v3.25.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The Company defines fair value as the exchange price that would be received from the sale of an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The authoritative guidance describes three levels of inputs that may be used to measure fair value:
•Level I—Observable inputs that reflect unadjusted quoted prices for identical assets or liabilities in active markets;
•Level II—Observable inputs other than Level I prices, such as unadjusted quoted prices for similar assets or liabilities in active markets, unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and
•Level III—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. These inputs are based on the Company’s own assumptions used to measure assets and liabilities at fair value and require significant management judgment or estimation.
The categorization of a financial instrument within the fair value hierarchy is based upon the lowest level of input that is significant to its fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires management to make judgments and consider factors specific to the assets or liabilities.
The Company’s financial instruments that are carried at fair value consist of Level I and Level II assets as of March 31, 2025 and December 31, 2024. The following tables summarize the Company’s available-for-sale marketable securities’ amortized cost, gross unrealized gains, gross unrealized losses, and fair value
by significant investment category reported as cash equivalents or marketable securities as of March 31, 2025 and December 31, 2024:
(In thousands)
March 31, 2025
Amortized
Cost		Unrealized
Gain		Unrealized
Loss		Fair
Value
Cash Equivalents
Marketable
Securities
Level I
Money market funds$215,450 $— $— $215,450 $215,450 $— 
Treasury bills151,886 2 (6)151,882 — 151,882 
U.S. government securities31,654 71 — 31,725 — 31,725 
Total Level I398,990 73 (6)399,057 215,450 183,607 
Level II
Commercial paper11,167 — — 11,167 — 11,167 
Corporate bonds115,599 533 (66)116,066 — 116,066 
Commercial deposits1,743 — — 1,743 — 1,743 
Asset-backed securities317 1 — 318 — 318 
Foreign government and agency securities4,706 19 (7)4,718 — 4,718 
Total Level II133,532 553 (73)134,012 — 134,012 
Total$532,522 $626 $(79)$533,069 $215,450 $317,619 
(In thousands)
December 31, 2024
Amortized
Cost		Unrealized
Gain		Unrealized
Loss		Fair
Value
Cash Equivalents
Marketable
Securities
Level I
Money market funds$193,481 $— $— $193,481 $193,481 $— 
Treasury bills131,022 40 — 131,062 — 131,062 
U.S. government securities32,625 22 (33)32,614 — 32,614 
Total Level I357,128 62 (33)357,157 193,481 163,676 
Level II
Commercial paper16,233 — — 16,233 — 16,233 
Corporate bonds126,395 431 (144)126,682 — 126,682 
Commercial deposits4,121 — — 4,121 — 4,121 
Asset-backed securities592 2 — 594 — 594 
Foreign government and agency securities
5,036 14 (12)5,038 — 5,038 
Total Level II152,377 447 (156)152,668 — 152,668 
Total$509,505 $509 $(189)$509,825 $193,481 $316,344 
Additionally, the Company deposits funds held in escrow in interest-bearing and non-interest-bearing cash accounts. The interest earned on the interest-bearing accounts is included in Revenue in the Company’s condensed consolidated statement of operations and comprehensive income. As of March 31, 2025 and December 31, 2024, the fair value of the Company’s funds held on behalf of customers and held in interest-bearing cash accounts was measured using Level I inputs.
The following table summarizes the remaining contractual maturities of our cash equivalents and marketable securities as of March 31, 2025:
(In thousands)Amortized CostFair Value
Due within one year$385,795 $385,792 
Due after one year through five years146,727 147,277 
Total$532,522 $533,069 
Unrealized Investment Losses
For available-for-sale marketable debt securities with unrealized loss positions, the Company does not intend to sell these securities, nor does it anticipate that it will need to or be required to sell the securities. As of March 31, 2025 and December 31, 2024, the decline in fair value of these securities was attributable to changes in interest rates and not due to credit-related factors. As of March 31, 2025 and December 31, 2024, the Company considered any decreases in market value to be temporary in nature and did not consider any of the Company’s marketable securities to be other-than-temporarily impaired. The Company did not record any impairment charges with respect to its marketable securities during each of the three months ended March 31, 2025 and 2024.
During the three months ended March 31, 2025 and 2024, interest income, net was $7.1 million and $7.7 million, respectively. Interest income, net is included in Other income, net in the Company’s condensed consolidated statement of operations and comprehensive income.