Investments and fair value measurements (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Summary of Investments on Condensed Consolidated Balance Sheets

The Company’s assets and liabilities that are measured at fair value on a recurring or nonrecurring basis within the fair value hierarchy are as follows (in thousands):

As of September 30, 2023	Level 1		Level 2		Level 3
Cash equivalents:
Money market funds	$	267,036	$	—	$	—
U.S. government securities	—		14,881		—
Total cash equivalents	267,036		14,881		—
Marketable securities:
U.S. government securities	$	—	$	151,466	$	—
Non-current assets:
Strategic investments	$	—	$	—	$	10,311
Non-current liabilities:
Cash settled stock appreciation rights	$	—	$	—	$	26

As of December 31, 2022	Level 1		Level 2		Level 3
Cash equivalents:
Money market funds	$	130,377	$	—	$	—
U.S. government securities	—		48,900		—
Total cash equivalents	$	130,377	$	48,900	$	—
Marketable securities:
U.S. government securities	$	—	$	151,687	$	—
Non-current assets:
Strategic investments	$	—	$	—	$	12,104
Non-current liabilities:
Cash settled stock appreciation rights	$	—	$	—	$	462

Summary of Investments on Condensed Consolidated Balance Sheets

The Company’s assets and liabilities that are measured at fair value on a recurring or nonrecurring basis within the fair value hierarchy are as follows (in thousands):

As of September 30, 2023	Level 1		Level 2		Level 3
Cash equivalents:
Money market funds	$	267,036	$	—	$	—
U.S. government securities	—		14,881		—
Total cash equivalents	267,036		14,881		—
Marketable securities:
U.S. government securities	$	—	$	151,466	$	—
Non-current assets:
Strategic investments	$	—	$	—	$	10,311
Non-current liabilities:
Cash settled stock appreciation rights	$	—	$	—	$	26

As of December 31, 2022	Level 1		Level 2		Level 3
Cash equivalents:
Money market funds	$	130,377	$	—	$	—
U.S. government securities	—		48,900		—
Total cash equivalents	$	130,377	$	48,900	$	—
Marketable securities:
U.S. government securities	$	—	$	151,687	$	—
Non-current assets:
Strategic investments	$	—	$	—	$	12,104
Non-current liabilities:
Cash settled stock appreciation rights	$	—	$	—	$	462

Summary of the Changes in the Fair Value of Level 3 Financial Instruments

A summary of the changes in the fair value of Level 3 financial instruments, of which remeasurement of SARs and impairment of strategic investments are recognized in the condensed consolidated statements of operations, is as follows (in thousands):

	Stock Appreciation Rights		Strategic Investments
Balance— June 30, 2023	$	30	$	10,311
Vesting and remeasurement of SARs	(4)		—
Balance— September 30, 2023	$	26	$	10,311
Balance— June 30, 2022	$	419	$	15,000
Vesting and remeasurement of SARs, net of exercises	165		—
Amount reclassified from liability to equity upon exchange	(62)		—
Unrealized loss on strategic investments	—		(2,896)
Balance— September 30, 2022	$	522	$	12,104
Balance— December 31, 2022	$	462	$	12,104
Vesting and remeasurement of SARs	(183)		—
Exercises of SARs	(253)		—
Unrealized loss on strategic investments	—		(1,793)
Balance— September 30, 2023	$	26	$	10,311
Balance— December 31, 2021	$	818	$	10,000
Vesting and remeasurement of SARs, net of exercises	(234)		—
Purchases of strategic investments	—		5,000
Amount reclassified from liability to equity upon exchange	(62)		—
Unrealized loss on strategic investments	—		(2,896)
Balance— September 30, 2022	$	522	$	12,104

Summary of the Changes in the Fair Value of Level 3 Financial Instruments

A summary of the changes in the fair value of Level 3 financial instruments, of which remeasurement of SARs and impairment of strategic investments are recognized in the condensed consolidated statements of operations, is as follows (in thousands):

	Stock Appreciation Rights		Strategic Investments
Balance— June 30, 2023	$	30	$	10,311
Vesting and remeasurement of SARs	(4)		—
Balance— September 30, 2023	$	26	$	10,311
Balance— June 30, 2022	$	419	$	15,000
Vesting and remeasurement of SARs, net of exercises	165		—
Amount reclassified from liability to equity upon exchange	(62)		—
Unrealized loss on strategic investments	—		(2,896)
Balance— September 30, 2022	$	522	$	12,104
Balance— December 31, 2022	$	462	$	12,104
Vesting and remeasurement of SARs	(183)		—
Exercises of SARs	(253)		—
Unrealized loss on strategic investments	—		(1,793)
Balance— September 30, 2023	$	26	$	10,311
Balance— December 31, 2021	$	818	$	10,000
Vesting and remeasurement of SARs, net of exercises	(234)		—
Purchases of strategic investments	—		5,000
Amount reclassified from liability to equity upon exchange	(62)		—
Unrealized loss on strategic investments	—		(2,896)
Balance— September 30, 2022	$	522	$	12,104