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Cash and Cash Equivalents, Investments and Fair Value Measurements | 9 Months Ended
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Sep. 30, 2024
Cash and Cash Equivalents [Abstract] |
Cash and Cash Equivalents, Investments and Fair Value Measurements | Cash and Cash Equivalents, Investments and Fair Value Measurements The following tables present our cash and cash equivalents, and investments’ fair value level classification, adjusted cost, unrealized gain, unrealized loss and fair value as of September 30, 2024 and December 31, 2023 (in thousands):
| September 30, 2024
| Fair Value Level |  | Adjusted Cost |  | Unrealized Gain |  | Unrealized Loss |  | Fair Value
Cash and cash equivalents: |  |  |  |  |  |  |  |  |
Cash |  |  | $ | 52,523 |  |  | $ | — |  |  | $ | — |  |  | $ | 52,523 |
Money market funds | Level 1 |  | 99,550 |  |  | — |  |  | — |  |  | 99,550 |
Total cash and cash equivalents |  |  | $ | 152,073 |  |  | $ | — |  |  | $ | — |  |  | $ | 152,073 |
Short-term investments: |  |  |  |  |  |  |  |  |
Corporate debt securities | Level 2 |  | $ | 118,386 |  |  | $ | 53 |  |  | $ | (47) |  |  | $ | 118,392 |
U.S. treasury securities | Level 1 |  | 65,596 |  |  | 32 |  |  | (13) |  |  | 65,615 |
Agency bonds | Level 2 |  | 25,009 |  |  | — |  |  | (13) |  |  | 24,996 |
Total short-term investments |  |  | $ | 208,991 |  |  | $ | 85 |  |  | $ | (73) |  |  | $ | 209,003 |
Long-term investments: |  |  |  |  |  |  |  |  |
Corporate debt securities | Level 2 |  | $ | 214,391 |  |  | $ | 2,482 |  |  | $ | (8) |  |  | $ | 216,865 |
U.S. treasury securities | Level 1 |  | 52,548 |  |  | 748 |  |  | — |  |  | 53,296 |
Total long-term investments |  |  | $ | 266,939 |  |  | $ | 3,230 |  |  | $ | (8) |  |  | $ | 270,161 |
| December 31, 2023
| Fair Value Level |  | Adjusted Cost |  | Unrealized Gain |  | Unrealized Loss |  | Fair Value
Cash and cash equivalents: |  |  |  |  |  |  |  |  |
Cash |  |  | $ | 45,050 |  |  | $ | — |  |  | $ | — |  |  | $ | 45,050 |
Money market funds | Level 1 |  | 90,707 |  |  | — |  |  | — |  |  | 90,707 |
Total cash and cash equivalents |  |  | $ | 135,757 |  |  | $ | — |  |  | $ | — |  |  | $ | 135,757 |
Short-term investments: |  |  |  |  |  |  |  |  |
Corporate debt securities | Level 2 |  | $ | 69,548 |  |  | $ | — |  |  | $ | (170) |  |  | $ | 69,378 |
U.S. treasury securities | Level 1 |  | 25,734 |  |  | — |  |  | (114) |  |  | 25,620 |
Agency bonds | Level 2 |  | 99,505 |  |  | — |  |  | (246) |  |  | 99,259 |
Total short-term investments |  |  | $ | 194,787 |  |  | $ | — |  |  | $ | (530) |  |  | $ | 194,257 |
Long-term investments: |  |  |  |  |  |  |  |  |
Corporate debt securities | Level 2 |  | $ | 191,467 |  |  | $ | 898 |  |  | $ | (213) |  |  | $ | 192,152 |
U.S. treasury securities | Level 1 |  | 57,287 |  |  | 165 |  |  | (57) |  |  | 57,395 |
Total long-term investments |  |  | $ | 248,754 |  |  | $ | 1,063 |  |  | $ | (270) |  |  | $ | 249,547 |
As of September 30, 2024, we determined that the unrealized losses on our investments were not driven by credit related factors. During the three and nine months ended September 30, 2024 and 2023, we did not recognize any losses on our investments due to credit related factors and our realized gains and losses on investments were not significant. The following table presents our cash equivalents and investments' adjusted cost and fair value by contractual maturity as of September 30, 2024 (in thousands):
| Adjusted Cost |  | Fair Value
Due within one year | $ | 208,991 |  |  | $ | 209,003 |
Due after one year through three years | 266,939 |  |  | 270,161 |
Investments not due at a single maturity date | 99,550 |  |  | 99,550 |
Total | $ | 575,480 |  |  | $ | 578,714 |
Investments not due at a single maturity date in the preceding table consisted of money market funds. Strategic Investments In May 2023, we entered into a $15.0 million commitment to invest in Sound Ventures AI Fund, L.P. (Sound Ventures), a limited partnership that invests in artificial intelligence companies, for an approximate 6% ownership. We accounted for our investment under the equity method of accounting. As of December 31, 2023, the carrying amount of our investment was $11.7 million. On January 1, 2024, we sold our investment for a total cash consideration of $15.5 million, resulting in a gain of $3.8 million. The cash payment received was included within cash flows from investing activities on our condensed consolidated statements of cash flows and the gain was included within other income, net on our condensed consolidated statements of operations. In July 2022, we completed an investment of $6.0 million in Knack Technologies, Inc. (Knack), a privately held U.S. based peer-to-peer tutoring platform for higher education institutions. We do not have the ability to exercise significant influence over Knack's operating and financial policies and have elected to account for our investment at cost as it does not have a readily determinable fair value. We did not record any impairment expenses during the three and nine months ended September 30, 2024 and 2023, as there were no significant identified events or changes in circumstances that would be considered an indicator for impairment. There were no observable price changes in orderly transactions for the identical or similar investments of the same issuer during the three and nine months ended September 30, 2024 and 2023. Financial Instruments Not Recorded at Fair Value on a Recurring Basis We report our financial instruments at fair value with the exception of the notes (defined below). The estimated fair value of the notes was determined based on the trading price of the notes as of the last day of trading for the period. We consider the fair value of the notes to be a Level 2 measurement due to the limited trading activity. The estimated fair value of the 2026 notes as of September 30, 2024 and December 31, 2023 was $186.4 million and $202.9 million, respectively. The estimated fair value of the 2025 notes as of September 30, 2024 and December 31, 2023 was $343.7 million and $329.5 million, respectively. For further information on the notes, refer to Note 7, “Convertible Senior Notes.”

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- Definition The entire disclosure for cash, cash equivalents, investments in debt and equity instruments (including cost and equity investees and related income statement amounts), equity and cost method investments, investments in joint ventures and any other investment. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 65 -Paragraph 13 -Subparagraph (d)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482477/820-10-65-13 + Details
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