INVESTMENTS AND FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2024

INVESTMENTS AND FAIR VALUE MEASUREMENTS

Schedule of current investments

Investments - current were as follows (in thousands):

		June 30, 2024		December 31, 2023
Marketable equity securities	$	57,171	$	62,978
U.S. treasury securities		40,443		41,313
Short-term investments	$	97,614	$	104,291

Schedule of noncurrent investments

Investments- noncurrent were as follows (in thousands):

		June 30, 2024		December 31, 2023
U.S. treasury securities	$	25,333	$	13,653
Marketable debt securities		19,830		19,697
Investments- noncurrent	$	45,163	$	33,350

Schedule of short-term investments

Marketable securities as of June 30, 2024 and December 31, 2023 consisted of the following (in thousands):

		June 30, 2024
		Cost or Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Marketable equity securities
Equity securities	$	58,530	$	5,868	$	(7,227	)	$	57,171
Marketable debt securities
U.S. treasury securities		64,816		976		(16	)		65,776
Corporate bonds		19,577		648		(395	)		19,830
Total marketable debt securities		84,393		1,624		(411	)		85,606
	$	142,923	$	7,492	$	(7,638	)	$	142,777

		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 June 30, 2024 (in thousands) are as follows: 

		June 30, 2024
		Amortized Cost		Fair Value
Less than 1 year	$	41,622	$	40,443
1 to 5 years		42,771		45,163
Total	$	84,393	$	85,606

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

		June 30, 2024
		Cost		Unrealized Losses			Fair Value
Derivative instruments	$	6,131	$	(842	)	$	5,289
	$	6,131	$	(842	)	$	5,289

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

Schedule of realized and unrealized gains and losses from equity securities and derivative instruments and realized gains and losses from marketable debt securities

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

		Three Months Ended June 30,						Six Months Ended June 30,
		2024			2023			2024			2023
Net unrealized gains (losses) recognized on marketable equity securities	$	(2,453	)	$	(1,255	)	$	(5,108	)	$	759
Net realized gains recognized on marketable equity securities		3,703			4,561			9,182			6,230
Net unrealized losses recognized on derivative instruments		(2,844	)		(91	)		(26	)		(194	)
Net realized gains recognized on derivative instruments		3,327			1,520			2,893			2,237
Net realized gains recognized on marketable debt securities		473			217			555			217
Total net gains recognized in interest and other income (loss), net	$	2,206		$	4,952		$	7,496		$	9,249

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, 2024 and December 31, 2023 are classified based on the valuation technique in the table below (in thousands):

		June 30, 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	$	65,776	$	—	$	—	$	65,776
Equity securities		57,171		—		—		57,171
Corporate bonds		—		19,830		—		19,830
Total assets at fair value	$	122,947	$	19,830	$	—	$	142,777
Liabilities
Derivative instruments	$	—	$	5,289	$	—	$	5,289
Total liabilities at fair value	$	—	$	5,289	$	—	$	5,289

		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