v3.26.1
Investments (Tables)
 3 Months Ended
Mar. 31, 2026
Investments, Debt and Equity Securities [Abstract]  
Schedule of Debt Securities Available-for-Sale
The following table summarizes our cash equivalents and available-for-sale debt investments:
March 31, 2026
Fair Value Level
Amortized CostGross Unrealized GainsGross Unrealized Losses (1)Total Fair ValueLevel 1Level 2
 (In thousands)
Cash equivalents
Certificate of deposits$1,452 $— $— $1,452 $1,452 $— 
Commercial paper50,654 — — 50,654 — 50,654 
Money market funds188,407 — — 188,407 188,407 — 
U.S. government bonds24,774 1 — 24,775 24,775 — 
Variable rate demand notes1,016 — — 1,016 — 1,016 
Total cash equivalents (2)266,303 1 — 266,304 214,634 51,670 
Short-term investments
Asset-backed securities89,484 64 (130)89,418 — 89,418 
Certificate of deposits19,431 — — 19,431 19,431 — 
Commercial paper64,145 — — 64,145 — 64,145 
Corporate bonds382,446 169 (1,646)380,969 — 380,969 
Foreign government bonds6,559 — (11)6,548 — 6,548 
Mortgage-backed securities913 — (2)911 — 911 
Municipal bonds1,011 1 — 1,012 — 1,012 
U.S. government agency bonds12,713 1 (37)12,677 — 12,677 
U.S. government bonds140,750 37 (457)140,330 140,330 — 
Variable rate demand notes8,011 — — 8,011 — 8,011 
Total short-term investments725,463 272 (2,283)723,452 159,761 563,691 
Total$991,766 $273 $(2,283)$989,756 $374,395 $615,361 
December 31, 2025
Fair Value Level
Amortized CostGross Unrealized GainsGross Unrealized Losses (1)Total Fair ValueLevel 1Level 2
 (In thousands)
Cash equivalents
Certificate of deposits$2,501 $— $— $2,501 $2,501 $— 
Commercial paper63,421 — — 63,421 — 63,421 
Money market funds359,721 — — 359,721 359,721 — 
U.S. government bonds21,988 2 — 21,990 21,990 — 
Variable rate demand notes1,007 — — 1,007 — 1,007 
Total cash equivalents448,638 2 — 448,640 384,212 64,428 
Short-term investments
Asset-backed securities69,433 118 (53)69,498 — 69,498 
Certificate of deposits10,318 — — 10,318 10,318 — 
Commercial paper67,967 — — 67,967 — 67,967 
Corporate bonds334,361 592 (73)334,880 — 334,880 
Mortgage-backed securities912 2 — 914 — 914 
Municipal bonds3,042 4 — 3,046 — 3,046 
U.S. government agency bonds8,614 — (12)8,602 — 8,602 
U.S. government bonds106,705 130 (15)106,820 106,820 — 
Variable rate demand notes7,053 — — 7,053 — 7,053 
Total short-term investments608,405 846 (153)609,098 117,138 491,960 
Total$1,057,043 $848 $(153)$1,057,738 $501,350 $556,388 
(1)All unrealized losses have been in a continuous loss position for less than 12 months. We do not intend to sell the investments in an unrealized loss position, and we do not believe it is more likely than not that we will be required to sell these investments before recovery of their amortized cost bases.
(2)For the three months ended March 31, 2026 and 2025, we sold cash equivalent investments for proceeds of $2.0 million and $2.0 million, respectively, and realized no gain or loss on such sales.
The following table summarizes the contractual maturities of our cash equivalents and available-for-sale debt investments as of March 31, 2026:
Amortized CostFair Value
(In thousands)
Within 1 year$607,243 $607,159 
After 1 year through 5 years286,115 284,257 
After 5 years8,011 8,011 
Asset- and mortgage-backed securities90,397 90,329 
Total$991,766 $989,756