XML 22 R9.htm IDEA: XBRL DOCUMENT v3.22.0.1
Cash, Cash Equivalents and Investments
12 Months Ended
Dec. 31, 2021
Cash, Cash Equivalents and Investments  
Cash, Cash Equivalents and Investments

Note 3 - Cash, Cash Equivalents and Investments

The following table summarizes our cash, cash equivalents, marketable securities, and available-for-sale investments at December 31, 2021 (in thousands):

As of December 31, 2021

  

  

Gross

  

Gross

  

  

 

Cash and

  

  

  

Amortized

Unrealized

Unrealized

 

Cash

Marketable

Short-Term

Long-Term

Cost

Gains

Losses

Fair Value

 

Equivalents

Securities

Investments

Investments

Cash

$

353,488

$

$

$

353,488

$

353,488

$

$

$

Level 1:

 

  

 

  

 

  

 

  

 

  

 

  

 

Money market funds

 

2,844

 

 

2,844

 

2,844

 

 

Agency bonds

 

10,700

4

 

 

10,704

 

 

 

10,704

Marketable securities

90,000

(17,820)

72,180

 

 

72,180

 

Subtotal

 

103,544

4

 

(17,820)

 

85,728

2,844

72,180

10,704

Level 2:

State and municipal obligations

2,570

(5)

2,565

1,400

1,165

Corporate bonds

32,748

1

(276)

32,473

2,406

30,067

Subtotal

35,318

1

(281)

35,038

3,806

31,232

Total

$

492,350

$

5

$

(18,101)

$

474,254

$

356,332

$

72,180

$

14,510

$

31,232

During the year ended December 31, 2021, we acquired 9,000,000 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 consolidated balance sheets and its fair value is adjusted every reporting period. Changes in fair value are recorded in the consolidated statement of operations as unrealized gain or (loss) on marketable securities, which is included in interest and other income, net. During the year ended December 31, 2021, we recorded a $17.8 million unrealized loss on marketable securities from our investment in CLBT.

During the year ended December 31, 2021, we sold held-to-maturity securities with a net carrying amount of $165.4 million prior to their maturity.

The following table summarizes our cash, cash equivalents, and held-to-maturity investments at December 31, 2020 (in thousands):

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

Because we do not have any history of losses for our held-to-maturity investments, our expected credit loss reserve methodology for held-to-maturity investments is developed using published or estimated credit default rates for similar investments and current and future economic and market conditions. At December 31, 2020, our credit loss reserve for held-to-maturity investments was approximately $0.2 million.