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Investments and fair value measurements (Tables) | 6 Months Ended
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Jun. 30, 2023
Fair Value Disclosures [Abstract] |
Summary of Investments on Condensed Consolidated Balance Sheets | The Company’s assets and liabilities that are measured at fair value on a recurring or nonrecurring basis within the fair value hierarchy are as follows (in thousands):
As of June 30, 2023 |  | Level 1 |  | Level 2 |  | Level 3
Cash equivalents: |  |  |  |  |  |
Money market funds |  | $ | 281,719 |  |  | $ | — |  |  | $ | — |
Marketable securities: |  |  |  |  |  |
U.S. government securities |  | $ | — |  |  | $ | 142,287 |  |  | $ | — |
Non-current assets: |  |  |  |  |  |
Strategic investments |  | $ | — |  |  | $ | — |  |  | $ | 10,311 |
Non-current liabilities: |  |  |  |  |  |
Cash settled stock appreciation rights |  | $ | — |  |  | $ | — |  |  | $ | 30 |
As of December 31, 2022 |  | Level 1 |  | Level 2 |  | Level 3
Cash equivalents: |  |  |  |  |  |
Money market funds |  | $ | 130,377 |  |  | $ | — |  |  | $ | — |
U.S. government securities |  | — |  |  | 48,900 |  |  | — |
Total cash equivalents |  | $ | 130,377 |  |  | $ | 48,900 |  |  | $ | — |
Marketable securities: |  |  |  |  |  |
U.S. government securities |  | $ | — |  |  | $ | 151,687 |  |  | $ | — |
Non-current assets: |  |  |  |  |  |
Strategic investments |  | $ | — |  |  | $ | — |  |  | $ | 12,104 |
Non-current liabilities: |  |  |  |  |  |
Cash settled stock appreciation rights |  | $ | — |  |  | $ | — |  |  | $ | 462 |
Summary of Investments on Condensed Consolidated Balance Sheets | The Company’s assets and liabilities that are measured at fair value on a recurring or nonrecurring basis within the fair value hierarchy are as follows (in thousands):
As of June 30, 2023 |  | Level 1 |  | Level 2 |  | Level 3
Cash equivalents: |  |  |  |  |  |
Money market funds |  | $ | 281,719 |  |  | $ | — |  |  | $ | — |
Marketable securities: |  |  |  |  |  |
U.S. government securities |  | $ | — |  |  | $ | 142,287 |  |  | $ | — |
Non-current assets: |  |  |  |  |  |
Strategic investments |  | $ | — |  |  | $ | — |  |  | $ | 10,311 |
Non-current liabilities: |  |  |  |  |  |
Cash settled stock appreciation rights |  | $ | — |  |  | $ | — |  |  | $ | 30 |
As of December 31, 2022 |  | Level 1 |  | Level 2 |  | Level 3
Cash equivalents: |  |  |  |  |  |
Money market funds |  | $ | 130,377 |  |  | $ | — |  |  | $ | — |
U.S. government securities |  | — |  |  | 48,900 |  |  | — |
Total cash equivalents |  | $ | 130,377 |  |  | $ | 48,900 |  |  | $ | — |
Marketable securities: |  |  |  |  |  |
U.S. government securities |  | $ | — |  |  | $ | 151,687 |  |  | $ | — |
Non-current assets: |  |  |  |  |  |
Strategic investments |  | $ | — |  |  | $ | — |  |  | $ | 12,104 |
Non-current liabilities: |  |  |  |  |  |
Cash settled stock appreciation rights |  | $ | — |  |  | $ | — |  |  | $ | 462 |
Summary of the Changes in the Fair Value of Level 3 Financial Instruments | A summary of the changes in the fair value of Level 3 financial instruments, of which remeasurement of SARs and impairment of strategic investments are recognized in the condensed consolidated statements of operations, is as follows (in thousands):
| Stock Appreciation Rights |  | Strategic Investments
Balance— March 31, 2023 | $ | 264 |  |  | $ | 12,104 |
Vesting and remeasurement of SARs | 19 |  |  | — |
Exercises of SARs | (253) |  |  | — |
Unrealized loss on strategic investments | — |  |  | (1,793) |
Balance— June 30, 2023 | $ | 30 |  |  | $ | 10,311 |
Balance— March 31, 2022 | $ | 508 |  |  | $ | 15,000 |
Vesting and remeasurement of SARs, net | (89) |  |  | — |
Balance— June 30, 2022 | $ | 419 |  |  | $ | 15,000 |
Balance— December 31, 2022 | $ | 462 |  |  | $ | 12,104 |
Vesting and remeasurement of SARs | (179) |  |  | — |
Exercises of SARs | (253) |  |  | — |
Unrealized loss on strategic investments | — |  |  | (1,793) |
Balance— June 30, 2023 | $ | 30 |  |  | $ | 10,311 |
Balance— December 31, 2021 | $ | 818 |  |  | $ | 10,000 |
Vesting and remeasurement of SARs, net | (399) |  |  | — |
Purchases of strategic investments | — |  |  | 5,000 |
Balance— June 30, 2022 | $ | 419 |  |  | $ | 15,000 |
Summary of the Changes in the Fair Value of Level 3 Financial Instruments | A summary of the changes in the fair value of Level 3 financial instruments, of which remeasurement of SARs and impairment of strategic investments are recognized in the condensed consolidated statements of operations, is as follows (in thousands):
| Stock Appreciation Rights |  | Strategic Investments
Balance— March 31, 2023 | $ | 264 |  |  | $ | 12,104 |
Vesting and remeasurement of SARs | 19 |  |  | — |
Exercises of SARs | (253) |  |  | — |
Unrealized loss on strategic investments | — |  |  | (1,793) |
Balance— June 30, 2023 | $ | 30 |  |  | $ | 10,311 |
Balance— March 31, 2022 | $ | 508 |  |  | $ | 15,000 |
Vesting and remeasurement of SARs, net | (89) |  |  | — |
Balance— June 30, 2022 | $ | 419 |  |  | $ | 15,000 |
Balance— December 31, 2022 | $ | 462 |  |  | $ | 12,104 |
Vesting and remeasurement of SARs | (179) |  |  | — |
Exercises of SARs | (253) |  |  | — |
Unrealized loss on strategic investments | — |  |  | (1,793) |
Balance— June 30, 2023 | $ | 30 |  |  | $ | 10,311 |
Balance— December 31, 2021 | $ | 818 |  |  | $ | 10,000 |
Vesting and remeasurement of SARs, net | (399) |  |  | — |
Purchases of strategic investments | — |  |  | 5,000 |
Balance— June 30, 2022 | $ | 419 |  |  | $ | 15,000 |

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