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Fair Value Measurements
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The Company defines fair value as the exchange price that would be received from the sale of an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The authoritative guidance describes three levels of inputs that may be used to measure fair value:
•Level I—Observable inputs that reflect unadjusted quoted prices for identical assets or liabilities in active markets;
•Level II—Observable inputs other than Level I prices, such as unadjusted quoted prices for similar assets or liabilities in active markets, unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and
•Level III—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. These inputs are based on the Company’s own assumptions used to measure assets and liabilities at fair value and require significant management judgment or estimation.
The categorization of a financial instrument within the fair value hierarchy is based upon the lowest level of input that is significant to its fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires management to make judgments and consider factors specific to the assets or liabilities.
The Company’s financial instruments that are carried at fair value consist of Level I and Level II assets as of December 31, 2024 and 2023. The following tables summarize the Company’s available-for-sale marketable securities’ amortized cost, gross unrealized gains, gross unrealized losses, and fair value by significant investment category reported as cash and cash equivalents or marketable securities as of December 31, 2024 and 2023.
(In thousands)
December 31, 2024
Amortized
Cost		Unrealized
Gain		Unrealized
Loss		Fair
Value
Cash Equivalents
Marketable Securities
Level I
Money market funds$193,481 $— $— $193,481 $193,481 $— 
Treasury bills131,022 40 — 131,062 — 131,062 
U.S. government securities32,625 22 (33)32,614 — 32,614 
Total Level I357,128 62 (33)357,157 193,481 163,676 
Level II
Commercial paper16,233 — — 16,233 — 16,233 
Corporate bonds126,395 431 (144)126,682 — 126,682 
Commercial deposits4,121 — — 4,121 — 4,121 
Asset-backed securities592 2 — 594 — 594 
Foreign government and agency securities5,036 14 (12)5,038 — 5,038 
Total Level II152,377 447 (156)152,668 — 152,668 
Total$509,505 $509 $(189)$509,825 $193,481 $316,344 
(In thousands)
December 31, 2023
Amortized
Cost		Unrealized
Gain		Unrealized
Loss		Fair
Value
Cash Equivalents
Marketable Securities
Level I
Money market funds$4,782 $— $— $4,782 4,782 — 
Treasury bills291,611 109 — 291,720 13,955 277,765 
U.S. government securities26,213 3 (18)26,198 — 26,198 
Total Level I322,606 112 (18)322,700 18,737 303,963 
Level II
Commercial paper35,699 — — 35,699 — 35,699 
Corporate bonds92,979 189 (12)93,156 — 93,156 
Commercial deposits15,371 — — 15,371 — 15,371 
Asset-backed securities14,728 2 (42)14,688 — 14,688 
Foreign government and agency securities3,075 5 — 3,080 — 3,080 
U.S. agency securities4,506 — (6)4,500 — 4,500 
Total Level II166,358 196 (60)166,494 — 166,494 
Total$488,964 $308 $(78)$489,194 $18,737 $470,457 
Additionally, the Company deposits funds held in escrow in interest-bearing and non-interest-bearing cash accounts. The interest earned on the interest-bearing accounts is included in revenue in the Company’s consolidated statement of operations and comprehensive income (loss). As of December 31, 2024 and 2023, the fair value of the Company’s funds held on behalf of customers and held in interest-bearing cash accounts was measured using Level I inputs.
The Company’s non-financial assets acquired pursuant its acquisition of Objective AI, Inc., including intangible assets and goodwill, are measured at estimated fair value on a non-recurring basis. For additional information, refer to “Note 7—Business Combination.”
The following table summarizes the remaining contractual maturities of our cash equivalents and marketable securities as of December 31, 2024:
(In thousands)Amortized CostFair Value
Due within one year$348,747 $348,792 
Due after one year through five years160,758 161,033 
Total$509,505 $509,825 
Unrealized Investment Losses
The following table summarizes, for all debt securities classified as available for sale in an unrealized loss position as of December 31, 2024 and December 31, 2023, the aggregate fair value and gross unrealized loss by the length of time those securities have been continuously in an unrealized loss position.
(In thousands)Less Than 12 Months12 Months or LongerTotal
Duration of unrealized losses
December 31, 2024
Fair ValueUnrealized lossFair ValueUnrealized lossFair ValueUnrealized loss
U.S. government securities$12,522 $(27)$4,122 $(6)$16,644 $(33)
Corporate bonds33,386 (142)2,819 (2)36,205 (144)
Foreign government and agency securities2,362 (12)— — 2,362 (12)
Total$48,270 $(181)$6,941 $(8)$55,211 $(189)
(In thousands)Less Than 12 Months12 Months or LongerTotal
Duration of unrealized losses
December 31, 2023
Fair ValueUnrealized lossFair ValueUnrealized lossFair ValueUnrealized loss
U.S. government securities$15,381 $(15)$5,182 $(3)$20,563 $(18)
Corporate bonds24,062 (10)552 (2)24,614 (12)
Asset-backed securities6,598 (20)7,348 (22)13,946 (42)
U.S. agency securities1,995 (1)2,505 (5)4,500 (6)
Total$48,036 $(46)$15,587 $(32)$63,623 $(78)
For available-for-sale marketable debt securities with unrealized loss positions, the Company does not intend to sell these securities, nor does it anticipate that it will need to or be required to sell the securities. As of December 31, 2024 and 2023, the decline in fair value of these securities was due to increases in interest rates and not due to credit related factors. As of December 31, 2024 and 2023, the Company considered any decreases in market value to be temporary in nature and did not consider any of the Company’s marketable securities to be other-than-temporarily impaired. The Company did not record any impairment charges with respect to its marketable securities during the years ended December 31, 2024, 2023, and 2022.
In March 2023, the Company sold $138.2 million of available-for-sale marketable securities to enable the Note Repurchases. For additional information regarding the Notes, refer to “Note 10—Debt.”
During the years ended December 31, 2024, 2023, and 2022, interest income was $28.0 million, $24.4 million, and $7.9 million, respectively, and is included in other income, net in the Company’s consolidated statement of operations and comprehensive income (loss).