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INVESTMENTS AND FAIR VALUE MEASUREMENTS (Tables)
 3 Months Ended
Mar. 31, 2023
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following table presents the fair value hierarchy for our financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2023 and December 31, 2022, respectively (in thousands):
Total Carrying ValueLevel 1Level 2Level 3
March 31, 2023
Assets:    
Funds held for clients
Money market funds$6,286 $6,286 $— $— 
Available-for-sale securities61,792 — 61,792 — 
Total$68,078 $6,286 $61,792 $— 
Liabilities:
Contingent purchase consideration(1)
$2,886 $— $— $2,886 
Total$2,886 $— $— $2,886 
December 31, 2022
Assets:
Funds held for clients
Money market funds$2,829 $2,829 $— $— 
Available-for-sale securities56,556 — 56,556 — 
Total$59,385 $2,829 $56,556 $— 
Liabilities:
Contingent purchase consideration(1)
$2,955 $— $— $2,955 
Total$2,955 $— $— $2,955 
(1)See Note 3 — Business Combinations and Asset Acquisitions for further discussion regarding the contingent purchase consideration.
Debt Securities, Available-for-sale
Restricted cash equivalents and investments classified as available-for-sale within funds held for clients consisted of the following (in thousands):
Amortized
Cost
Gross
Unrealized
Gains (1)
Gross
Unrealized
Losses (1)
Aggregate
Estimated
Fair Value
March 31, 2023
Restricted cash equivalents$6,297 $— $(11)$6,286 
Available-for-sale securities:
Certificates of deposit980 3 (2)981 
Corporate debt securities57,523 62 (1,685)55,900 
Municipal bonds4,784 — (330)4,454 
U.S. Government agency securities500 — (43)457 
Total available-for-sale securities63,787 65 (2,060)61,792 
Total(2)
$70,084 $65 $(2,071)$68,078 
December 31, 2022
Restricted cash equivalents$2,829 $— $— $2,829 
Available-for-sale securities:
Certificates of deposit983 4 (2)985 
Corporate debt securities52,251 1 (2,023)50,229 
Municipal bonds5,297 — (405)4,892 
U.S. Government agency securities500 — (50)450 
Total available-for-sale securities59,031 5 (2,480)56,556 
Total(2)
$61,860 $5 $(2,480)$59,385 

(1)Unrealized gains and losses on available-for-sale securities are included as a component of comprehensive loss. As of March 31, 2023 and December 31, 2022, there were 23 and 3 securities, respectively, in an unrealized gain position and there were 114 and 124 securities in an unrealized loss position, respectively. As of March 31, 2023, these unrealized losses were less than $81 individually and $2,071 in the aggregate. As of December 31, 2022, these unrealized losses were less than $96 individually and $2,480 in the aggregate. These securities have not been in a continuous unrealized gain or loss position for more than 12 months. We do not intend to sell these investments and we do not expect to sell these investments before recovery of their amortized cost basis, which may be at maturity. We review our investments to identify and evaluate investments that indicate credit losses. Factors considered in determining whether a loss is a credit loss include the length of time and extent to which fair value has been less than the cost basis, the credit rating of the investment, and our intent and ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value.

(2)At March 31, 2023 and December 31, 2022, none of these securities were classified as cash and cash equivalents on the accompanying Condensed Consolidated Balance Sheets.
Funds held for clients have been invested in the following categories (in thousands):

March 31, 2023December 31, 2022
Restricted cash and cash equivalents held to satisfy client funds obligations$161,673 $147,032 
Restricted short-term marketable securities held to satisfy client funds obligations6,789 9,174 
Restricted long-term marketable securities held to satisfy client funds obligations55,003 47,382 
Total funds held for clients$223,465 $203,588 
Investments Classified by Contractual Maturity Date
Expected maturities of available-for-sale securities as of March 31, 2023 are as follows (in thousands):

One year or less$6,789 
After one year through five years55,003 
Total$61,792