The following tables summarize our cash, cash equivalents and marketable securities balances in our Condensed Consolidated Balance Sheets as of September 30, 2025 and Consolidated Balance Sheets as of December 31, 2024 (in thousands):


									Reported as:
September 30, 2025	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Cash and Cash Equivalents
Cash	$	797,412	$	—	$	—	$	797,412	$	797,412
Money market funds	190,785		—		—		190,785		190,785
Certificate of deposits	16,392		—		—		16,392		16,392





Total	$	1,004,589	$	—	$	—	$	1,004,589	$	1,004,589


									Reported as:
December 31, 2024	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Cash and Cash Equivalents
Cash	$	752,423	$	—	$	—	$	752,423	$	752,423
Money market funds	291,464		—		—		291,464		291,464






Total	$	1,043,887	$	—	$	—	$	1,043,887	$	1,043,887

Fair value is an exit price, representing the amount that would be received from selling an asset or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. We use the U.S. GAAP fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. This hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The three levels of inputs that may be used to measure fair value:

We enter into factoring transactions on a non-recourse basis with financial institutions to sell certain of our non-U.S. accounts receivable. We account for these transactions as sales of financial assets and include the cash proceeds as a part of our cash flows from operations in the Condensed Consolidated Statements of Cash Flows. Total accounts receivable sold under factoring arrangements were $10.0 million and $8.2 million during the three months ended September 30, 2025 and 2024, respectively, and $34.6 million and $34.2 million during the nine months ended September 30, 2025 and 2024, respectively. Factoring fees on the sales of receivables were recorded in Other income (expense), net in our Condensed Consolidated Statements of Operations and were not material.

Our investments in privately held companies in which we cannot exercise significant influence and do not own a majority equity interest or otherwise control are accounted for as investments in equity securities. We have elected to account for all investments in equity securities in accordance with the measurement alternative. Under the measurement alternative, we record the value of our investments in equity securities at cost, minus impairment, if any. Additionally, we adjust the carrying value of our investments in equity securities for observable transactions for identical or similar investments of the same issuer.

On April 24, 2023 and April 22, 2024, we entered into Subscription Agreements (the “Subscription Agreements”) with Heartland Dental Holding Corporation (“Heartland”). Pursuant to the Subscription Agreements we acquired less than a 5% equity interest in Heartland through the purchase of Class A Common Stock for $150 million in total. In the fourth quarter of 2024, we recorded a $6 million increase to the carrying value of our investment, which increased the total carrying value of our investment in Heartland to $156 million.

On December 19, 2024 and June 5, 2025, we entered into Subscription Agreements (the “Smile Doctors Subscription Agreements”) with New SD Holding Company, L.P. (“SD Holding Company”). Pursuant to the Smile Doctors Subscription Agreements we acquired less than a 3% equity interest in SD Holding Company through the purchase of Class A Common Units for $40 million in total. SD Holding Company owns a controlling interest, through intermediary entities, in Smile Doctors, LLC.

Based on a review of the relevant facts and circumstances, primarily observable transactions for identical investments, we determined that no adjustments to the carrying values of our investments were necessary for the three or nine months ended September 30, 2025.

Our investments in privately held companies in which we can exercise significant influence are accounted for as equity method investments. We have elected to account for our equity method investments under the fair value option.

The carrying value of our investments in equity securities and equity method investments are reported in our Condensed Consolidated Balance Sheets as Other assets and any price adjustments or impairment, if any, are recorded in Other income (expense), net in our Condensed Consolidated Statements of Operations.

We enter into foreign currency forward contracts to minimize the short-term impact of foreign currency exchange rate fluctuations on certain assets and liabilities. These forward contracts are classified within Level 2 of the fair value hierarchy. As a result of the settlement of foreign currency forward contracts, we recognized a net gain of $3.3 million and a net loss of $24.5 million during the three months ended September 30, 2025 and 2024, respectively, and a net loss of $35.3 million and a net gain $2.7 million, respectively, during the nine months ended September 30, 2025 and 2024. Recognized gains and losses from the settlement of foreign currency forward contracts are recorded in Other income (expense), net in our Condensed Consolidated Statements of Operations. As of September 30, 2025 and December 31, 2024, the fair value of outstanding foreign exchange forward contracts was not material.


	September 30, 2025
	Local Currency Amount	Notional Contract Amount (USD)
Euro	€159,000	$	186,840
Canadian Dollar	C$82,500	59,356
British Pound	£39,700	53,324
Polish Zloty	PLN175,000	48,036
Israeli Shekel	ILS94,100	28,452
Japanese Yen	¥3,300,000	22,374
Brazilian Real	R$92,300	17,189
Swiss Franc	CHF5,600	7,048
New Taiwan Dollar	NT$106,300	3,482
Australian Dollar	A$4,800	3,177
New Zealand Dollar	NZ$4,300	2,495
Korean Won	₩3,200,000	2,283
Chinese Yuan	¥15,000	2,108


Total notional contract amount		$	436,164


	December 31, 2024
	Local Currency Amount	Notional Contract Amount (USD)
Euro	€176,080	$	183,172
Polish Zloty	PLN283,000	68,633
Canadian Dollar	C$97,000	67,446
British Pound	£37,600	47,090
Israeli Shekel	ILS90,055	24,740
Chinese Yuan	¥164,500	22,417
Brazilian Real	R$83,100	13,327
Japanese Yen	¥2,000,000	12,778
Swiss Franc	CHF5,700	6,314
New Zealand Dollar	NZ$7,000	3,924
Czech Koruna	Kč72,800	3,004
Australian Dollar	A$3,800	2,355
New Taiwan Dollar	NT$58,700	1,786
Korean Won	₩2,000,000	1,361

Total notional contract amount		$	458,347