FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Assets and Liabilities Measured and Carried at Fair Value

The tables below present information about the Company’s financial assets and liabilities that are measured and carried at fair value and indicate the level within the fair value hierarchy of the valuation techniques it utilizes to determine such fair value:

	Fair Value Measurement as of December 31, 2024
	Total		Level 1		Level 2		Level 3
	(in thousands)
Assets
Money market funds	$	455,535	$	455,535	$	—	$	—
Government and government agency bonds		279,899		—		279,899		—
Corporate bonds		93,727		—		93,727		—
Strategic investments		3,710		2,710		—		1,000
Certificates of deposit		11,319		—		11,319		—
Total assets	$	844,190	$	458,245	$	384,945	$	1,000
Liabilities
Contingent consideration	$	47,400	$	—	$	—	$	47,400
Total liabilities	$	47,400	$	—	$	—	$	47,400

	Fair Value Measurement as of December 31, 2023
	Total		Level 1		Level 2		Level 3
	(in thousands)
Assets
Money market funds	$	63,919	$	63,919	$	—	$	—
Commercial paper		113,362		—		113,362		—
Government and government agency bonds		1,001,137		—		1,001,137		—
Corporate bonds		130,380		—		130,380		—
Strategic investments		6,527		5,527		—		1,000
Certificates of deposit		56,621		—		56,621		—
Total assets	$	1,371,946	$	69,446	$	1,301,500	$	1,000
Liabilities
Contingent consideration	$	38,100	$	—	$	—	$	38,100
Total liabilities	$	38,100	$	—	$	—	$	38,100

Summary of Fair Value of Level 3 Financial Assets

The following table represents a roll-forward of the fair value of Level 3 financial assets for each of the periods indicated:

	As of December 31,
	2024		2023
	(in thousands)
Fair value, beginning of year	$	1,000	$	31,000
Additions		—		4,000
Transfers out of Level 3		—		(4,000	)
Changes in estimated fair value		—		(30,000	)
Fair value, end of year	$	1,000	$	1,000

At the end of each reporting period, the fair value of the Company's strategic investments that are not publicly traded securities are adjusted if the issuers issue similar or identical securities or when there is a triggering event for impairment. There were no valuation measurement events related to the fair value of the Company's Level 3 strategic investments during the year ended December 31, 2024, as no impairment indicators were identified nor were similar securities issued.

Summary of Fair Value of Level 3 Financial Liabilities

The following table represents a roll-forward of the fair value of Level 3 financial liabilities for each of the periods indicated:

	As of December 31,
	2024			2023
	(in thousands)
Fair value, beginning of year	$	38,100		$	36,900
Change in estimated fair value		9,500			2,000
Liabilities terminated		(200	)		(800	)
Fair value, end of year	$	47,400		$	38,100