Cash and Cash Equivalents

9 Months Ended

Sep. 30, 2019

Cash and Cash Equivalents [Abstract]

The carrying values of the Company’s cash and cash equivalents are as follows:



	As of September 30,		As of December 31,
	2019		2018
	(in thousands)
	(unaudited)
Cash	$	54,824	$	80,400
Cash equivalents	52,961		72,193
Restricted cash - letters of credit	9,689		3,781
Total cash and cash equivalents	$	117,474	$	156,374

In June 2019, the Company delivered a security deposit in the form of a $5.9 million standby letter of credit to the landlord of a new office lease. Under certain circumstances, the Company will be entitled to periodically reduce the amount of the letter of credit amount down ultimately to approximately $3.5 million from and after the fifth anniversary of the rent commencement. See “Note 10 — Leases”.

The carrying value of the Company’s cash equivalents approximates fair value. See “Note 4 — Fair Value of Financial Instruments”.

Letters of credit are secured by cash held on deposit.