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Investments and fair value measurements (Tables)
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Summary of Investments on Condensed Consolidated Balance Sheets
The following tables present the Company’s assets and liabilities that are measured at fair value on a recurring or nonrecurring basis within the fair value hierarchy (in thousands):

As of December 31, 2024
Level 1Level 2Level 3
Assets
Cash equivalents(1):
Money market funds$136,771 $— $— 
Time deposits
9,809 — — 
U.S. government securities
— 1,686 — 
Marketable securities:
U.S. government securities— 163,844 — 
Strategic investments— — — 
Total assets
$146,580 $165,530 $— 
Liabilities
Accrued expenses and other current liabilities:
Cash settled SARs
$— $— $1 
Other liabilities, non-current:
Cash settled SARs
— — 6 
Total liabilities
$— $— $7 
As of December 31, 2023
Level 1Level 2Level 3
Assets
Cash equivalents(1):
Money market funds$266,692 $— $— 
Marketable securities:
U.S. government securities— 171,372 — 
Strategic investments— — 10,311 
Total assets
$266,692 $171,372 $10,311 
Other liabilities, non-current:
Cash settled SARs
$— $— $48 
(1) Included in cash and cash equivalents in the accompanying consolidated balance sheets, in addition to $42.3 million and $38.9 million of cash, as of December 31, 2024 and 2023, respectively.
Summary of Investments on Condensed Consolidated Balance Sheets
The following tables present the Company’s assets and liabilities that are measured at fair value on a recurring or nonrecurring basis within the fair value hierarchy (in thousands):

As of December 31, 2024
Level 1Level 2Level 3
Assets
Cash equivalents(1):
Money market funds$136,771 $— $— 
Time deposits
9,809 — — 
U.S. government securities
— 1,686 — 
Marketable securities:
U.S. government securities— 163,844 — 
Strategic investments— — — 
Total assets
$146,580 $165,530 $— 
Liabilities
Accrued expenses and other current liabilities:
Cash settled SARs
$— $— $1 
Other liabilities, non-current:
Cash settled SARs
— — 6 
Total liabilities
$— $— $7 
As of December 31, 2023
Level 1Level 2Level 3
Assets
Cash equivalents(1):
Money market funds$266,692 $— $— 
Marketable securities:
U.S. government securities— 171,372 — 
Strategic investments— — 10,311 
Total assets
$266,692 $171,372 $10,311 
Other liabilities, non-current:
Cash settled SARs
$— $— $48 
(1) Included in cash and cash equivalents in the accompanying consolidated balance sheets, in addition to $42.3 million and $38.9 million of cash, as of December 31, 2024 and 2023, respectively.
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 vesting and remeasurement of SARs and impairment of strategic investments are recognized in the consolidated statements of operations, is as follows (in thousands):
Stock Appreciation RightsStrategic Investments
Balance— December 31, 2021
$818 $10,000 
Vesting and remeasurement of SARs, net of exercises
(294)— 
Purchase of strategic investments— 5,000 
Amount reclassified from liability to equity upon exchange(62)— 
Unrealized loss on strategic investments— (2,896)
Balance— December 31, 2022
462 12,104 
Vesting and remeasurement of SARs
(161)— 
Exercises of SARs
(253)— 
Unrealized loss on strategic investments— (1,793)
Balance— December 31, 2023
48 10,311 
Vesting and remeasurement of SARs(34)— 
Exercises of SARs(7)— 
Unrealized loss on strategic investments— (10,311)
Balance— December 31, 2024
$7 $— 
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 vesting and remeasurement of SARs and impairment of strategic investments are recognized in the consolidated statements of operations, is as follows (in thousands):
Stock Appreciation RightsStrategic Investments
Balance— December 31, 2021
$818 $10,000 
Vesting and remeasurement of SARs, net of exercises
(294)— 
Purchase of strategic investments— 5,000 
Amount reclassified from liability to equity upon exchange(62)— 
Unrealized loss on strategic investments— (2,896)
Balance— December 31, 2022
462 12,104 
Vesting and remeasurement of SARs
(161)— 
Exercises of SARs
(253)— 
Unrealized loss on strategic investments— (1,793)
Balance— December 31, 2023
48 10,311 
Vesting and remeasurement of SARs(34)— 
Exercises of SARs(7)— 
Unrealized loss on strategic investments— (10,311)
Balance— December 31, 2024
$7 $—