Note 9 - Cash, Cash Equivalents, Investments and Restricted Cash

9 Months Ended

Sep. 30, 2025

Notes to Financial Statements

Financial Instruments Disclosure [Text Block]

9. 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,
	2025		2024
Cash	$	580,992	$	679,949
Money market funds		500,259		11,867
Certificates of deposit		154,489		164,418
U.S. treasuries and government agency bonds		33,249		-
Auction-rate securities backed by student-loan notes		74		148
Corporate debt securities		-		6,712
Total	$	1,269,063	$	863,094

	September 30,		December 31,
	2025		2024
Reported as:
Cash and cash equivalents	$	1,081,251	$	691,816
Investment within short-term investments		187,738		171,130
Investment within other long-term assets		74		148
Total	$	1,269,063	$	863,094

The following table summarizes the contractual maturities of the short-term and long-term available-for-sale investments as of September 30, 2025 (in thousands):

	Amortized Cost		Fair Value
Due in less than 1 year	$	89,419	$	89,427
Due in 1 - 5 years		98,311		98,311
Due in greater than 5 years		75		74
Total	$	187,805	$	187,812

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, 2025
	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Money market funds	$	500,259	$	-	$	-		$	500,259
Certificates of deposit		154,489		-		-			154,489
U.S. treasuries and government agency bonds		33,241		8		-			33,249
Auction-rate securities backed by student-loan notes		75		-		(1	)		74
Total	$	688,064	$	8	$	(1	)	$	688,071

	December 31, 2024
	Amortized Cost		Unrealized Losses			Fair Value
Money market funds	$	11,867	$	-		$	11,867
Certificates of deposit		164,418		-			164,418
Corporate debt securities		6,779		(67	)		6,712
Auction-rate securities backed by student-loan notes		150		(2	)		148
Total	$	183,214	$	(69	)	$	183,145

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

	September 30, 2025
	Greater than 12 Months
	Fair Value		Unrealized Losses
Auction-rate securities backed by student-loan notes	$	74	$	(1	)
Total	$	74	$	(1	)

	December 31, 2024
	Greater than 12 Months
	Fair Value		Unrealized Losses
Corporate debt securities	$	6,712	$	(67	)
Auction-rate securities backed by student-loan notes		148		(2	)
Total	$	6,860	$	(69	)

An impairment exists when the fair value of an investment is less than its amortized cost basis. As of September 30, 2025 and December 31, 2024, 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,
	2025		2024
Cash and cash equivalents	$	1,081,251	$	691,816
Restricted cash included in other long-term assets		142		125
Total cash, cash equivalents and restricted cash reported on the Condensed Consolidated Statements of Cash Flows	$	1,081,393	$	691,941