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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Major Categories of Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table sets forth the cost, gross unrealized losses, gross unrealized gains, and fair values of the Company’s investments as of the dates indicated (in thousands):

			Cost						Gross Unrealized Holding Loss						Gross Unrealized Holding Gain						Fair Value						Cash and Cash Equivalents						Short-term Investments						Long-term Investments
December 31, 2023
Level 1
Money market funds (1)			$	377,021					$	—					$	—					$	377,021					$	376,941					$	80					$	—
U.S. Government securities			95,298						(164)						39						95,173						—						60,153						35,020
			472,319						(164)						39						472,194						376,941						60,233						35,020
Level 2
U.S. agency securities			15,635						(14)						3						15,624						—						15,624						—
Certificate of deposit			35,365						(1)						55						35,419						—						35,419						—
Commercial paper			62,463						(12)						54						62,505						4,449						58,056						—
Corporate bonds			100,386						(145)						128						100,369						1,566						66,786						32,017
			213,849						(172)						240						213,917						6,015						175,885						32,017
Level 3
Loans receivable - held for investment			6,000						—						—						6,000						—						—						6,000
			6,000						—						—						6,000						—						—						6,000
			$	692,168					$	(336)					$	279					$	692,111					$	382,956					$	236,118					$	73,037
Measured at NAV (2)
Third-party managed funds																																							$	13,639
																																							$	86,676
December 31, 2022
Level 1
Money market funds (1)			$	462,866					$	—					$	—					$	462,866					$	374,314					$	76					$	—
U.S. Government securities			64,968						(424)						4						64,548						2,995						61,553						—
			527,834						(424)						4						527,414						377,309						61,629						—
Level 2
U.S. agency securities			10,053						(1)						3						10,055						—						10,055						—
Certificate of deposit			40,915						(184)						7						40,738						5,471						35,267						—
Commercial paper			57,777						(101)						18						57,694						4,454						53,240						—
Corporate bonds			122,294						(1,729)						6						120,571						1,212						90,222						29,137
			231,039						(2,015)						34						229,058						11,137						188,784						29,137
			$	758,873					$	(2,439)					$	38					$	756,472					$	388,446					$	250,413					$	29,137

(1)There were no money market funds classified as funds receivable and seller accounts as of December 31, 2023. $88.5 million of money market funds were classified as funds receivable and seller accounts as of December 31, 2022.

(2)Third-party managed funds measured on the NAV basis have not been categorized in the fair value hierarchy. The amount presented in the table is intended to permit reconciliation of the long-term investments in the fair value hierarchy to the amount presented in the Consolidated Balance Sheet.

Schedule of Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value

The table below shows the gross unrealized loss and fair value of the following investments in available-for-sale debt securities that are classified by the length of time that the securities have been in a continuous unrealized loss position as of the dates

indicated (in thousands):

									Gross Unrealized Holding Loss												Fair Value
December 31, 2023
Less than 12 months in a continuous unrealized loss position
U.S. agency securities									$	(14)											$	12,569
Certificate of deposit									(1)												7,178
Commercial paper									(12)												34,066
Corporate bonds									(73)												28,401
U.S. Government securities									(164)												71,536
									$	(264)											$	153,750
12 months or longer in a continuous unrealized loss position
Corporate bonds									$	(72)											$	20,808
									$	(72)											$	20,808
December 31, 2022
Less than 12 months in a continuous unrealized loss position
Corporate bonds									$	(281)											$	70,469
U.S. Government securities									(265)												51,075
									$	(546)											$	121,544
12 months or longer in a continuous unrealized loss position
Corporate bonds									$	(1,448)											$	50,102
U.S. Government securities									(159)												7,442
									$	(1,607)											$	57,544

Schedule of Estimated Fair Value Liability Component

The following table presents the carrying value and estimated fair value of the Notes as of the dates indicated (in thousands):

			As of December 31, 2023												As of December 31, 2022
			Carrying Value						Fair Value						Carrying Value						Fair Value
2021 Notes			$	991,529					$	799,000					$	989,629					$	863,300
2020 Notes			645,624						556,790						644,431						646,230
2019 Notes			646,664						747,630						645,536						998,361
2018 Notes			—						—						44						145
			$	2,283,817					$	2,103,420					$	2,279,640					$	2,508,036

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Tabular disclosure of fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset.

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Tabular disclosure of information pertaining to carrying amount and estimated fair value of short-term and long-term debt instruments or arrangements, including but not limited to, identification of terms, features, and collateral requirements.

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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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