CASH, CASH EQUIVALENTS AND INVESTMENTS

3 Months Ended

Mar. 31, 2026

Cash and Cash Equivalents [Abstract]

3. CASH, CASH EQUIVALENTS AND INVESTMENTS:

The Company’s portfolio of marketable fixed income securities consists of U.S. Government bonds. The Company considers all highly liquid debt instruments purchased with an original maturity (maturity at the purchase date) of three months or less to be cash equivalents. The Company classifies its remaining debt security investments as available-for-sale. These debt securities are carried at fair value, with unrealized gains and losses reported in accumulated other comprehensive (loss) income on the Consolidated Balance Sheets. Gains or losses on securities sold are based on the specific identification method.

Cash and Cash Equivalents

The following table provides details regarding the Company’s portfolio of cash and cash equivalents (in thousands):


	Cost or		Unrealized				Aggregate
Cash and Cash Equivalents Classification	Amortized Cost		Gains		(Losses)		Fair Value
March 31, 2026
Cash accounts in banking institutions	$	158,165	$	—	$	—	$	158,165
Money market accounts		1,187		—		—		1,187
	$	159,352	$	—	$	—	$	159,352
December 31, 2025
Cash accounts in banking institutions	$	110,892	$	—	$	—	$	110,892
US Government bonds		26,479		—		—		26,479
Money market accounts		982		—		—		982
	$	138,353	$	—	$	—	$	138,353

Short-term Investments

The following table provides details regarding the Company’s portfolio of short-term investments (in thousands):


	Cost or		Unrealized					Aggregate
Short-term Investments Classification	Amortized Cost		Gains		(Losses)			Fair Value
March 31, 2026
U.S. Government bonds	$	349,892	$	899	$	(27	)	$	350,764
Marketable equity securities (1)		8,902		121		(2,731	)		6,292
	$	358,794	$	1,020	$	(2,758	)	$	357,056
December 31, 2025
U.S. Government bonds	$	453,812	$	1,592	$	(6	)	$	455,398
Marketable equity securities (1)		4,677		3,943		(14	)		8,606
	$	458,489	$	5,535	$	(20	)	$	464,004

(1)

Changes in aggregate fair value recorded in other (loss) income, net on the Consolidated Statements of Income.

Long-term U.S. Government Bond Investments

The following table provides details regarding the Company’s portfolio of long-term investments (in thousands):


	Cost or		Unrealized					Aggregate
Long-term Investments Classification	Amortized Cost		Gains		(Losses)			Fair Value
March 31, 2026
U.S. Government bonds	$	395,790	$	303	$	(1,061	)	$	395,032
	$	395,790	$	303	$	(1,061	)	$	395,032
December 31, 2025
U.S. Government bonds	$	351,125	$	1,873	$	(11	)	$	352,987
	$	351,125	$	1,873	$	(11	)	$	352,987

As of March 31, 2026, 100% of the Company's long-term U.S. Government bonds had maturities between one and three years.

Minority Equity Investments

The Company’s portfolio of minority equity investments consists of investments in privately held early-stage companies primarily motivated for the Company to gain early access to new technology and are passive in nature in that the Company typically does not seek to obtain representation on the boards of directors of the companies in which it invests. Minority equity investments are included in investments on the Consolidated Balance Sheets. As of both March 31, 2026 and December 31, 2025, the Company had minority equity investments in six entities for both periods, with a total carrying value of $22.6 million and $22.0 million, respectively, accounted for as equity securities without readily determinable fair values. As of both March 31, 2026 and December 31, 2025, the Company had two convertible note investments, with a total fair value of $2.0 million, accounted for as available-for-sale debt securities without readily determinable fair values. During the three months ended March 31, 2026, the Company recognized an impairment loss of $415,000 in the value of one of its minority equity investments. During the three months ended March 31, 2025, the Company did not recognize an impairment in the value of its minority equity investments.