Investments

3 Months Ended

Mar. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Marketable securities

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

All marketable securities held as of March 31, 2023 and December 31, 2022 had a contractual maturity of less than one year. During the three months ended March 31, 2023, there were maturities of marketable securities of $103.9 million. There were no sales or impairments of marketable securities during the three months ended March 31, 2023.

Strategic investments

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

Strategic investments are recorded in other assets in the condensed consolidated balance sheets. As of March 31, 2023, in connection with the Company's investments in limited partnerships, it has a contractual

obligation to provide additional investment funding of up to $6.2 million at the option of the investees. No impairment losses were recorded during the three months ended March 31, 2023 or 2022.