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Note 10 - Cash, Cash Equivalents, Investments and Restricted Cash

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Financial Instruments Disclosure [Text Block]

10. CASH, CASH EQUIVALENTS, INVESTMENTS AND RESTRICTED CASH

The following is a summary of the Company’s cash, cash equivalents and debt investments (in thousands):

		September 30,				December 31,
		2024				2023
Cash		$	413,010			$	392,329
Money market funds			282,883				135,514
Certificates of deposit			171,065				127,123
Corporate debt securities			14,236				95,101
U.S. treasuries and government agency bonds			581,156				358,409
Auction-rate securities backed by student-loan notes			173				567
Total		$	1,462,523			$	1,109,043

		September 30,				December 31,
		2024				2023
Reported as:
Cash and cash equivalents		$	700,347			$	527,843
Short-term investments			762,003				580,633
Investment within other long-term assets			173				567
Total		$	1,462,523			$	1,109,043

The following table summarizes the contractual maturities of the short-term and long-term available-for-sale investments as of September 30, 2024 (in thousands):

		Amortized Cost				Fair Value
Due in less than 1 year		$	765,440			$	765,683
Due in 1 - 5 years			805				774
Due in greater than 5 years			175				173
Total		$	766,420			$	766,630

Gross realized gains and losses recognized on the sales of available-for-sale investments were not material for the periods presented.

The following tables summarize the unrealized gain and loss positions related to the available-for-sale investments (in thousands):

		September 30, 2024
		Amortized Cost				Unrealized Gains				Unrealized Losses				Fair Value
Money market funds		$	282,883			$	-			$	-			$	282,883
Certificates of deposit			171,065				-				-				171,065
Corporate debt securities			14,522				-				(286	)			14,236
U.S. treasuries and government agency bonds			580,658				515				(17	)			581,156
Auction-rate securities backed by student-loan notes			175				-				(2	)			173
Total		$	1,049,303			$	515			$	(305	)		$	1,049,513

		December 31, 2023
		Amortized Cost				Unrealized Gains				Unrealized Losses				Fair Value
Money market funds		$	135,514			$	-			$	-			$	135,514
Certificates of deposit			127,123				-				-				127,123
Corporate debt securities			96,636				4				(1,539	)			95,101
U.S. treasuries and government agency bonds			358,177				327				(95	)			358,409
Auction-rate securities backed by student-loan notes			574				-				(7	)			567
Total		$	718,024			$	331			$	(1,641	)		$	716,714

The following tables present information about the available-for-sale investments that had been in a continuous unrealized loss position for less than 12 months and for greater than 12 months (in thousands):

		September 30, 2024
		Less than 12 Months								Greater than 12 Months								Total
		Fair Value				Unrealized Losses				Fair Value				Unrealized Losses				Fair Value				Unrealized Losses
Corporate debt securities		$	-			$	-			$	14,236			$	(286	)		$	14,236			$	(286	)
U.S. treasuries and government agency bonds			45,331				(15	)			4,883				(2	)			50,214				(17	)
Auction-rate securities backed by student-loan notes			-				-				173				(2	)			173				(2	)
Total		$	45,331			$	(15	)		$	19,292			$	(290	)		$	64,623			$	(305	)

		December 31, 2023
		Less than 12 Months								Greater than 12 Months								Total
		Fair Value				Unrealized Losses				Fair Value				Unrealized Losses				Fair Value				Unrealized Losses
Corporate debt securities		$	20,792			$	(19	)		$	70,806			$	(1,520	)		$	91,598			$	(1,539	)
U.S. treasuries and government agency bonds			97,599				(95	)			-				-				97,599				(95	)
Auction-rate securities backed by student-loan notes			-				-				567				(7	)			567				(7	)
Total		$	118,391			$	(114	)		$	71,373			$	(1,527	)		$	189,764			$	(1,641	)

An impairment exists when the fair value of an investment is less than its amortized cost basis. As of September 30, 2024 and December 31, 2023, the Company did not consider the impairment of its investments to be a result of credit losses. The Company typically invests in highly rated securities, with the primary objective of minimizing the potential risk of principal loss. The Company’s investment policy generally requires securities to be investment grade and limits the amount of credit exposure to any one issuer. When evaluating a debt security for impairment, management reviews factors such as the Company’s intent to sell, or whether it will more likely than not be required to sell, the security before recovery of its amortized cost basis, the extent to which the fair value of the security is less than its cost, the financial condition of the issuer and the credit quality of the investment.

Restricted Cash

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported on the Condensed Consolidated Balance Sheets to the amounts reported on the Condensed Consolidated Statements of Cash Flows (in thousands):

		September 30,				December 31,
		2024				2023
Cash and cash equivalents		$	700,347			$	527,843
Restricted cash included in other current assets ⁽¹⁾			-				33,204
Restricted cash included in other long-term assets ⁽²⁾			134				134
Total cash, cash equivalents and restricted cash reported on the Condensed Consolidated Statements of Cash Flows		$	700,481			$	561,181

(1)	The restricted cash included in other current assets as of December 31, 2023 was related to preliminary purchase consideration held in a trust account in connection with the Company’s acquisition of Axign and was paid in January 2024.

(2)

The restricted cash included in other long-term assets as of September 30, 2024 and December 31, 2023 was related to a security deposit that is set aside in a bank account and cannot be withdrawn by the Company under the terms of a lease agreement. The restriction will end upon the expiration of the lease.