INVESTMENTS AND FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2024

INVESTMENTS AND FAIR VALUE MEASUREMENTS

Schedule of short-term investments

Marketable securities as of March 31, 2024 and December 31, 2023 consisted of the following (in thousands):

		March 31, 2024
		Cost or Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Marketable equity securities
Equity securities	$	52,576	$	5,189	$	(4,094	)	$	53,671
Marketable debt securities
U.S. treasury securities		45,480		732		—			46,212
Corporate bonds		28,410		973		(298	)		29,085
Total marketable debt securities		73,890		1,705		(298	)		75,297
	$	126,466	$	6,894	$	(4,392	)	$	128,968

		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

Debt Securities, Available-for-sale

The amortized costs and fair value of our marketable debt securities, by contractual maturity, as of March 31, 2024 (in thousands) are as follows: 

		March 31, 2024
		Amortized Cost		Fair Value
Less than 1 year	$	33,622	$	34,340
1 to 5 years		40,268		40,957
Total	$	73,890	$	75,297

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 March 31, 2024 and December 31, 2023 (in thousands):

		March 31, 2024
		Cost		Unrealized Losses			Fair Value
Derivative instruments	$	8,097	$	(3,685	)	$	4,412
	$	8,097	$	(3,685	)	$	4,412

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

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 March 31,
		2024			2023
Net unrealized gains (losses) recognized on marketable equity securities	$	(2,655	)	$	2,014
Net realized gains (losses) recognized on marketable equity securities		5,479			1,669
Net unrealized gains (losses) recognized on derivative instruments		2,818			(102	)
Net realized gains recognized on derivative instruments		(218	)		717
Net realized gains recognized on marketable debt securities		(135	)		—
Total net gains (losses) recognized in interest and other income (loss), net	$	5,289		$	4,298

Schedule of financial instruments measured at fair value on recurring basis

Financial instruments measured at fair value on a recurring basis as of March 31, 2024 and December 31, 2023 are classified based on the valuation technique in the table below (in thousands):

		March 31, 2024
		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	$	46,212	$	—	$	—	$	46,212
Equity securities		53,671		—		—		53,671
Corporate bonds		—		29,086		—		29,086
Total assets at fair value	$	99,883	$	29,086	$	—	$	128,969
Liabilities
Derivative instruments	$	—	$	4,412	$	—	$	4,412
Total liabilities at fair value	$	—	$	4,412	$	—	$	4,412

		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