v3.25.1
Cash, Concentration of Credit Risk and Fair Value of Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of cash and cash equivalents The following table provides a reconciliation of total cash, cash equivalents, and restricted cash as of March 31, 2025, December 31, 2024, and March 31, 2024 to the captions within the condensed consolidated balance sheets and condensed consolidated statements of cash flows (in thousands):
 March 31,December 31,March 31,
 202520242024
Cash and cash equivalents$536,639 $527,360 $440,242 
Restricted cash included within prepaid and other current assets11,476 24,187 20,948 
Total cash, cash equivalents, and restricted cash
$548,115 $551,547 $461,190 
Schedule of restricted cash and cash equivalents The following table provides a reconciliation of total cash, cash equivalents, and restricted cash as of March 31, 2025, December 31, 2024, and March 31, 2024 to the captions within the condensed consolidated balance sheets and condensed consolidated statements of cash flows (in thousands):
 March 31,December 31,March 31,
 202520242024
Cash and cash equivalents$536,639 $527,360 $440,242 
Restricted cash included within prepaid and other current assets11,476 24,187 20,948 
Total cash, cash equivalents, and restricted cash
$548,115 $551,547 $461,190 
Schedule of fair value on a recurring basis Our financial assets and liabilities that are accounted for at fair value on a recurring basis are presented in the tables below as of March 31, 2025 and December 31, 2024 (in thousands):
 Fair Value as of March 31, 2025
 Level 1Level 2Level 3Total
Assets:    
Money market and demand accounts (a)
$509,097 $— $— $509,097 
Commercial paper (b)
— 100,297 — 100,297 
U.S. government securities (c)
— 171,296 — 171,296 
Corporate bonds, asset backed and other securities (d)
— 113,667 — 113,667 
  Total$509,097 $385,260 $— $894,357 
 Fair Value as of December 31, 2024
 Level 1Level 2Level 3Total
Assets:    
Money market and demand accounts (a)
$535,745 $— $— $535,745 
Commercial paper (b)
— 78,870 — 78,870 
U.S. government securities (c)
— 230,561 — 230,561 
Corporate bonds, asset backed and other securities (d)
— 137,219 — 137,219 
  Total$535,745 $446,650 $— $982,395 
______________________________
(a)Primarily included within cash and cash equivalents.
(b)As of March 31, 2025 and December 31, 2024, $23.1 million and $4.1 million of commercial paper was included within cash and cash equivalents, respectively.
(c)As of March 31, 2025, $5.1 million of U.S. government securities was included within cash and cash equivalents.
(d)As of March 31, 2025 and December 31, 2024, $10.4 million and $11.7 million of corporate bonds, asset backed and other securities was included within cash and cash equivalents, respectively.
Schedule of aggregate fair value The aggregate fair value of the principal amount of the Convertible Notes is a Level 2 fair value measurement.
March 31, 2025December 31, 2024
Principal
Amount		Carrying
Value		Fair
Value		Principal
Amount		Carrying
Value		Fair
Value
2027 Senior Convertible Long-Term Debt$460,000 $455,241 $1,236,963 $460,000 $454,739 $1,166,155 
The aggregate fair value of the Technicolor Patent Acquisition long-term debt is a Level 3 fair value measurement.
March 31, 2025December 31, 2024
Carrying
Value		Fair
Value		Carrying
Value		Fair
Value
Technicolor Patent Acquisition Long-Term Debt$16,015 $16,067 $17,033 $17,102