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Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Summary of the valuation of cash equivalents and marketable securities by pricing levels

The following table presents the financial instruments and liabilities that are carried at fair value and summarizes their valuation by the respective pricing levels as of September 30, 2023 and December 31, 2022:

						As of September 30, 2023
(In thousands)						Total						Quoted Market Prices in Active Markets  (Level 1)						Significant Other Observable Inputs  (Level 2)						Significant Unobservable Inputs  (Level 3)
Assets carried at fair value
Money market funds						$	14,129					$	14,129					$	—					$	—
Time deposits						9,746						—						9,746						—
U.S. Government bonds and notes						143,027						—						143,027						—
Corporate notes, bonds and commercial paper						120,898						—						120,898						—
Total assets carried at fair value						$	287,800					$	14,129					$	273,671					$	—
Liabilities carried at fair value
Earn-out consideration related to PLDA acquisition						$	11,400					$	—					$	—					$	11,400
Total liabilities carried at fair value						$	11,400					$	—					$	—					$	11,400

						As of December 31, 2022
(In thousands)						Total						Quoted Market Prices in Active Markets  (Level 1)						Significant Other Observable Inputs  (Level 2)						Significant Unobservable Inputs  (Level 3)
Assets carried at fair value
Money market funds						$	15,763					$	15,763					$	—					$	—
U.S. Government bonds and notes						96,371						—						96,371						—
Corporate notes, bonds and commercial paper						106,355						—						106,355						—
Total available-for-sale securities						$	218,489					$	15,763					$	202,726					$	—
Liabilities carried at fair value
Earn-out consideration related to PLDA acquisition						$	14,800					$	—					$	—					$	14,800
Total liabilities carried at fair value						$	14,800					$	—					$	—					$	14,800

Fair value, liabilities measured on recurring basis, unobservable input reconciliation

The following table presents additional information about liabilities measured at fair value for which the Company utilizes Level 3 inputs to determine fair value, as of September 30, 2023 and 2022.

						Three Months Ended												Nine Months Ended
						September 30,												September 30,
(In thousands)						2023						2022						2023						2022
Balance as of beginning of period						$	28,600					$	12,600					$	14,800					$	16,900
Change in fair value of earn-out liability due to remeasurement						(5,666)						2,411						8,134						(1,889)
Change in fair value of earn-out liability due to achievement of revenue target						(11,534)						(5,211)						(11,534)						(5,211)
Balance as of end of period						$	11,400					$	9,800					$	11,400					$	9,800

Financial instruments not carried at fair value but requiring fair value disclosure

The following table presents the financial instruments that are not carried at fair value but require fair value disclosure as of December 31, 2022:

												As of December 31, 2022
(In thousands)																								Face  Value						Carrying  Value						Fair Value
1.375% Convertible Senior Notes due 2023 (the “2023 Notes”)																								$	10,381					$	10,378					$	19,625

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Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

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Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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