Cash and Cash Equivalents

3 Months Ended

Mar. 31, 2022

Cash and Cash Equivalents [Abstract]

Cash and Cash Equivalents

Cash and Cash Equivalents

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

	As of March 31,		As of December 31,
	2022		2021
	(in thousands)
	(unaudited)
Cash	$	47,096	$	57,008
Cash equivalents	29,253		70,689
Restricted cash - letters of credit	6,955		6,927
Total cash and cash equivalents	$	83,304	$	134,624

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.