INVESTMENTS AND FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2023

INVESTMENTS AND FAIR VALUE MEASUREMENTS

Schedule of short-term investments

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

	December 31, 2023
	Cost or Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Marketable equity securities
Equity securities	$	59,228	$	7,896	$	(4,146	)	$	62,978
Marketable debt securities
U.S. treasury securities	53,662		1,307		(3		)	54,966
Corporate bonds	19,422		472		(197		)	19,697
Total marketable debt securities		73,084		1,779		(200	)		74,663
	$	132,312	$	9,675	$	(4,346	)	$	137,641

	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 marketable debt securities, by contractual maturity, as of December 31, 2023 and December 31, 2022 (in thousands) are as follows:

	December 31, 2023
	Amortized Cost		Fair Value
Less than 1 year	$	40,129	$	41,313
1 to 5 years	32,955		33,350
Total	$	73,084	$	74,663

	December 31, 2022
	Amortized Cost		Fair Value
Less than 1 year	$	22,014	$	22,196
1 to 5 years	12,086		11,973
More than 5 years	5,036		5,067
Total	$	39,136	$	39,236

Derivatives Not Designated as Hedging Instruments

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

	December 31, 2023
	Cost		Unrealized Gains			Fair Value
Derivative instruments	$	8,797	$	(867	)	$	7,930
	$	8,797	$	(867	)	$	7,930

	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):

	Years Ended December 31,
	2023		2022
Net unrealized gains (losses) recognized on marketable equity securities	$	9,952	$	(4,533	)
Net realized gains (losses) recognized on marketable equity securities	1,901		(4,085		)
Net realized gains recognized on derivative instruments	3,219		5,493
Net unrealized gains (losses) recognized on derivative instruments	1,426		(662		)
Net realized gains recognized on marketable debt securities	300		734
Total net gains (losses) recognized in interest and other income (loss), net	$	16,798	$	(3,053	)

Schedule of financial instruments measured at fair value on recurring basis

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

	December 31, 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	$	54,966	$	—	$	—	$	54,966
Equity securities	62,977		—		—		62,977
Corporate bonds	—		19,697		—		19,697
Total assets at fair value	$	117,943	$	19,697	$	—	$	137,640
Liabilities
Derivative instruments	$	—	$	7,930	$	—	$	7,930
Total liabilities at fair value	$	—	$	7,930	$	—	$	7,930

	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:
Certificates 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