Cash, Cash Equivalents and Investments

9 Months Ended

Sep. 30, 2024

Cash and Cash Equivalents [Abstract]

The following tables summarize our cash, cash equivalents, marketable securities and available-for-sale investments at September 30, 2024 and December 31, 2023 (in thousands):


	As of September 30, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Cash and Cash Equivalents		Marketable Securities		Short-Term Investments
Cash	$	85,256	$	—	$	—	$	85,256	$	85,256	$	—	$	—

Level 1:
Money market funds	438,408		—		—		438,408		438,408		—		—
U.S. government	140,758		23		(5)		140,776		—		—		140,776
Marketable securities	90,000		61,560		—		151,560		—		151,560		—
Treasury bills	117,880		19		(2)		117,897		48,513		—		69,384
Agency bonds	104,780		—		(13)		104,767		104,767		—		—
Subtotal	891,826		61,602		(20)		953,408		591,688		151,560		210,160
Level 2:
Term deposits	119,610		—		—		119,610		18,200		—		101,410
Subtotal	119,610		—		—		119,610		18,200		—		101,410
Total	$	1,096,692	$	61,602	$	(20)	$	1,158,274	$	695,144	$	151,560	$	311,570

As of September 30, 2024, we had $159.7 million of available-for-sale investments with unrealized losses, of which none have been in a continuous unrealized loss position for 12 months or longer. 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 nine months ended September 30, 2024, we recorded an unrealized gain on marketable securities of $44.0 million and $73.6 million, respectively. We recorded an unrealized gain on marketable securities of $4.1 million and $29.6 million, respectively, for the same periods in the prior year.


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