XML 21 R11.htm IDEA: XBRL DOCUMENT v3.25.1

INVESTMENTS IN DEBT SECURITIES

3 Months Ended

Mar. 31, 2025

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 March 31, 2025 were as follows (in thousands):

			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
Short-term debt securities:
U.S. agency securities			$	31,999					$	1					$	(4)					$	31,996
Corporate bonds			99,096						191						(4)						99,283
Commercial paper			585						—						—						585
Municipal securities			305						—						—						305
Certificates of deposit			1,188						—						—						1,188
U.S. government securities			221,061						424						(1)						221,484
Total			$	354,234					$	616					$	(9)					$	354,841
Long-term debt securities:
U.S. agency securities			$	39,017					$	64					$	—					$	39,081
Corporate bonds			72,364						340						(27)						72,677
Municipal securities			4,445						29						(161)						4,313
U.S. government securities			156,181						1,388						(26)						157,543
Total			$	272,007					$	1,821					$	(214)					$	273,614

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 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 March 31, 2025 and December 31, 2024, aggregated by investment category and the length of time that individual securities have been in a continuous loss position were as follows (in thousands):

			March 31, 2025
			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			$	18,987					$	(4)					$	—					$	—					$	18,987					$	(4)
Corporate bonds			16,803						(3)						1,000						(1)						17,803						(4)
U.S. government securities			47,643						(1)						—						—						47,643						(1)
Total			$	83,433					$	(8)					$	1,000					$	(1)					$	84,433					$	(9)
Long-term debt securities:
Corporate bonds			$	15,279					$	(27)					$	—					$	—					$	15,279					$	(27)
Municipal securities			1,853						(58)						360						(103)						2,213						(161)
U.S. government securities			10,166						(26)						—						—						10,166						(26)
Total			$	27,298					$	(111)					$	360					$	(103)					$	27,658					$	(214)

			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)

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 March 31, 2025 were as follows (in thousands):

			Amortized Cost						Fair Value
Due in one year or less			$	354,234					$	354,841
Due in one to five years			272,007						273,614
Total			$	626,241					$	628,455

CUSTOMER FUNDS

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

			March 31, 2025						December 31, 2024
Cash			$	4,311,673					$	3,195,253
Cash equivalents:
Money market funds			4,645						4,645
Reverse repurchase agreement (i)			932,412						982,974
Total customer funds			$	5,248,730					$	4,182,872

(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 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.

X

- References

No definition available.

+ Details

Name:	us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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
-Publisher FASB
-URI https://asc.fasb.org/320/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-10

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6B

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 320
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/942-320/tableOfContent

+ Details

Name:	us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration