Cash, Cash Equivalents and Investments (Tables)

9 Months Ended

Sep. 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 September 30, 2023 and December 31, 2022 (in thousands):

	As of September 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	$	224,437	$	—	$	—	$	224,437	$	224,437	$	—	$	—	$	—
Level 1:
Money market funds		25,292		—		—		25,292		25,292		—		—		—
Agency bonds		170,838		17		(347)		170,508		33,500		—		137,008		—
Treasury bills		133,779		20		—		133,799		122,813		—		10,986		—
Marketable securities		90,000		—		(21,150)		68,850		—		68,850		—		—
Subtotal		419,909		37		(21,497)		398,449		181,605		68,850		147,994		—
Level 2:
Term deposits		203,205		—		—		203,205		—		—		203,205		—
Corporate bonds		121,071		8		(559)		120,520		—		—		120,520		—
U.S. government		176,371		—		(700)		175,671		—		—		175,671		—
Treasury Inflation-Protected Securities		2,606		—		(11)		2,595		—		—		2,595		—
Commercial paper		65,703		—		—		65,703		—		—		65,703		—
Subtotal		568,956		8		(1,270)		567,694		—		—		567,694		—
Total	$	1,213,302	$	45	$	(22,767)	$	1,190,580	$	406,042	$	68,850	$	715,688	$	—

	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