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INVESTMENTS IN DEBT SECURITIES

9 Months Ended

Sep. 30, 2024

Investments, Debt and Equity Securities [Abstract]

INVESTMENTS IN DEBT SECURITIES

INVESTMENTS IN DEBT SECURITIES

The Company's short-term and long-term investments as of September 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			$	33,760					$	42					$	(30)					$	33,772
Corporate bonds			136,975						501						(12)						137,464
Commercial paper			598						—						—						598
Municipal securities			92						—						—						92
Certificates of deposit			738						—						—						738
U.S. government securities			331,708						707						(93)						332,322
Total			$	503,871					$	1,250					$	(135)					$	504,986
Long-term debt securities:
U.S. agency securities			$	39,017					$	22					$	(5)					$	39,034
Corporate bonds			185,156						1,691						(62)						186,785
Municipal securities			3,462						65						(128)						3,399
Certificates of deposit			515						—						—						515
U.S. government securities			199,235						3,212						(4)						202,443
Total			$	427,385					$	4,990					$	(199)					$	432,176

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 September 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):

			September 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			$	5,000					$	—					$	3,970					$	(30)					$	8,970					$	(30)
Corporate bonds			10,420						(3)						4,620						(9)						15,040						(12)
U.S. government securities			25,139						(7)						39,912						(86)						65,051						(93)
Total			$	40,559					$	(10)					$	48,502					$	(125)					$	89,061					$	(135)
Long-term debt securities:
U.S. agency securities			$	13,995					$	(5)					$	—					$	—					$	13,995					$	(5)
Corporate bonds			25,116						(62)						—						—						25,116						(62)
Municipal securities			1,460						(30)						388						(98)						1,848						(128)
U.S. government securities			4,618						(4)						—						—						4,618						(4)
Total			$	45,189					$	(101)					$	388					$	(98)					$	45,577					$	(199)

			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 September 30, 2024 were as follows (in thousands):

			Amortized Cost						Fair Value
Due in one year or less			$	503,871					$	504,986
Due in one to five years			427,385						432,176
Total			$	931,256					$	937,162

CUSTOMER FUNDS

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

			September 30, 2024						December 31, 2023
Cash			$	3,028,494					$	2,137,634
Cash equivalents:
Money market funds			4,645						4,042
Reverse repurchase agreement (i)			900,646						1,028,754
Total customer funds			$	3,933,785					$	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

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-Topic 940
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