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Cash, Cash Equivalents, Marketable Securities and Restricted Cash | 9 Months Ended
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Sep. 30, 2023
Fair Value Disclosures [Abstract] |
Cash, Cash Equivalents, Marketable Securities and Restricted Cash | Cash, Cash Equivalents, Marketable Securities and Restricted Cash Fair Value Measurements
| September 30, 2023 |  | December 31, 2022
| Cash and Cash Equivalent | Marketable Securities |  | Cash and Cash Equivalent | Marketable Securities
| (in thousands)
Cash | 194,857 |  | $ | — |  |  | 282,293 |  | $ | — |
Level 2 |  |  |  |  |
Term deposits and notes | — |  | 36,982 |  |  | 65,907 |  | 25,098 |
Total | $ | 194,857 |  | $ | 36,982 |  |  | $ | 348,200 |  | $ | 25,098 |
Interest-bearing bank deposits are considered level 2 financial instruments as they are measured using valuation techniques based on observable market data. The fair value of term deposits approximates their carrying amount given the nature of the investments, its maturities and expected future cash flows. Marketable Securities The following table presents for each reporting period, the breakdown of the fair value of marketable securities:
| September 30, 2023 |  | December 31, 2022
| (in thousands)
Securities Held-to-maturity |  |  |
Term Deposits | $ | 36,982 |  |  | $ | 25,098 |
Total | $ | 36,982 |  |  | $ | 25,098 |
The gross unrealized gains on our marketable securities were not material as of September 30, 2023. Term deposits are considered a level 2 financial instrument as they are measured using valuation techniques based on observable market data. The following table classifies our marketable securities by contractual maturities:
| Held-to-maturity |  | Available-for-sale
| September 30, 2023
| (in thousands)
Due in one year | $ | 21,091 |  |  | $ | — |
Due in one to five years | $ | 15,891 |  |  | $ | — |
Total | $ | 36,982 |  |  | $ | — |
Restricted Cash As part of the Iponweb Acquisition in August 2022, we had deposited $100.0 million of cash into an escrow account containing withdrawal conditions. The cash secures the Company's potential payment of Iponweb Acquisition contingent consideration to the Sellers, which is conditioned upon the achievement of certain revenue targets by the Iponweb business for the 2022 and 2023 fiscal years. We have paid the contingent consideration of $22.0 million for the 2022 fiscal year in t he quarter ended March 31, 2023.
| September 30, 2023 |  | December 31, 2022 |  |  |  |  |
| (in thousands) |  |  |  |  |
Restricted cash – current | $ | 75,000 |  |  | $ | 25,000 |  |  |  |  |  |
Restricted cash – non-current | $ | — |  |  | $ | 75,000 |  |  |  |  |  |
Total | $ | 75,000 |  |  | $ | 100,000 |  |  |  |  |  |

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- Definition The entire disclosure for financial instruments. This disclosure includes, but is not limited to, fair value measurements of short and long term marketable securities, international currencies forward contracts, and auction rate securities. Financial instruments may include hedging and non-hedging currency exchange instruments, derivatives, securitizations and securities available for sale at fair value. Also included are investment results, realized and unrealized gains and losses as well as impairments and risk management disclosures. + References No definition available. + Details
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