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Note 9 - Cash, Cash Equivalents, Investments and Restricted Cash | 9 Months Ended
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Sep. 30, 2025
Notes to Financial Statements |
Financial Instruments Disclosure [Text Block] | 9. CASH, CASH EQUIVALENTS, INVESTMENTS AND RESTRICTED CASH The following is a summary of the Company’s cash, cash equivalents and debt investments (in thousands):
|  | September 30, |  | December 31,
|  | 2025 |  | 2024
Cash |  | $ | 580,992 |  |  | $ | 679,949 |
Money market funds |  |  | 500,259 |  |  |  | 11,867 |
Certificates of deposit |  |  | 154,489 |  |  |  | 164,418 |
U.S. treasuries and government agency bonds |  |  | 33,249 |  |  |  | - |
Auction-rate securities backed by student-loan notes |  |  | 74 |  |  |  | 148 |
Corporate debt securities |  |  | - |  |  |  | 6,712 |
Total |  | $ | 1,269,063 |  |  | $ | 863,094 |
|  | September 30, |  | December 31,
|  | 2025 |  | 2024
Reported as: |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 1,081,251 |  |  | $ | 691,816 |
Investment within short-term investments |  |  | 187,738 |  |  |  | 171,130 |
Investment within other long-term assets |  |  | 74 |  |  |  | 148 |
Total |  | $ | 1,269,063 |  |  | $ | 863,094 |
The following table summarizes the contractual maturities of the short-term and long-term available-for-sale investments as of September 30, 2025 (in thousands):
|  | Amortized Cost |  | Fair Value
Due in less than 1 year |  | $ | 89,419 |  |  | $ | 89,427 |
Due in 1 - 5 years |  |  | 98,311 |  |  |  | 98,311 |
Due in greater than 5 years |  |  | 75 |  |  |  | 74 |
Total |  | $ | 187,805 |  |  | $ | 187,812 |
Gross realized gains and losses recognized on the sales of available-for-sale investments were not material for the periods presented. The following tables summarize the unrealized gain and loss positions related to the available-for-sale investments (in thousands):
|  | September 30, 2025
|  | Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value
Money market funds |  | $ | 500,259 |  |  | $ | - |  |  | $ | - |  |  | $ | 500,259 |
Certificates of deposit |  |  | 154,489 |  |  |  | - |  |  |  | - |  |  |  | 154,489 |
U.S. treasuries and government agency bonds |  |  | 33,241 |  |  |  | 8 |  |  |  | - |  |  |  | 33,249 |
Auction-rate securities backed by student-loan notes |  |  | 75 |  |  |  | - |  |  |  | (1 | ) |  |  | 74 |
Total |  | $ | 688,064 |  |  | $ | 8 |  |  | $ | (1 | ) |  | $ | 688,071 |
|  | December 31, 2024
|  | Amortized Cost |  | Unrealized Losses |  | Fair Value
Money market funds |  | $ | 11,867 |  |  | $ | - |  |  | $ | 11,867 |
Certificates of deposit |  |  | 164,418 |  |  |  | - |  |  |  | 164,418 |
Corporate debt securities |  |  | 6,779 |  |  |  | (67 | ) |  |  | 6,712 |
Auction-rate securities backed by student-loan notes |  |  | 150 |  |  |  | (2 | ) |  |  | 148 |
Total |  | $ | 183,214 |  |  | $ | (69 | ) |  | $ | 183,145 |
The following tables present information about the available-for-sale investments that had been in a continuous unrealized loss position for greater than 12 months (in thousands):
|  | September 30, 2025
|  | Greater than 12 Months
|  | Fair Value |  | Unrealized Losses
Auction-rate securities backed by student-loan notes |  | $ | 74 |  |  | $ | (1 | )
Total |  | $ | 74 |  |  | $ | (1 | )
|  | December 31, 2024
|  | Greater than 12 Months
|  | Fair Value |  | Unrealized Losses
Corporate debt securities |  | $ | 6,712 |  |  | $ | (67 | )
Auction-rate securities backed by student-loan notes |  |  | 148 |  |  |  | (2 | )
Total |  | $ | 6,860 |  |  | $ | (69 | )
An impairment exists when the fair value of an investment is less than its amortized cost basis. As of September 30, 2025 and December 31, 2024, the Company did not consider the impairment of its investments to be a result of credit losses. The Company typically invests in highly rated securities, with the primary objective of minimizing the potential risk of principal loss. The Company’s investment policy generally requires securities to be investment grade and limits the amount of credit exposure to any one issuer. When evaluating a debt security for impairment, management reviews factors such as the Company’s intent to sell, or whether it will more likely than not be required to sell, the security before recovery of its amortized cost basis, the extent to which the fair value of the security is less than its cost, the financial condition of the issuer and the credit quality of the investment. Restricted Cash The following table provides a reconciliation of cash, cash equivalents and restricted cash reported on the Condensed Consolidated Balance Sheets to the amounts reported on the Condensed Consolidated Statements of Cash Flows (in thousands):
|  | September 30, |  | December 31,
|  | 2025 |  | 2024
Cash and cash equivalents |  | $ | 1,081,251 |  |  | $ | 691,816 |
Restricted cash included in other long-term assets |  |  | 142 |  |  |  | 125 |
Total cash, cash equivalents and restricted cash reported on the Condensed Consolidated Statements of Cash Flows |  | $ | 1,081,393 |  |  | $ | 691,941 |

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- Definition The entire disclosure for financial instruments. This disclosure includes, but is not limited to, fair value measurements of short and long term marketable securities, international currencies forward contracts, and auction rate securities. Financial instruments may include hedging and non-hedging currency exchange instruments, derivatives, securitizations and securities available for sale at fair value. Also included are investment results, realized and unrealized gains and losses as well as impairments and risk management disclosures. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/825/tableOfContent + Details
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