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Financial Instruments | 9 Months Ended
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Sep. 30, 2025
Investments, All Other Investments [Abstract] |
Financial Instruments | Financial Instruments The following table presents our financial instruments:
|  | September 30, 2025 |  | December 31, 2024
Cash and cash equivalents |  | $ | 834,101 |  |  | $ | 744,721 |
Available-for-sale investments |  | 139,159 |  |  | 34,015 |
Equity investment |  | 10,000 |  |  | 10,000 |
Total |  | $ | 983,260 |  |  | $ | 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 September 30, 2025 and December 31, 2024, we have an accrued interest receivable balance of approximately $794,000 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 nine months ended September 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:
| September 30, 2025 |  | December 31, 2024
Amortized cost | $ | 139,233 |  |  | $ | 34,225 |
Unrealized gains | 72 |  |  | 3 |
Unrealized losses | (146) |  |  | (213) |
Estimated fair value | $ | 139,159 |  |  | $ | 34,015 |
As of September 30, 2025, we have $116.7 million of available-for-sale debt securities with contractual maturities of one year or less and $22.5 million with contractual maturities greater than one year. As of September 30, 2025, 27 available-for-sale securities with a fair value of $23.1 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 September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Proceeds from sales and maturities | $ | 42,023 |  |  | $ | 1,349 |  |  | $ | 76,307 |  |  | $ | 7,700 |
Realized gains on sales, net of tax | — |  |  | 1 |  |  | — |  |  | 1 |
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.

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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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- References No definition available. + Details
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