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Fair Value Measurement (Tables)
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Available-for-Sale Marketable Securities
Available-for-sale marketable securities consisted of the following (in thousands):
March 31, 2025
Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair Value
Asset-backed securities$86 $— $— $86 
Corporate debt securities140,065 138 (103)140,100 
U.S. treasury securities421,618 310 (345)421,583 
Agency bonds9,839 — (14)9,825 
Total marketable securities, available-for-sale$571,608 $448 $(462)$571,594 
December 31, 2024
Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair Value
Asset-backed securities$251 $— $— $251 
Corporate debt securities102,632 150 (207)102,575 
U.S. treasury securities367,700 442 (572)367,570 
Agency bonds9,844 — (16)9,828 
Total marketable securities, available-for-sale$480,427 $592 $(795)$480,224 
Schedule of Contractual Maturities of Available-for-Sale Debt Securities
The estimated fair value of our contractual maturities of available-for-sale debt securities were as follows (in thousands):
March 31, 2025December 31, 2024
Due within one year$440,885 $314,978 
Due after one year but within five years (1)
130,709 165,246 
Total estimated fair value of contractual maturities, available-for-sale$571,594 $480,224 
(1) These investments are classified as current assets which reflects management’s intention to use the proceeds from the sale of these investments to fund operations, as necessary.
Schedule of Assets Measured at Fair Value on a Recurring Basis
The following table summarizes, by major security type, our cash equivalents and available-for-sale marketable securities measured at fair value on a recurring basis and are categorized using the fair value hierarchy (in thousands):
March 31, 2025December 31, 2024
Level 1Level 2
Total Estimated Fair Value
Level 1Level 2
Total Estimated Fair Value
Assets
Cash equivalents
Money market funds$34,127 $— $34,127 $55,182 $— $55,182 
Available-for-sale marketable
   securities
Asset-backed securities— 86 86 — 251 251 
Corporate debt securities— 140,100 140,100 — 102,575 102,575 
U.S. treasury securities421,583 — 421,583 367,570 — 367,570 
Agency bonds9,825 — 9,825 9,828 — 9,828 
Derivative instruments
Currency hedging contracts (1)
— 1,714 1,714 — 4,006 4,006 
Total assets$465,535 $141,900 $607,435 $432,580 $106,832 $539,412 
Liabilities
Derivative instruments
Currency hedging contracts (1)
$— $3,633 $3,633 $— $17 $17 
(1) Based on observable market transactions of spot currency rates, forward currency rates or equivalently-termed instruments. Carrying amounts of the financial assets and liabilities are equal to the fair value. As of March 31, 2025, the derivative assets and liabilities recorded within prepaid expenses and other current assets, prepaid expenses and other assets, accrued expenses, and other long-term liabilities in our condensed consolidated balance sheets were $1.1 million, $0.6 million, $0.9 million and $2.7 million, respectively. As of December 31, 2024, the derivative assets recorded within prepaid expenses and other current assets and prepaid expenses and other assets in our consolidated balance sheets were $2.4 million and $1.6 million, respectively. The derivative liabilities recorded within other long-term liabilities in our consolidated balance sheets as of December 31, 2024 were not material.