Cash, Cash Equivalents and Investments

6 Months Ended

Jun. 30, 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 June 30, 2024 and December 31, 2023 (in thousands):

	As of June 30, 2024
			Gross		Gross				Cash and
	Amortized		Unrealized		Unrealized				Cash		Marketable		Short-Term
	Cost		Gains		Losses		Fair Value		Equivalents		Securities		Investments
Cash	$	78,251	$	—	$	—	$	78,251	$	78,251	$	—	$	—
Level 1:
Money market funds		254,304		—		—		254,304		254,304		—		—
Agency bonds		100,011		—		(44)		99,967		99,967		—		—
Treasury bills		116,330		2		(27)		116,305		66,511		—		49,794
U.S. Government		200,567		—		(342)		200,225		—		—		200,225
Marketable securities		90,000		17,550		—		107,550		—		107,550		—
Subtotal		761,212		17,552		(413)		778,351		420,782		107,550		250,019
Level 2:
Term deposits		218,870		—		—		218,870		67,419		—		151,451
Corporate bonds		1,000		—		—		1,000		—		—		1,000
Subtotal		219,870		—		—		219,870		67,419		—		152,451
Total	$	1,059,333	$	17,552	$	(413)	$	1,076,472	$	566,452	$	107,550	$	402,470

As of June 30, 2024, we had $345.5 million of available-for-sale investments with unrealized losses. Of the $345.5 million of available-for-sale investments with unrealized losses, $14.9 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.

Acquired common stock is recorded as marketable securities in the 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 (loss), net. During the three and six months ended June 30, 2024, we recorded an unrealized gain on marketable securities of $7.8 million and $29.6 million, respectively. We recorded an unrealized gain on marketable securities of $10.0 million and $25.6 million, respectively, for the same periods in the prior year.

	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.