v3.25.1
Cash, Cash Equivalents and Investments
 12 Months Ended
Dec. 31, 2024
Cash and Cash Equivalents [Abstract]  
Cash, Cash Equivalents and Investments Cash, Cash Equivalents and Investments
The following table summarizes our cash, cash equivalents, marketable securities and available-for-sale investments at December 31, 2024 (in thousands):
As of December 31, 2024
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair Value Cash and
Cash
Equivalents		Marketable
Securities		Short-Term
Investments
Cash$94,919 $— $— $94,919 $94,919 $— $— 
Level 1:   
Money market funds322,874 — — 322,874 322,874 — — 
Agency bonds996 — — 996 — — 996 
U.S. Government bonds75,994 7 (5)75,996 — — 75,996 
U.S. Treasury bills14,431 25 — 14,456 — — 14,456 
Marketable securities90,000 108,270 — 198,270 — 198,270 — 
Subtotal504,295 108,302 (5)612,592 322,874 198,270 91,448 
Level 2:
Term deposits136,480 — — 136,480 11,480 — 125,000 
Corporate bonds122,018 10 (63)121,965 24,075 — 97,890 
Commercial paper20,393 — — 20,393 1,496 — 18,897 
Subtotal278,891 10 (63)278,838 37,051 — 241,787 
Total$878,105 $108,312 $(68)$986,349 $454,844 $198,270 $333,235 

As of December 31, 2024, we had $136.7 million of available-for-sale investments with unrealized losses of which none have been in a continuous unrealized loss position for 12 months or longer. We do not intend to sell the investments and it is not more likely than not that we will be required to sell the investments before recovery of their amortized cost bases.
Acquired common stock is recorded as marketable securities in the consolidated balance sheets and its fair value is adjusted every reporting period. Changes in fair value are recorded in the consolidated statement of operations as unrealized gain (or loss) on marketable securities, which is included in other income (loss), net. During the year ended December 31, 2024, we recorded an unrealized gain on marketable securities of $120.3 million.
The following table summarizes our cash, cash equivalents and available-for-sale investments at December 31, 2023 (in thousands):
As of December 31, 2023
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair ValueCash and
Cash
Equivalents		Marketable
Securities		Short-Term
Investments
Cash$406,743 $— $— $406,743 $406,743$—$—
Level 1:    
Money market funds1,470 — — 1,470 1,470——
Agency bonds222,057 2 (174)221,885 101,635—120,250
U.S. Government bonds238,747 120 (237)238,630 ——238,630
U.S. Treasury bills148,063 28 — 148,091 88,697—59,394
Marketable securities90,000 — (12,060)77,940 —77,940—
Subtotal700,337 150 (12,471)688,016 191,80277,940418,274
Level 2:
Term deposits128,205 — — 128,205 ——128,205
Corporate bonds80,646 8 (165)80,489 ——80,489
Treasury inflation-protected securities2,635 — (5)2,630 ——2,630
Commercial paper14,456 — — 14,456 ——14,456
Subtotal225,942 8 (170)225,780 ——225,780
Total$1,333,022 $158 $(12,641)$1,320,539 $598,545$77,940$644,054
As of December 31, 2023, we had $420.4 million of available-for-sale investments with unrealized losses. Of this amount, $138.8 million had been in a continuous unrealized loss position for 12 months or longer, with total gross unrealized losses of $0.3 million. We do not intend to sell the investments and it is not more likely than not that we will be required to sell the investments before recovery of their amortized cost bases. During the years ended December 31, 2023 and 2022, we recorded a $38.7 million unrealized gain and $32.9 million unrealized loss on marketable securities, respectively.