XML 41 R25.htm IDEA: XBRL DOCUMENT
v3.25.1

INVESTMENTS AND FAIR VALUE MEASUREMENTS | 12 Months Ended
--- | ---
Dec. 31, 2024
Fair Value Disclosures [Abstract] |
INVESTMENTS AND FAIR VALUE MEASUREMENTS | INVESTMENTS AND 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. The fair value of the Level 2 certificates of deposit is based on the discounted value of contractual cash flows. The discount rate is the rate offered by the financial institution. The fair values of the Level 3 PropTech convertible trading debt securities were derived using a discounted cash flow model utilizing a probability-weighted expected return method based on the probabilities of different potential outcomes for the convertible trading debt securities. The long-term investments are based on NAV per share provided by the partnerships based on the indicated market value of the underlying assets or investment portfolio. In accordance with Subtopic 820-10, these investments are not classified under the fair value hierarchy disclosed above because they are measured at fair value using the NAV practical expedient. The fair value of derivatives embedded within the convertible debt and the fair value of the convertible debt itself was derived using a binomial lattice valuation model. These derivatives have been classified as Level 3. Changes in the fair value of the derivatives embedded with the convertible debt are presented in the consolidated statements of operations. The value of the embedded derivatives is contingent on changes in interest rates, the Company’s stock price, stock price volatility, and the Company’s dividend yield. The Company’s stock price, volatility, and dividend yield are based on market observable inputs. The interest rate component of the value of the note is computed by calibrating the yield as of the issuance date, such that the value of the convertible note is equal to the principal net of the original issue discount. This yield is adjusted by the change in spreads from the discount curve equivalent to the Company’s implied credit rating. 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) |  |  |
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 | %
In addition to assets and liabilities that are recorded at fair value on a recurring basis, the Company is required to record assets and liabilities at fair value on a nonrecurring basis. Generally, assets and liabilities are recorded at fair value on a nonrecurring basis because of impairment charges. The Company had no nonrecurring nonfinancial assets subject to fair value measurements as of December 31, 2024 and 2023, respectively.

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 The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 2: 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 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
Name: | us-gaap_FairValueDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration