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Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Fair Value Hierarchy of Financial Assets and Liabilities

The following table sets forth by level within the fair value hierarchy the fair value of the Company's financial assets and liabilities measured at fair value on a recurring basis:

			December 31, 2023
			Level 1						Level 2						Fair Value
			(in thousands)
Money market funds			$	87					$	—					$	87
Commercial paper			—						54,279						54,279
U.S. Treasury and government agencies			—						208,536						208,536
Corporate bonds			—						56,465						56,465
Asset-backed securities			—						13,881						13,881
Foreign currency forward contracts			—						111						111
Total assets			$	87					$	333,272					$	333,359
Foreign currency forward contracts			$	—					$	1,986					$	1,986
Total liabilities			$	—					$	1,986					$	1,986

			December 31, 2022
			Level 1						Level 2						Fair Value
			(in thousands)
Money market funds			$	82,701					$	—					$	82,701
U.S. Treasury and government agencies			—						156,662						156,662
Foreign government			—						1,006						1,006
Corporate bonds			—						63,910						63,910
Asset-backed securities			—						15,027						15,027
Foreign currency forward contracts			—						1,493						1,493
Total assets			$	82,701					$	238,098					$	320,799
Foreign currency forward contracts			$	—					$	4,679					$	4,679
Total liabilities			$	—					$	4,679					$	4,679

Schedule of Cash Equivalents and Marketable Securities

The Company's cash equivalents and marketable securities consist of the following:

			December 31, 2023
			Amortized Cost						Unrealized Gains						Unrealized Losses						Fair Value
			(in thousands)
Cash equivalents: (1)
Money market funds			$	87					$	—					$	—					$	87
U.S. Treasury and government agencies			54,620						4						—						54,624
Total			54,707						4						—						54,711
Short-term marketable securities:
Commercial paper			54,254						32						(7)						54,279
Corporate bonds			23,013						1						(149)						22,865
U.S. Treasury and government agencies			144,901						52						(204)						144,749
Total			222,168						85						(360)						221,893
Long-term marketable securities:
Corporate bonds			33,337						285						(22)						33,600
Asset-backed securities			13,785						102						(6)						13,881
U.S. Treasury and government agencies			9,116						49						(2)						9,163
Total			56,238						436						(30)						56,644
Total			$	333,113					$	525					$	(390)					$	333,248

(1)Excludes cash of $149.0 million.

			December 31, 2022
			Amortized Cost						Unrealized Gains						Unrealized Losses						Fair Value
			(in thousands)
Cash equivalents: (1)
Money market funds			$	82,701					$	—					$	—					$	82,701
U.S. Treasury and government agencies			29,787						4						—						29,791
Total			112,488						4						—						112,492
Short-term marketable securities:
Corporate bonds			36,908						3						(337)						36,574
Asset-backed securities			726						—						(2)						724
U.S. Treasury and government agencies			110,225						—						(921)						109,304
Foreign government			1,008						—						(2)						1,006
Total			148,867						3						(1,262)						147,608
Long-term marketable securities:
Corporate bonds			28,146						—						(810)						27,336
Asset-backed securities			14,435						—						(132)						14,303
U.S. Treasury and government agencies			18,076						—						(509)						17,567
Total			60,657						—						(1,451)						59,206
Total			$	322,012					$	7					$	(2,713)					$	319,306

(1)Excludes cash of $61.2 million.

Schedule of Gross Unrealized Losses and Fair Value of Marketable Securities

The following table summarizes the gross unrealized losses and fair value of the Company's marketable securities that were in an unrealized loss position aggregated by length of time:

			December 31, 2023
			Less than 12 months												12 months or longer												Total
			Fair value						Gross unrealized losses						Fair value						Gross unrealized losses						Fair value						Gross unrealized losses
			(in thousands)
Commercial paper			$	24,838					$	(7)					$	—					$	—					$	24,838					$	(7)
Asset-backed securities			—						—						1,485						(6)						1,485						(6)
Corporate bonds			—						—						20,717						(171)						20,717						(171)
U.S. Treasury and government agencies			43,373						(18)						18,172						(188)						61,545						(206)
Total			$	68,211					$	(25)					$	40,374					$	(365)					$	108,585					$	(390)

			December 31, 2022
			Less than 12 months												12 months or longer												Total
			Fair value						Gross unrealized losses						Fair value						Gross unrealized losses						Fair value						Gross unrealized losses
			(in thousands)
Foreign government agencies			$	998					$	(2)					$	—					$	—					$	998					$	(2)
Asset-backed securities			13,365						(124)						1,652						(10)						15,017						(134)
Corporate bonds			33,800						(389)						26,326						(758)						60,126						(1,147)
U.S. Treasury and government agencies			89,802						(1,175)						36,833						(255)						126,635						(1,430)
Total			$	137,965					$	(1,690)					$	64,811					$	(1,023)					$	202,776					$	(2,713)

Schedule of Fair Value of Marketable Securities

The following summarizes the fair value of marketable securities by contractual maturity:

			December 31, 2023
			Amortized Cost						Fair Value
			(in thousands)
Due within One Year			$	276,875					$	276,604
Due after One Year through Two Years			27,814						27,982
Mature over Two Years			14,639						14,781
Asset-backed securities			13,785						13,881
Total			$	333,113					$	333,248

Schedule of the Fair Value of Derivative Instruments

The following summarizes the fair value of derivative financial instruments as of December 31, 2023 and 2022:

			December 31,
			2023						2022
			(in thousands)
Assets
Foreign currency forward contracts designated as cash flow hedge			$	63					$	1,041
Foreign currency forward contracts not designated as hedging instruments			48						452
Total			$	111					$	1,493
Liabilities
Foreign currency forward contracts designated as cash flow hedge			$	1,502					$	2,634
Foreign currency forward contracts not designated as hedging instruments			484						2,045
Total			$	1,986					$	4,679

Schedule of Derivative Instruments, Gain (Loss)

The following summarizes the gains (losses) recognized from forward contracts and other foreign currency transactions in other income (expense), net in the consolidated statements of operations:

			Year Ended December 31,
			2023						2022						2021
			(in thousands)
Net (losses) gains from non-designated forward contracts			$	(198)					$	5,093					$	2,452
Other foreign currency transactions losses			(499)						(6,864)						(2,749)
Total foreign exchange losses, net			$	(697)					$	(1,771)					$	(297)

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