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Investments and fair value measurements (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Investments on Condensed Consolidated Balance Sheets

The following tables present the Company’s assets and liabilities that are measured at fair value on a recurring or nonrecurring basis within the fair value hierarchy (in thousands):

As of September 30, 2024						Level 1						Level 2						Level 3
Assets
Cash equivalents1:
Money market funds						$	160,819					$	—					$	—
Time deposits						6,445						—						—
Marketable securities:
U.S. government securities						—						152,546						—
Strategic investments						—						—						—
Total assets						$	167,264					$	152,546					$	—
Liabilities
Accrued expenses and other current liabilities:
Cash settled stock appreciation rights						$	—					$	—					$	4
Other liabilities, non-current:
Cash settled stock appreciation rights						—						—						6
Total liabilities						$	—					$	—					$	10

As of December 31, 2023						Level 1						Level 2						Level 3
Assets
Cash equivalents1:
Money market funds						$	266,692					$	—					$	—
Marketable securities:
U.S. government securities						—						171,372						—
Strategic investments						—						—						10,311
Total assets						$	266,692					$	171,372					$	10,311
Other liabilities, non-current:
Cash settled stock appreciation rights						$	—					$	—					$	48

(1) Included in cash and cash equivalents in the accompanying condensed consolidated balance sheets, in addition to $37.3 million and $38.9 million of cash, as of September 30, 2024 and December 31, 2023, respectively.

Schedule of Investments on Condensed Consolidated Balance Sheets

The following tables present the Company’s assets and liabilities that are measured at fair value on a recurring or nonrecurring basis within the fair value hierarchy (in thousands):

As of September 30, 2024						Level 1						Level 2						Level 3
Assets
Cash equivalents1:
Money market funds						$	160,819					$	—					$	—
Time deposits						6,445						—						—
Marketable securities:
U.S. government securities						—						152,546						—
Strategic investments						—						—						—
Total assets						$	167,264					$	152,546					$	—
Liabilities
Accrued expenses and other current liabilities:
Cash settled stock appreciation rights						$	—					$	—					$	4
Other liabilities, non-current:
Cash settled stock appreciation rights						—						—						6
Total liabilities						$	—					$	—					$	10

As of December 31, 2023						Level 1						Level 2						Level 3
Assets
Cash equivalents1:
Money market funds						$	266,692					$	—					$	—
Marketable securities:
U.S. government securities						—						171,372						—
Strategic investments						—						—						10,311
Total assets						$	266,692					$	171,372					$	10,311
Other liabilities, non-current:
Cash settled stock appreciation rights						$	—					$	—					$	48

(1) Included in cash and cash equivalents in the accompanying condensed consolidated balance sheets, in addition to $37.3 million and $38.9 million of cash, as of September 30, 2024 and December 31, 2023, respectively.

Schedule 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 vesting and remeasurement of stock appreciation rights (SARs) and impairment of strategic investments are recognized in the consolidated statements of operations, is as follows (in thousands):

			Stock Appreciation Rights						Strategic Investments
Balance— June 30, 2024			$	16					$	—
Vesting and remeasurement of SARs			(6)						—
Balance— September 30, 2024			$	10					$	—
Balance— June 30, 2023			$	30					$	10,311
Vesting and remeasurement of SARs			(4)						—
Balance— September 30, 2023			$	26					$	10,311
Balance— December 31, 2023			$	48					$	10,311
Vesting and remeasurement of SARs			(31)						—
Exercises of SARs			(7)						—
Unrealized loss on strategic investments			—						(10,311)
Balance— September 30, 2024			$	10					$	—
Balance— December 31, 2022			$	462					$	12,104
Vesting and remeasurement of SARs			(183)						—
Exercises of SARs			(253)						—
Unrealized loss on strategic investments			—						(1,793)
Balance— September 30, 2023			$	26					$	10,311

Schedule 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 vesting and remeasurement of stock appreciation rights (SARs) and impairment of strategic investments are recognized in the consolidated statements of operations, is as follows (in thousands):

			Stock Appreciation Rights						Strategic Investments
Balance— June 30, 2024			$	16					$	—
Vesting and remeasurement of SARs			(6)						—
Balance— September 30, 2024			$	10					$	—
Balance— June 30, 2023			$	30					$	10,311
Vesting and remeasurement of SARs			(4)						—
Balance— September 30, 2023			$	26					$	10,311
Balance— December 31, 2023			$	48					$	10,311
Vesting and remeasurement of SARs			(31)						—
Exercises of SARs			(7)						—
Unrealized loss on strategic investments			—						(10,311)
Balance— September 30, 2024			$	10					$	—
Balance— December 31, 2022			$	462					$	12,104
Vesting and remeasurement of SARs			(183)						—
Exercises of SARs			(253)						—
Unrealized loss on strategic investments			—						(1,793)
Balance— September 30, 2023			$	26					$	10,311

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- Definition

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class 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

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Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class 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). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

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