Investments

3 Months Ended

Mar. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Investment Components

The components of investments were as follows:


	As of March 31, 2022
	Adjusted Cost Basis		Unrealized Gains		Unrealized Losses		Fair Value		Cash and Cash Equivalents		Marketable Securities - Current		Marketable Securities - Non-current
Asset backed securities	$	113,392	$	3	$	(357)	$	113,038	$	—	$	6,364	$	106,674
Certificates of deposits	6,005		—		(5)		6,000		—		6,000		—
Corporate notes and bonds	235,942		2		(1,707)		234,237		—		171,187		63,051
Commercial paper	129,290		4		(93)		129,202		26,282		102,921		—
Money market funds	5,615		—		—		5,615		5,615		—		—
Foreign government securities	18,289		—		(137)		18,151		—		18,151		—
US government and agency securities	72,938		1		(5)		72,934		7,989		64,943		—
Total investments	$	581,471	$	10	$	(2,304)	$	579,177	$	39,886	$	369,566	$	169,725


	As of December 31, 2021
	Adjusted Cost Basis		Unrealized Gains		Unrealized Losses		Fair Value		Cash and Cash Equivalents		Marketable Securities - Current		Marketable Securities - Non-current
Asset backed securities	$	111,619	$	1	$	(68)	$	111,552	$	—	$	5,372	$	106,180
Certificates of deposits	6,002		—		—		6,002		—		6,002		—
Corporate notes and bonds	207,169		21		(201)		206,990		3,026		132,688		71,276
Commercial paper	109,391		—		—		109,391		24,193		85,198		—
Money market funds	51,768		—		—		51,768		51,768		—
Foreign government securities	8,186		—		(5)		8,181		—		3,008		5,173
US government securities	86,783		4		—		86,787		—		86,787		—
Total investments	$	580,918	$	26	$	(274)	$	580,671	$	78,987	$	319,055	$	182,629

Non-marketable equity securities are investments in privately held companies without readily determinable fair values. The carrying value of the Company’s investments without readily determinable fair values was $55.6 million as of March 31, 2022 and December 31, 2021, and was classified within “Investments in non-marketable equity securities” in the condensed consolidated balance sheets. The Company did not record any adjustments to the carrying value of its non-marketable equity securities accounted for under the measurement alternative, and did not recognize any gains or losses related to the sale of non-marketable equity securities in the three months ended March 31, 2022.

Unrealized Losses on Marketable Securities

The Company did not have any marketable securities with unrealized losses for more than 12 months. Unrealized losses from fixed-income securities are primarily attributable to changes in interest rates.

Marketable Securities Maturities


	Adjusted		Estimated
	Cost Basis		Fair Value
March 31, 2022
Due in one year or less	$	370,511	$	369,566
Due after one year through five years	171,074		169,725
Due after five years through ten years	—		—
Total	$	541,585	$	539,291