FAIR VALUE DISCLOSURE (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of Fair Value, Assets Measured on Recurring Basis

The Company’s financial assets and liabilities measured at fair value on a recurring basis are as follows (in thousands):


	As of September 30, 2025
	Fair Value		Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents:
Cash	$	870,491	$	870,491	$	—	$	—
Money market funds	705,000		705,000		—		—

Short-term investments:
Time deposits	726,875		—		726,875		—
Prepaid expenses and other current assets:
Strategic investment - convertible promissory notes	43,400		—		—		43,400
Total assets measured and recorded at fair value	$	2,345,766	$	1,575,491	$	726,875	$	43,400
Liabilities:
Accrued liabilities:
Contingent consideration	$	15,536	$	—	$	—	$	15,536
Other long-term liabilities:
Contingent consideration	51,673		—		—		51,673
Total liabilities measured and recorded at fair value	$	67,209	$	—	$	—	$	67,209


	As of December 31, 2024
	Fair Value		Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents:
Cash	$	794,213	$	794,213	$	—	$	—
Money market funds	1,366,023		1,366,023		—		—
Restricted cash, current	403		403		—		—
Other non-current assets:
Strategic investment - convertible promissory notes	55,225		—		—		55,225
Total assets measured and recorded at fair value	$	2,215,864	$	2,160,639	$	—	$	55,225

Schedule of Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following table reflects the changes in the fair value of the Company’s convertible promissory notes measured using Level 3 inputs (in thousands):


	Three Months Ended				Nine Months Ended
	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Beginning balance	$	40,624	$	57,450	$	55,225	$	53,816
Change in estimated fair value	2,776		3,344		(324)		6,978
Repayment of principal and interest	—		—		(11,501)		—
Ending balance	$	43,400	$	60,794	$	43,400	$	60,794

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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