v3.25.2
Cash, Cash Equivalents and Short-Term Investments (Tables)
 6 Months Ended
Jun. 30, 2025
Cash and Cash Equivalents [Abstract]  
Schedule of Amortized Cost, Unrealized Gains and Losses and Estimated Fair Value of Cash, Cash Equivalents and Short-Term Investments
The amortized cost, unrealized gains and losses and estimated fair value of the Company's cash, cash equivalents and short-term investments as of June 30, 2025 and December 31, 2024 consisted of the following:

As of June 30, 2025
Amortized CostUnrealized GainUnrealized LossEstimated Fair Value
Cash$110.6 $— $— $110.6 
Cash equivalents
Money market funds625.7— — 625.7
Total cash & cash equivalents$736.3 $— $— $736.3 
Short-term investments
Corporate notes and obligations101.40.1 (1.6)99.9
U.S. Treasury securities85.00.1 (1.3)83.8
Municipal securities21.1— (0.3)20.8
Asset backed securities8.6— (0.2)8.4
U.S. agency obligations3.8 — (0.1)3.7 
Supranational securities1.8 — — 1.8 
Total short-term investments221.7 0.2 (3.5)218.4 
Total$958.0 $0.2 $(3.5)$954.7 

As of December 31, 2024
Amortized CostUnrealized GainUnrealized LossEstimated Fair Value
Cash$98.3 $— $— $98.3 
Cash equivalents
Money market funds1,230.0 — — 1,230.0 
Total cash & cash equivalents$1,328.3 $— $— $1,328.3 
Short-term investments
Corporate notes and obligations133.1 0.2 (3.3)130.0 
U.S. Treasury securities85.0 — (2.6)82.4 
Municipal securities30.0 — (0.7)29.3 
Asset backed securities19.2 — (0.3)18.9 
U.S. agency obligations3.8 — (0.2)3.6 
Supranational securities1.8 — (0.1)1.7 
Total short-term investments272.9 0.2 (7.2)265.9 
Total$1,601.2 $0.2 $(7.2)$1,594.2 
Schedule of Contractual Maturities of Short Term Investments
The following table presents the contractual maturities of the Company’s short-term investments as of June 30, 2025:
As of June 30, 2025
Amortized CostEstimated Fair Value
Due within one year$143.6 $141.6 
Due between one to three years71.5 70.3 
Due after three years6.6 6.5 
Total$221.7 $218.4 
Schedule of Breakdown of the Short-Term Investments The following tables present the breakdown of the short-term investments that have been in a continuous unrealized loss position aggregated by investment category, as of June 30, 2025 and December 31, 2024:
As of June 30, 2025
Less than 12 monthsMore than 12 monthsTotal
Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
Corporate notes and obligations$1.9 $— $75.9 $(1.6)$77.8 $(1.6)
U.S. Treasury securities— — 67.0 (1.3)67.0 (1.3)
Municipal securities6.1 (0.1)14.6 (0.2)20.7 (0.3)
Asset backed securities— — 6.2 (0.2)6.2 (0.2)
U.S. agency obligations— — 3.7 (0.1)3.7 (0.1)
Total$8.0 $(0.1)$167.4 $(3.4)$175.4 $(3.5)

As of December 31, 2024
Less than 12 monthsMore than 12 monthsTotal
Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
Corporate notes and obligations$1.9 $— $103.8 $(3.3)$105.7 $(3.3)
U.S. Treasury securities9.0 (0.1)65.7 (2.5)74.7 (2.6)
Municipal securities6.0 (0.1)23.1 (0.6)29.1 (0.7)
Asset backed securities— — 16.0 (0.3)16.0 (0.3)
U.S. agency obligations— — 3.6 (0.2)3.6 (0.2)
Supranational securities— — 1.7 (0.1)1.7 (0.1)
Total$16.9 $(0.2)$213.9 $(7.0)$230.8 $(7.2)