Cash and Cash Equivalents

6 Months Ended

Jun. 30, 2023

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 June 30,		As of December 31,
	2023		2022
	(in thousands)
	(unaudited)
Cash	$	25,571	$	49,789
Cash equivalents	16,420		47,609
Restricted cash - letters of credit	5,720		6,938
Total cash and cash equivalents	$	47,711	$	104,336

The Company's standby letter of credit for its New York headquarters' location was reduced to $4.7 million during the first quarter 2023 from $5.9 million as of December 31, 2022. The standby letter of credit for the New York space may be further reduced periodically under certain circumstances to approximately $3.5 million.

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.