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INVESTMENTS AND FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

Available-for-sale Securities

Investments classified as available-for-sale consisted of the following:

			Amortized Cost						Gross Unrealized Gains (1)						Gross Unrealized Losses (1)						Aggregate Estimated Fair Value
December 31, 2020:
Funds Held for Clients (2)
Certificates of deposit			$	7,370					$	204					$	—					$	7,574
Corporate debt securities			9,415						297						(1)						9,711
Municipal bonds			7,531						103						(1)						7,633
US Government agency securities			500						1						—						501
Asset-backed securities			499						1						—						500
Total			$	25,315					$	606					$	(2)					$	25,919
December 31, 2019:
Funds Held for Clients (2)
Certificates of deposit			$	8,828					$	11					$	—					$	8,839
Corporate debt securities			6,883						6						(9)						6,880
Municipal bonds			6,383						6						(7)						6,382
US Government agency securities			1,000						—						—						1,000
Asset-backed securities			1,067						—						(32)						1,035
Total			$	24,161					$	23					$	(48)					$	24,136

(1)Unrealized gains and losses on available-for-sale securities are included as a component of comprehensive loss. At December 31, 2020, there were 69 securities in an unrealized gain position and there were 2 securities in an unrealized loss position. These unrealized losses were less than $(1) individually and $(2) in the aggregate. These securities have not been in a continuous unrealized gain or loss position for more than 12 months. The Company does not intend to sell these investments and it is not more likely than not that the Company will be required to sell these investments before recovery of their amortized cost basis, which may be at maturity. The Company reviews its investments to identify and evaluate investments that have an indication of possible other-than-temporary impairment. Factors considered in determining whether a loss is other-than-temporary include the length of time and extent to which fair value has been less than the cost basis, the financial condition and near-term prospects of the investee, and the Company’s intent and ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value.

(2)At December 31, 2020 and 2019, none of these securities were classified as cash and cash equivalents on the Company’s balance sheet.

Expected Maturities of Available-for-sale Securities

Expected maturities of available-for-sale securities as of December 31, 2020 are as follows:

One year or less			$	5,507
After one year through five years			20,412
After five years through 10 years			—
After 10 years			—
			$	25,919

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table presents the fair value hierarchy for our financial assets measured at fair value on a recurring basis as of December 31, 2020 and December 31, 2019, respectively:

									Fair Value Measure at December 31, 2020
			Total Carrying Value at December 31, 2020						Quoted Prices in Active Market (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
Assets:
Cash and cash equivalents
Money market funds			$	5,204					$	5,204					$	—					$	—
Funds held for clients
Money market funds			63,999						63,999						—						—
Available-for-sale securities			25,919						—						25,919						—
Total			$	95,122					$	69,203					$	25,919					$	—
Liabilities:
Contingent purchase consideration			$	3,880					$	—					$	—					$	3,880
Total			$	3,880					$	—					$	—					$	3,880

									Fair Value Measure at December 31, 2019
			Total Carrying Value at December 31, 2019						Quoted Prices in Active Market (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
Assets:
Funds held for clients
Money market funds			$	48,500					$	48,500					$	—					$	—
Available-for-sale securities			24,136						—						24,136						—
Total			$	72,636					$	48,500					$	24,136					$	—

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

Balance at January 1, 2020						$	—
Purchase						2,745
Net realized / unrealized losses						1,135
Balance at December 31, 2020						$	3,880

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Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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-Publisher FASB
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-Publisher FASB
-Name Accounting Standards Codification
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