INVESTMENTS AND FAIR VALUE MEASUREMENTS (Tables)

4 Months Ended

Apr. 30, 2024

INVESTMENTS AND FAIR VALUE MEASUREMENTS

Schedule of current investments

Investments - current were as follows (in thousands):

		April 30, 2024		December 31, 2023
Marketable equity securities	$	50,496	$	62,978
U.S. treasury securities		42,352		41,313
Investments - current	$	92,848	$	104,291

Schedule of noncurrent investments

Investments- noncurrent were as follows (in thousands):

		April 30, 2024		December 31, 2023
U.S. treasury securities	$	19,747	$	13,653
Corporate bonds		26,798		19,697
Investments - noncurrent	$	46,545	$	33,350

Schedule of short-term investments

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

		April 30, 2024
		Cost or Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Marketable equity securities
Equity securities	$	50,645	$	5,656	$	(5,805	)	$	50,496
Marketable debt securities
U.S. treasury securities		61,306		825		(32	)		62,099
Corporate bonds		25,695		1,151		(48	)		26,798
Total marketable debt securities		87,001		1,976		(80	)		88,897
	$	137,646	$	7,632	$	(5,885	)	$	139,393

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

		April 30, 2024
		Amortized Cost		Fair Value
Less than 1 year	$	41,522	$	42,352
1 to 5 years		45,479		46,545
Total	$	87,001	$	88,897

Derivatives Not Designated as Hedging Instruments

Our derivative instruments consisted of call and put options valued 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 April 30, 2024 and December 31, 2023 (in thousands):

		April 30, 2024
		Cost		Unrealized Losses			Fair Value
Derivative instruments	$	7,935	$	(2,495	)	$	5,440
	$	7,935	$	(2,495	)	$	5,440

		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 and realized losses from our marketable debt securities are as follows (in thousands):

		Four Months Ended April 30, 2024			Three Months Ended March 31, 2023
Net unrealized gains (losses) recognized on marketable equity securities	$	(3,899	)	$	2,014
Net realized gains recognized on marketable equity securities		6,778			1,669
Net unrealized gains (losses) recognized on derivative instruments		468			(102	)
Net realized gains recognized on derivative instruments		1,627			717
Net realized gains recognized on marketable debt securities		338			—
Total net gains recognized in interest and other income, net	$	5,312		$	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 April 30, 2024 and December 31, 2023 are classified based on the valuation technique in the table below (in thousands):

		April 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	$	—	$	62,099	$	—	$	62,099
Equity securities		50,496		—		—		50,496
Corporate bonds		8,220		18,578		—		26,798
Total assets at fair value	$	58,716	$	80,677	$	—	$	139,393
Liabilities
Derivative instruments	$	—	$	5,440	$	—	$	5,440
Total liabilities at fair value	$	—	$	5,440	$	—	$	5,440

		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