Cash, Cash Equivalents and Investments (Tables)

9 Months Ended

Sep. 30, 2021

Cash, Cash Equivalents and Investments

Summary of Cash, Cash Equivalents, Marketable Securities, and Held-to-Maturity Investments by Type

The following tables summarize our cash, cash equivalents, marketable securities, and held-to-maturity investments at September 30, 2021 and December 31, 2020 (in thousands):

	As of September 30, 2021
			Gross		Gross				Cash and
	Amortized		Unrealized		Unrealized				Cash			Marketable	Short-Term		Long-Term
	Cost		Gains		Losses		Fair Value		Equivalents			Securities	Investments		Investments
Cash	$	162,478	$	—	$	—	$	162,478	$	162,478	$	—	$	—	$	—
Level 1:
Money market funds		119,225		—		—		119,225		119,225		—		—		—
Agency bonds		48,000		49		—		48,049				—		40,000		8,000
Marketable securities		90,000				(6,660)		83,340				83,340		—		—
Subtotal		257,225		49		(6,660)		250,614		119,225		83,340		40,000		8,000
Level 2:
State and municipal obligations		77,764		4		(22)		77,746						72,383		5,381
Certificates of deposit		500		—		—		500		—		—		500		—
Corporate bonds		119,817		76		(95)		119,798		—		—		83,751		36,066
Commercial paper		19,994		—		—		19,994		—		—		19,994		—
Subtotal		218,075		80		(117)		218,038		—				176,628		41,447
Total	$	637,778	$	129	$	(6,777)	$	631,130		281,703		83,340		216,628		49,447
Expected credit loss reserve										(12)		—		(71)		(16)
Total, net of reserve for expected credit losses									$	281,691	$	83,340	$	216,557	$	49,431

	As of December 31, 2020
			Gross		Gross				Cash and
	Amortized		Unrealized		Unrealized				Cash		Short-Term		Long-Term
	Cost		Gains		Losses		Fair Value		Equivalents		Investments		Investments
Cash	$	116,107	$	—	$	—	$	116,107	$	116,107	$	—	$	—
Level 1:
Money market funds		23,611		—		—		23,611		23,611		—		—
Agency bonds		63,794		122		—		63,916		—		23,794		40,000
Treasury Bills		96,384		6		—		96,390				96,384
Subtotal		183,789		128		—		183,917		23,611		120,178		40,000
Level 2:
State and municipal obligations		77,130		25		(28)		77,127		—		66,519		10,611
Certificates of deposit		500		—		—		500		—		500		—
Corporate bonds		212,825		232		(100)		212,957		2,525		170,205		40,095
U.S. Treasury repurchase agreements		13,200		—		—		13,200		13,200		—		—
Treasury inflation-protected securities		3,291		16		—		3,307		—		3,291
Commercial paper		45,974		—		—		45,974				45,974		—
Subtotal		352,920		273		(128)		353,065		15,725		286,489		50,706
Total	$	652,816	$	401	$	(128)	$	653,089		155,443		406,667		90,706
Expected credit loss reserve										(3)		(142)		(25)
Total, net of reserve for expected credit losses									$	155,440	$	406,525	$	90,681