v3.25.3
Fair Value Measurements
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements
Note 8—Fair Value Measurements
As of September 30, 2025 and December 31, 2024, the Company’s cash equivalents, short-term investments, and long-term investments primarily consisted of available-for-sale debt securities. These debt securities are measured at fair value and classified within Level 1 or Level 2 in the fair value hierarchy as the Company uses unadjusted quoted prices for identical assets in an active market that the Company has the ability to access (Level 1) or quoted market prices in markets that are not active or model derived valuations in which all significant inputs are observable in active markets (Level 2).
As of September 30, 2025 and December 31, 2024, the Company’s short-term and long-term investments also consisted of investments in loan receivables and in third-party managed funds. The investments in loan receivables are measured on an amortized cost basis and classified in Level 3 of the fair value hierarchy as the fair value is derived from techniques in which one or more significant inputs are unobservable. The investments in third-party managed funds are measured on the net assets value (“NAV”) basis as a practical expedient. NAV is primarily determined based on the information provided by external fund administrators for which the most recent financial information is typically received on a lag within the quarter following the Company’s balance sheet date. These investments are intended to further the Company’s impact strategy as part of the Company’s Impact Investment Fund.
The following table sets forth the cost, gross unrealized losses, gross unrealized gains, and fair value of the Company’s investments as of the dates indicated (in thousands):
 CostGross
Unrealized
Holding
Loss		Gross
Unrealized
Holding
Gain		Fair ValueCash and Cash EquivalentsShort-term InvestmentsLong-term Investments
September 30, 2025
Level 1
Money market funds$663,105 $— $— $663,105 $663,105 $— $— 
U.S. Government securities71,908 (4)164 72,068 — 55,036 17,032 
735,013 (4)164 735,173 663,105 55,036 17,032 
Level 2
Certificate of deposit14,794 — 28 14,822 — 14,822 — 
Commercial paper57,434 (1)33 57,466 — 57,466 — 
Corporate bonds194,851 (2)589 195,438 — 129,887 65,551 
267,079 (3)650 267,726 — 202,175 65,551 
Level 3
Loans receivable - held for investment13,000 — — 13,000 — — 13,000 
13,000 — — 13,000 — — 13,000 
$1,015,092 $(7)$814 $1,015,899 $663,105 $257,211 $95,583 
Measured at NAV (1)
Third-party managed funds2,000 12,763 
$259,211 $108,346 
December 31, 2024
Level 1
Money market funds$402,731 $— $— $402,731 $402,731 $— $— 
U.S. Government securities71,188 (109)71 71,150 — 41,477 29,673 
473,919 (109)71 473,881 402,731 41,477 29,673 
Level 2
Certificate of deposit35,301 (2)31 35,330 3,638 31,692 — 
Commercial paper57,035 (1)39 57,073 7,488 49,585 — 
Corporate bonds165,092 (98)310 165,304 — 101,863 63,441 
257,428 (101)380 257,707 11,126 183,140 63,441 
Level 3
Loans receivable - held for investment7,500 — — 7,500 — 500 7,000 
7,500 — — 7,500 — 500 7,000 
$738,847 $(210)$451 $739,088 $413,857 $225,117 $100,114 
Measured at NAV (1)
Third-party managed funds3,205 11,611 
$228,322 $111,725 
(1)Third-party managed funds measured on the NAV basis have not been categorized in the fair value hierarchy. The amount presented in the table is intended to permit reconciliation of the short-term and long-term investments in the fair value hierarchy to the amount presented in the Consolidated Balance Sheets.
The tables below show the fair value and gross unrealized loss related to available-for-sale debt securities, aggregated by investment category and the length of time that the securities have been in a continuous unrealized loss position as of the dates indicated (in thousands):
As of September 30, 2025
Less than 12 Months
12 Months or Greater
 
Fair Value
Gross Unrealized Holding Loss
Fair Value
Gross Unrealized Holding Loss
U.S. Government securities$9,207 $(4)$— $— 
Commercial paper
8,343 (1)— — 
Corporate bonds6,708 (2)— — 
Total
$24,258 $(7)$— $— 
As of December 31, 2024
Less than 12 Months
12 Months or Greater
 Fair ValueGross Unrealized Holding LossFair Value
Gross Unrealized Holding Loss
U.S. Government securities$32,501 $(105)$12,600 $(4)
Certificate of deposit2,397 (2)— — 
Commercial paper8,233 (1)— — 
Corporate bonds38,641 (98)932 — 
Total
$81,772 $(206)$13,532 $(4)
The Company evaluates fair value for each individual security in the investment portfolio. When assessing the risk of credit loss, the Company considers factors such as the extent to which the fair value is less than the amortized cost basis, the credit rating, including whether there has been any changes to the rating of the security by a rating agency, available information relevant to the collectibility of the security, and management’s intended holding period and time horizon for selling the security. The Company did not recognize a credit loss in the three and nine months ended September 30, 2025 or 2024.
Outside of the Company’s Impact Investment Fund, the Company typically invests in short- and long-term instruments, including fixed-income funds and U.S. Government securities aligned with the Company’s investment strategy. In accordance with the Company’s investment policy, all investments, other than investments made through its Impact Investment Fund, have maturities no longer than 37 months, with the average maturity of these investments maintained at 12 months or less.
Disclosure of Fair Values
The Company’s financial instruments that are not remeasured at fair value in the Consolidated Balance Sheets include the Notes. See “Note 10—Debt” for additional information. The Company estimates the fair value of the Notes through inputs that are observable in the market, classified as Level 2 as described above. The following table presents the carrying value and estimated fair value of the Notes as of the dates indicated (in thousands):
As of September 30, 2025As of December 31, 2024
Carrying ValueFair ValueCarrying ValueFair Value
2025 Notes$689,323 $765,240 $— $— 
2021 Notes994,854 888,300 993,429 822,600 
2020 Notes647,713 596,895 646,818 562,380 
2019 Notes648,715 676,532 647,836 628,766 
$2,980,605 $2,926,967 $2,288,083 $2,013,746 
The carrying value of other financial instruments, including accounts receivable, funds receivable and seller accounts, accounts payable, and funds payable and amounts due to sellers approximate fair value due to the immediate or short-term maturity associated with these instruments.