CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS

3 Months Ended

Mar. 31, 2024

Cash, Cash Equivalents, and Short-Term Investments [Abstract]

Cash, cash equivalents and short-term investments

CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS

Cash equivalents include items almost as liquid as cash, with maturity periods of three months or less when purchased, and short-term investments include items with maturity dates between three months and one year when purchased. As of March 31, 2024 and December 31, 2023, the Company’s cash and cash equivalents and short-term investments were composed of:

	March 31, 2024
	Unaudited
	Fair value level	Adjusted cost basis		Unrealized gains		Unrealized losses		Fair market value		Recorded basis		Cash and cash equivalents		Short-term investments (2)
Cash		$	17,626	$	—	$	—	$	17,626	$	17,626	$	17,626	$	—
Money market funds	Level 1	303,191		—		—		303,191		303,191		303,191		—
Certificate of deposits and term deposits	Level 2	116,052		—		—		116,052		116,052		23,204		92,848
HTM securities (1)
U.S. Treasury bills	Level 1	$	139,373	$	72	$	—	139,445		139,373		$	109,742	$	29,631
Corporate debt securities	Level 2	$	293,905	$	297	$	(5)	294,197		293,905		$	—	$	293,905
		$	433,278	$	369	$	(5)	$	433,642	$	433,278	$	109,742	$	323,536
Total		$	870,147	$	369	$	(5)	$	870,511	$	870,147	$	453,763	$	416,384

	December 31, 2023
	Audited
	Fair value level	Adjusted cost basis		Unrealized gains		Unrealized losses		Fair market value		Recorded basis		Cash and cash equivalents		Short-term investments (2)
Cash		$	9,955	$	—	$	—	$	9,955	$	9,955	$	9,955	$	—
Money market funds	Level 1	227,166		—		—		227,166		227,166		227,166		—
Certificate of deposits and term deposits	Level 2	153,169		—		—		153,169		153,169		3,700		149,469
HTM securities (1)
U.S. Treasury bills	Level 1	$	78,844	$	55	$	(110)	78,789		78,844		$	—	$	78,844
Government and governmental agencies	Level 2	$	24,940	$	13	$	—	24,953		24,940		$	—	$	24,940
Corporate debt securities	Level 2	$	416,542	$	486	$	(149)	416,879		416,542		$	—	$	416,542
		$	520,326	$	554	$	(259)	$	520,621	$	520,326	$	—	$	520,326
Total		$	910,616	$	554	$	(259)	$	910,911	$	910,616	$	240,821	$	669,795

(1)    Changes in fair value of held-to-maturity ("HTM") securities are presented for disclosure purposes as required by ASC 320 "Investments — Debt Securities" and are recorded as finance expenses only if the unrealized loss is identified as a credit loss.

(2)    Pursuant to a bank guaranty agreement, $16,189 of short-term investments are pledged. See Note 4.

In accordance with ASC 820, "Fair Value Measurements and Disclosures," the Company measures its money market funds at fair value. The fair value of the money market funds and HTM securities, which is presented for disclosure purposes, is classified within Level 1 or Level 2. This is because these assets are valued using quoted market prices or alternative pricing sources and models utilizing market observable inputs.

As of March 31, 2024 and December 31, 2023, all investments mature in one year or less.

Unrealized losses from debt securities are primarily attributable to changes in interest rates. The Company does not believe any remaining unrealized losses represent impairments based on the evaluation of available evidence.