Fair Value
The following tables present the carrying value and fair value of these financial instruments as of December 31, 2025 and 2024:
| | | | | | | | | | | | | | | | | | | | | | | |
| | December 31, 2025 |
| | | | Fair Value |
| | Carrying Value | | Level 1 | | Level 2 | | Level 3 |
| US Treasury bills | $ | 29,456 | | | $ | 29,465 | | | $ | — | | | $ | — | |
| Certificate of deposits | 2,345 | | | — | | | 2,345 | | | — | |
| Total | $ | 31,801 | | | $ | 29,465 | | | $ | 2,345 | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | December 31, 2024 |
| | | | Fair Value |
| | Carrying Value | | Level 1 | | Level 2 | | Level 3 |
| U.S. Treasury bills | $ | 71,120 | | | $ | 71,135 | | | $ | — | | | $ | — | |
| Certificate of deposits | 2,321 | | | — | | | 2,321 | | | — | |
| Total | $ | 73,441 | | | $ | 71,135 | | | $ | 2,321 | | | $ | — | |
The Company estimates the fair value of its convertible senior notes based on valuations provided by third-party pricing services. Fair value of the long-term debt as of December 31, 2025 was approximately $514,164. The Company's fair value of long-term debt disclosure is classified within Level 2 of the valuation hierarchy. As of December 31, 2024, the fair value of our long-term debt approximated the carrying value.
The carrying value of long-term debt represents the outstanding balance, net of unamortized debt issuance costs, which was $323,176 and $321,428 as of December 31, 2025 and 2024, respectively
Our nonfinancial assets and liabilities, which include goodwill, intangible assets, property, and equipment, are not required to be measured at fair value on a recurring basis. However, on a periodic basis, or whenever events or changes in circumstances indicate that their carrying value may not be recoverable, we assess these assets for impairment. We recorded an impairment charge related to goodwill as of December 31, 2025 and December 31, 2024. No such impairment resulted during the year ended December 31, 2023. Please refer to Note 6 Goodwill and Intangible Assets.
U.S. Treasury Securities Investments
As of December 31, 2025 and 2024, the Company had $28,413 and $37,791 of investments in U.S. Treasury bills which were classified as held to maturity and carried at amortized cost. These investments are included in short-term investments in the consolidated balance sheets as the original maturities are greater than three months and less than twelve months. The Company has the intent and ability to hold these securities to maturity and gross unrecognized gains and losses were immaterial.
As of December 31, 2024 the Company had $32,296 of investments in U.S. Treasury bills with an original maturity of less than three months. These investments are considered cash equivalents and are included in cash and cash equivalents in the consolidated balance sheets.
Restricted Investments
Restricted investments are composed of investments in U.S. Treasury bills and certificates of deposits and are included within other assets in the consolidated balance sheets. As of December 31, 2025 and December 31, 2024, the Company had $1,043 and $1,033 of restricted investments in U.S. Treasury bills and $2,345 and $2,321 of restricted investments in certificates of deposits, respectively. The Company has the intent and ability to hold these investments until maturity; therefore, these investments are stated at amortized cost. Restricted investments are required to be maintained at a financial institution within certain states. As of December 31, 2025 and December 31, 2024, these investments had maturities with less than 12 months. Due to the nature of the state's requirements, these assets are classified as noncurrent assets regardless of the contractual maturity date.
Money Market Funds
As of December 31, 2025 the Company had $216,155 in money market funds, which are recorded at fair value and included in cash and cash equivalents in the consolidated balance sheet.