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 Cost		Unrealized Gain		Unrealized Loss		Estimated Fair Value
Cash	$	110.6	$	—	$	—	$	110.6
Cash equivalents
Money market funds	625.7		—		—		625.7
Total cash & cash equivalents	$	736.3	$	—	$	—	$	736.3
Short-term investments
Corporate notes and obligations	101.4		0.1		(1.6)		99.9
U.S. Treasury securities	85.0		0.1		(1.3)		83.8
Municipal securities	21.1		—		(0.3)		20.8
Asset backed securities	8.6		—		(0.2)		8.4
U.S. agency obligations	3.8		—		(0.1)		3.7
Supranational securities	1.8		—		—		1.8
Total short-term investments	221.7		0.2		(3.5)		218.4
Total	$	958.0	$	0.2	$	(3.5)	$	954.7


	As of December 31, 2024
	Amortized Cost		Unrealized Gain		Unrealized Loss		Estimated Fair Value
Cash	$	98.3	$	—	$	—	$	98.3
Cash equivalents
Money market funds	1,230.0		—		—		1,230.0
Total cash & cash equivalents	$	1,328.3	$	—	$	—	$	1,328.3
Short-term investments
Corporate notes and obligations	133.1		0.2		(3.3)		130.0
U.S. Treasury securities	85.0		—		(2.6)		82.4
Municipal securities	30.0		—		(0.7)		29.3
Asset backed securities	19.2		—		(0.3)		18.9
U.S. agency obligations	3.8		—		(0.2)		3.6
Supranational securities	1.8		—		(0.1)		1.7
Total short-term investments	272.9		0.2		(7.2)		265.9
Total	$	1,601.2	$	0.2	$	(7.2)	$	1,594.2

Included in cash and cash equivalents is cash in transit from payment processors for credit and debit card transactions of $15.0 million and $9.9 million as of June 30, 2025 and December 31, 2024, respectively.


	As of June 30, 2025
	Amortized Cost		Estimated Fair Value
Due within one year	$	143.6	$	141.6
Due between one to three years	71.5		70.3
Due after three years	6.6		6.5
Total	$	221.7	$	218.4

The Company had 123 short-term investments in unrealized loss positions as of June 30, 2025. There were no material gains or losses from short-term investments that were reclassified out of accumulated other comprehensive loss for the three and six months ended June 30, 2025 or three and six months ended June 30, 2024.

As of June 30, 2025, the Company’s short-term investments portfolio consisted of six security types, five of which were in an unrealized loss position. The Company’s short-term investments had unrealized losses of approximately $3.5 million as of June 30, 2025. 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 months				More than 12 months				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross 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 securities	6.1		(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 months				More than 12 months				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Corporate notes and obligations	$	1.9	$	—	$	103.8	$	(3.3)	$	105.7	$	(3.3)
U.S. Treasury securities	9.0		(0.1)		65.7		(2.5)		74.7		(2.6)
Municipal securities	6.0		(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)

Unrealized losses on short-term investments have not been recorded into income because management does not intend to sell nor will it be required to sell these securities prior to their anticipated recovery, and for which the decline in fair value is largely due to changes in interest rates. The credit ratings associated with the corporate notes and obligations are mostly unchanged, are highly rated and the issuers continue to make timely principal and interest payments.

The Company recorded interest income from its cash, cash equivalents, and short-term investments of $8.7 million and $21.4 million during the three and six months ended June 30, 2025, and $9.5 million and $21.5 million during the three and six months ended June 30, 2024, respectively.