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Fair Value of Financial Instruments
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments Fair Value of Financial Instruments
The following table presents the financial instruments and liabilities that are carried at fair value and summarizes their valuation by the respective pricing levels detailed in Note 2, “Summary of Significant Accounting Policies,” as of December 31, 2024 and 2023:
As of December 31, 2024
(In thousands)TotalQuoted Market Prices in Active Markets
(Level 1)		Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)
Assets carried at fair value
Money market funds$6,025 $6,025 $— $— 
Time deposits12,870 — 12,870 — 
U.S. Government bonds and notes220,056 — 220,056 — 
Corporate bonds, commercial paper and notes155,432 — 155,432 — 
Total assets carried at fair value$394,383 $6,025 $388,358 $— 
As of December 31, 2023
(In thousands)TotalQuoted Market Prices in Active Markets
(Level 1)		Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)
Assets carried at fair value
Money market funds$3,790 $3,790 $— $— 
U.S. Government bonds and notes196,919 — 196,919 — 
Corporate bonds, commercial paper and notes136,649 — 136,649 — 
Total assets carried at fair value$337,358 $3,790 $333,568 $— 
Liabilities carried at fair value
Earn-out consideration related to PLDA acquisition$12,500 $— $— $12,500 
Total liabilities carried at fair value$12,500 $— $— $12,500 
The Company’s liabilities related to earn-out consideration are classified within Level 3 of the fair value hierarchy because the fair value is determined using significant unobservable inputs. The following table presents additional information about liabilities measured at fair value for which the Company utilizes Level 3 inputs to determine fair value, as of December 31, 2024 and 2023:
Years Ended December 31,
(In thousands)202420232022
Balance as of beginning of period$12,500 $14,800 $16,900 
Change in fair value of earn-out liability due to remeasurement(5,044)9,234 3,111 
Change in fair value of earn-out liability due to achievement of revenue target(7,456)(11,534)(5,211)
Balance as of end of period$— $12,500 $14,800 
For the years ended December 31, 2024, 2023 and 2022, the changes in the fair value of the earn-out liability related to the 2021 acquisition of PLDA, which was subject to certain revenue targets of the acquired business for a period of three years from the date of acquisition, and which was settled annually in shares of the Company’s common stock based on the fair value of that common stock fixed at the time the Company acquired PLDA. The fair value of the earn-out liability was remeasured each quarter, depending on the acquired business’s revenue performance relative to target over the applicable period, and adjusted to reflect changes in the per share value of the Company’s common stock. The Company classified its liability for the contingent earn-out liability related to the PLDA acquisition within Level 3 of the fair value hierarchy because the fair value calculation included significant unobservable inputs, such as revenue forecast, revenue volatility, equity volatility and weighted average cost of capital. During the years ended December 31, 2024, 2023 and 2022, the Company remeasured the fair value of the earn-out liability, which resulted in a reduction of $5.0 million and additional expenses of $9.2 million and $3.1 million, respectively, in the Company’s Consolidated Statements of Operations. The final earn-out was achieved as of September 30, 2024 and was fully paid during the fourth quarter of 2024.
The Company monitors its investments for impairment and records appropriate reductions in carrying value when necessary. During the years ended December 31, 2024 and 2023, the Company recorded no other-than-temporary impairment charges on its investments.
In 2018, the Company made an investment in a non-marketable equity security of a private company. This investment was accounted for under the equity method of accounting, and the Company accounted for its equity method share of the income (loss) on a quarterly basis. During the fourth quarter of 2023, the Company sold its 25.0% ownership share in the equity investment for approximately $25.0 million, which was included, net of withholding taxes paid, in prepaid and other current assets in the Company’s Consolidated Balance Sheet as of December 31, 2023. The Company recognized a gain of $25.0 million related to the sale of the Company’s 25.0% ownership share in the non-marketable equity security. The gain was offset by transaction costs of approximately $1.1 million, resulting in a net gain of approximately $23.9 million, which was included in the Company’s Consolidated Statement of Operations for the year ended December 31, 2023. Subsequently, the Company received proceeds, net of tax, of approximately $22.8 million from this transaction during the first quarter of 2024.
During the year ended December 31, 2022, the Company recorded a gain on fair value of approximately $3.5 million related to the sale of an equity security with an immaterial carrying value in its Consolidated Statements of Operations.
During the years ended December 31, 2024 and 2023, there were no transfers of financial instruments between different categories of fair value.
Information regarding the Company’s goodwill and long-lived assets balances are disclosed in Note 6, “Intangible Assets and Goodwill.”