Investments (Tables)

3 Months Ended

Mar. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Schedule of debt securities available-for-sale

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

	March 31, 2023
									Fair Value Level
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses (1)		Total Fair Value		Level 1		Level 2
	(In thousands)
Cash equivalents
Asset-backed securities	$	849	$	—	$	—	$	849	$	—	$	849
Commercial paper	26,801		—		—		26,801		—		26,801
Corporate bonds	12,519		—		(5)		12,514		—		12,514
Money market funds	64,433		—		—		64,433		64,433		—
Municipal bonds	1,010		—		—		1,010		—		1,010
U.S. government agency bonds	1,494		—		—		1,494		—		1,494
U.S. government bonds	15,917		3		—		15,920		15,920		—
Variable rate demand notes	1,004		—		—		1,004		—		1,004
Total cash equivalents (2)	124,027		3		(5)		124,025		80,353		43,672
Short-term investments
Asset-backed securities	24,201		8		(79)		24,130		—		24,130
Certificate of deposits	16,096		—		—		16,096		16,096		—
Commercial paper	37,079		—		—		37,079		—		37,079
Corporate bonds	226,134		54		(1,073)		225,115		—		225,115
Foreign government bonds	2,086		—		—		2,086		—		2,086
Mortgage-backed securities	381		—		(1)		380		—		380
Municipal bonds	363		—		(1)		362		—		362
U.S. government agency bonds	6,385		6		(7)		6,384		—		6,384
U.S. government bonds	25,646		47		(4)		25,689		25,689		—
Total short-term investments	338,371		115		(1,165)		337,321		41,785		295,536
Total	$	462,398	$	118	$	(1,170)	$	461,346	$	122,138	$	339,208

	December 31, 2022
									Fair Value Level
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses (1)		Total Fair Value		Level 1		Level 2
	(In thousands)
Cash equivalents
Asset-backed securities	$	25	$	—	$	—	$	25	$	—	$	25
Commercial paper	69,101		—		—		69,101		—		69,101
Money market funds	97,650		—		—		97,650		97,650		—
Municipal bonds	1,001		—		—		1,001		—		1,001
U.S. government agency bonds	16,982		3		—		16,985		—		16,985
U.S. government bonds	10,767		1		—		10,768		10,768		—
Total cash equivalents	195,526		4		—		195,530		108,418		87,112
Short-term investments
Asset-backed securities	25,677		7		(134)		25,550		—		25,550
Certificate of deposits	17,362		—		—		17,362		17,362		—
Commercial paper	27,866		—		—		27,866		—		27,866
Corporate bonds	198,868		7		(1,529)		197,346		—		197,346
Foreign government bonds	996		—		(4)		992		—		992
Mortgage-backed securities	696		—		(2)		694		—		694
Municipal bonds	364		—		(2)		362		—		362
U.S. government agency bonds	735		—		(1)		734		—		734
U.S. government bonds	6,704		1		(20)		6,685		6,685		—
Total short-term investments	279,268		15		(1,692)		277,591		24,047		253,544
Total	$	474,794	$	19	$	(1,692)	$	473,121	$	132,465	$	340,656

(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.

(2)For three months ended March 31, 2023 and 2022, we sold cash equivalent investments for proceeds of $13.0 million and $0.9 million, respectively, and realized no gain or loss on such sales.

The following table summarizes the contractual maturities of our cash equivalents and available-for-sale debt investments as of March 31, 2023:

	Amortized Cost		Fair Value
	(In thousands)
Within 1 year	$	350,678	$	349,880
After 1 year through 5 years	109,987		109,734
After 5 years through 10 years	728		729
After 10 years	1,005		1,003
Total	$	462,398	$	461,346