Cash, Cash Equivalents and Short-term Investments

9 Months Ended

Sep. 30, 2020

Cash and Cash Equivalents [Abstract]

Cash, Cash Equivalents, and Short-term Investments

Cash, Cash Equivalents and Short-Term Investments

The following tables present cash, cash equivalents and short-term investments (in thousands) as of September 30, 2020 and December 31, 2019:

	As of September 30, 2020
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair value
Cash and cash equivalents:
Demand deposits and other cash	$	24,540	$	—	$	—	$	24,540
Money market funds	6,702		—		—		6,702
Total cash and cash equivalents	31,242		—		—		31,242
Short-Term Investments:
Commercial paper	7,494		3		—		7,497
Corporate debt securities	171,577		926		(5)		172,498
Total short-term investments	179,071		929		(5)		179,995
Total cash, cash equivalents and short-term investments	$	210,313	$	929	$	(5)	$	211,237

	As of December 31, 2019
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair value
Cash and cash equivalents:
Demand deposits and other cash	$	21,618	$	—	$	—	$	21,618
Money market funds	4,086		—		—		4,086
Total cash and cash equivalents	25,704		—		—		25,704
Short-Term Investments:
Commercial paper	12,861		—		(7)		12,854
U.S. government agency securities	3,000		—		—		3,000
Corporate debt securities	187,866		499		(55)		188,310
Total short-term investments	203,727		499		(62)		204,164
Total cash, cash equivalents and short-term investments	$	229,431	$	499	$	(62)	$	229,868

The Company has determined that no credit losses related to our marketable securities were required as of September 30, 2020. The unrealized losses for the short-term investments have all been in a continuous unrealized loss position for less than twelve months. The Company’s conclusion is based on the high credit quality of the securities, their short remaining maturity and the Company’s intent and ability to hold such loss securities until maturity.

Classification of the cash, cash equivalents and short-term investments by contractual maturity was as follows:

(in thousands)	One year or shorter		Between 1 and 2 years		Total
Balances as of September 30, 2020
Cash and cash equivalents (1)	$	31,242	$	—	$	31,242
Short-term investments	137,634		42,361		179,995
Cash, cash equivalents and short-term investments	$	168,876	$	42,361	$	211,237
Balances as of December 31, 2019
Cash and cash equivalents (1)	$	25,704	$	—	$	25,704
Short-term investments	113,010		91,154		204,164
Cash, cash equivalents and short-term investments	$	138,714	$	91,154	$	229,868
(1) Includes demand deposits and other cash, money market funds and other cash equivalent securities, all with 0-90 day maturity at purchase.