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Fair Value Measurement (Tables) | 6 Months Ended
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Jun. 30, 2025
Fair Value Disclosures [Abstract] |
Schedule of Available-for-Sale Marketable Securities | Available-for-sale marketable securities consisted of the following (in thousands):
|  | June 30, 2025
|  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
Corporate debt securities |  | $ | 130,785 |  |  | $ | 167 |  |  | $ | (59) |  |  | $ | 130,893 |
U.S. treasury securities |  | 337,852 |  |  | 120 |  |  | (267) |  |  | 337,705 |
Agency bonds |  | 9,835 |  |  | — |  |  | (11) |  |  | 9,824 |
Commercial paper |  | 7,894 |  |  | — |  |  | — |  |  | 7,894 |
Total marketable securities, available-for-sale |  | $ | 486,366 |  |  | $ | 287 |  |  | $ | (337) |  |  | $ | 486,316 |
|  | December 31, 2024
|  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
Asset-backed securities |  | $ | 251 |  |  | $ | — |  |  | $ | — |  |  | $ | 251 |
Corporate debt securities |  | 102,632 |  |  | 150 |  |  | (207) |  |  | 102,575 |
U.S. treasury securities |  | 367,700 |  |  | 442 |  |  | (572) |  |  | 367,570 |
Agency bonds |  | 9,844 |  |  | — |  |  | (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):
|  | June 30, 2025 |  | December 31, 2024
Due within one year |  | $ | 373,246 |  |  | $ | 314,978 |
Due after one year but within five years (1) |  | 113,070 |  |  | 165,246 |
Total estimated fair value of available-for-sale securities |  | $ | 486,316 |  |  | $ | 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):
|  | June 30, 2025 |  | December 31, 2024
|  | Level 1 |  | Level 2 |  | Total Estimated Fair Value |  | Level 1 |  | Level 2 |  | Total Estimated Fair Value
Assets |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 4,977 |  |  | $ | — |  |  | $ | 4,977 |  |  | $ | 55,182 |  |  | $ | — |  |  | $ | 55,182 |
Available-for-sale marketable securities |  |  |  |  |  |  |  |  |  |  |  |
Asset-backed securities |  | — |  |  | — |  |  | — |  |  | — |  |  | 251 |  |  | 251 |
Corporate debt securities |  | — |  |  | 130,893 |  |  | 130,893 |  |  | — |  |  | 102,575 |  |  | 102,575 |
U.S. treasury securities |  | 337,705 |  |  | — |  |  | 337,705 |  |  | 367,570 |  |  | — |  |  | 367,570 |
Agency bonds |  | 9,824 |  |  | — |  |  | 9,824 |  |  | 9,828 |  |  | — |  |  | 9,828 |
Commercial paper |  | — |  |  | 7,894 |  |  | 7,894 |  |  | — |  |  | — |  |  | — |
Derivative instruments |  |  |  |  |  |  |  |  |  |  |  |
Currency hedging contracts (1) |  | — |  |  | — |  |  | — |  |  | — |  |  | 4,006 |  |  | 4,006 |
Total assets |  | $ | 352,506 |  |  | $ | 138,787 |  |  | $ | 491,293 |  |  | $ | 432,580 |  |  | $ | 106,832 |  |  | $ | 539,412 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Derivative instruments |  |  |  |  |  |  |  |  |  |  |  |
Currency hedging contracts (1) |  | $ | — |  |  | $ | 34,795 |  |  | $ | 34,795 |  |  | $ | — |  |  | $ | 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 June 30, 2025, the derivative liabilities recorded within accrued expenses and other long-term liabilities in our condensed consolidated balance sheets were $9.9 million and $24.9 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.

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- Definition Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-9 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-3 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-2 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-2 Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-2 Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (aa) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-2 Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (aaa) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-2 Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-2 Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-3 Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-3 Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-3 Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-3 + Details
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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class 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). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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