The Company’s financial assets measured at fair value are as follows (in thousands):

	March 31, 2019						December 31, 2018
	Fair Value		Level 1		Level 2		Fair Value		Level 1		Level 2
Assets:
Cash and cash equivalents:
Cash	$	213,069	$	213,069	$	—	$	147,221	$	147,221	$	—
Money market funds		23,431		23,431		—		8,343		8,343		—
Restricted cash		26,350		26,350		—		—		—		—
Short-term investments:
Corporate bonds and commercial paper		22,437		—		22,437		37,151		—		37,151
U.S. government securities		4,964		—		4,964		4,995		—		4,995
Total assets measured and recorded at fair value	$	290,251	$	262,850	$	27,401	$	197,710	$	155,564	$	42,146

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in the principal market (or most advantageous market, in the absence of a principal market) for the asset or liability in an orderly transaction between market participants at the measurement date. Further, the Company maximizes the use of observable inputs and minimizes the use of unobservable inputs in measuring fair value, and to utilize a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. The three levels of inputs used to measure fair value are as follows:

Level 1—Quoted prices in active markets for identical assets or liabilities.

Financial assets and liabilities measured using Level 1 inputs include cash equivalents, restricted cash, accounts receivable, prepaid expenses, accounts payable and accrued liabilities.

The Company considers all highly liquid investments purchased with an original or remaining maturity of less than three months at the date of purchase to be cash equivalents. The Company measured money market funds of $23.4 and $8.3 million as cash equivalents as of March 31, 2019 and December 31, 2018, respectively, using Level 1 inputs.

Level 2—Observable inputs other than quoted prices included within Level 1, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; and inputs other than quoted prices that are observable or are derived principally from, or corroborated by, observable market data by correlation or other means.

The Company measured its short-term investments using Level 2 inputs.

Level 3—Unobservable inputs that are supported by little or no market activity, are significant to the fair value of the assets or liabilities and reflect the Company’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

The Company did not use Level 3 inputs to measure any assets or liabilities as of March 31, 2019 and December 31, 2018.