Cash, cash equivalents and restricted cash

3 Months Ended

Mar. 31, 2025

Cash, cash equivalents and restricted cash

Cash, cash equivalents and restricted cash

Note 9. Cash, cash equivalents and restricted cash

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets to the total of the amounts shown in the statement of cash flows:

	March 31,		December 31,
	2025			2024
	(in thousands)
Cash and cash equivalents	$	183,957	$	123,512
Long-term restricted cash		7,553		7,552
Total cash, cash equivalents and restricted cash	$	191,510	$	131,064

As of March 31, 2025, we had $7.6 million in restricted cash representing the total of (i) a $5.9 million cash collateralized letter of credit serving as a security deposit for our headquarters lease in Beverly, Massachusetts, (ii) a $0.9 million letter of credit for custom purposes, (iii) a $0.7 million cash collateralized letter of credit relating to workers’ compensation insurance and (iv) a $0.1 million deposit relating to customs activity. See Note 13 for further discussion on the $5.9 million cash collateralized letter of credit.