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Financial Instruments
 6 Months Ended
Jun. 30, 2025
Investments, All Other Investments [Abstract]  
Financial Instruments Financial Instruments
The following table presents our financial instruments:
June 30, 2025December 31, 2024
Cash and cash equivalents$787,447 $744,721 
Available-for-sale investments107,893 34,015 
Equity investment
10,000 10,000 
Total$905,340 $788,736 
Cash and cash equivalents consist primarily of money market funds with original maturity dates of three months or less, for which we determine fair value through quoted market prices.
Our investment portfolio is classified as available-for-sale in order to have the flexibility to buy and sell investments and maximize cash liquidity. Our available-for-sale investments primarily consist of investment grade corporate bonds, U.S. Treasuries, and asset-backed securities with maturity dates through 2027. These investments are presented at fair value and are included in short-term investments and non-current investments in the accompanying condensed consolidated balance sheets. Unrealized gains or losses associated with the investments are included in accumulated other comprehensive income (loss), net of tax in the accompanying condensed consolidated balance sheets and other comprehensive income (loss), net of tax in the statements of comprehensive income. For our available-for-sale investments, we do not have the intent to sell, nor is it more likely than not that we would be required to sell before recovery of their cost basis.
As of June 30, 2025 and December 31, 2024, we have an accrued interest receivable balance of approximately $860,000 and $227,000, respectively, which is included in accounts receivable, net. We do not measure an allowance for credit losses for accrued interest receivables. We record any losses within the maturity period or at the time of sale of the investment, and any write-offs to accrued interest receivables are recorded as reductions to interest income in the period of the loss. During the three and six months ended June 30, 2025, we have recorded no losses for accrued interest receivables. Interest income and amortization of discounts and premiums are included in other income, net in the accompanying condensed consolidated statements of income.
The following table presents the components of our available-for-sale investments:
June 30, 2025December 31, 2024
Amortized cost$108,047 $34,225 
Unrealized gains12 3 
Unrealized losses(166)(213)
Estimated fair value$107,893 $34,015 
As of June 30, 2025, we have $104.9 million of available-for-sale debt securities with contractual maturities of one year or less and $3.0 million with contractual maturities greater than one year. As of June 30, 2025, 59 available-for-sale securities with a fair value of $57.8 million have been in a loss position for one year or less and three securities with a fair value of $5.1 million have been in a loss position for greater than one year.
The following table presents the activity on our available-for-sale investments:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Proceeds from sales and maturities$32,528 $3,080 $34,284 $6,351 
Realized gains on sales, net of tax1 — — — 
Our equity investment consists of an 18% interest in BFTR, LLC, a wholly owned subsidiary of Bison Capital Partners V L.P. BFTR, LLC is a privately held Australian company specializing in digitizing the spoken word in court and legal proceedings. The investment in common stock is carried at cost less any impairment write-downs because we do not have the ability to exercise significant influence over the investee and the securities do not have readily determinable fair values.