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INVESTMENTS AND FAIR VALUE MEASUREMENTS (Tables) | 6 Months Ended
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Jun. 30, 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 Value |  | Level 1 |  | Level 2 |  | Level 3
June 30, 2024 |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |
Funds held for clients |  |  |  |  |  |  |
Money market funds | $ | 4,411 |  |  | $ | 4,411 |  |  | $ | — |  |  | $ | — |
Available-for-sale securities | 70,565 |  |  | — |  |  | 70,565 |  |  | — |
Total | $ | 74,976 |  |  | $ | 4,411 |  |  | $ | 70,565 |  |  | $ | — |
December 31, 2023 |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |
Funds held for clients |  |  |  |  |  |  |
Money market funds | $ | 3,431 |  |  | $ | 3,431 |  |  | $ | — |  |  | $ | — |
Available-for-sale securities | 71,770 |  |  | — |  |  | 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
June 30, 2024 |  |  |  |  |  |  |
Cash equivalents | $ | 4,422 |  |  | $ | — |  |  | $ | (11) |  |  | $ | 4,411 |
Available-for-sale securities: |  |  |  |  |  |  |
Certificates of deposit | 739 |  |  | 1 |  |  | — |  |  | 740 |
Corporate debt securities | 64,524 |  |  | 85 |  |  | (1,185) |  |  | 63,424 |
Municipal bonds | 4,231 |  |  | — |  |  | (203) |  |  | 4,028 |
U.S. Government agency securities | 2,410 |  |  | — |  |  | (37) |  |  | 2,373 |
Total available-for-sale securities | 71,904 |  |  | 86 |  |  | (1,425) |  |  | 70,565 |
Total(2) | $ | 76,326 |  |  | $ | 86 |  |  | $ | (1,436) |  |  | $ | 74,976 |
December 31, 2023 |  |  |  |  |  |  |
Cash equivalents | $ | 3,447 |  |  | $ | — |  |  | $ | (16) |  |  | $ | 3,431 |
Available-for-sale securities: |  |  |  |  |  |  |
Certificates of deposit | 845 |  |  | 2 |  |  | (1) |  |  | 846 |
Corporate debt securities | 67,277 |  |  | 258 |  |  | (1,090) |  |  | 66,445 |
Municipal bonds | 4,251 |  |  | — |  |  | (239) |  |  | 4,012 |
U.S. Government agency securities | 500 |  |  | — |  |  | (33) |  |  | 467 |
Total available-for-sale securities | 72,873 |  |  | 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 June 30, 2024 and December 31, 2023, there were 22 and 54 securities, respectively, in an unrealized gain position and there were 148 and 113 securities in an unrealized loss position, respectively. As of June 30, 2024, these unrealized losses were less than $56 individually and $1,425 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 June 30, 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):
| June 30, 2024 |  | December 31, 2023
Cash and cash equivalents held to satisfy client funds obligations | $ | 119,873 |  |  | $ | 147,305 |
Short-term marketable securities held to satisfy client funds obligations | 11,420 |  |  | 10,042 |
Long-term marketable securities held to satisfy client funds obligations | 59,145 |  |  | 61,728 |
Total funds held for clients | $ | 190,438 |  |  | $ | 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):
| June 30, 2024
One year or less | $ | 11,420 |
After one year through five years | 59,145 |
Total | $ | 70,565 |

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- Definition Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-9 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-3 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-2 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-2 Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-2 Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (aa) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-2 Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (aaa) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-2 Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-2 Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-3 Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-3 Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-3 Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-3 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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