Investments (Tables)

3 Months Ended

Mar. 31, 2023

Marketable securities consisted of the following as of March 31, 2023 (in thousands):


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. treasury securities	$	96,353	$	80	$	(59)	$	96,374
Commercial paper	35,932		—		—		35,932
Corporate notes and obligations	87,661		44		(249)		87,456
Time deposits	54,083		—		—		54,083
Total marketable securities	$	274,029	$	124	$	(308)	$	273,845

Marketable securities consisted of the following as of December 31, 2022 (in thousands):


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. treasury securities	$	86,666	$	7	$	(196)	$	86,477
Commercial paper	73,234		6		(326)		72,914
Corporate notes and obligations	65,150		—		—		65,150
Time deposits	60,951		1		—		60,952
Total marketable securities	$	286,001	$	14	$	(522)	$	285,493

Strategic investment activity during the three months ended March 31, 2023 is summarized as follows (in thousands):


	Equity Securities		Limited Partnerships		Available-for- Sale Debt Securities		Total
Balance as of December 31, 2022	$	7,286	$	3,402	$	355	$	11,043
Interest accrued on available-for-sale debt securities	—		—		2		2
Purchases of strategic investments	—		149		—		149
Unrealized (loss) gain on strategic investments	(1)		37		—		36
Balance as of March 31, 2023	$	7,285	$	3,588	$	357	$	11,230

Strategic investment activity during the three months ended March 31, 2022 is summarized as follows (in thousands):


	Equity Securities		Limited Partnerships		Available-for- Sale Debt Securities		Total
Balance as of December 31, 2021	$	3,882	$	—	$	3,450	$	7,332
Interest accrued on available-for-sale debt securities	—		—		101		101
Purchases of strategic investments	—		2,329		—		2,329
Conversion of available-for-sale debt securities into equity securities	3,292		—		(3,292)		—
Unrealized gain (loss) on strategic investments	—		—		42		42
Balance as of March 31, 2022	$	7,174	$	2,329	$	301	$	9,804