Investments

9 Months Ended

Sep. 30, 2023

Investments, Debt and Equity Securities [Abstract]

All of our available-for-sale debt investments as of September 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:


	September 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	$	1,484	$	2	$	(5)	$	1,481	$	—	$	1,481

Commercial paper	43,206		—		—		43,206		—		43,206


Money market funds	71,764		—		—		71,764		71,764		—



U.S. government bonds	14,662		2		—		14,664		14,664		—

Total cash equivalents (2)	131,116		4		(5)		131,115		86,428		44,687

Short-term investments
Asset-backed securities	59,503		7		(151)		59,359		—		59,359
Certificate of deposits	23,351		—		—		23,351		23,351		—
Commercial paper	55,244		—		—		55,244		—		55,244
Corporate bonds	236,644		115		(1,117)		235,642		—		235,642
Foreign government bonds	1,301		—		—		1,301		—		1,301


U.S. government agency bonds	13,258		—		(39)		13,219		—		13,219
U.S. government bonds	46,076		1		(231)		45,846		45,846		—

Total short-term investments	435,377		123		(1,538)		433,962		69,197		364,765
Total	$	566,493	$	127	$	(1,543)	$	565,077	$	155,625	$	409,452


	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 nine months ended September 30, 2023 and 2022, we sold cash equivalent investments for proceeds of $41.5 million and $27.1 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 September 30, 2023:


	Amortized Cost		Fair Value
	(In thousands)
Within 1 year	$	399,939	$	399,341
After 1 year through 5 years	105,567		104,896


Asset-backed securities	60,987		60,840
Total	$	566,493	$	565,077

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, 2023, the amortized cost and the fair market value of our held-to-maturity government bond (Level 1) maturing within a year was $5.0 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.