Investments

9 Months Ended

Sep. 30, 2022

Investments, Debt and Equity Securities [Abstract]

Investments

Investments

All of our available-for-sale debt investments as of September 30, 2022 are available to fund current operations and are recorded at fair value (Note 14).

The following table summarizes our cash equivalents and available-for-sale debt investments:

	September 30, 2022
									Fair Value Level
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses (1)		Total Fair Value		Level 1		Level 2
	(In thousands)
Cash equivalents
Commercial paper	$	11,668	$	—	$	—	$	11,668	$	—	$	11,668
Corporate bonds	2,830		—		(2)		2,828		—		2,828
Money market funds	55,238		—		—		55,238		55,238		—
U.S. government bonds	7,484		1		—		7,485		7,485		—
Total cash equivalents	77,220		1		(2)		77,219		62,723		14,496
Short-term investments
Asset-backed securities	25,311		—		(163)		25,148		—		25,148
Certificate of deposits	16,291		—		—		16,291		16,291		—
Commercial paper	48,961		—		—		48,961		—		48,961
Corporate bonds	205,047		1		(2,315)		202,733		—		202,733
Foreign government bonds	1,446		—		(5)		1,441		—		1,441
Mortgage-backed securities	723		—		(3)		720		—		720
Municipal bonds	361		—		(2)		359		—		359
U.S. government bonds	8,314		—		(44)		8,270		8,270		—
Total short-term investments	306,454		1		(2,532)		303,923		24,561		279,362
Total	$	383,674	$	2	$	(2,534)	$	381,142	$	87,284	$	293,858

	December 31, 2021
									Fair Value Level
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses (1)		Total Fair Value		Level 1		Level 2
	(In thousands)
Cash equivalents
Commercial paper	$	5,499	$	—	$	—	$	5,499	$	—	$	5,499
Corporate bonds	4,921		—		(5)		4,916		—		4,916
Money market funds	269,251		—		—		269,251		269,251		—
Municipal bonds	500		—		—		500		—		500
U.S. government bonds	4,000		—		—		4,000		4,000		—
Total cash equivalents	284,171		—		(5)		284,166		273,251		10,915
Short-term investments
Asset-backed securities	12,915		1		(11)		12,905		—		12,905
Certificate of deposits	12,076		—		—		12,076		12,076		—
Commercial paper	30,691		—		—		30,691		—		30,691
Corporate bonds	179,235		1		(410)		178,826		—		178,826
Foreign government bonds	458		—		(1)		457		—		457
Municipal bonds	8,418		1		(2)		8,417		—		8,417
U.S. government bonds	2,966		—		(8)		2,958		2,958		—
Variable rate demand notes	500		—		—		500		—		500
Total short-term investments	247,259		3		(432)		246,830		15,034		231,796
Total	$	531,430	$	3	$	(437)	$	530,996	$	288,285	$	242,711

(1)All unrealized losses have been in a continuous loss position for less than 12 months. We do not intend to sell the investments in an unrealized loss position, and it is not more likely than not that we will be required to sell these investments before recovery of their amortized cost bases.

The following table summarizes the contractual maturities of our cash equivalents and available-for-sale debt investments as of September 30, 2022:

	Amortized Cost		Fair Value
	(In thousands)
Within 1 year	$	330,547	$	328,619
After 1 year through 5 years	53,127		52,523
Total	$	383,674	$	381,142

Actual maturities can differ from contractual maturities due to various factors including the issuers may have the right to call or prepay obligations without call or prepayment penalties.

As of September 30, 2022, the amortized cost and the fair market value of our held-to-maturity government bond (Level 1) maturing within a year was $4.1 million. As of December 31, 2021, the amortized cost and the fair market value of our held-to-maturity government bond (Level 1) maturing within a year was $4.7 million.