v3.26.3
Fair Value Measurements
 9 Months Ended
Sep. 30, 2026
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 September 30, 2026 and December 31, 2025. 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 September 30, 2026 and December 31, 2025:
(In thousands)
September 30, 2026
Amortized
Cost		Unrealized
Gain		Unrealized
Loss		Fair
Value		Cash EquivalentsMarketable
Securities
Level I
Money market funds$86,531 $— $— $86,531 $86,531 $— 
U.S. government securities19,345 2 (79)19,268 — 19,268 
Total Level I105,876 2 (79)105,799 86,531 19,268 
Level II
Corporate bonds56,215 28 (166)56,077 — 56,077 
Foreign government and agency securities999 2 — 1,001 — 1,001 
Total Level II57,214 30 (166)57,078 — 57,078 
Total$163,090 $32 $(245)$162,877 $86,531 $76,346 
(In thousands)
December 31, 2025
Amortized
Cost		Unrealized
Gain		Unrealized
Loss		Fair
Value		Cash EquivalentsMarketable
Securities
Level I
Money market funds$73,519 $— $— $73,519 $73,519 $— 
Treasury bills257,425 88 — 257,513 39,697 217,816 
U.S. government securities37,642 122 — 37,764 — 37,764 
Total Level I368,586 210 — 368,796 113,216 255,580 
Level II
Corporate bonds117,532 561 (1)118,092 — 118,092 
Foreign government and agency securities4,738 15 — 4,753 — 4,753 
Total Level II122,270 576 (1)122,845 — 122,845 
Total$490,856 $786 $(1)$491,641 $113,216 $378,425 
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 statements of operations and comprehensive income. As of September 30, 2026 and December 31, 2025, 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 Company’s non-financial assets acquired pursuant to its acquisitions of Bubty B.V., which is referred to as Bubty, and Ascen, including intangible assets and goodwill, are measured at estimated fair value on a non-recurring basis. For additional information, refer to “Note 7—Business Combination.”
The following table summarizes the remaining contractual maturities of our cash equivalents and marketable securities as of September 30, 2026:
(In thousands)Amortized CostFair Value
Due within one year$150,962 $150,893 
Due after one year through five years12,128 11,984 
Total$163,090 $162,877 
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 before recovery of their amortized cost basis. As of September 30, 2026 and December 31, 2025, the decline in fair value of these securities was attributable to changes in interest rates and not due to credit-related factors. Accordingly, no allowance for credit losses has been recorded as of September 30, 2026 and December 31, 2025. and the Company did not record any credit loss expense or write-down related to its available-for-sale debt securities during each of the three and nine months ended September 30, 2026 and 2025.
During the three months ended September 30, 2026 and 2025, interest income, net was $4.6 million and $6.8 million, respectively. During the nine months ended September 30, 2026 and 2025, interest income, net was $15.5 million and $20.6 million, respectively. Interest income, net is included in Other income, net in the Company’s condensed consolidated statements of operations and comprehensive income.