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Cash, Cash Equivalents and Short-Term Investments | 6 Months Ended
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Jun. 30, 2025
Cash and Cash Equivalents [Abstract] |
Cash, Cash Equivalents and Short-Term Investments | Cash, Cash Equivalents and Short-Term Investments The amortized cost, unrealized gains and losses and estimated fair value of the Company's cash, cash equivalents and short-term investments as of June 30, 2025 and December 31, 2024 consisted of the following:
| As of June 30, 2025
| Amortized Cost |  | Unrealized Gain |  | Unrealized Loss |  | Estimated Fair Value
Cash | $ | 110.6 |  |  | $ | — |  |  | $ | — |  |  | $ | 110.6 |
Cash equivalents |  |  |  |  |  |  |
Money market funds | 625.7 |  | — |  |  | — |  |  | 625.7
Total cash & cash equivalents | $ | 736.3 |  |  | $ | — |  |  | $ | — |  |  | $ | 736.3 |
Short-term investments |  |  |  |  |  |  |
Corporate notes and obligations | 101.4 |  | 0.1 |  |  | (1.6) |  |  | 99.9
U.S. Treasury securities | 85.0 |  | 0.1 |  |  | (1.3) |  |  | 83.8
Municipal securities | 21.1 |  | — |  |  | (0.3) |  |  | 20.8
Asset backed securities | 8.6 |  | — |  |  | (0.2) |  |  | 8.4
U.S. agency obligations | 3.8 |  |  | — |  |  | (0.1) |  |  | 3.7 |
Supranational securities | 1.8 |  |  | — |  |  | — |  |  | 1.8 |
Total short-term investments | 221.7 |  |  | 0.2 |  |  | (3.5) |  |  | 218.4 |
Total | $ | 958.0 |  |  | $ | 0.2 |  |  | $ | (3.5) |  |  | $ | 954.7 |
| As of December 31, 2024
| Amortized Cost |  | Unrealized Gain |  | Unrealized Loss |  | Estimated Fair Value
Cash | $ | 98.3 |  |  | $ | — |  |  | $ | — |  |  | $ | 98.3 |
Cash equivalents |  |  |  |  |  |  |
Money market funds | 1,230.0 |  |  | — |  |  | — |  |  | 1,230.0 |
Total cash & cash equivalents | $ | 1,328.3 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,328.3 |
Short-term investments |  |  |  |  |  |  |
Corporate notes and obligations | 133.1 |  |  | 0.2 |  |  | (3.3) |  |  | 130.0 |
U.S. Treasury securities | 85.0 |  |  | — |  |  | (2.6) |  |  | 82.4 |
Municipal securities | 30.0 |  |  | — |  |  | (0.7) |  |  | 29.3 |
Asset backed securities | 19.2 |  |  | — |  |  | (0.3) |  |  | 18.9 |
U.S. agency obligations | 3.8 |  |  | — |  |  | (0.2) |  |  | 3.6 |
Supranational securities | 1.8 |  |  | — |  |  | (0.1) |  |  | 1.7 |
Total short-term investments | 272.9 |  |  | 0.2 |  |  | (7.2) |  |  | 265.9 |
Total | $ | 1,601.2 |  |  | $ | 0.2 |  |  | $ | (7.2) |  |  | $ | 1,594.2 |
Included in cash and cash equivalents is cash in transit from payment processors for credit and debit card transactions of $15.0 million and $9.9 million as of June 30, 2025 and December 31, 2024, respectively. All short-term investments were designated as available-for-sale securities as of June 30, 2025 and December 31, 2024. The following table presents the contractual maturities of the Company’s short-term investments as of June 30, 2025:
| As of June 30, 2025
| Amortized Cost |  | Estimated Fair Value
Due within one year | $ | 143.6 |  |  | $ | 141.6 |
Due between one to three years | 71.5 |  |  | 70.3 |
Due after three years | 6.6 |  |  | 6.5 |
Total | $ | 221.7 |  |  | $ | 218.4 |
The Company had 123 short-term investments in unrealized loss positions as of June 30, 2025. There were no material gains or losses from short-term investments that were reclassified out of accumulated other comprehensive loss for the three and six months ended June 30, 2025 or three and six months ended June 30, 2024. As of June 30, 2025, the Company’s short-term investments portfolio consisted of six security types, five of which were in an unrealized loss position. The Company’s short-term investments had unrealized losses of approximately $3.5 million as of June 30, 2025. The following tables present the breakdown of the short-term investments that have been in a continuous unrealized loss position aggregated by investment category, as of June 30, 2025 and December 31, 2024:
| As of June 30, 2025
| Less than 12 months |  | More than 12 months |  | Total
| Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
Corporate notes and obligations | $ | 1.9 |  |  | $ | — |  |  | $ | 75.9 |  |  | $ | (1.6) |  |  | $ | 77.8 |  |  | $ | (1.6) |
U.S. Treasury securities | — |  |  | — |  |  | 67.0 |  |  | (1.3) |  |  | 67.0 |  |  | (1.3) |
Municipal securities | 6.1 |  |  | (0.1) |  |  | 14.6 |  |  | (0.2) |  |  | 20.7 |  |  | (0.3) |
Asset backed securities | — |  |  | — |  |  | 6.2 |  |  | (0.2) |  |  | 6.2 |  |  | (0.2) |
U.S. agency obligations | — |  |  | — |  |  | 3.7 |  |  | (0.1) |  |  | 3.7 |  |  | (0.1) |
Total | $ | 8.0 |  |  | $ | (0.1) |  |  | $ | 167.4 |  |  | $ | (3.4) |  |  | $ | 175.4 |  |  | $ | (3.5) |
| As of December 31, 2024
| Less than 12 months |  | More than 12 months |  | Total
| Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
Corporate notes and obligations | $ | 1.9 |  |  | $ | — |  |  | $ | 103.8 |  |  | $ | (3.3) |  |  | $ | 105.7 |  |  | $ | (3.3) |
U.S. Treasury securities | 9.0 |  |  | (0.1) |  |  | 65.7 |  |  | (2.5) |  |  | 74.7 |  |  | (2.6) |
Municipal securities | 6.0 |  |  | (0.1) |  |  | 23.1 |  |  | (0.6) |  |  | 29.1 |  |  | (0.7) |
Asset backed securities | — |  |  | — |  |  | 16.0 |  |  | (0.3) |  |  | 16.0 |  |  | (0.3) |
U.S. agency obligations | — |  |  | — |  |  | 3.6 |  |  | (0.2) |  |  | 3.6 |  |  | (0.2) |
Supranational securities | — |  |  | — |  |  | 1.7 |  |  | (0.1) |  |  | 1.7 |  |  | (0.1) |
Total | $ | 16.9 |  |  | $ | (0.2) |  |  | $ | 213.9 |  |  | $ | (7.0) |  |  | $ | 230.8 |  |  | $ | (7.2) |
Unrealized losses on short-term investments have not been recorded into income because management does not intend to sell nor will it be required to sell these securities prior to their anticipated recovery, and for which the decline in fair value is largely due to changes in interest rates. The credit ratings associated with the corporate notes and obligations are mostly unchanged, are highly rated and the issuers continue to make timely principal and interest payments. The Company recorded interest income from its cash, cash equivalents, and short-term investments of $8.7 million and $21.4 million during the three and six months ended June 30, 2025, and $9.5 million and $21.5 million during the three and six months ended June 30, 2024, respectively.

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- Definition The entire disclosure of cash, cash equivalent, and short-term investment. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/320/tableOfContent + Details
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