Cash, Cash Equivalents and Investments (Tables)

6 Months Ended

Jun. 30, 2023

Cash, Cash Equivalents and Investments

Summary of Cash, Cash Equivalents, Marketable Securities, and Available-for-Sale Investments

The following tables summarize our cash, cash equivalents, marketable securities, and available-for-sale investments at June 30, 2023 and December 31, 2022 (in thousands):

	As of June 30, 2023
			Gross		Gross				Cash and
	Amortized		Unrealized		Unrealized				Cash		Marketable		Short-Term		Long-Term
	Cost		Gains		Losses		Fair Value		Equivalents		Securities		Investments		Investments
Cash	$	220,446	$	—	$	—	$	220,446	$	220,446	$	—	$	—	$	—
Level 1:
Money market funds		6,635		—		—		6,635		6,635		—		—		—
Agency bonds		165,310		15		(597)		164,728		38,984		—		125,744		—
Treasury bills		131,907		35		—		131,942		131,942		—		—		—
Marketable securities		90,000		—		(25,200)		64,800		—		64,800		—		—
Subtotal		393,852		50		(25,797)		368,105		177,561		64,800		125,744		—
Level 2:
State and municipal obligations		1,942		—		—		1,942		—		—		1,942		—
Term deposits		176,196		—		—		176,196		76,196		—		100,000		—
Corporate bonds		170,413		26		(953)		169,486		—		—		167,206		2,280
U.S. government		133,123		—		(737)		132,386		—		—		119,185		13,201
Treasury Inflation-Protected Securities		2,573		—		(17)		2,556		—		—		2,556		—
Commercial paper		78,309		—		—		78,309		—		—		78,309		—
Subtotal		562,556		26		(1,707)		560,875		76,196		—		469,198		15,481
Total	$	1,176,854	$	76	$	(27,504)	$	1,149,426	$	474,203	$	64,800	$	594,942	$	15,481

	As of December 31, 2022
			Gross		Gross				Cash and
	Amortized		Unrealized		Unrealized				Cash		Marketable		Short-Term		Long-Term
	Cost		Gains		Losses		Fair Value		Equivalents		Securities		Investments		Investments
Cash	$	143,744	$	—	$	—	$	143,744	$	143,744	$	—	$	—	$	—
Level 1:
Money market funds		2,669		—		—		2,669		2,669		—		—		—
Agency bonds		164,486		6		(263)		164,229		—		—		69,862		94,367
Treasury bills		121,650		18		(3)		121,665		113,100		—		8,565		—
Marketable securities		90,000		—		(50,760)		39,240		—		39,240		—		—
Subtotal		378,805		24		(51,026)		327,803		115,769		39,240		78,427		94,367
Level 2:
State and municipal obligations		4,980		—		(33)		4,947		—		—		4,947		—
Certificate of deposits		5,002		—		—		5,002		—		—		5,002		—
Term deposits		200,000		—		—		200,000		25,000		—		175,000		—
Corporate bonds		257,422		33		(1,159)		256,296		28,883		—		168,074		59,339
U.S. government		30,525		—		(159)		30,366		—		—		30,366		—
Treasury Inflation-Protected Securities		2,503		—		(2)		2,501		—		—		—		2,501
Commercial paper		160,241		—		—		160,241		40,288		—		119,953		—
Subtotal		660,673		33		(1,353)		659,353		94,171		—		503,342		61,840
Total	$	1,183,222	$	57	$	(52,379)	$	1,130,900	$	353,684	$	39,240	$	581,769	$	156,207