Fair value measurement (Tables)

3 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Summary of Cash and Cash Equivalents

The following table sets forth the cash and cash equivalents, and short-term investments as of December 31, 2022:

(in thousands)	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value
Cash and cash equivalents	$	316,681	$	—	$	—	$	316,681
Short-term investments:
Corporate bonds	22,647		—		—		22,647
U.S. government treasury bills	100,108		—		(726)		99,382
Total	$	439,436	$	—	$	(726)	$	438,710

The following table sets forth the cash and cash equivalents, and short-term investments as of September 30, 2022:

(in thousands)	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value
Cash and cash equivalents	$	378,687	$	—	$	—	$	378,687
Short-term investments:
Commercial paper	14,997		—		—		14,997
U.S. government treasury bills	112,878		—		(1,594)		111,284
Total	$	506,562	$	—	$	(1,594)	$	504,968

Summary of Debt Securities Available-for-Sale

The following table sets forth the cash and cash equivalents, and short-term investments as of December 31, 2022:

(in thousands)	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value
Cash and cash equivalents	$	316,681	$	—	$	—	$	316,681
Short-term investments:
Corporate bonds	22,647		—		—		22,647
U.S. government treasury bills	100,108		—		(726)		99,382
Total	$	439,436	$	—	$	(726)	$	438,710

The following table sets forth the cash and cash equivalents, and short-term investments as of September 30, 2022:

(in thousands)	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value
Cash and cash equivalents	$	378,687	$	—	$	—	$	378,687
Short-term investments:
Commercial paper	14,997		—		—		14,997
U.S. government treasury bills	112,878		—		(1,594)		111,284
Total	$	506,562	$	—	$	(1,594)	$	504,968

Summary of Company's Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

As of December 31, 2022, financial assets and liabilities measured and recognized at fair value are as follows:

(in thousands)	Level 1		Level 2		Level 3		Fair value
Assets
Money market funds	$	254,196	$	—	$	—	$	254,196
Corporate bonds	—		22,647		—		22,647
U.S. government treasury bills	99,382		—		—		99,382
Total financial assets	$	353,578	$	22,647	$	—	$	376,225
Liabilities
Holdback	$	—	$	7,557	$	—	$	7,557
Total financial liabilities	$	—	$	7,557	$	—	$	7,557

As of September 30, 2022, financial assets and liabilities measured and recognized at fair value are as follows:

(in thousands)	Level 1		Level 2		Level 3		Fair value
Assets
Money market funds	$	316,805	$	—	$	—	$	316,805
Commercial paper	—		14,997		—		14,997
U.S. government treasury bills	111,284		—		—		111,284
Total financial assets	$	428,089	$	14,997	$	—	$	443,086
Liabilities
Contingent consideration and indemnity holdback	$	—	$	9,592	$	2,100	$	11,692
Total financial liabilities	$	—	$	9,592	$	2,100	$	11,692

Summary of Key Inputs Into Monte Carlo Simulation

The key inputs into the Monte Carlo simulation as of September 30, 2022 were as follows:

Contingent consideration	September 30, 2022
Stock Price	$	35.42
Equity volatility	93.7		%
Risk-free interest rate	3.9		%
Revenue volatility	30.2		%

Summary of Reconciliation of Beginning and Ending Balances of the Level 3 Instruments

The following table provides a reconciliation of beginning and ending balances of the Level 3 financial liabilities during the three months ended December 31, 2022:

(in thousands)	Total
Balance as of September 30, 2022	$	2,100
Change in fair value	(2,100)
Balance as of December 31, 2022	$	—