Cash, Concentration of Credit Risk and Fair Value of Financial Instruments (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| Fair Value Disclosures [Abstract] |
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| Schedule of cash and cash equivalents |
The following table provides a reconciliation of total cash, cash equivalents, and restricted cash as of June 30, 2025, December 31, 2024, and June 30, 2024 to the captions within the condensed consolidated balance sheets and condensed consolidated statements of cash flows (in thousands): | | | | | | | | | | | | | | | | | | | | June 30, | | December 31, | | June 30, | | | 2025 | | 2024 | | 2024 | | Cash and cash equivalents | $ | 517,894 | | | $ | 527,360 | | | $ | 299,762 | | | Restricted cash included within prepaid and other current assets | 10,942 | | | 24,187 | | | 9,233 | | | | | | | | Total cash, cash equivalents, and restricted cash | $ | 528,836 | | | $ | 551,547 | | | $ | 308,995 | |
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| Schedule of restricted cash and cash equivalents |
The following table provides a reconciliation of total cash, cash equivalents, and restricted cash as of June 30, 2025, December 31, 2024, and June 30, 2024 to the captions within the condensed consolidated balance sheets and condensed consolidated statements of cash flows (in thousands): | | | | | | | | | | | | | | | | | | | | June 30, | | December 31, | | June 30, | | | 2025 | | 2024 | | 2024 | | Cash and cash equivalents | $ | 517,894 | | | $ | 527,360 | | | $ | 299,762 | | | Restricted cash included within prepaid and other current assets | 10,942 | | | 24,187 | | | 9,233 | | | | | | | | Total cash, cash equivalents, and restricted cash | $ | 528,836 | | | $ | 551,547 | | | $ | 308,995 | |
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| 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 June 30, 2025 and December 31, 2024 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value as of June 30, 2025 | | | Level 1 | | Level 2 | | Level 3 | | Total | | Assets: | | | | | | | | Money market and demand accounts (a) | $ | 527,341 | | | $ | — | | | $ | — | | | $ | 527,341 | | Commercial paper (b) | — | | | 73,055 | | | — | | | 73,055 | | | U.S. government securities | — | | | 217,899 | | | — | | | 217,899 | | Corporate bonds, asset backed and other securities (c) | — | | | 129,164 | | | — | | | 129,164 | | | Total | $ | 527,341 | | | $ | 420,118 | | | $ | — | | | $ | 947,459 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value as of December 31, 2024 | | | Level 1 | | Level 2 | | Level 3 | | Total | | Assets: | | | | | | | | Money market and demand accounts (a) | $ | 535,745 | | | $ | — | | | $ | — | | | $ | 535,745 | | Commercial paper (b) | — | | | 78,870 | | | — | | | 78,870 | | | U.S. government securities | — | | | 230,561 | | | — | | | 230,561 | | Corporate bonds, asset backed and other securities (c) | — | | | 137,219 | | | — | | | 137,219 | | | Total | $ | 535,745 | | | $ | 446,650 | | | $ | — | | | $ | 982,395 | |
______________________________ (a)Primarily included within cash and cash equivalents. (b)As of December 31, 2024, $4.1 million of commercial paper was included within cash and cash equivalents, respectively. (c)As of June 30, 2025 and December 31, 2024, $1.0 million and $11.7 million of corporate bonds, asset backed and other securities was included within cash and cash equivalents, respectively.
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| Schedule of aggregate fair value |
The aggregate fair value of the principal amount of the Convertible Notes is a Level 2 fair value measurement. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2025 | | December 31, 2024 | | Principal
Amount | | Carrying
Value | | Fair
Value | | Principal
Amount | | Carrying
Value | | Fair
Value | | 2027 Senior Convertible Long-Term Debt | $ | 460,000 | | | $ | 455,750 | | | $ | 1,340,725 | | | $ | 460,000 | | | $ | 454,739 | | | $ | 1,166,155 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2025 | | December 31, 2024 | | Carrying
Value | | Fair
Value | | Carrying
Value | | Fair
Value | | Technicolor Patent Acquisition Long-Term Debt | $ | 16,566 | | | $ | 15,585 | | | $ | 17,033 | | | $ | 17,102 | |
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