Cash and Investments in Marketable Securities

12 Months Ended

Dec. 31, 2023

Cash and Investments in Marketable Securities

Note 2 — Cash and Investments in Marketable Securities

Cash and investments in marketable securities, including cash equivalents, are as follows (in thousands):


	Estimated Fair Value at
	December 31,		December 31,
	2023		2022
Cash and cash equivalents	$	35,277	$	88,227
Short-term investments		268,339		416,750
Long-term investments		25,825		—
Total cash and investments in marketable securities	$	329,441	$	504,977

We invest in liquid, high quality debt securities. Our investments in debt securities are subject to interest rate risk. To minimize the exposure due to an adverse shift in interest rates, we invest in securities with maturities of two years or less and maintain a weighted average maturity of one year or less. All of our long-term investments as of December 31, 2023 had maturities between one and two years.

During the years ended December 31, 2023 and 2022, we did not sell any available-for-sale securities. During the year ended December 31, 2021, we sold available-for-sale securities totaling $11.5 million. Gross realized gains and losses on those sales were not significant.

We report our accrued interest receivable, which totaled $0.5 million and $0.7 million at December 31, 2023 and December 31, 2022, respectively, in other current assets on our Consolidated Balance Sheets.

Our portfolio of cash and investments in marketable securities includes (in thousands):


				December 31, 2023							December 31, 2022
	Fair Value Hierarchy			Gross Unrealized		Gross Unrealized
	Level	Amortized Cost		Gains		Losses			Fair Value		Fair Value
Corporate notes and bonds	2	$	38,799	$	85	$	(2	)	$	38,882	$	83,522
Corporate commercial paper	2		255,274		47		(80	)		255,241		344,204
Available-for-sale investments			294,073		132		(82	)		294,123		427,726
Money market funds	1									2,359		47,054
Certificates of deposit	2									15,116		21,399
Cash	N/A									17,843		8,798
Total cash and investments in marketable securities									$	329,441	$	504,977

At December 31, 2022, our gross unrealized losses totaled $1.8 million. Our gross unrealized gains were not significant. As of December 31, 2023 and 2022, we assessed our marketable securities with unrealized losses and concluded that the losses were not attributable to credit. Accordingly, we have not recorded an allowance for credit losses for these securities.

At both December 31, 2023 and 2022, we had letter of credit arrangements in favor of our landlords and certain vendors totaling $7.5 million and $7.5 million, respectively. These letters of credit are secured by investments of similar amounts.