XML 50 R32.htm IDEA: XBRL DOCUMENT v3.25.0.1

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Financial Instruments Measured at Fair Value on a Recurring Basis

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 bills						131,022						40						—						131,062						—						131,062
U.S. government securities						32,625						22						(33)						32,614						—						32,614
Total Level I						357,128						62						(33)						357,157						193,481						163,676
Level II
Commercial paper						16,233						—						—						16,233						—						16,233
Corporate bonds						126,395						431						(144)						126,682						—						126,682
Commercial deposits						4,121						—						—						4,121						—						4,121
Asset-backed securities						592						2						—						594						—						594
Foreign government and agency securities						5,036						14						(12)						5,038						—						5,038
Total Level II						152,377						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 bills						291,611						109						—						291,720			13,955						277,765
U.S. government securities						26,213						3						(18)						26,198			—						26,198
Total Level I						322,606						112						(18)						322,700			18,737						303,963
Level II
Commercial paper						35,699						—						—						35,699			—						35,699
Corporate bonds						92,979						189						(12)						93,156			—						93,156
Commercial deposits						15,371						—						—						15,371			—						15,371
Asset-backed securities						14,728						2						(42)						14,688			—						14,688
Foreign government and agency securities						3,075						5						—						3,080			—						3,080
U.S. agency securities						4,506						—						(6)						4,500			—						4,500
Total Level II						166,358						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.”

Schedule of Investments Classified by Contractual Maturity Date

The following table summarizes the remaining contractual maturities of our cash equivalents and marketable securities as of December 31, 2024:

(In thousands)						Amortized Cost						Fair Value
Due within one year						$	348,747					$	348,792
Due after one year through five years						160,758						161,033
Total						$	509,505					$	509,825

Schedule of Unrealized Gain (Loss) on Investments

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 Months												12 Months or Longer												Total
Duration of unrealized losses December 31, 2024			Fair Value						Unrealized loss						Fair Value						Unrealized loss						Fair Value						Unrealized loss
U.S. government securities			$	12,522					$	(27)					$	4,122					$	(6)					$	16,644					$	(33)
Corporate bonds			33,386						(142)						2,819						(2)						36,205						(144)
Foreign government and agency securities			2,362						(12)						—						—						2,362						(12)
Total			$	48,270					$	(181)					$	6,941					$	(8)					$	55,211					$	(189)

(In thousands)			Less Than 12 Months												12 Months or Longer												Total
Duration of unrealized losses December 31, 2023			Fair Value						Unrealized loss						Fair Value						Unrealized loss						Fair Value						Unrealized loss
U.S. government securities			$	15,381					$	(15)					$	5,182					$	(3)					$	20,563					$	(18)
Corporate bonds			24,062						(10)						552						(2)						24,614						(12)
Asset-backed securities			6,598						(20)						7,348						(22)						13,946						(42)
U.S. agency securities			1,995						(1)						2,505						(5)						4,500						(6)
Total			$	48,036					$	(46)					$	15,587					$	(32)					$	63,623					$	(78)

X

- References

No definition available.

+ Details

Name:	us-gaap_FairValueDisclosuresAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments.

+ References

No definition available.

+ Details

Name:	us-gaap_InvestmentsClassifiedByContractualMaturityDateTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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).

+ 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

Name:	us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of unrealized gains and losses on investments.

+ References

No definition available.

+ Details

Name:	us-gaap_UnrealizedGainLossOnInvestmentsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration