract]

CUSTOMER FUNDS

INVESTMENTS IN DEBT SECURITIES

The Company's short-term and long-term investments as of June 30, 2024 were as follows (in thousands):

			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
Short-term debt securities:
U.S. agency securities			$	38,887					$	—					$	(167)					$	38,720
Corporate bonds			119,358						40						(273)						119,125
Commercial paper			1,255						—						—						1,255
Municipal securities			9,478						—						(30)						9,448
Certificates of deposit			1,238						—						—						1,238
U.S. government securities			489,200						9						(994)						488,215
Total			$	659,416					$	49					$	(1,464)					$	658,001
Long-term debt securities:
U.S. agency securities			$	17					$	—					$	—					$	17
Corporate bonds			142,220						126						(328)						142,018
Municipal securities			3,480						18						(175)						3,323
U.S. government securities			216,242						245						(88)						216,399
Total			$	361,959					$	389					$	(591)					$	361,757

The Company's short-term and long-term investments as of December 31, 2023 were as follows (in thousands):

			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
Short-term debt securities:
U.S. agency securities			$	68,778					$	—					$	(1,263)					$	67,515
Corporate bonds			216,864						96						(1,733)						215,227
Commercial paper			15,159						—						—						15,159
Municipal securities			9,396						—						(231)						9,165
Certificates of deposit			3,856						—						—						3,856
U.S. government securities			544,145						210						(4,357)						539,998
Foreign government securities			1,000						—						(19)						981
Total			$	859,198					$	306					$	(7,603)					$	851,901
Long-term debt securities:
Corporate bonds			$	94,564					$	809					$	(45)					$	95,328
Municipal securities			2,495						55						(138)						2,412
U.S. government securities			152,549						875						(37)						153,387
Total			$	249,608					$	1,739					$	(220)					$	251,127

The amortized cost of investments classified as cash equivalents approximated the fair value due to the short-term nature of the investments.

The Company's gross unrealized losses and fair values for those investments that were in an unrealized loss position as of June 30, 2024 and December 31, 2023, aggregated by investment category and the length of time that individual securities have been in a continuous loss position were as follows (in thousands):

			June 30, 2024
			Less than 12 Months												Greater than 12 Months												Total
			Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses
Short-term debt securities:
U.S. agency securities			$	10,885					$	(3)					$	27,836					$	(164)					$	38,721					$	(167)
Corporate bonds			72,368						(104)						21,276						(169)						93,644						(273)
Municipal securities			91						—						9,357						(30)						9,448						(30)
U.S. government securities			268,909						(106)						99,838						(888)						368,747						(994)
Total			$	352,253					$	(213)					$	158,307					$	(1,251)					$	510,560					$	(1,464)
Long-term debt securities:
Corporate bonds			$	96,228					$	(316)					$	979					$	(12)					$	97,207					$	(328)
Municipal securities			1,452						(38)						854						(137)						2,306						(175)
U.S. government securities			42,152						(88)						—						—						42,152						(88)
Total			$	139,832					$	(442)					$	1,833					$	(149)					$	141,665					$	(591)

			December 31, 2023
			Less than 12 Months												Greater than 12 Months												Total
			Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses
Short-term debt securities:
U.S. agency securities			$	9,770					$	(10)					$	57,745					$	(1,253)					$	67,515					$	(1,263)
Corporate bonds			61,054						(60)						110,706						(1,673)						171,760						(1,733)
Municipal securities			—						—						9,165						(231)						9,165						(231)
U.S. government securities			80,724						(113)						207,183						(4,243)						287,907						(4,356)
Foreign government securities			—						—						981						(19)						981						(19)
Total			$	151,548					$	(183)					$	385,780					$	(7,419)					$	537,328					$	(7,602)
Long-term debt securities:
Corporate bonds			$	11,819					$	(31)					$	2,274					$	(14)					$	14,093					$	(45)
Municipal securities			976						(24)						383						(112)						1,359						(136)
U.S. government securities			28,474						(37)						—						—						28,474						(37)
Total			$	41,269					$	(92)					$	2,657					$	(126)					$	43,926					$	(218)

The Company does not intend to sell nor anticipate that it will be required to sell these securities before recovery of the amortized cost basis. Unrealized losses on available-for-sale debt securities were determined not to be related to credit related losses, therefore, an allowance for credit losses is not required.

The contractual maturities of the Company's short-term and long-term investments as of June 30, 2024 were as follows (in thousands):

			Amortized Cost						Fair Value
Due in one year or less			$	659,416					$	658,001
Due in one to five years			361,959						361,757
Total			$	1,021,375					$	1,019,758

CUSTOMER FUNDS

The following table presents the assets underlying customer funds (in thousands):

			June 30, 2024						December 31, 2023
Cash			$	2,036,394					$	2,137,634
Cash equivalents:
Money market funds			4,645						4,042
Reverse repurchase agreement (i)			1,509,674						1,028,754
Total customer funds			$	3,550,713					$	3,170,430

(i) The Company has accounted for the reverse repurchase agreement with various third parties as an overnight lending arrangement, collateralized by the securities subject to the repurchase agreement. The Company classifies the amounts due from the counterparties as cash equivalents due to their short-term nature.

The amortized cost of investments classified as cash equivalents approximated the fair value due to the short-term nature of the investments.

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- Definition

The entire disclosure for investments in certain debt and equity securities.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 940
-SubTopic 320
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/940-320/tableOfContent

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-K (SK)
-Number 229
-Section 1403
-Paragraph b
-Publisher SEC

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-10

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Paragraph 6B
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6B

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-Name Accounting Standards Codification
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