Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2024

Financial Instruments

Schedule of available-for-sale securities

	December 31, 2024								December 31, 2023
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized (Loss)		Estimated Fair Value		Amortized Cost		Gross Unrealized Gain		Gross Unrealized (Loss)		Estimated Fair Value
	(in thousands)
Cash, cash equivalents and restricted cash (2)	$	945,587	$	—	$	—	$	945,587	$	642,095	$	—	$	—	$	642,095
U.S. Treasury securities (1)		—		—		—		—		201,522		14		(1,118)		200,418
Municipal securities (1)		23,019		—		(330)		22,689		38,091		—		(1,627)		36,464
Total	$	968,606	$	—	$	(330)	$	968,276	$	881,708	$	14	$	(2,745)	$	878,977
Classified as:
Cash, cash equivalents and restricted cash (2)							$	945,587							$	642,095
Short-term investments								22,689								236,882
Total							$	968,276							$	878,977

(1) Per the Company’s investment policy, all debt securities are classified as short-term investments irrespective of holding period.

(2) Cash equivalents includes liquid demand deposits, and money market funds.

Schedule of debt securities available-for-sale in unrealized loss position

		Less Than 12 Months				12 Months or Longer				Total
		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
	(in thousands)
Municipal securities		$	—	$	—	$	17,688	$	(330)	$	17,688	$	(330)
Total		$	—	$	—	$	17,688	$	(330)	$	17,688	$	(330)

Summarized portfolio of available-for-sale securities by contractual maturity

	December 31, 2024
	Amortized Cost		Fair Value
	(in thousands)
Less than or equal to one year	$	23,019	$	22,689
Greater than one year but less than five years		—		—
Total	$	23,019	$	22,689