Cash, Cash Equivalents and Investments (Tables)

3 Months Ended

Mar. 31, 2023

Cash, Cash Equivalents and Investments

Summary of Cash, Cash Equivalents, Marketable Securities, and Available-for-Sale Investments

The following tables summarize our cash, cash equivalents, marketable securities, and available-for-sale investments at March 31, 2023 and December 31, 2022 (in thousands):

	As of March 31, 2023
			Gross		Gross				Cash and
	Amortized		Unrealized		Unrealized				Cash		Marketable		Short-Term		Long-Term
	Cost		Gains		Losses		Fair Value		Equivalents		Securities		Investments		Investments
Cash	$	213,446	$	—	$	—	$	213,446	$	213,446	$	—	$	—	$	—
Level 1:
Money market funds		49,968		—		—		49,968		49,968		—		—		—
Agency bonds		160,615		39		(230)		160,424		—		—		154,688		5,736
Treasury bills		41,079		6		(2)		41,083		—		—		41,083		—
Marketable securities		90,000		—		(35,190)		54,810		—		54,810		—		—
Subtotal		341,662		45		(35,422)		306,285		49,968		54,810		195,771		5,736
Level 2:
State and municipal obligations		3,026		—		(14)		3,012		—		—		3,012		—
Term deposits		175,000		—		—		175,000		—		—		175,000		—
Corporate bonds		241,401		45		(1,081)		240,365		—		—		226,468		13,897
U.S. government		43,948		—		(158)		43,790		—		—		32,307		11,483
Treasury inflation-protected securities		2,525		17		—		2,542		—		—		2,542		—
Commercial paper		140,029		—		—		140,029		—		—		140,029		—
Subtotal		605,929		62		(1,253)		604,738		—		—		579,358		25,380
Total	$	1,161,037	$	107	$	(36,675)	$	1,124,469	$	263,414	$	54,810	$	775,129	$	31,116

	As of December 31, 2022
			Gross		Gross				Cash and
	Amortized		Unrealized		Unrealized				Cash		Marketable		Short-Term		Long-Term
	Cost		Gains		Losses		Fair Value		Equivalents		Securities		Investments		Investments
Cash	$	143,744	$	—	$	—	$	143,744	$	143,744	$	—	$	—	$	—
Level 1:
Money market funds		2,669		—		—		2,669		2,669		—		—		—
Agency bonds		164,486		6		(263)		164,229		—		—		69,862		94,367
Treasury bills		121,650		18		(3)		121,665		113,100		—		8,565		—
Marketable securities		90,000		—		(50,760)		39,240		—		39,240		—		—
Subtotal		378,805		24		(51,026)		327,803		115,769		39,240		78,427		94,367
Level 2:
State and municipal obligations		4,980		—		(33)		4,947		—		—		4,947		—
Certificate of deposits		5,002		—		—		5,002		—		—		5,002		—
Term deposits		200,000		—		—		200,000		25,000		—		175,000		—
Corporate bonds		257,422		33		(1,159)		256,296		28,883		—		168,074		59,339
U.S. Government		30,525		—		(159)		30,366		—		—		30,366		—
Treasury inflation-protected securities		2,503		—		(2)		2,501		—		—		—		2,501
Commercial paper		160,241		—		—		160,241		40,288		—		119,953		—
Subtotal		660,673		33		(1,353)		659,353		94,171		—		503,342		61,840
Total	$	1,183,222	$	57	$	(52,379)	$	1,130,900	$	353,684	$	39,240	$	581,769	$	156,207