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Fair Value Measurements (Tables) | 6 Months Ended
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Jun. 30, 2024
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis | The following tables present the Company’s fair value hierarchy for its financial assets and liabilities that are measured at fair value on a recurring basis as of June 30, 2024 and December 31, 2023 (in thousands):
|  | Measured at NAV as of June 30, |  |  | Measured at Fair Value as of June 30, 2024: |
|  | 2024 |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Financial Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 276,807 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 276,807 |
Short-term investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  |  | — |  |  |  | — |  |  |  | 16,917 |  |  |  | — |  |  |  | 16,917 |
U.S. Government obligations |  |  | — |  |  |  | — |  |  |  | 14,777 |  |  |  | — |  |  |  | 14,777 |
Total short-term investments |  |  | — |  |  |  | — |  |  |  | 31,694 |  |  |  | — |  |  |  | 31,694 |
Long-term investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds |  |  | — |  |  |  | — |  |  |  | 19,549 |  |  |  | — |  |  |  | 19,549 |
U.S. Government obligations |  |  | — |  |  |  | — |  |  |  | 3,654 |  |  |  | — |  |  |  | 3,654 |
Asset-backed Securities |  |  | — |  |  |  | — |  |  |  | 3,518 |  |  |  | — |  |  |  | 3,518 |
Total long-term investments |  |  | — |  |  |  | — |  |  |  | 26,721 |  |  |  | — |  |  |  | 26,721 |
Total financial assets |  | $ | 276,807 |  |  | $ | — |  |  | $ | 58,415 |  |  | $ | — |  |  | $ | 335,222 |
Financial Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 4 |  |  | $ | 4 |
Contingent consideration |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,917 |  |  |  | 1,917 |
Total financial liabilities |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,921 |  |  | $ | 1,921 |
|  | Measured at NAV as of December 31, |  |  | Measured at Fair Value as of December 31, 2023: |
|  | 2023: |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Financial Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 372,912 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 372,912 |
Foreign exchange contracts |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 16 |  |  |  | 16 |
Total financial assets |  | $ | 372,912 |  |  | $ | — |  |  | $ | — |  |  | $ | 16 |  |  | $ | 372,928 |
Financial Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contingent consideration |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2,882 |  |  | $ | 2,882 |
Total financial liabilities |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2,882 |  |  | $ | 2,882 |
Schedule of Unobservable Inputs Incorporated into the Valuation of Contingent Consideration | The following table presents the unobservable inputs incorporated into the valuation of contingent consideration as of June 30, 2024 and December 31, 2023.
| June 30, 2024 |  | December 31, 2023
Discount rate | 7.4% - 7.6% |  | 7.4% - 7.5%
Probability of successful achievement * | 0% - 100% |  | 29% - 95%
_____________________________ * Probability of successful achievement was set at different targets based on the Company’s estimates on achieving them.
Summary of Changes in the Carrying Value of the Contingent Consideration | The following table summarizes the changes in the carrying value of the contingent consideration for the periods presented (in thousands):
|  | Three Months Ended June 30, 2024 |  |  | Three Months Ended June 30, 2023 |  |  | Six Months Ended June 30, 2024 |  |  | Six Months Ended June 30, 2023 |
Beginning balance |  | $ | 2,281 |  |  | $ | 41 |  |  | $ | 2,882 |  |  | $ | 1,332 |
Additions |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2 |
Change in fair value |  |  | (416 | ) |  |  | — |  |  |  | (894 | ) |  |  | 410 |
Contingent consideration paid * |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1,674 | )
Foreign currency translation adjustment |  |  | 52 |  |  |  | 1 |  |  |  | (71 | ) |  |  | (28 | )
Ending balance |  | $ | 1,917 |  |  | $ | 42 |  |  | $ | 1,917 |  |  | $ | 42 |
* For the six months ended June 30, 2023, contingent consideration paid has been bifurcated between the financing and operating sections of the condensed consolidated statement of cash flows. Amounts paid up to the fair value initially recorded in purchase accounting is reported in the financing section of the condensed consolidated statement of cash flows, while any excess is reported in the operating section of the condensed consolidated statement of cash flows.

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- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 103 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-103 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: 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 + Details
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- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- 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
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