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INVESTMENTS AND FAIR VALUE MEASUREMENTS (Tables)
 12 Months Ended
Dec. 31, 2025
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, 2025, and December 31, 2024, respectively (in thousands):
Total Carrying ValueLevel 1Level 2Level 3
December 31, 2025
Assets:    
Funds held for clients
Money market funds$1,784 $1,784 $— $— 
Available-for-sale securities88,652 — 88,652 — 
Total$90,436 $1,784 $88,652 $— 
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 $— 
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, 2025
Restricted cash equivalents$1,787 $— $(3)$1,784 
Available-for-sale securities:
Corporate debt securities83,160 501 (77)83,584 
Municipal bonds1,542 — (17)1,525 
U.S. Government agency securities3,515 28 — 3,543 
Total available-for-sale securities88,217 529 (94)88,652 
Total(2)
$90,004 $529 $(97)$90,436 
December 31, 2024
Restricted cash equivalents$8,115 $— $(10)$8,105 
Available-for-sale securities:
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 

(1)Unrealized gains and losses on available-for-sale securities are included as a component of comprehensive loss. As of December 31, 2025, and December 31, 2024, there were 127 and 45 securities, respectively, in an unrealized gain position and there were 27 and 89 securities in an unrealized loss position, respectively. As of December 31, 2025, these unrealized losses were less than $13 individually and $94 in the aggregate. As of December 31, 2024, these unrealized losses were less than $38 individually and $738 in the aggregate. We invest in high quality securities with roughly 71% 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, 2025, and December 31, 2024, 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):
December 31, 2025December 31, 2024
Restricted cash and cash equivalents held to satisfy client funds obligations$139,459 $124,287 
Restricted short-term marketable securities held to satisfy client funds obligations12,781 5,273 
Restricted long-term marketable securities held to satisfy client funds obligations75,871 63,055 
Total funds held for clients$228,111 $192,615 
Investments Classified by Contractual Maturity Date
Expected maturities of available-for-sale securities as of December 31, 2025, are as follows (in thousands):
One year or less$12,781 
After one year through five years75,871 
 $88,652