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Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2023
Fair Value Disclosures [Abstract]  
Schedule of Fair Values Company’s Investments
The following table sets forth the cost, gross unrealized losses, gross unrealized gains, and fair value of the Company’s investments as of the dates indicated (in thousands):
 CostGross
Unrealized
Holding
Loss
Gross
Unrealized
Holding
Gain
Fair ValueCash and Cash EquivalentsShort-term InvestmentsLong-term Investments
June 30, 2023
Level 1
Money market funds$252,409 $— $— $252,409 $252,332 $77 $— 
U.S. Government securities100,005 (694)— 99,311 — 60,446 38,865 
352,414 (694)— 351,720 252,332 60,523 38,865 
Level 2
U.S. agency securities28,000 (80)— 27,920 — 24,873 3,047 
Certificate of deposit20,462 (31)— 20,431 5,556 14,875 — 
Commercial paper78,523 (72)— 78,451 8,129 70,322 — 
Corporate bonds81,719 (984)80,741 — 64,670 16,071 
208,704 (1,167)207,543 13,685 174,740 19,118 
Level 3
Loans receivable - held for investment3,000 — — 3,000 — — 3,000 
3,000 — — 3,000 — — 3,000 
NAV
Third-party managed funds13,000 — — 13,000 — — 13,000 
13,000 — — 13,000 — — 13,000 
$577,118 $(1,861)$$575,263 $266,017 $235,263 $73,983 
December 31, 2022
Level 1
Money market funds (1)$462,866 $— $— $462,866 $374,314 $76 $— 
U.S. Government securities64,968 (424)64,548 2,995 61,553 — 
527,834 (424)527,414 377,309 61,629 — 
Level 2
U.S. agency securities10,053 (1)10,055 — 10,055 — 
Certificate of deposit40,915 (184)40,738 5,471 35,267 — 
Commercial paper57,777 (101)18 57,694 4,454 53,240 — 
Corporate bonds122,294 (1,729)120,571 1,212 90,222 29,137 
231,039 (2,015)34 229,058 11,137 188,784 29,137 
$758,873 $(2,439)$38 $756,472 $388,446 $250,413 $29,137 
(1)$88.5 million of money market funds were classified as funds receivable and seller accounts as of December 31, 2022.
Schedule of Unrealized Loss and Fair Value of Debt Securities Available-for-Sale
The table below shows the gross unrealized loss and fair value of the following investments in available-for-sale debt securities that are classified by the length of time that the securities have been in a continuous unrealized loss position as of the dates indicated (in thousands):
 Gross Unrealized
Holding Loss
Fair Value
June 30, 2023
Less than 12 months in a continuous unrealized loss position
Corporate bonds$(258)$44,893 
U.S. Government securities (621)91,291 
$(879)$136,184 
12 months or longer in a continuous unrealized loss position
Corporate bonds$(726)$28,091 
U.S. Government securities(73)8,020 
$(799)$36,111 
December 31, 2022
Less than 12 months in a continuous unrealized loss position
Corporate bonds$(281)$70,469 
U.S. Government securities(265)51,075 
$(546)$121,544 
12 months or longer in a continuous unrealized loss position
Corporate bonds$(1,448)$50,102 
U.S. Government securities(159)7,442 
$(1,607)$57,544 
Schedule of Estimated Fair Value Liability Component The following table presents the carrying value and estimated fair value of the Notes as of the dates indicated (in thousands):
As of June 30, 2023As of December 31, 2022
Carrying ValueFair ValueCarrying ValueFair Value
2021 Notes$990,579 $772,800 $989,629 $863,300 
2020 Notes645,028 545,415 644,431 646,230 
2019 Notes646,077 772,521 645,536 998,361 
2018 Notes— — 44 145 
$2,281,684 $2,090,736 $2,279,640 $2,508,036