INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Schedule of Marketable Securities

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

Marketable securities consisted of the following as of December 31, 2022 (in thousands):

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. treasury securities	$	86,666	7		$	(196)	$	86,477
Commercial paper	73,234		6		(326)		72,914
Corporate notes and obligations	65,150		—		—		65,150
Time deposits	60,951		1		—		60,952
Total marketable securities	$	286,001	$	14	$	(522)	$	285,493

Schedule of Strategic Investments Activity

Strategic investment activity during the year ended December 31, 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	—		—		7		7
Purchases of strategic investments	—		764		—		764
Unrealized gains (losses)	68		(180)		—		(112)
Impairment losses	(175)		—		—		(175)
Balance as of December 31, 2023	$	7,179	$	3,986	$	362	$	11,527

In connection with the acquisition of Levelset in November 2021, which is further discussed in Note 7, the Company acquired a convertible promissory note (“Convertible Note”) in a privately held company. At the acquisition date, the fair value of the Convertible Note was $3.0 million. The Convertible Note was classified as an available-for-sale debt security at the acquisition date and was converted to an equity security in 2022. Strategic investment activity during the year ended December 31, 2022 is summarized as follows (in thousands):

	Equity Securities		Limited Partnerships		Available-for-Sale Debt Securities		Total
Balance as of December 31, 2021	$	3,882	$	—	$	3,450	$	7,332
Interest accrued	—		—		105		105
Purchases of strategic investments	—		3,609		350		3,959
Conversion of available-for-sale debt securities into equity securities	3,680		—		(3,680)		—
Unrealized (losses) gains	(139)		(207)		130		(216)
Impairment losses	(137)		—		—		(137)
Balance as of December 31, 2022	$	7,286	$	3,402	$	355	$	11,043