Cash, Cash Equivalents and Investments

3 Months Ended

Mar. 31, 2024

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 March 31, 2024 and December 31, 2023 (in thousands):

	As of March 31, 2024
			Gross		Gross				Cash and
	Amortized		Unrealized		Unrealized				Cash		Marketable		Short-Term
	Cost		Gains		Losses		Fair Value		Equivalents		Securities		Investments
Cash	$	110,509		—		—	$	110,509	$	110,509	$	—	$	—
Level 1:
Money market funds		101,721		—		—		101,721		101,721		—		—
Agency bonds		87,635		—		(48)		87,587		81,640		—		5,947
Treasury bills		310,446		1		(441)		310,006		—		—		310,006
U.S. Government		130,793		—		(29)		130,764		—		—		130,764
Marketable securities		90,000		9,720		—		99,720		—		99,720		—
Subtotal		720,595		9,721		(518)		729,798		183,361		99,720		446,717
Level 2:
Term deposits		211,729		—		—		211,729		110,000		—		101,729
Corporate bonds		11,752		7		(19)		11,740		—		—		11,740
Subtotal		223,481		7		(19)		223,469		110,000		—		113,469
Total	$	1,054,585	$	9,728	$	(537)	$	1,063,776	$	403,870	$	99,720	$	560,186

As of March 31, 2024, we had $531.5 million of available-for-sale investments with unrealized losses. Of the $531.5 million of available-for-sale investments with unrealized losses, $25.2 million has been in a continuous unrealized loss position for 12 months or longer, with total gross unrealized losses of less than $0.1 million. We do not intend to sell the investments and it is not more likely than not that we will be required to sell the investments before recovery of their amortized cost bases.

During the year ended December 31, 2021, we acquired 9.0 million 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 other income, net. During the three months ended March 31, 2024, we recorded an unrealized gain on marketable securities of $21.8 million, relating to CLBT.

	As of December 31, 2023
			Gross		Gross				Cash and
	Amortized		Unrealized		Unrealized				Cash		Marketable		Short-Term
	Cost		Gains		Losses		Fair Value		Equivalents		Securities		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

As of December 31, 2023, we had $420.4 million of available-for-sale investments with unrealized losses. Of this amount, $138.8 million has been in a continuous unrealized loss position for 12 months or longer, with total gross unrealized losses of $0.3 million. We do not intend to sell the investments and it is not more likely than not that we will be required to sell the investments before recovery of their amortized cost bases.

During the year ended December 31, 2023, we recorded a $38.7 million unrealized gain on marketable securities from our investment in CLBT.