Cash, Cash Equivalents and Investments

9 Months Ended

Sep. 30, 2022

Cash, Cash Equivalents and Investments

Cash, Cash Equivalents and Investments

Note 3 - Cash, Cash Equivalents and Investments

The following tables summarize our cash, cash equivalents, marketable securities, and available-for-sale investments at September 30, 2022 and December 31, 2021 (in thousands):

	As of September 30, 2022
			Gross		Gross				Cash and
	Amortized		Unrealized		Unrealized				Cash		Marketable		Short-Term		Long-Term
	Cost		Gains		Losses		Fair Value		Equivalents		Securities		Investments		Investments
Cash	$	94,638	$	—	$	—	$	94,638	$	94,638	$	—	$	—	$	—
Level 1:
Money market funds		6,982		—		—		6,982		6,982		—		—		—
Agency bonds		68,072		6		(69)		68,009		28,000		—		35,763		4,246
Treasury bills		55,520		2		(162)		55,360		14,999		—		40,361		—
Marketable securities		90,000		—		(54,720)		35,280		—		35,280		—		—
Subtotal		220,574		8		(54,951)		165,631		49,981		35,280		76,124		4,246
Level 2:
State and municipal obligations		6,935		—		(54)		6,881		—		—		6,881		—
Corporate bonds		75,412		6		(1,233)		74,185		2,096		—		47,799		24,290
Commercial paper		64,819		—		—		64,819		996		—		63,823		—
Subtotal		147,166		6		(1,287)		145,885		3,092		—		118,503		24,290
Total	$	462,378	$	14	$	(56,238)	$	406,154	$	147,711	$	35,280	$	194,627	$	28,536

As of September 30, 2022, we had $136.3 million of available-for-sale investments with unrealized losses.

During the year ended December 31, 2021, we acquired 9,000,000 shares of common stock of Cellebrite DI Ltd (“CLBT”) with a fair value of $90.0 million. The CLBT common stock is recorded as marketable securities in the accompanying condensed consolidated balance sheets and its fair value is adjusted every reporting period. Changes in fair value are recorded in the condensed consolidated statement of operations as unrealized gain or (loss) on marketable securities, which is included in interest and other income (expense), net. During the three and nine months ended September 30, 2022, we recorded an unrealized loss on marketable securities of $10.6 million and $36.9 million, respectively, relating to CLBT.

	As of December 31, 2021
			Gross		Gross				Cash and
	Amortized		Unrealized		Unrealized				Cash		Marketable		Short-Term		Long-Term
	Cost		Gains		Losses		Fair Value		Equivalents		Securities		Investments		Investments
Cash	$	353,488	$	—	$	—	$	353,488	$	353,488	$	—	$	—	$	—
Level 1:
Money market funds		2,844		—		—		2,844		2,844		—		—		—
Agency bonds		10,700		4		—		10,704		—		—		10,704		—
Marketable securities		90,000		—		(17,820)		72,180		—		72,180		—		—
Subtotal		103,544		4		(17,820)		85,728		2,844		72,180		10,704		—
Level 2:
State and municipal obligations		2,570		—		(5)		2,565		—		—		1,400		1,165
Corporate bonds		32,748		1		(276)		32,473		—		—		2,406		30,067
Subtotal		35,318		1		(281)		35,038		—		—		3,806		31,232
Total	$	492,350	$	5	$	(18,101)	$	474,254	$	356,332	$	72,180	$	14,510	$	31,232