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INVESTMENTS AND FAIR VALUE MEASUREMENTS (Tables)
 3 Months Ended
Mar. 31, 2024
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 for the periods presented below (in thousands):

Total Carrying ValueLevel 1Level 2Level 3
March 31, 2024
Assets:    
Funds held for clients
Money market funds$2,316 $2,316 $— $— 
Available-for-sale securities72,732 — 72,732 — 
Total$75,048 $2,316 $72,732 $— 
December 31, 2023
Assets:
Funds held for clients
Money market funds$3,431 $3,431 $— $— 
Available-for-sale securities71,770 — 71,770 — 
Total$75,201 $3,431 $71,770 $— 
Debt Securities, Available-for-sale
Cash equivalents and investments classified as available-for-sale within funds held for clients consisted of the following for the periods presented below (in thousands):
Amortized
Cost
Gross
Unrealized
Gains (1)
Gross
Unrealized
Losses (1)
Aggregate
Estimated
Fair Value
March 31, 2024
Cash equivalents$2,320 $1 $(4)$2,316 
Available-for-sale securities:
Certificates of deposit842 2 (1)843 
Corporate debt securities66,607 130 (1,232)65,505 
Municipal bonds4,241 — (222)4,019 
U.S. Government agency securities2,398 1 (34)2,365 
Total available-for-sale securities74,088 133 (1,489)72,732 
Total(2)
$76,408 $134 $(1,493)$75,048 
December 31, 2023
Cash equivalents$3,447 $— $(16)$3,431 
Available-for-sale securities:
Certificates of deposit845 2 (1)846 
Corporate debt securities67,277 258 (1,090)66,445 
Municipal bonds4,251 — (239)4,012 
U.S. Government agency securities500 — (33)467 
Total available-for-sale securities72,873 260 (1,363)71,770 
Total(2)
$76,320 $260 $(1,379)$75,201 

(1)Unrealized gains and losses on available-for-sale securities are included as a component of comprehensive loss. As of March 31, 2024 and December 31, 2023, there were 32 and 54 securities, respectively, in an unrealized gain position and there were 141 and 113 securities in an unrealized loss position, respectively. As of March 31, 2024, these unrealized losses were less than $60 individually and $1,489 in the aggregate. As of December 31, 2023, these unrealized losses were less than $61 individually and $1,363 in the aggregate. We invest in high quality securities with roughly 70% of our portfolio made up of A ratings and above with unrealized losses primarily attributable to macroeconomic factors rather than credit related. 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 possible 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, 2024 and December 31, 2023, 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 for the periods presented below (in thousands):

March 31, 2024December 31, 2023
Cash and cash equivalents held to satisfy client funds obligations$167,076 $147,305 
Short-term marketable securities held to satisfy client funds obligations13,881 10,042 
Long-term marketable securities held to satisfy client funds obligations58,851 61,728 
Total funds held for clients$239,808 $219,075 
Investments Classified by Contractual Maturity Date
Expected maturities of available-for-sale securities are as follows for the period presented below (in thousands):

March 31, 2024
One year or less$13,881 
After one year through five years58,851 
Total$72,732