Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of Assets, Liabilities, and Equity Measured at Fair Value on a Recurring Basis

A summary of assets and (liabilities) as of December 31, 2019 and 2018 related to our financial instruments, measured at fair value on a recurring basis and as reflected in our consolidated balance sheets, is set forth below:



	Balance as of December 31, 2019		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Cash equivalents
Money market funds	$	221,442	$	221,442	$	—	$	—
Short-term investments
U.S. treasury securities	70,029		70,029		—		—
Loans held for sale	21,985		—		21,985		—
Prepaid expenses and other current assets
Forward sales commitments	4		—		4		—
Interest rate lock commitments	496		—		—		496
Total prepaid expenses and other current assets	500		—		4		496
Long-term investments
U.S. treasury securities	30,978		30,978		—		—
Total assets	$	344,934	$	322,449	$	21,989	$	496
Liabilities
Accrued liabilities
Forward sales commitments	$	57	$	—	$	57	$	—
Interest rate lock commitments	58		—		—		58
Total liabilities	$	115	$	—	$	57	$	58



	Balance as of December 31, 2018		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Cash equivalents
Money market funds	$	425,776	$	425,776	$	—	$	—
Loans held for sale	4,913		—		4,913		—
Prepaid expenses and other current assets
Interest rate lock commitments	254		—		—		254
Total prepaid expenses and other current assets	254		—		—		254
Total assets	$	430,943	$	425,776	$	4,913	$	254
Liabilities
Accrued liabilities
Forward sales commitments	$	141	$	—	$	141	$	—
Total liabilities	$	141	$	—	$	141	$	—

Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure

The following table summarizes the cost or amortized cost, gross unrealized gains and losses, and estimated fair market value of our cash, money market funds, restricted cash and available-for-sale investments as of December 31, 2019 and 2018:



	December 31, 2019
	Fair Value Hierarchy	Cost or Amortized Cost	Unrealized Gains	Unrealized Losses		Estimated Fair Value	Short-term Investments	Long-term Investments
Cash	N/A	13,237	—	—		13,237	—	—
Money markets funds	Level 1	221,442	—	—		221,442	—	—
Restricted cash	N/A	12,769	—	—		12,769	—	—
U.S. treasury securities	Level 1	100,998	31	(22	)	101,007	70,029	30,978
Total		348,446	31	(22	)	348,455	70,029	30,978



	December 31, 2018
	Fair Value Hierarchy	Cost or Amortized Cost	Unrealized Gains	Unrealized Losses	Estimated Fair Value	Short-term Investments	Long-term Investments
Cash	N/A	6,832	—	—	6,832	—	—
Money markets funds	Level 1	425,776	—	—	425,776	—	—
Restricted cash	N/A	6,446	—	—	6,446	—	—
Total		439,054	—	—	439,054	—	—