Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 2025

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

8. Fair Value of Financial Instruments

The following table presents the financial instruments that are carried at fair value and summarizes their valuation by the respective pricing levels as of June 30, 2025 and December 31, 2024:

	As of June 30, 2025
(In thousands)	Total		Quoted 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	$	14,297	$	14,297	$	—	$	—
Time deposits		12,870		—		12,870		—
U.S. Government bonds and notes		202,535		—		202,535		—
Non-U.S. Government bonds and notes		3,947		—		3,947		—
Corporate bonds, commercial paper and notes		302,147		—		302,147		—
Total assets carried at fair value	$	535,796	$	14,297	$	521,499	$	—

	As of December 31, 2024
(In thousands)	Total		Quoted 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 deposits		12,870		—		12,870		—
U.S. Government bonds and notes		220,056		—		220,056		—
Corporate bonds, commercial paper and notes		155,432		—		155,432		—
Total assets carried at fair value	$	394,383	$	6,025	$	388,358	$	—

The following table presents additional information about liabilities measured at fair value for which the Company utilized Level 3 inputs to determine fair value, as of June 30, 2024.

	Three Months Ended June 30,			Six Months Ended June 30,
(In thousands)	2024			2024
Balance as of beginning of period	$	13,200		$	12,500
Change in fair value of earn-out liability due to remeasurement		(1,200	)		(500	)
Balance as of end of period	$	12,000		$	12,000

For the three and six months ended June 30, 2024, the change in the fair value of the earn-out liability related to the 2021 acquisition of PLDA Group (“PLDA”), which was subject to certain revenue targets of the acquired business for a period of three years from the date of acquisition, and 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 earn-out liability 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 three and six months ended June 30, 2024, the Company remeasured the fair value of the earn-out liability, which resulted in reductions of $1.2 million and $0.5 million, respectively, in the Company’s Unaudited Condensed Consolidated Statements of Income. The final earn-out was achieved in the third quarter of 2024 and 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 six months ended June 30, 2025 and 2024, the Company recorded no other-than-temporary impairment charges on its investments.

During the six months ended June 30, 2025 and 2024, there were no transfers of financial instruments between different categories of fair value.