Fair Value Measurements

12 Months Ended

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

 

	As of December 31, 2025						As of December 31, 2024
	Level I		Level II		Level III		Level I		Level II		Level III
Financial assets:
Cash equivalents:
Money market funds	$	120,155	$	—	$	—	$	133,113	$	—	$	—
Marketable securities:
US Treasury securities	—		681,225		—		—		343,383		—
Prepaid expenses and other short-term assets:
Forward foreign exchange contracts	—		21,605		—		—		8,099		—
Long-term marketable securities:
US Treasury securities	—		187,202		—		—		658,896		—
Long-term other assets:
Forward foreign exchange contracts	—		6,465		—		—		3,083		—
Financial liabilities:
Accrued expenses and other short-term liabilities:
Forward foreign exchange contracts	—		(2,515)		—		—		(2,902)		—
Long-term other liabilities:
Forward foreign exchange contracts	—		(1,691)		—		—		—		—
Total financial assets, net	$	120,155	$	892,291	$	—	$	133,113	$	1,010,559	$	—

See Note 8, "Business Combinations", for the estimated fair value of acquired net tangible and intangible assets and liabilities and Note 7, “Convertible Senior Notes and Capped Call Transactions”, for the carrying amount and estimated fair value of the Company's 2029 Notes, as of December 31, 2025. Marketable securities and derivative instruments are classified within Level 2, as these assets are valued using alternative pricing sources utilizing market observable inputs.