CASH, CASH EQUIVALENTS AND INVESTMENTS

6 Months Ended

Jun. 30, 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
June 30, 2026
Cash accounts in banking institutions	$	76,429	$	—	$	—	$	76,429
US Government bonds		42,996		—		—		42,996
Money market accounts		1,138		—		—		1,138
	$	120,563	$	—	$	—	$	120,563
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
June 30, 2026
U.S. Government bonds	$	344,977	$	310	$	(268	)	$	345,019
Marketable equity securities (1)		8,918		273		(3,461	)		5,730
	$	353,895	$	583	$	(3,729	)	$	350,749
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
June 30, 2026
U.S. Government bonds	$	385,802	$	49	$	(2,622	)	$	383,229
	$	385,802	$	49	$	(2,622	)	$	383,229
December 31, 2025
U.S. Government bonds	$	351,125	$	1,873	$	(11	)	$	352,987
	$	351,125	$	1,873	$	(11	)	$	352,987

As of June 30, 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 June 30, 2026 and December 31, 2025, the Company had minority equity investments in eight and six entities, respectively, with a total carrying value of $25.9 million and $22.0 million, respectively, accounted for as equity securities without readily determinable fair values. As of both June 30, 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 and six months ended June 30, 2026, the Company recognized an impairment loss of none and $415,000, respectively, in the value of one of its minority equity investments. During the three and six months ended June 30, 2025, the Company did not recognize an impairment in the value of its minority equity investments.