XML 63 R47.htm IDEA: XBRL DOCUMENT
v3.25.1

INVESTMENTS AND FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2024
Fair Value Disclosures [Abstract] |
Schedule of Company's Recurring Financial Assets and Liabilities Subject to Fair Value Measurements | The Company’s financial assets and liabilities subject to fair value measurements were as follows:
|  | Fair Value Measurements as of December 31, 2024 |  |
Description |  | Total |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total Gains (Losses)
Assets: |  |  |  |  |  |  |  |  |  |
Money market funds (1) |  | $ | 85,535 |  |  | $ | 85,535 |  |  | $ | — |  |  | $ | — |  |  |
U. S. treasury bills (2) |  | 52,744 |  |  | 52,744 |  |  | — |  |  | — |  |  |
Certificates of deposit (3) |  | 507 |  |  | — |  |  | 507 |  |  | — |  |  |
PropTech convertible trading debt securities |  | 1,254 |  |  | — |  |  | — |  |  | 1,254 |  |  |
Long-term investments |  |  |  |  |  |  |  |  |  |
Long-term investment securities at fair value (4) |  | 3,127 |  |  | — |  |  | — |  |  | — |  |  |
Total long-term investments |  | 3,127 |  |  | — |  |  | — |  |  | — |  |  |
Total assets |  | $ | 143,167 |  |  | $ | 138,279 |  |  | $ | 507 |  |  | $ | 1,254 |  |  |
Liabilities: |  |  |  |  |  |  |  |  |  |
Fair value of derivatives embedded within convertible debt |  | $ | 30,253 |  |  | $ | — |  |  | $ | — |  |  | $ | 30,253 |  |  | $ | (14,978) |
Total liabilities |  | $ | 30,253 |  |  | $ | — |  |  | $ | — |  |  | $ | 30,253 |  |  | $ | (14,978) |
Nonrecurring fair value measurements |  |  |  |  |  |  |  |  |  |
Long-term investments (5) |  | $ | — |  |  |  |  |  |  | $ | — |  |  | $ | (489) |
|  | $ | — |  |  |  |  |  |  | $ | — |  |  | $ | (489) |
_____________________________ (1)Amounts included in Cash and cash equivalents on the consolidated balance sheets, except for $4,081 that is included in current restricted cash and cash equivalents and $2,483 that is included in non-current restricted assets. (2)$42,940 included in Cash and cash equivalents and $9,804 i ncluded in investment securities at fair value. (3)$345 included in other current assets and $162 included in other assets on the consolidated balance sheets. (4)In accordance with Subtopic 820-10, investments that are measured at fair value using the NAV practical expedient are not classified in the fair value hierarchy. (5)Long-term investments with a carrying amount of $489 were written down to their fair value of $0, resulting in an imp airment charge of $489 as a part of investment and other income for the year ended December 31, 2024.
|  | Fair Value Measurements as of December 31, 2023 |  |
Description |  | Total |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  |
Assets: |  |  |  |  |  |  |  |  |  |
Money market funds (1) |  | $ | 59,595 |  |  | $ | 59,595 |  |  | $ | — |  |  | $ | — |  |  |
U. S. treasury bills (2) |  | 51,200 |  |  | 51,200 |  |  | — |  |  | — |  |  |
Certificates of deposit (3) |  | 507 |  |  | — |  |  | 507 |  |  | — |  |  |
Long-term investments |  |  |  |  |  |  |  |  |  |
PropTech convertible trading debt securities |  | 1,162 |  |  | — |  |  | — |  |  | 1,162 |  |  |
Long-term investment securities at fair value (4) |  | 2,821 |  |  | — |  |  | — |  |  | — |  |  |
Total long-term investments |  | 3,983 |  |  | — |  |  | — |  |  | 1,162 |  |  |
Total assets |  | $ | 115,285 |  |  | $ | 110,795 |  |  | $ | 507 |  |  | $ | 1,162 |  |  |
_____________________________ (1)Amounts included in Cash and cash equivalents on the consolidated balance sheets, except for $7,171 that is included in current restricted assets and $2,538 that is included in non-current restricted assets. (2)Amounts included in Cash and cash equivalents on the consolidated balance sheets. (3)Amounts included in other assets on the consolidated balance sheets. (4)In accordance with Subtopic 820-10, investments that are measured at fair value using the NAV practical expedient are not classified in the fair value hierarchy.
Schedule of Fair Value of the Level 3 Liabilities | The changes in the fair value of these Level 3 liabilities as of December 31, 2024 were as follows:
| 2024
Balance as of January 1 | $ | 1,162 |  |  |
Issuance of convertible debt | (15,275) |  |  |
Change in fair value of derivatives embedded within convertible debt | (14,978) |  |  |
Change in fair value of PropTech convertible trading debt securities | 92 |  |  |
Balance as of December 31 | $ | (28,999) |  |  |
Schedule of Unobservable Inputs Related to the Valuations of the Level 3 Liabilities | The unobservable inputs related to the valuations of the Level 3 assets and liabilities were as follows at December 31, 2024:
|  | Quantitative Information about Level 3 Fair Value Measurements
|  | Fair Value at |  |  |  |  |  |
|  | December 31, 2024 |  | Valuation Technique |  | Unobservable Input |  | Range (Actual)
PropTech convertible trading debt securities |  | $ | 1,254 |  |  | Discounted cash flow |  | Interest rate |  | 5 | %
|  |  |  |  |  | Maturity |  | Feb 2025
|  |  |  |  |  | Volatility |  | 46.82 | %
|  |  |  |  |  | Discount rate |  | 25.65 | %
Fair value of derivatives embedded within convertible debt |  | $ | 30,253 |  |  | Binomial Lattice Model |  | Assumed annual stock dividend |  | — | %
|  |  |  |  |  | Assumed annual cash dividend |  | — | %
|  |  |  |  |  | Stock price |  | $ | 1.67 |
|  |  |  |  |  | Volatility |  | 50 | %
|  |  |  |  |  | Risk-free rate |  | 4.36 | %
|  |  |  |  |  | Implied credit spread |  | 8.06 | %
The unobservable inputs related to the valuations of the Level 3 assets and liabilities were as follows at December 31, 2023:
|  | Quantitative Information about Level 3 Fair Value Measurements
|  | Fair Value at |  |  |  |  |  |
|  | December 31, 2023 |  | Valuation Technique |  | Unobservable Input |  | Range (Actual)
PropTech convertible trading debt securities |  | $ | 1,162 |  |  | Discounted cash flow |  | Interest rate |  | 5 | %
|  |  |  |  |  | Maturity |  | Feb 2025
|  |  |  |  |  | Volatility |  | 40.25 | %
|  |  |  |  |  | Discount rate |  | 30.37 | %

X
- Definition Tabular disclosure of financial instrument measured at fair value on recurring or nonrecurring basis. Includes, but is not limited to, instrument classified in shareholders' equity. + 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 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 + Details
Name: | us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration