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Fair Value Measurements | 6 Months Ended
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Jun. 30, 2025
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 June 30, 2025 and December 31, 2024. 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 equivalents or marketable securities as of June 30, 2025 and December 31, 2024:
(In thousands) June 30, 2025 |  | Amortized Cost |  | Unrealized Gain |  | Unrealized Loss |  | Fair Value |  | Cash Equivalents |  | Marketable Securities
Level I |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 133,456 |  |  | $ | — |  |  | $ | — |  |  | $ | 133,456 |  |  | $ | 133,456 |  |  | $ | — |
Treasury bills |  | 189,545 |  |  | 17 |  |  | (7) |  |  | 189,555 |  |  | 23,950 |  |  | 165,605 |
U.S. government securities |  | 41,365 |  |  | 75 |  |  | (1) |  |  | 41,439 |  |  | — |  |  | 41,439 |
Total Level I |  | 364,366 |  |  | 92 |  |  | (8) |  |  | 364,450 |  |  | 157,406 |  |  | 207,044 |
Level II |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  | 131,165 |  |  | 548 |  |  | (38) |  |  | 131,675 |  |  | — |  |  | 131,675 |
Asset-backed securities |  | 64 |  |  | — |  |  | — |  |  | 64 |  |  | — |  |  | 64 |
Foreign government and agency securities |  | 4,716 |  |  | 17 |  |  | (7) |  |  | 4,726 |  |  | — |  |  | 4,726 |
Total Level II |  | 135,945 |  |  | 565 |  |  | (45) |  |  | 136,465 |  |  | — |  |  | 136,465 |
Total |  | $ | 500,311 |  |  | $ | 657 |  |  | $ | (53) |  |  | $ | 500,915 |  |  | $ | 157,406 |  |  | $ | 343,509 |
(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 |
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 condensed consolidated statement of operations and comprehensive income. As of June 30, 2025 and December 31, 2024, 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 following table summarizes the remaining contractual maturities of our cash equivalents and marketable securities as of June 30, 2025:
(In thousands) |  | Amortized Cost |  | Fair Value
Due within one year |  | $ | 328,870 |  |  | $ | 328,878 |
Due after one year through five years |  | 171,441 |  |  | 172,037 |
Total |  | $ | 500,311 |  |  | $ | 500,915 |
Unrealized Investment Losses 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 June 30, 2025 and December 31, 2024, the decline in fair value of these securities was attributable to changes in interest rates and not due to credit-related factors. As of June 30, 2025 and December 31, 2024, 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 each of the three and six months ended June 30, 2025 and 2024. During the three months ended June 30, 2025 and 2024, interest income, net was $6.7 million and $6.2 million, respectively. During the six months ended June 30, 2025 and 2024, interest income, net was $13.8 million and $13.9 million, respectively. Interest income, net is included in Other income, net in the Company’s condensed consolidated statement of operations and comprehensive income.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
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