Financial Instruments

9 Months Ended

Sep. 30, 2024

Fair Value Measurements

We classify our cash, cash equivalents and marketable debt securities within Level 1 or Level 2 because we use quoted market prices or pricing models with observable inputs to determine their fair value. Our term deposits are comprised primarily of interest-bearing term deposits and mutual funds. Interest-bearing and term bank deposits are considered Level 2 financial instruments as they are measured using valuation techniques based on observable market data. Term deposits are considered a level 2 financial instrument as they are measured using valuation techniques based on observable market data.


	September 30, 2024				December 31, 2023
	Cash and Cash Equivalent		Marketable Securities		Cash and Cash Equivalent		Marketable Securities
	(in thousands)
Level 1
Cash and cash equivalents	$	180,321	$	—	$	285,518	$	—
Level 2
Term deposits and notes	28,419		28,608		50,823		22,545
Total	$	208,740	$	28,608	$	336,341	$	22,545

The fair value of term deposits approximates their carrying amount given the nature of the investments, its maturities and expected future cash flows.

Marketable Securities

The following table presents for each reporting period, the breakdown of the fair value of marketable securities:


	September 30, 2024		December 31, 2023

	(in thousands)


Securities Held-to-maturity
Term Deposits	28,608		22,545
Total	$	28,608	$	22,545

The gross unrealized gains on our marketable securities were not material as of September 30, 2024.

The following table classifies our marketable debt securities by contractual maturities:


	Held-to-maturity
	September 30, 2024

	(in thousands)
Due in one year	$	23,010
Due in one to five years	5,598
Total	$	28,608

Restricted Cash

As of September 30, 2024, the Company has restricted cash of $75 million in an escrow account containing withdrawal conditions. The cash secures the Company's payment of Iponweb Acquisition contingent consideration to the Sellers, which is conditioned upon the achievement of certain revenue targets by the Iponweb business for the 2023 fiscal year, as discussed further in Note 6..