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Fair Value Measurements (Tables)

6 Months Ended

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.