INVESTMENTS (Tables)

9 Months Ended

Sep. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule of Marketable Securities

Marketable securities consisted of the following as of September 30, 2024 (in thousands):

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. treasury securities	$	133,454	$	300	$	—	$	133,754
Commercial paper	36,023		59		(2)		36,080
Corporate notes and obligations	199,336		780		(17)		200,099
Total marketable securities	$	368,813	$	1,139	$	(19)	$	369,933

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

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. treasury securities	$	128,479	$	124	$	(27)	$	128,576
Commercial paper	47,415		1		(35)		47,381
Corporate notes and obligations	139,747		61		(128)		139,680
Time deposits	4,525		—		(1)		4,524
Total marketable securities	$	320,166	$	186	$	(191)	$	320,161

Investments Classified by Contractual Maturity Date

The following table summarizes the estimated fair value of investments classified as marketable securities by contractual maturity date (in thousands):

	September 30, 2024		December 31, 2023
Due within 1 year	$	317,650	$	320,161
Due in 1 to 2 years	52,283		—
Total marketable securities	$	369,933	$	320,161

Schedule of Strategic Investments Activity

Strategic investment activity during the nine months ended September 30, 2024 is summarized as follows (in thousands):

	Equity Securities		Limited Partnerships		Available-for- Sale Debt Securities		Total
Balance as of December 31, 2023	$	7,179	$	3,986	$	362	$	11,527
Interest accrued on available-for-sale debt securities	—		—		6		6
Purchases of strategic investments	498		1,419		—		1,917
Unrealized gain (loss) on strategic investments	671		(30)		—		641
Impairment of strategic investments	(184)		—		—		(184)
Balance as of September 30, 2024	$	8,164	$	5,375	$	368	$	13,907

Strategic investment activity during the nine months ended September 30, 2023 is summarized as follows (in thousands):

	Equity Securities		Limited Partnerships		Available-for- Sale Debt Securities		Total
Balance as of December 31, 2022	$	7,286	$	3,402	$	355	$	11,043
Interest accrued on available-for-sale debt securities	—		—		5		5
Purchases of strategic investments	—		526		—		526
Unrealized loss on strategic investments	—		(155)		—		(155)
Balance as of September 30, 2023	$	7,286	$	3,773	$	360	$	11,419