Fair Value Measurements

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

FAIR VALUE MEASUREMENTS

The Company evaluates assets and liabilities subject to fair value measurements on a recurring basis to determine the appropriate level to classify them for each reporting period. There have been no transfers between fair value measurement levels during the periods presented. The carrying amounts of cash and cash equivalents, trade receivables, short-term deposits and trade payables approximate their fair value due to the short-term maturity of such instruments.

The authoritative guidance on fair value measurements establishes a consistent framework for measuring fair value on either a recurring or nonrecurring basis, whereby inputs used in valuation techniques are assigned a hierarchical level. The following are the hierarchical levels of inputs to measure fair value:

•Level 1: Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.

•Level 2: Observable inputs that reflect quoted prices for identical assets or liabilities in markets that are not active; quoted prices for similar assets or liabilities in active markets; inputs other than quoted prices that are observable for the assets or liabilities; or inputs that are derived principally from or corroborated by observable market data by correlation or other means.

•Level 3: Unobservable inputs reflecting the Company’s own assumptions incorporated in valuation techniques used to determine fair value. These assumptions are required to be consistent with market participant assumptions that are reasonably available.

The following table sets forth the Company’s assets and liabilities that were measured at fair value as of September 30, 2025 and December 31, 2024 by level within the fair value hierarchy (in thousands):

 

	As of September 30, 2025
	(unaudited)								As of December 31, 2024
	Level I		Level II		Level III		Total		Level I		Level II		Level III		Total
Financial assets:
Cash equivalents:
Money market funds	$	58,375	$	—	$	—	$	58,375	$	133,113	$	—	$	—	$	133,113
Marketable securities:
US Treasury securities	—		513,935		—		513,935		—		343,383		—		343,383
Prepaid expenses and other short-term assets:
Forward foreign exchange contracts	—		17,099		—		17,099		—		8,099		—		8,099
Long-term marketable securities:
US Treasury securities	—		395,651		—		395,651		—		658,896		—		658,896
Long-term other assets:
Forward foreign exchange contracts	—		9,110		—		9,110		—		3,083		—		3,083
Financial liabilities:
Accrued expenses and other short-term liabilities:
Forward foreign exchange contracts	—		(4,080)		—		(4,080)		—		(2,902)		—		(2,902)
Long-term other liabilities:
Forward foreign exchange contracts	—		(3,587)		—		(3,587)		—		—		—		—
Total financial assets (liabilities), net	$	58,375	$	928,128	$	—	$	986,503	$	133,113	$	1,010,559	$	—	$	1,143,672

See Note 4 for the estimated fair value of acquired net tangible and intangible assets and liabilities and Note 6 for the carrying amount and estimated fair value of the Company's 2029 Notes, as of September 30, 2025. Marketable securities and derivative instruments are classified within Level 2, as these assets are valued using alternative pricing sources utilizing market observable inputs.