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Investments and fair value measurements (Tables)

6 Months Ended

Jun. 30, 2024

Schedule 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 June 30, 2024	Level 1		Level 2		Level 3
Current assets:
Cash equivalents:
Money market funds	$	234,681	$	—	$	—

Marketable securities:
U.S. government securities	$	—	$	148,559	$	—

Non-current assets:
Strategic investments	$	—	$	—	$	—

Non-current liabilities:
Cash settled stock appreciation rights	$	—	$	—	$	16


As of December 31, 2023	Level 1		Level 2		Level 3
Current assets:
Cash equivalents:
Money market funds	$	266,692	$	—	$	—

Marketable securities:
U.S. government securities	$	—	$	171,372	$	—

Non-current assets:
Strategic investments	$	—	$	—	$	10,311

Non-current liabilities:
Cash settled stock appreciation rights	$	—	$	—	$	48

Schedule 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 June 30, 2024	Level 1		Level 2		Level 3
Current assets:
Cash equivalents:
Money market funds	$	234,681	$	—	$	—

Marketable securities:
U.S. government securities	$	—	$	148,559	$	—

Non-current assets:
Strategic investments	$	—	$	—	$	—

Non-current liabilities:
Cash settled stock appreciation rights	$	—	$	—	$	16


As of December 31, 2023	Level 1		Level 2		Level 3
Current assets:
Cash equivalents:
Money market funds	$	266,692	$	—	$	—

Marketable securities:
U.S. government securities	$	—	$	171,372	$	—

Non-current assets:
Strategic investments	$	—	$	—	$	10,311

Non-current liabilities:
Cash settled stock appreciation rights	$	—	$	—	$	48

Schedule 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 vesting and remeasurement of stock appreciation rights (SARs) and impairment of strategic investments are recognized in the consolidated statements of operations, is as follows (in thousands):


	Stock Appreciation Rights		Strategic Investments
Balance— March 31, 2024	$	22	$	10,311
Vesting and remeasurement of SARs	(6)		—

Unrealized loss on strategic investments	—		(10,311)
Balance— June 30, 2024	$	16	$	—

Balance— March 31, 2023	$	264	$	12,104
Vesting and remeasurement of SARs	19		—
Exercises of SARs	(253)		—
Unrealized loss on strategic investments	—		(1,793)
Balance— June 30, 2023	$	30	$	10,311

Balance— December 31, 2023	$	48	$	10,311
Vesting and remeasurement of SARs	(25)		—
Exercises of SARs	(7)		—
Unrealized loss on strategic investments	—		(10,311)
Balance— June 30, 2024	$	16	$	—

Balance— December 31, 2022	$	462	$	12,104
Vesting and remeasurement of SARs	(179)		—
Exercises of SARs	(253)		—
Unrealized loss on strategic investments	—		(1,793)
Balance— June 30, 2023	$	30	$	10,311

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


	Stock Appreciation Rights		Strategic Investments
Balance— March 31, 2024	$	22	$	10,311
Vesting and remeasurement of SARs	(6)		—

Unrealized loss on strategic investments	—		(10,311)
Balance— June 30, 2024	$	16	$	—

Balance— March 31, 2023	$	264	$	12,104
Vesting and remeasurement of SARs	19		—
Exercises of SARs	(253)		—
Unrealized loss on strategic investments	—		(1,793)
Balance— June 30, 2023	$	30	$	10,311

Balance— December 31, 2023	$	48	$	10,311
Vesting and remeasurement of SARs	(25)		—
Exercises of SARs	(7)		—
Unrealized loss on strategic investments	—		(10,311)
Balance— June 30, 2024	$	16	$	—

Balance— December 31, 2022	$	462	$	12,104
Vesting and remeasurement of SARs	(179)		—
Exercises of SARs	(253)		—
Unrealized loss on strategic investments	—		(1,793)
Balance— June 30, 2023	$	30	$	10,311

- 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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