v3.26.1
INVESTMENTS
 6 Months Ended
Jun. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
INVESTMENTS INVESTMENTS
Investments Measured at Fair Value on a Recurring Basis
The following table summarizes our investments measured at fair value on a recurring basis by balance sheet classification and investment type:
June 30, 2026
Fair
Value - Level 1		Fair
Value - Level 2		Fair
Value - Level 3
Cash equivalents
Money market funds$305.1 $— $— 
U.S. Treasury securities452.6 — — 
Time deposits15.9 — — 
Marketable securities
U.S. Treasury securities110.5 — — 
Other assets
Convertible note investment— — 8.5 
Total $884.1 $— $8.5 
December 31, 2025
Fair
Value - Level 1		Fair
Value - Level 2		Fair
Value - Level 3
Cash equivalents
Money market funds$206.7 $— $— 
U.S. Treasury securities556.6 — — 
Total $763.3 $— $— 
The amortized cost, unrealized gains and losses, and estimated fair value of cash equivalents and marketable securities consisted of the following:
June 30, 2026
Amortized Cost
Unrealized Gains
Unrealized Losses
Fair Value
Cash equivalents
Money market funds$305.1 $— $— $305.1 
Time deposits15.9 — — 15.9 
U.S. Treasury securities452.6 — — 452.6 
Marketable securities
U.S. Treasury securities110.6 — (0.1)110.5 
Total$884.2 $— $(0.1)$884.1 
December 31, 2025
Amortized Cost
Unrealized Gains
Unrealized Losses
Fair Value
Cash equivalents
Money market funds$206.7 $— $— $206.7 
U.S. Treasury securities556.6 — — 556.6 
Total$763.3 $— $— $763.3 
Cash equivalents and marketable securities in an unrealized loss position consisted of the following:
June 30, 2026December 31, 2025
Fair
Value		Gross
Unrealized
Losses 		Fair
Value		Gross
Unrealized
Losses
Cash equivalents
U.S. Treasury securities$238.7 $— $— $— 
Marketable securities
U.S. Treasury securities96.7 0.1 — — 
Total securities in an unrealized loss position$335.4 $0.1 $— $— 
Realized gains and losses related to our cash equivalents, marketable securities, and other assets were not material for the three and six months ended June 30, 2026 and 2025.
No securities had been in a continuous unrealized loss position for twelve months or longer as of June 30, 2026. We do not intend to sell available-for-sale marketable debt securities in unrealized loss positions, and it is more likely than not that we will hold these securities until maturity or recovery of the cost basis. As of June 30, 2026, we did not have an allowance for credit losses related to our available-for-sale marketable debt securities due to a zero loss expectation for the portfolio which consists solely of U.S. government securities.
As of June 30, 2026, all of our available-for-sale marketable debt securities had contractual maturities of one year or less.
Strategic Investments
In connection with the Merger with Udemy, we acquired a strategic investment consisting of a convertible note (“Note Investment”) with a private company (the “Note Issuer”). We recorded the Note Investment based on its Closing Date fair value of $8.5 million. The Note Investment accrues interest at 7.0% per annum, payable at maturity of the note or upon conversion, and matures on December 31, 2028, unless earlier converted into shares of the Note Issuer’s preferred stock in accordance with the terms of the Note Investment. We elected to continue measuring the Note Investment using the fair value option and record changes in fair value, including accrued interest, in other income (expense), net on the Condensed Consolidated Statements of Operations. The Note Investment is included in other assets on the Condensed Consolidated Balance Sheets. There were no changes in the fair value of the Note Investment from the Closing Date through June 30, 2026.
We also have another strategic investment with a carrying value of $1.5 million as of June 30, 2026, included in other assets on the Condensed Consolidated Balance Sheets. We categorize this investment as Level 3 within the fair value hierarchy. Such investments in equity securities without readily determinable fair values are initially recorded at cost and are subsequently adjusted to fair value only in the event of either price changes from observable transactions in the same or a similar security from the same issuer or impairment. This practice is referred to as the measurement alternative. No such events or changes occurred during the three and six months ended June 30, 2026 and 2025.