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CUSTOMER FUNDS

12 Months Ended

Dec. 31, 2024

Investments, Debt and Equity Securities [Abstract]

CUSTOMER FUNDS

INVESTMENTS IN DEBT SECURITIES

The Company's short-term and long-term investments as of December 31, 2024 were as follows (in thousands):

			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
Short-term debt securities:
U.S. agency securities			$	34,454					$	15					$	(1)					$	34,468
Corporate bonds			160,238						248						(96)						160,390
Commercial paper			333						—						—						333
Municipal securities			398						1						—						399
Certificates of deposit			1,051						—						—						1,051
U.S. government securities			206,340						449						(4)						206,785
Total			$	402,814					$	713					$	(101)					$	403,426
Long-term debt securities:
U.S. agency securities			$	49,017					$	23					$	(10)					$	49,030
Corporate bonds			195,035						693						(384)						195,344
Municipal securities			4,592						4						(251)						4,345
U.S. government securities			222,164						1,218						(124)						223,258
Total			$	470,808					$	1,938					$	(769)					$	471,977

The Company's short-term and long-term investments as of December 31, 2023 are 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 December 31, 2024 and 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):

			December 31, 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			$	18,954					$	(1)					$	—					$	—					$	18,954					$	(1)
Corporate bonds			50,905						(93)						1,995						(3)						52,900						(96)
U.S. government securities			—						—						3,994						(4)						3,994						(4)
Total			$	69,859					$	(94)					$	5,989					$	(7)					$	75,848					$	(101)
Long-term debt securities:
U.S. agency securities			$	9,990					$	(10)					$	—					$	—					$	9,990					$	(10)
Corporate bonds			80,550						(384)						—						—						80,550						(384)
Municipal securities			2,848						(128)						363						(123)						3,211						(251)
U.S. government securities			58,681						(124)						—						—						58,681						(124)
Total			$	152,069					$	(646)					$	363					$	(123)					$	152,432					$	(769)

			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 December 31, 2024 were as follows (in thousands):

			Amortized Cost						Fair Value
Due in one year or less			$	402,814					$	403,426
Due in one to five years			470,808						471,977
Total			$	873,622					$	875,403

CUSTOMER FUNDS

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

			December 31, 2024						December 31, 2023
Cash			$	3,195,253					$	2,137,634
Cash equivalents:
Money market funds			4,645						4,042
Reverse repurchase agreement (i)			982,974						1,028,754
Total customer funds			$	4,182,872					$	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 counterparty as cash equivalents due to their short term nature.

The Company does not have any available-for-sale debt securities for which the Company has recorded credit related losses.

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
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Paragraph 6B
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-Name Accounting Standards Codification
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