v3.25.2
Investments (Tables)
 6 Months Ended
Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Schedule of Debt Securities Available-for-Sale
The following table summarizes our cash equivalents and available-for-sale debt investments:
June 30, 2025
Fair Value Level
Amortized CostGross Unrealized GainsGross Unrealized Losses (1)Total Fair ValueLevel 1Level 2
 (In thousands)
Cash equivalents
Commercial paper$82,284 $— $— $82,284 $— $82,284 
Money market funds584,940 — — 584,940 584,940 — 
U.S. government bonds8,968 — — 8,968 8,968 — 
Total cash equivalents (2)676,192 — — 676,192 593,908 82,284 
Short-term investments
Asset-backed securities60,112 95 (58)60,149 — 60,149 
Certificate of deposits20,199 — — 20,199 20,199 — 
Commercial paper27,158 — — 27,158 — 27,158 
Corporate bonds259,584 532 (49)260,067 — 260,067 
Foreign government bonds3,165 — (2)3,163 — 3,163 
Mortgage-backed securities4,633 1 (4)4,630 — 4,630 
Municipal bonds1,006 3 — 1,009 — 1,009 
U.S. government agency bonds10,051 — (6)10,045 — 10,045 
U.S. government bonds125,850 182 (52)125,980 125,980 — 
Total short-term investments511,758 813 (171)512,400 146,179 366,221 
Total$1,187,950 $813 $(171)$1,188,592 $740,087 $448,505 
December 31, 2024
Fair Value Level
Amortized CostGross Unrealized GainsGross Unrealized Losses (1)Total Fair ValueLevel 1Level 2
 (In thousands)
Cash equivalents
Commercial paper$53,110 $— $— $53,110 $— $53,110 
Corporate bonds755 — — 755 — 755 
Money market funds146,679 — — 146,679 146,679 — 
U.S. government bonds16,450 4 — 16,454 16,454 — 
Total cash equivalents216,994 4 — 216,998 163,133 53,865 
Short-term investments
Asset-backed securities63,256 168 (1,038)62,386 — 62,386 
Certificate of deposits15,121 — — 15,121 15,121 — 
Commercial paper36,829 — — 36,829 — 36,829 
Corporate bonds258,191 567 (101)258,657 — 258,657 
Foreign government bonds1,590 — — 1,590 — 1,590 
Mortgage-backed securities11,159 2 (18)11,143 — 11,143 
Municipal bonds1,007 2 — 1,009 — 1,009 
U.S. government agency bonds11,392 — (25)11,367 — 11,367 
U.S. government bonds110,522 102 (170)110,454 110,454 — 
Total short-term investments509,067 841 (1,352)508,556 125,575 382,981 
Total$726,061 $845 $(1,352)$725,554 $288,708 $436,846 
(1)All unrealized losses have been in a continuous loss position for less than 12 months. We do not intend to sell the investments in an unrealized loss position, and we do not believe it is more likely than not that we will be required to sell these investments before recovery of their amortized cost bases.
(2)For six months ended June 30, 2025 and 2024, we sold cash equivalent investments for proceeds of $7.5 million and $16.6 million, respectively, and realized no gain or loss on such sales.
The following table summarizes the contractual maturities of our cash equivalents and available-for-sale debt investments as of June 30, 2025:
Amortized CostFair Value
(In thousands)
Within 1 year$953,791 $954,047 
After 1 year through 5 years169,414 169,766 
Asset- and mortgage-backed securities64,745 64,779 
Total$1,187,950 $1,188,592