XML 35 R14.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Cash, Cash Equivalents, and Investments | 12 Months Ended
--- | ---
Dec. 31, 2024
Cash and Cash Equivalents [Abstract] |
Cash, Cash Equivalents, and Investments | Cash, Cash Equivalents, and Investments Cash, cash equivalents, and investments consisted of the following (in thousands):
| December 31,
| 2024 |  | 2023
Cash | $ | 170,852 |  |  | $ | 183,242 |
Money market instruments | 15,242 |  |  | 19,413 |
Cash and cash equivalents | 186,094 |  |  | 202,655 |
Corporate bonds | 55,742 |  |  | 124,851 |
Treasury notes | 2,487 |  |  | — |
Sovereign bonds | 990 |  |  | 990 |
Asset-backed securities | 737 |  |  | 3,551 |
Current investments | 59,956 |  |  | 129,392 |
Corporate bonds | 285,174 |  |  | 183,965 |
Treasury notes | 43,147 |  |  | 43,523 |
Asset-backed securities | 12,577 |  |  | 15,763 |
Sovereign bonds | — |  |  | 979 |
Non-current investments | 340,898 |  |  | 244,230 |
| $ | 586,948 |  |  | $ | 576,277 |
Corporate bonds consist of debt securities issued by both domestic and foreign companies; treasury notes consist of debt securities issued by the U.S. government; sovereign bonds consist of direct debt issued by foreign governments; and asset-backed securities consist of debt securities collateralized by pools of receivables or loans with credit enhancement. All of the Company's securities as of December 31, 2024 and 2023 were denominated in U.S. Dollars. The Company’s cash balance included foreign bank balances totaling $156,027,000 and $173,614,000 as of December 31, 2024 and 2023, respectively. Accrued interest receivable is included in "Prepaid expenses and other current assets" on the Consolidated Balance Sheets and amounted to $4,144,000 and $3,169,000 as of December 31, 2024 and 2023, respectively. The following table summarizes the Company’s available-for-sale investments as of December 31, 2024 (in thousands):
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |
Current: |  |  |  |  |  |  |  |
Corporate bonds | $ | 56,472 |  |  | $ | 3 |  |  | $ | (733) |  |  | $ | 55,742 |  |
Treasury notes | 2,501 |  |  | — |  |  | (14) |  |  | 2,487 |  |
Sovereign bonds | 1,013 |  |  | — |  |  | (23) |  |  | 990 |  |
Asset-backed securities | 739 |  |  | — |  |  | (2) |  |  | 737 |  |
Non-current: |  |  |  |  |  |  |  |
Corporate bonds | 288,332 |  |  | 408 |  |  | (3,566) |  |  | 285,174 |  |
Treasury notes | 43,570 |  |  | 2 |  |  | (425) |  |  | 43,147 |  |
Asset-backed securities | 13,131 |  |  | — |  |  | (554) |  |  | 12,577 |  |
| $ | 405,758 |  |  | $ | 413 |  |  | $ | (5,317) |  |  | $ | 400,854 |  |
The following table summarizes the Company’s available-for-sale investments as of December 31, 2023 (in thousands):
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |
Current: |  |  |  |  |  |  |  |
Corporate bonds | $ | 128,150 |  |  | $ | — |  |  | $ | (3,299) |  |  | $ | 124,851 |  |
Asset-backed securities | 3,637 |  |  | — |  |  | (86) |  |  | 3,551 |  |
Sovereign bonds | 1,012 |  |  | — |  |  | (22) |  |  | 990 |  |
Non-current: |  |  |  |  |  |  |  |
Corporate bonds | 189,326 |  |  | 506 |  |  | (5,867) |  |  | 183,965 |  |
Treasury notes | 43,654 |  |  | 82 |  |  | (213) |  |  | 43,523 |  |
Asset-backed securities | 16,773 |  |  | — |  |  | (1,010) |  |  | 15,763 |  |
Sovereign bonds | 1,037 |  |  | — |  |  | (58) |  |  | 979 |  |
| $ | 383,589 |  |  | $ | 588 |  |  | $ | (10,555) |  |  | $ | 373,622 |  |
The following table summarizes the Company’s gross unrealized losses and fair values for available-for-sale investments in an unrealized loss position as of December 31, 2024 (in thousands):
| Unrealized Loss Position For Less than 12 Months |  | Unrealized Loss Position For Greater than 12 Months |  | Total
| Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
Corporate bonds | $ | 172,049 |  |  | $ | (2,227) |  |  | $ | 87,815 |  |  | $ | (2,071) |  |  | $ | 259,864 |  |  | $ | (4,298) |
Treasury notes | 42,149 |  |  | (425) |  |  | 2,487 |  |  | (14) |  |  | 44,636 |  |  | (439) |
Asset-backed securities | 11,024 |  |  | (547) |  |  | 2,290 |  |  | (10) |  |  | 13,314 |  |  | (557) |
Sovereign bonds | — |  |  | — |  |  | 990 |  |  | (23) |  |  | 990 |  |  | (23) |
| $ | 225,222 |  |  | $ | (3,199) |  |  | $ | 93,582 |  |  | $ | (2,118) |  |  | $ | 318,804 |  |  | $ | (5,317) |
The following table summarizes the Company’s gross unrealized losses and fair values for available-for-sale investments in an unrealized loss position as of December 31, 2023 (in thousands):
| Unrealized Loss Position For Less than 12 Months |  | Unrealized Loss Position For Greater than 12 Months |  | Total
| Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
Corporate bonds | $ | 30,770 |  |  | $ | (359) |  |  | $ | 226,643 |  |  | $ | (8,807) |  |  | $ | 257,413 |  |  | $ | (9,166) |
Treasury notes | 20,725 |  |  | (153) |  |  | 2,441 |  |  | (60) |  |  | 23,166 |  |  | (213) |
Asset-backed securities | 17,062 |  |  | (1,049) |  |  | 2,252 |  |  | (47) |  |  | 19,314 |  |  | (1,096) |
Sovereign bonds | — |  |  | — |  |  | 1,968 |  |  | (80) |  |  | 1,968 |  |  | (80) |
| $ | 68,557 |  |  | $ | (1,561) |  |  | $ | 233,304 |  |  | $ | (8,994) |  |  | $ | 301,861 |  |  | $ | (10,555) |
Management monitors debt securities that are in an unrealized loss position to determine whether a loss exists related to the credit quality of the issuer. When developing an estimate of expected credit losses, management considers all relevant information including historical experience, current conditions, and reasonable forecasts of expected future cash flows. Based on this evaluation, no allowance for credit losses on debt securities was recorded as of December 31, 2024, 2023, or 2022. Management currently intends to hold these securities to full value recovery at maturity. The following table summarizes the Company's gross realized gains and losses on the sale of debt securities (in thousands):
|  | Year Ended December 31,
|  | 2024 |  | 2023 |  | 2022
Gross realized gains |  | $ | 8 |  |  | $ | 111 |  |  | $ | 133 |
Gross realized losses |  | (16) |  |  | (2,065) |  |  | (315) |
Net realized gains (losses) |  | $ | (8) |  |  | $ | (1,954) |  |  | $ | (182) |
Realized gains and losses are included in "Investment income" on the Consolidated Statements of Operations. Prior to the sale of these securities, unrealized gains and losses for these debt securities, net of tax, were recorded in shareholders’ equity as accumulated other comprehensive loss. The following table summarizes the effective maturity dates of the Company’s available-for-sale investments as of December 31, 2024 (in thousands):
| <1 Year |  | 1-2 Years |  | 2-3 Years |  | 3-4 Years |  | 4-5 Years |  | 5-7 Years |  | Total
Corporate bonds | $ | 55,742 |  |  | $ | 62,324 |  |  | $ | 92,207 |  |  | $ | 68,029 |  |  | $ | 62,614 |  |  | $ | — |  |  | $ | 340,916 |
Treasury notes | 2,487 |  |  | 9,177 |  |  | 21,365 |  |  | 12,605 |  |  | — |  |  | — |  |  | 45,634 |
Asset-backed securities | 737 |  |  | 5,911 |  |  | — |  |  | 1,296 |  |  | 1,982 |  |  | 3,388 |  |  | 13,314 |
Sovereign bonds | 990 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 990 |
| $ | 59,956 |  |  | $ | 77,412 |  |  | $ | 113,572 |  |  | $ | 81,930 |  |  | $ | 64,596 |  |  | $ | 3,388 |  |  | $ | 400,854 |

X
- References No definition available. + Details
Name: | us-gaap_CashAndCashEquivalentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for cash, cash equivalents, investments in debt and equity instruments (including cost and equity investees and related income statement amounts), equity and cost method investments, investments in joint ventures and any other investment. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 65 -Paragraph 13 -Subparagraph (d)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482477/820-10-65-13 + Details
Name: | us-gaap_InvestmentsInDebtAndEquityInstrumentsCashAndCashEquivalentsUnrealizedAndRealizedGainsLossesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration