Fair Value Measurements, Cash Equivalents and Marketable Securities (Tables)

9 Months Ended

Sep. 30, 2024

Schedule of Fair Value Measurements, Recurring and Nonrecurring

The Company’s financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used in such measurements were as follows:


	September 30, 2024
	Fair Value		Level 1		Level 2		Level 3

	(unaudited)
	(in thousands)
Financial Assets:
Money market funds	$	112,142	$	112,142	$	—	$	—
Income deposit funds	102,412		—		102,412		—

U.S. government debt securities	398,485		—		398,485		—
Total cash equivalents and restricted cash	$	613,039	$	112,142	$	500,897	$	—



U.S. government debt securities	$	310,701	$	—	$	310,701	$	—
Total short-term marketable debt securities	$	310,701	$	—	$	310,701	$	—




Short-term marketable equity securities	$	31,280	$	31,280	$	—	$	—
Total	$	955,020	$	143,422	$	811,598	$	—

Financial Liabilities:
Contingent consideration	$	7,300	$	—	$	—	$	7,300
Total	$	7,300	$	—	$	—	$	7,300


	December 31, 2023
	Fair Value		Level 1		Level 2		Level 3

	(in thousands)
Financial Assets:
Money market funds	$	1,032,500	$	1,032,500	$	—	$	—

Total cash equivalents	$	1,032,500	$	1,032,500	$	—	$	—


U.S. government debt securities	$	35,097	$	—	$	35,097	$	—
Total short-term marketable debt securities	$	35,097	$	—	$	35,097	$	—




Long-term marketable equity securities	$	98,002	$	98,002	$	—	$	—
Total	$	1,165,599	$	1,130,502	$	35,097	$	—

Financial Liabilities:
Contingent consideration	$	6,540	$	—	$	—	$	6,540
Total	$	6,540	$	—	$	—	$	6,540

Schedule of Level 3 Activity

The following table summarizes the activities for the Level 3 financial instruments:


	Contingent Consideration
	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023

	(unaudited)
	(in thousands)
Fair value — beginning of period	$	6,960	$	6,440	$	6,540	$	6,430

Increase in fair value	340		220		760		230


Fair value — end of period	$	7,300	$	6,660	$	7,300	$	6,660

Schedule of Cash Equivalents and Marketable Securities'

The following tables summarize the Company’s cash equivalents, restricted cash and marketable debt securities’ amortized costs, gross unrealized gains, gross unrealized losses and estimated fair values by significant investment category:


	September 30, 2024
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss		Estimated Fair Value

	(unaudited)
	(in thousands)
Money market funds	$	112,142	$	—	$	—	$	112,142
Income deposit funds	102,412		—		—		102,412


U.S. government debt securities	708,731		480		(25)		709,186
Total	$	923,285	$	480	$	(25)	$	923,740


	December 31, 2023
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss		Estimated Fair Value

	(in thousands)
Money market funds	$	1,032,500	$	—	$	—	$	1,032,500


U.S. government debt securities	35,108		—		(11)		35,097
Total	$	1,067,608	$	—	$	(11)	$	1,067,597