Investments

6 Months Ended

Jun. 30, 2023

Investments, Debt and Equity Securities [Abstract]

All of our available-for-sale debt investments as of June 30, 2023 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:


	June 30, 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	$	1,078	$	—	$	(2)	$	1,076	$	—	$	1,076

Commercial paper	60,862		1		—		60,863		—		60,863
Corporate bonds	2,271		—		—		2,271		—		2,271

Money market funds	89,493		—		—		89,493		89,493		—

Municipal bonds	403		—		—		403		—		403

U.S. government bonds	4,972		1		—		4,973		4,973		—
Variable rate demand notes	2,079		—		—		2,079		—		2,079
Total cash equivalents (2)	161,158		2		(2)		161,158		94,466		66,692

Short-term investments
Asset-backed securities	42,911		4		(132)		42,783		—		42,783
Certificate of deposits	15,638		—		—		15,638		15,638		—
Commercial paper	37,594		—		—		37,594		—		37,594
Corporate bonds	239,320		137		(1,289)		238,168		—		238,168
Foreign government bonds	2,379		1		—		2,380		—		2,380

Municipal bonds	366		—		—		366		—		366
U.S. government agency bonds	13,179		—		(52)		13,127		—		13,127
U.S. government bonds	42,536		—		(228)		42,308		42,308		—
Variable rate demand notes	1,767		—		—		1,767		—		1,767
Total short-term investments	395,690		142		(1,701)		394,131		57,946		336,185
Total	$	556,848	$	144	$	(1,703)	$	555,289	$	152,412	$	402,877


	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 six months ended June 30, 2023 and 2022, we sold cash equivalent investments for proceeds of $40.1 million and $19.0 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 June 30, 2023:


	Amortized Cost		Fair Value
	(In thousands)
Within 1 year	$	416,247	$	415,444
After 1 year through 5 years	131,411		130,672
After 5 years through 10 years	4,941		4,924
After 10 years	4,249		4,249
Total	$	556,848	$	555,289

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 June 30, 2023, the amortized cost and the fair market value of our held-to-maturity government bond (Level 1) maturing within a year was $5.1 million. As of December 31, 2022, the amortized cost and the fair market value of our held-to-maturity government bond (Level 1) maturing within a year was $4.4 million and $4.3 million, respectively.