v3.25.2
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Values Company’s Investments
The following table sets forth the cost, gross unrealized losses, gross unrealized gains, and fair value of the Company’s investments as of the dates indicated (in thousands):
 CostGross
Unrealized
Holding
Loss		Gross
Unrealized
Holding
Gain		Fair ValueCash and Cash EquivalentsShort-term InvestmentsLong-term Investments
June 30, 2025
Level 1
Money market funds$719,223 $— $— $719,223 $719,223 $— $— 
U.S. Government securities74,386 (23)121 74,484 — 48,608 25,876 
793,609 (23)121 793,707 719,223 48,608 25,876 
Level 2
Certificate of deposit9,322 — 5 9,327 — 9,327 — 
Commercial paper58,227 (6)16 58,237 10,326 47,911 — 
Corporate bonds195,978 (19)452 196,411 — 123,133 73,278 
263,527 (25)473 263,975 10,326 180,371 73,278 
Level 3
Loans receivable - held for investment13,000 — — 13,000 — — 13,000 
13,000 — — 13,000 — — 13,000 
$1,070,136 $(48)$594 $1,070,682 $729,549 $228,979 $112,154 
Measured at NAV (1)
Third-party managed funds14,486 
$126,640 
December 31, 2024
Level 1
Money market funds$402,731 $— $— $402,731 $402,731 $— $— 
U.S. Government securities71,188 (109)71 71,150 — 41,477 29,673 
473,919 (109)71 473,881 402,731 41,477 29,673 
Level 2
Certificate of deposit35,301 (2)31 35,330 3,638 31,692 — 
Commercial paper57,035 (1)39 57,073 7,488 49,585 — 
Corporate bonds165,092 (98)310 165,304 — 101,863 63,441 
257,428 (101)380 257,707 11,126 183,140 63,441 
Level 3
Loans receivable - held for investment7,500 — — 7,500 — 500 7,000 
7,500 — — 7,500 — 500 7,000 
$738,847 $(210)$451 $739,088 $413,857 $225,117 $100,114 
Measured at NAV (1)
Third-party managed funds3,205 11,611 
$228,322 $111,725 
(1)Third-party managed funds measured on the NAV basis have not been categorized in the fair value hierarchy. The amount presented in the table is intended to permit reconciliation of the short-term and long-term investments in the fair value hierarchy to the amount presented in the Consolidated Balance Sheets.
Schedule of Unrealized Loss and Fair Value of Debt Securities Available-for-Sale
The tables below show the fair value and gross unrealized loss related to available-for-sale debt securities, aggregated by investment category and the length of time that the securities have been in a continuous unrealized loss position as of the dates indicated (in thousands):
As of June 30, 2025
Less than 12 Months
12 Months or Greater
 
Fair Value
Gross Unrealized Holding Loss
Fair Value
Gross Unrealized Holding Loss
U.S. Government securities$28,038 $(23)$— $— 
Certificate of deposit
1,058 — — — 
Commercial paper
25,567 (6)— — 
Corporate bonds42,313 (19)— — 
Total
$96,976 $(48)$— $— 
As of December 31, 2024
Less than 12 Months
12 Months or Greater
 Fair ValueGross Unrealized Holding LossFair Value
Gross Unrealized Holding Loss
U.S. Government securities$32,501 $(105)$12,600 $(4)
Certificate of deposit2,397 (2)— — 
Commercial paper8,233 (1)— — 
Corporate bonds38,641 (98)932 — 
Total
$81,772 $(206)$13,532 $(4)
Schedule of Estimated Fair Value Liability Component The following table presents the carrying value and estimated fair value of the Notes as of the dates indicated (in thousands):
As of June 30, 2025As of December 31, 2024
Carrying ValueFair ValueCarrying ValueFair Value
2025 Notes$688,756 $667,030 $— $— 
2021 Notes994,379 858,800 993,429 822,600 
2020 Notes647,414 582,595 646,818 562,380 
2019 Notes648,422 631,105 647,836 628,766 
$2,978,971 $2,739,530 $2,288,083 $2,013,746