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INVESTMENTS AND FAIR VALUE MEASUREMENTS (Tables)
 12 Months Ended
Dec. 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 as of December 31, 2024, and December 31, 2023, respectively (in thousands):
Total Carrying ValueLevel 1Level 2Level 3
December 31, 2024
Assets:    
Funds held for clients
Money market funds$8,105 $8,105 $— $— 
Available-for-sale securities68,328 — 68,328 — 
Total$76,433 $8,105 $68,328 $— 
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
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
December 31, 2024
Restricted cash equivalents$8,115 $— $(10)$8,105 
Available-for-sale securities:
Certificates of deposit— — — — 
Corporate debt securities63,253 164 (619)62,798 
Municipal bonds3,194 — (104)3,090 
U.S. Government agency securities2,449 6 (15)2,440 
Total available-for-sale securities68,896 170 (738)68,328 
Total(2)
$77,011 $170 $(748)$76,433 
December 31, 2023
Restricted 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 December 31, 2024, and December 31, 2023, there were 45 and 54 securities, respectively, in an unrealized gain position and there were 89 and 113 securities in an unrealized loss position, respectively. As of December 31, 2024, these unrealized losses were less than $38 individually and $738 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 64% of our portfolio made up of A ratings and above with unrealized losses primarily attributable to macroeconomic factors rather than credit related. We have no material individual securities that have been in a continuous unrealized loss position greater than twelve 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 financial condition and near-term prospects of the investee, 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 December 31, 2024, and December 31, 2023, none of these securities were classified as cash and cash equivalents on the accompanying Consolidated Balance Sheets.
Funds held for clients have been invested in the following categories (in thousands):
20242023
Restricted cash and cash equivalents held to satisfy client funds obligations$124,287 $147,305 
Restricted short-term marketable securities held to satisfy client funds obligations5,273 10,042 
Restricted long-term marketable securities held to satisfy client funds obligations63,055 61,728 
Total funds held for clients$192,615 $219,075 
Investments Classified by Contractual Maturity Date
Expected maturities of available-for-sale securities as of December 31, 2024, are as follows (in thousands):
One year or less$5,273 
After one year through five years63,055 
 $68,328