Cash and Cash equivalents and Short-term investments

12 Months Ended

Dec. 31, 2022

Cash, Cash Equivalents, and Short-Term Investments [Abstract]

Cash and Cash equivalents and Short-term investments

Cash and Cash equivalents and Short-term investmentsCash equivalents include items almost as liquid as cash with maturity periods of three months or less when purchased, and short-term investments include items with maturity dates between three months and one year when purchased. As of December 31, 2022 and 2021, the Company’s cash and cash equivalents and short-term investments were composed of:

	December 31, 2022
	Fair value level	Adjusted cost basis		Unrealized gains		Unrealized losses		Fair market value		Recorded basis		Cash and cash equivalents		Short-term investments
Cash		$	9,697	$	—	$	—	$	9,697	$	9,697	$	9,697	$	—
Money market funds	Level 1	105,629		—		—		105,629		105,629		105,629		—
Certificate of deposits and term deposits	Level 2	316,946		—		—		316,946		316,946		—		316,946
HTM securities (1)
U.S. Treasury bills	Level 1	$	188,030	$	8	$	(540)	$	187,498	$	188,030	$	—	$	188,030
Government and governmental agencies	Level 2	$	44,357	$	12	$	(12)	$	44,357	$	44,357	$	—	$	44,357
Corporate debt securities	Level 2	$	304,766	$	1,066	$	(587)	$	305,245	$	304,766	$	—	$	304,766
		$	537,153	$	1,086	$	(1,139)	$	537,100	$	537,153	$	—	$	537,153
Total		$	969,425	$	1,086	$	(1,139)	$	969,372	$	969,425	$	115,326	$	854,099

	December 31, 2021
	Fair value level	Adjusted cost basis		Unrealized gains		Unrealized losses		Fair market value		Recorded basis		Cash and cash equivalents		Short-term investments
Cash		$	3,139	$	—	$	—	$	3,139	$	3,139	$	3,139	$	—
Money market funds	Level 1	64,668		—		—		64,668		64,668		64,668		—
Certificate of deposits, notes and term deposits	Level 2	565,089		—		—		565,089		565,089		140,995		424,094
HTM securities (1)
U.S. Treasury bills	Level 1	199,981		8		—		199,989		199,981		—		199,981
Corporate debt securities	Level 2	104,823		—		—		104,823		104,823		—		104,823
Total		$	304,804	$	8	$	—	$	304,812	$	304,804	$	—	$	304,804
		$	937,700	$	8	$	—	$	937,708	$	937,700	$	208,802	$	728,898

(1) Changes in fair value of HTM securities are presented for disclosure purposes as required by ASC 320 and are recorded as finance expenses only if the unrealized loss is identified as a credit loss.

In November 2022, the Company transferred all of its AFS portfolio to HTM as part of the Company's investment strategy. Such transfers are made at fair value at the date of transfer, The net unrealized loss on these securities at the date of transfer was $911. These securities continue to be reported in accumulated comprehensive income (loss) and are amortized over the remaining lives of the securities as an adjustment to the yield. As of December 31, 2022, the unamortized unrealized loss balance was $445 and is reported in accumulated other comprehensive income (loss).

In accordance with ASC No. 820, the Company measures its money market funds and marketable securities at fair value. Money market funds and marketable securities are classified within Level 1 or Level 2. This is because these

assets are valued using quoted market prices or alternative pricing sources and models utilizing market observable inputs.

As of December 31, 2022 and 2021, all investments and equivalents mature in one year or less.

Unrealized losses from debt securities are primarily attributable to changes in interest rates. The Company does not believe any remaining unrealized losses represent impairments based on the evaluation of available evidence.

Debt securities with continuous unrealized losses for less than 12 months and their related fair values were as follows:

	December 31, 2022
	Less than 12 months
	Fair value		Unrealized loss
U.S. Treasury bills	162,813		(540)
Government and governmental agencies	38,477		(12)
Corporate debt securities	162,085		(587)
Total	$	363,375	$	(1,139)

As of December 31, 2022, no continuous unrealized losses for 12 months or greater was identified.