The following tables set forth the Company’s financial assets and liabilities that were measured at fair value on a recurring basis as of the dates indicated by level within the fair value hierarchy (in thousands):


	March 31, 2025
	Level 1		Level 2		Level 3		Total
Assets
Unrestricted cash equivalents and short-term investments(1)
Money market funds	$	348,269	$	—	$	—	$	348,269
Certificates of deposit	—		201,480		—		201,480
Commercial paper	—		587,030		—		587,030
Corporate bonds	—		104,112		—		104,112
U.S. government and agency securities	—		320,858		—		320,858
Total unrestricted cash equivalents and short-term investments	348,269		1,213,480		—		1,561,749
Restricted cash equivalents and investments
Money market funds	13,400		—		—		13,400
Certificates of deposit	—		259,143		—		259,143
Commercial paper	—		880,701		—		880,701
Corporate bonds	—		27,570		—		27,570
U.S. government and agency securities	—		455,108		—		455,108
Total restricted cash equivalents and investments	13,400		1,622,522		—		1,635,922
Total financial assets	$	361,669	$	2,836,002	$	—	$	3,197,671

(1)$324.2 million of cash and $268.0 million of money market deposit accounts are not subject to recurring fair value measurement and therefore excluded from this table. However, these balances are included within the $2.2 billion of cash and cash equivalents and short-term investments on the condensed consolidated balance sheets.


	December 31, 2024
	Level 1		Level 2		Level 3		Total
Assets
Unrestricted cash equivalents and short-term investments(1)
Money market funds	$	189,839	$	—	$	—	$	189,839
Certificates of deposit	—		171,358		—		171,358
Commercial paper	—		762,546		—		762,546
Corporate bonds	—		70,231		—		70,231
U.S. government and agency securities	—		353,274		—		353,274
Total unrestricted cash equivalents and short-term investments	189,839		1,357,409		—		1,547,248
Restricted cash equivalents and investments(2)
Money market funds	42,699		—		—		42,699
Certificates of deposit	—		189,596		—		189,596
Commercial paper	—		782,556		—		782,556
Corporate bonds	—		59,266		—		59,266
U.S. government and agency securities	—		465,857		—		465,857
Total restricted cash equivalents and investments	42,699		1,497,275		—		1,539,974
Total financial assets	$	232,538	$	2,854,684	$	—	$	3,087,222

(1)$132.5 million of cash and $304.7 million of money market deposit accounts are not subject to recurring fair value measurement and therefore excluded from this table. However, these balances are included within the $2.0 billion of cash and cash equivalents and short-term investments on the condensed consolidated balance sheets.

(2)$2.2 million of term deposits is not subject to recurring fair value measurement and therefore excluded from this table. However, this balance is included within the $1.5 billion of restricted cash and cash equivalents and restricted short-term investments on the condensed consolidated balance sheets.