Cash, Cash Equivalents and Investments (Tables)

12 Months Ended

Dec. 31, 2023

Cash, Cash Equivalents and Investments

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

The following table summarizes our cash, cash equivalents, marketable securities and available-for-sale investments at December 31, 2023 (in thousands):

	As of December 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	$	406,743	$	—	$	—	$	406,743	$	406,743	$	—	$	—	$	—
Level 1:
Money market funds		1,470		—		—		1,470		1,470		—		—		—
Agency bonds		222,057		2		(174)		221,885		101,635		—		120,250		—
U.S. Government		238,747		120		(237)		238,630		—		—		238,630		—
Treasury bills		148,063		28		—		148,091		88,697		—		59,394		—
Marketable securities		90,000		—		(12,060)		77,940		—		77,940		—		—
Subtotal		700,337		150		(12,471)		688,016		191,802		77,940		418,274		—
Level 2:
Term deposits		128,205		—		—		128,205		—		—		128,205		—
Corporate bonds		80,646		8		(165)		80,489		—		—		80,489		—
Treasury Inflation-Protected Securities		2,635		—		(5)		2,630		—		—		2,630		—
Commercial paper		14,456		—		—		14,456		—		—		14,456		—
Subtotal		225,942		8		(170)		225,780		—		—		225,780		—
Total	$	1,333,022	$	158	$	(12,641)	$	1,320,539	$	598,545	$	77,940	$	644,054	$	—

The following table summarizes our cash, cash equivalents and available-for-sale investments at December 31, 2022 (in thousands):

	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