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INVESTMENTS IN DEBT SECURITIES

12 Months Ended

Dec. 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 in debt securities as of December 31, 2025 and December 31, 2024 were as follows (in thousands):

			December 31, 2025
			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
Short-term debt securities:
U.S. agency securities			$	19,017					$	18					$	—					$	19,035
Corporate bonds			58,954						165						—						59,119
Commercial paper			92,655						—						—						92,655
Municipal securities			130						—						—						130
Certificates of deposit			2,211						—						—						2,211
U.S. government securities			343,923						707						(3)						344,627
Total			$	516,890					$	890					$	(3)					$	517,777
Long-term debt securities:
Corporate bonds			$	81,332					$	139					$	(2)					$	81,469
Municipal securities			7,167						28						(244)						6,951
U.S. government securities			99,981						486						—						100,467
Total			$	188,480					$	653					$	(246)					$	188,887

			December 31, 2024
			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 December 31, 2025 and 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):

			December 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			$	17					$	—					$	—					$	—					$	17					$	—
Corporate bonds			3,508						—						—						—						3,508						—
U.S. government securities			11,998						(3)						—						—						11,998						(3)
Total			$	15,523					$	(3)					$	—					$	—					$	15,523					$	(3)
Long-term debt securities:
Corporate bonds			$	4,539					$	(2)					$	—					$	—					$	4,539					$	(2)
Municipal securities			3,274						(98)						1,235						(146)						4,509						(244)
Total			$	7,813					$	(100)					$	1,235					$	(146)					$	9,048					$	(246)

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

			Amortized Cost						Fair Value
Due in one year or less			$	516,890					$	517,777
Due after one year to five years			181,313						181,936
Due after five years			7,167						6,951
Total			$	705,370					$	706,664

CUSTOMER FUNDS

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

			December 31, 2025						December 31, 2024
Cash			$	3,663,727					$	3,195,253
Cash equivalents:
Money market funds			—						4,645
Reverse repurchase agreement (i)			1,108,097						982,974
Total customer funds			$	4,771,824					$	4,182,872

(i) The Company has accounted for the reverse repurchase agreement with a third party 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 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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-Name Accounting Standards Codification
-Publisher FASB
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-Name Regulation S-K (SK)
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-Section 1403
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