Cash, Cash Equivalents, and Restricted Cash

6 Months Ended

Jun. 30, 2022

Cash and Cash Equivalents [Abstract]

Cash, Cash Equivalents, and Restricted Cash

Note 4—Cash, Cash Equivalents and Restricted Cash

Cash, cash equivalents and restricted cash as of December 31, 2021 and June 30, 2022 consisted of the following (in thousands):

	December 31,		June 30,
	2021		2022
Current assets:
Cash and cash equivalents	$	99,448	$	57,495
Total cash and cash equivalents	$	99,448	$	57,495
Long-term assets:
Restricted cash - held as collateral	$	7,008	$	—
Total restricted cash	$	7,008	$	—
Total cash, cash equivalents and restricted cash	$	106,456	$	57,495

The Company considers all highly liquid investments with maturities of three months or less on the date of acquisition to be cash equivalents.

The Company places its cash and cash equivalents with high credit quality financial institutions. At times, such balances may be in excess of the Federal Deposit Insurance Corporation (“FDIC”) and Canadian Deposit Insurance Corporation (“CDIC”) limits. Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash deposits. The amounts in excess of FDIC and CDIC limits were approximately $98.0 million and $56.0 million as of December 31, 2021 and June 30, 2022, respectively.

The Company classifies restricted cash as short-term and a current asset if the cash is expected to be used in operations within a year or to acquire a current asset. Otherwise, the restricted cash is classified as long-term. In January 2022, in connection with the second amendment to the Berkshire ALA (as defined in Note 12), the lender to NG Advantage released to the Company $7.0 million, classified in “Restricted cash” on the accompanying condensed consolidated balance sheet as of December 31, 2021. The amount represented the collateral deposit for the limited guaranty provided by the Company under the Berkshire ALA. See Note 12 for more information.