Financial Instruments

The following table presents our financial instruments:


	June 30, 2026		December 31, 2025
Cash and cash equivalents	$	895,353	$	1,015,400

Available-for-sale investments	119,914		142,498
Equity investment	—		10,000
Total	$	1,015,267	$	1,167,898

Cash and cash equivalents

Cash and cash equivalents consist primarily of money market funds with original maturity dates of three months or less, for which we determine fair value through quoted market prices.

Available-for-sale investments

Our investment portfolio is classified as available-for-sale in order to have the flexibility to buy and sell investments and maximize cash liquidity. Our available-for-sale investments primarily consist of investment grade corporate bonds, U.S. Treasuries, and asset-backed securities with maturity dates through 2027. These investments are presented at fair value and are included in short-term investments and non-current investments in the accompanying condensed consolidated balance sheets. Unrealized gains or losses associated with the investments are included in accumulated other comprehensive income (loss), net of tax in the accompanying condensed consolidated balance sheets and other comprehensive income (loss), net of tax in the statements of comprehensive income. For our available-for-sale investments, we do not have the intent to sell, nor is it more likely than not that we would be required to sell before recovery of their cost basis. We evaluated our available-for-sale investments in an unrealized loss position for credit-related impairment and determined that the declines in fair value were not due to credit losses. As such no allowance for credit losses was recorded as of June 30, 2026.

As of June 30, 2026 and December 31, 2025, we have an accrued interest receivable balance of approximately $0.8 million and $1.3 million, respectively, which is included in accounts receivable, net. We do not measure an allowance for credit losses for accrued interest receivables. We record any losses within the maturity period or at the time of sale of the investment, and any write-offs to accrued interest receivables are recorded as reductions to interest income in the period of the loss. During the three and six months ended June 30, 2026, we have recorded no losses for accrued interest receivables. Interest income and amortization of discounts and premiums are included in other income, net in the accompanying condensed consolidated statements of income.

The following table presents the components of our available-for-sale investments:


	June 30, 2026		December 31, 2025
Amortized cost	$	120,448	$	142,515
Unrealized gains	—		127
Unrealized losses	(534)		(144)
Estimated fair value	$	119,914	$	142,498

As of June 30, 2026, we have $74.7 million of available-for-sale debt securities with contractual maturities of one year or less and $45.2 million with contractual maturities greater than one year. As of June 30, 2026, 101 available-for-sale securities with a fair value of $111.2 million have been in a loss position for one year or less and three securities with a fair value of $5.1 million have been in a loss position for greater than one year.

The following table presents the activity on our available-for-sale investments:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Proceeds from sales and maturities	$	11,902	$	32,528	$	73,760	$	34,284
Realized gains on sales, net of tax	—		1		3		—

As of December 31, 2025, our equity investment consisted of an 18% interest in BFTR, LLC carried at cost less any impairment write-downs because we did not have the ability to exercise significant influence over the investee and the securities did not have readily determinable fair values. On April 14, 2026, we acquired the remaining equity of BFTR, LLC. Refer to Note 7, “Acquisitions,” for further details.