Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2022

Schedule of Fair Values Company’s Investments

The following table sets forth the cost, gross unrealized losses, gross unrealized gains, and fair value of the Company’s investments as of the dates indicated (in thousands):


	Cost		Gross Unrealized Holding Loss		Gross Unrealized Holding Gain		Fair Value		Cash and Cash Equivalents		Short-term Investments		Long-term Investments
September 30, 2022
Cash	$	289,768	$	—	$	—	$	289,768	$	289,768	$	—	$	—
Level 1

Money market funds (1)	571,727		—		—		571,727		495,205		76		—
U.S. Government and agency securities	73,702		(576)		2		73,128		—		73,128		—
	645,429		(576)		2		644,855		495,205		73,204		—
Level 2
Certificate of deposit	33,990		(206)		7		33,791		2,190		31,601		—
Commercial paper	44,397		(120)		1		44,278		1,495		42,783		—
Corporate bonds	139,386		(2,339)		—		137,047		1,332		103,577		32,138
	217,773		(2,665)		8		215,116		5,017		177,961		32,138
	$	1,152,970	$	(3,241)	$	10	$	1,149,739	$	789,990	$	251,165	$	32,138
December 31, 2021
Cash	$	214,771	$	—	$	—	$	214,771	$	214,771	$	—	$	—
Level 1
Money market funds	556,427		—		—		556,427		556,427		—		—
U.S. Government and agency securities	60,311		(55)		11		60,267		—		52,632		7,635
	616,738		(55)		11		616,694		556,427		52,632		7,635
Level 2
Certificate of deposit	20,709		(7)		1		20,703		—		20,703		—
Commercial paper	25,235		(14)		1		25,222		8,998		16,224		—
Corporate bonds	192,727		(481)		10		192,256		—		114,857		77,399
	238,671		(502)		12		238,181		8,998		151,784		77,399
	$	1,070,180	$	(557)	$	23	$	1,069,646	$	780,196	$	204,416	$	85,034

(1)$76.4 million of money market funds were classified as funds receivable and seller accounts as of September 30, 2022.

Schedule of Unrealized Loss and Fair Value of Debt Securities Available-for-Sale

The table below shows the gross unrealized loss and fair value of the following investments in debt securities that are available-for-sale classified by the length of time that the securities have been in a continuous unrealized loss position at September 30, 2022 (in thousands):


	Gross Unrealized Holding Loss		Fair Value
Less than 12 months in a continuous unrealized loss position
Corporate bonds	$	(1,373)	$	115,340
U.S. Government and agency securities	(527)		56,374



	$	(1,900)	$	171,714
12 months or longer in a continuous unrealized loss position
Corporate bonds	$	(966)	$	21,707
U.S. Government and agency securities	(49)		5,951




	$	(1,015)	$	27,658

Schedule of Estimated Fair Value Liability Component

The following table presents the carrying value and estimated fair value of the Notes as of the dates indicated (in thousands):


	As of September 30, 2022				As of December 31, 2021
	Carrying Value		Fair Value		Carrying Value		Fair Value
2021 Notes	$	989,154	$	779,400	$	987,729	$	1,165,519
2020 Notes	644,133		586,755		643,237		862,774
2019 Notes	645,243		878,383		644,390		1,644,869
2018 Notes (1)	55		151		62		375
	$	2,278,585	$	2,244,689	$	2,275,418	$	3,673,537

(1)Contemporaneously with the partial repurchase of the 2018 Notes in the third quarter of 2020, the Company agreed with the counterparties to the associated capped call instrument (the “2018 Capped Call Transactions”) that the 2018 Capped Call Transactions would remain outstanding with a maturity of March 2023 and there was no exchange of any consideration for such agreement. See “Note 9—Debt” for more information on the Company’s capped call transactions.