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INVESTMENTS AND FAIR VALUE MEASUREMENTS (Tables)
 6 Months Ended
Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]  
Schedule of short-term investments

Marketable securities as of June 30, 2023 and December 31, 2022 consisted of the following (in thousands):

 

 


June 30, 2023


 


Cost or Amortized Cost
 
Unrealized Gains
 
Unrealized Losses
 
Fair Value

Marketable equity securities


 


 


 


 


 


 


 


Mutual funds

$

27,020


 

$

 —


 

$

(2,955

 )

 

$

      24,065


Equity securities


67,800


 


3,214


 


(5,703

 )

 


65,311


Total marketable equity securities


94,820


 


   3,214


 


(8,658

 )

 


            89,376


Marketable debt securities


 


 


 


 


 


 


 


U.S. treasury securities


48,534


 


807


 


(43

 )

 


           49,298


Corporate bonds


13,305


 


  87


 


(99

 )

 


       13,293


Total marketable debt securities


61,839


 


 894


 


(142

 )

 


          62,591



$

156,659


 

$

  4,108


 

$

(8,800

 )

 

$

    151,967


 

 


December 31, 2022


 


Cost or Amortized Cost


 


Unrealized Gains


 


Unrealized Losses


 


Fair Value


Marketable equity securities


 


 


 


 


 


 


 


Mutual funds

$

26,352


 

$

     —


 

$

  (3,143

)

 

$

    23,209


Equity securities


 53,273


 


2,776


 


   (5,836

)

 


   50,213


Total marketable equity securities


79,625


 


   2,776


 


  (8,979

)

 


   73,422


Marketable debt securities


 


 


 


 


 


 


 


U.S. treasury securities


  25,640


 


  182


 


  (24

)

 


  25,798


Corporate bonds


13,496


 


   48


 


        (106

)

 


   13,438


Total marketable debt securities


 39,136


 


   230


 


       (130

)

 


   39,236


 

$

118,761


 

$

    3,006


 

$

       (9,109

)

 

$

    112,658


Debt Securities, Available-for-sale

The amortized costs and fair value of our marketable debt securities, by contractual maturity, as of June 30, 2023 (in thousands) are as follows: 

 

 


June 30, 2023


 


Amortized Cost


 


Fair Value


Less than 1 year

$

 41,559


 

$

42,342


1 to 5 years


20,280


 


20,249


More than 5 years


   —


 


  —


Total

$

    61,839


 

$

62,591


Derivatives Not Designated as Hedging Instruments

Our derivative instruments consisted of call and put options sold at their fair value as of the balance sheet date. These derivative instruments are reported as Other current liabilities on our Condensed Consolidated Balance Sheets as of June 30, 2023 and December 31, 2022 (in thousands):

 

 


June 30, 2023


 


Cost


 


Unrealized Losses


 


Fair Value


Derivative instruments

$

5,471

 

$

752

 

$

6,223

 

$

5,471

 

$

752

 

$

6,223

 

 


December 31, 2022


 


Cost


 


Unrealized Losses


 


Fair Value


Derivative instruments

$

2,987


 

$

662


 

$

3,649


 

$

2,987


 

$

662


 

$

3,649


Realized and Unrealized Gains and Losses From Our Equity Securities and Derivative Instruments

A summary of realized and unrealized gains and losses from our equity securities and derivative instruments are as follows (in thousands):

 

 


Three Months Ended June 30,




Six Months Ended June 30,

 


2023


 


2022




2023


2022

Net unrealized gains (losses) recognized on marketable equity securities

$

(1,255

 )

 

$

(6,923

 )
$ 759

$ (4,784 )

Net realized gains (losses) recognized on marketable equity securities

 4,561


 


(254

 )

6,230


772

Net unrealized losses recognized on derivative instruments


(91

 )

 


(1,943

 )

(194 )

(4,603 )

Net realized gains recognized on derivative instruments


1,520


 


2,009


2,237


1,875

Net realized gains recognized on marketable debt securities


 217


 


        —




217


368

Total net gains (losses) recognized in interest and other income (loss), net

$

 4,952


 

$

(7,111

 )
$ 9,249

$ (6,372 )
Schedule of financial instruments measured at fair value on recurring basis

Financial instruments measured at fair value on a recurring basis as of June 30, 2023 and December 31, 2022 are classified based on the valuation technique in the table below (in thousands):

 

 


June 30, 2023


 


 


 


Fair Value Measurements Using


 


 


 


Quoted Prices in Active Markets for Identical Assets (Level 1)


 


Significant Other Observable Inputs (Level 2)


 


Significant Unobservable Inputs (Level 3)


 


Total


Assets:


 


 


 


 


 


 


 


U.S. treasury securities 

$

 49,298


 

$

 —


 

$

 —


 

$

49,298


Mutual funds


 24,065


 


 —


 


 —


 


 24,065


Equity securities


65,311


 


 —


 


 —


 


 65,311


Corporate bonds


 —


 


 13,293


 


 —


 


 13,293


Total assets at fair value

$

138,674


 

$

 13,293


 

$

 —


 

$

151,967


 


 


 


 


 


 


 


 


Liabilities


 


 


 


 


 


 


 


Derivative instruments

$

 —


 

$

 6,223


 

$

         —

 

$

   6,223


Total liabilities at fair value

$

 —


 

$

 6,223


 

$

   —


 

$

      6,223


 

 


December 31, 2022


 


 


 


Fair Value Measurements Using


 


 


 


Quoted Prices in Active Markets for Identical Assets (Level 1)


 


Significant Other Observable Inputs (Level 2)


 


Significant Unobservable Inputs (Level 3)


 


Total


Assets:


 


 


 


 


 


 


 


Certificate of deposit $ —

$ 5,300

$ —

$ 5,300

U.S. treasury securities


25,798


 


       —


 


—

 


25,798


Mutual funds


  23,209


 


—


 

—

 


   23,209


Equity securities


   50,213


 


         —


 


          —


 


 50,213


Corporate bonds


      —


 


  13,438


 


        —


 


    13,438


Total assets at fair value

$

     99,220


 

$

     18,738


 

$

         —


 

$

117,958


 


 


 


 


 


 


 


 


Liabilities


 


 


 


 


 


 


 


Derivative instruments

$

 —


 

$

      3,649


 

$

        —


 

$

    3,649


Total liabilities at fair value

$

    —


 

$

    3,649


 

$

          —


 

$

   3,649