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v3.25.1

Fair Value of Financial Instruments (Tables) | 3 Months Ended
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Mar. 31, 2025
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:
| March 31, 2025
| Level 1 |  | Level 2 |  | Fair Value
| (in thousands)
Money market funds | $ | 508 |  |  | $ | — |  |  | $ | 508 |
Commercial paper | — |  |  | 1,992 |  |  | 1,992 |
U.S. Treasury and government agencies | — |  |  | 254,985 |  |  | 254,985 |
Corporate bonds | — |  |  | 140,742 |  |  | 140,742 |
Asset-backed securities | — |  |  | 5,640 |  |  | 5,640 |
Foreign currency forward contracts | — |  |  | 555 |  |  | 555 |
Total assets | $ | 508 |  |  | $ | 403,914 |  |  | $ | 404,422 |
Foreign currency forward contracts | $ | — |  |  | $ | 2,173 |  |  | $ | 2,173 |
Total liabilities | $ | — |  |  | $ | 2,173 |  |  | $ | 2,173 |
| December 31, 2024
| Level 1 |  | Level 2 |  | Fair Value
| (in thousands)
Money market funds | $ | 404 |  |  | $ | — |  |  | $ | 404 |
Commercial paper | — |  |  | 6,443 |  |  | 6,443 |
U.S. Treasury and government agencies | — |  |  | 233,279 |  |  | 233,279 |
Corporate bonds | — |  |  | 131,812 |  |  | 131,812 |
Asset-backed securities | — |  |  | 7,520 |  |  | 7,520 |
Foreign currency forward contracts | — |  |  | 2,575 |  |  | 2,575 |
Total assets | $ | 404 |  |  | $ | 381,629 |  |  | $ | 382,033 |
Foreign currency forward contracts | $ | — |  |  | $ | 1,339 |  |  | $ | 1,339 |
Total liabilities | $ | — |  |  | $ | 1,339 |  |  | $ | 1,339 |
Schedule of Cash Equivalents and Marketable Securities | The Company's cash equivalents and marketable securities consist of the following:
| March 31, 2025
| Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value
| (in thousands)
Cash equivalents: (1) |  |  |  |  |  |  |
Money market funds | $ | 508 |  |  | $ | — |  |  | $ | — |  |  | $ | 508 |
U.S. Treasury and government agencies | 54,166 |  |  | — |  |  | (3) |  |  | 54,163 |
Total | 54,674 |  |  | — |  |  | (3) |  |  | 54,671 |
Short-term marketable securities: |  |  |  |  |  |  |
Commercial paper | 1,993 |  |  | — |  |  | (1) |  |  | 1,992 |
Corporate bonds | 53,383 |  |  | 94 |  |  | (10) |  |  | 53,467 |
U.S. Treasury and government agencies | 94,584 |  |  | 186 |  |  | (23) |  |  | 94,747 |
Total | 149,960 |  |  | 280 |  |  | (34) |  |  | 150,206 |
Long-term marketable securities: |  |  |  |  |  |  |
Corporate bonds | 86,860 |  |  | 461 |  |  | (46) |  |  | 87,275 |
Asset-backed securities | 5,575 |  |  | 65 |  |  | — |  |  | 5,640 |
U.S. Treasury and government agencies | 105,906 |  |  | 235 |  |  | (66) |  |  | 106,075 |
Total | 198,341 |  |  | 761 |  |  | (112) |  |  | 198,990 |
Total | $ | 402,975 |  |  | $ | 1,041 |  |  | $ | (149) |  |  | $ | 403,867 |
(1)Excludes cash of $236.0 million.
| December 31, 2024
| Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value
| (in thousands)
Cash equivalents: (2) |  |  |  |  |  |  |
Money market funds | $ | 404 |  |  | $ | — |  |  | $ | — |  |  | $ | 404 |
Commercial paper | 1,983 |  |  | — |  |  | — |  |  | 1,983 |
U.S. Treasury and government agencies | 33,939 |  |  | 4 |  |  | — |  |  | 33,943 |
Total | 36,326 |  |  | 4 |  |  | — |  |  | 36,330 |
Short-term marketable securities: |  |  |  |  |  |  |
Commercial paper | 4,459 |  |  | 3 |  |  | (2) |  |  | 4,460 |
Corporate bonds | 47,155 |  |  | 107 |  |  | (3) |  |  | 47,259 |
U.S. Treasury and government agencies | 97,338 |  |  | 207 |  |  | (23) |  |  | 97,522 |
Total | 148,952 |  |  | 317 |  |  | (28) |  |  | 149,241 |
Long-term marketable securities: |  |  |  |  |  |  |
Corporate bonds | 84,414 |  |  | 310 |  |  | (171) |  |  | 84,553 |
Asset-backed securities | 7,426 |  |  | 94 |  |  | — |  |  | 7,520 |
U.S. Treasury and government agencies | 101,834 |  |  | 178 |  |  | (198) |  |  | 101,814 |
Total | 193,674 |  |  | 582 |  |  | (369) |  |  | 193,887 |
Total | $ | 378,952 |  |  | $ | 903 |  |  | $ | (397) |  |  | $ | 379,458 |
(2)Excludes cash of $195.9 million.
Schedule of Gross Unrealized Losses and Fair Value of Marketable Securities in an Unrealized Loss Position | 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:
| March 31, 2025
| 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 | $ | 1,992 |  |  | $ | (1) |  |  | $ | — |  |  | $ | — |  |  | $ | 1,992 |  |  | $ | (1) |
Corporate bonds | 26,613 |  |  | (56) |  |  | — |  |  | — |  |  | 26,613 |  |  | (56) |
U.S. Treasury and government agencies | 112,453 |  |  | (92) |  |  | — |  |  | — |  |  | 112,453 |  |  | (92) |
Total | $ | 141,058 |  |  | $ | (149) |  |  | $ | — |  |  | $ | — |  |  | $ | 141,058 |  |  | $ | (149) |
| December 31, 2024
| 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 | $ | 4,464 |  |  | $ | (2) |  |  | $ | — |  |  | $ | — |  |  | $ | 4,464 |  |  | $ | (2) |
Corporate bonds | 27,154 |  |  | (171) |  |  | 672 |  |  | (3) |  |  | 27,826 |  |  | (174) |
U.S. Treasury and government agencies | 64,517 |  |  | (221) |  |  | — |  |  | — |  |  | 64,517 |  |  | (221) |
Total | $ | 96,135 |  |  | $ | (394) |  |  | $ | 672 |  |  | $ | (3) |  |  | $ | 96,807 |  |  | $ | (397) |
Schedule of the Fair Value of Marketable Securities by Contractual Maturity | The following summarizes the fair value of marketable securities by contractual maturity:
| March 31, 2025
| Amortized Cost |  | Fair Value
| (in thousands)
Due within One Year | $ | 204,634 |  |  | $ | 204,877 |
Due after One Year through Five Years | 192,766 |  |  | 193,350 |
Asset-backed securities | 5,575 |  |  | 5,640 |
Total | $ | 402,975 |  |  | $ | 403,867 |
Schedule of Derivative Instruments | The following summarizes the fair value of derivative financial instruments as of March 31, 2025 and December 31, 2024:
| March 31, 2025 |  | December 31, 2024
| (in thousands)
Assets |  |  |
Foreign currency forward contracts designated as cash flow hedge | $ | 549 |  |  | $ | 2,495 |
Foreign currency forward contracts not designated as hedging instruments | 6 |  |  | 80 |
Total | $ | 555 |  |  | $ | 2,575 |
Liabilities |  |  |
Foreign currency forward contracts designated as cash flow hedge | $ | 2,034 |  |  | $ | 1,315 |
Foreign currency forward contracts not designated as hedging instruments | 139 |  |  | 24 |
Total | $ | 2,173 |  |  | $ | 1,339 |
Schedule of Gains (Losses) Recognized from Forward Contracts and Other Foreign Currency Transactions in Other Income (Expense) | The following summarizes the gains (losses) recognized from forward contracts and other foreign currency transactions in other income (expense), net in the condensed consolidated statements of operations:
| Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
| (in thousands) |  |
Net gains (losses) from non-designated forward contracts | $ | (1,617) |  |  | $ | 512 |  |  |  |  |
Other foreign currency transactions gains (losses) | 1,877 |  |  | (1,941) |  |  |  |  |
Total foreign exchange gains (losses), net | $ | 260 |  |  | $ | (1,429) |  |  |  |  |

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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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- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A + Details
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