Schedule of Fair Values Company’s Investments |
The following table sets forth the cost, gross unrealized losses, gross unrealized gains, and fair value of the Company’s investments as of the dates indicated (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Cost | | Gross Unrealized Holding Loss | | Gross Unrealized Holding Gain | | Fair Value | | Cash and Cash Equivalents | | Short-term Investments | | Long-term Investments | June 30, 2023 | | | | | | | | | | | | | | Level 1 | | | | | | | | | | | | | | | | | | | | | | | | | | | | Money market funds | $ | 252,409 | | | $ | — | | | $ | — | | | $ | 252,409 | | | $ | 252,332 | | | $ | 77 | | | $ | — | | U.S. Government securities | 100,005 | | | (694) | | | — | | | 99,311 | | | — | | | 60,446 | | | 38,865 | | | 352,414 | | | (694) | | | — | | | 351,720 | | | 252,332 | | | 60,523 | | | 38,865 | | Level 2 | | | | | | | | | | | | | | U.S. agency securities | 28,000 | | | (80) | | | — | | | 27,920 | | | — | | | 24,873 | | | 3,047 | | Certificate of deposit | 20,462 | | | (31) | | | — | | | 20,431 | | | 5,556 | | | 14,875 | | | — | | Commercial paper | 78,523 | | | (72) | | | — | | | 78,451 | | | 8,129 | | | 70,322 | | | — | | Corporate bonds | 81,719 | | | (984) | | | 6 | | | 80,741 | | | — | | | 64,670 | | | 16,071 | | | 208,704 | | | (1,167) | | | 6 | | | 207,543 | | | 13,685 | | | 174,740 | | | 19,118 | | Level 3 | | | | | | | | | | | | | | Loans receivable - held for investment | 3,000 | | | — | | | — | | | 3,000 | | | — | | | — | | | 3,000 | | | 3,000 | | | — | | | — | | | 3,000 | | | — | | | — | | | 3,000 | | NAV | | | | | | | | | | | | | | Third-party managed funds | 13,000 | | | — | | | — | | | 13,000 | | | — | | | — | | | 13,000 | | | 13,000 | | | — | | | — | | | 13,000 | | | — | | | — | | | 13,000 | | | | | | | | | | | | | | | | | $ | 577,118 | | | $ | (1,861) | | | $ | 6 | | | $ | 575,263 | | | $ | 266,017 | | | $ | 235,263 | | | $ | 73,983 | | December 31, 2022 | | | | | | | | | | | | | | Level 1 | | | | | | | | | | | | | | Money market funds (1) | $ | 462,866 | | | $ | — | | | $ | — | | | $ | 462,866 | | | $ | 374,314 | | | $ | 76 | | | $ | — | | U.S. Government securities | 64,968 | | | (424) | | | 4 | | | 64,548 | | | 2,995 | | | 61,553 | | | — | | | 527,834 | | | (424) | | | 4 | | | 527,414 | | | 377,309 | | | 61,629 | | | — | | Level 2 | | | | | | | | | | | | | | U.S. agency securities | 10,053 | | | (1) | | | 3 | | | 10,055 | | | — | | | 10,055 | | | — | | Certificate of deposit | 40,915 | | | (184) | | | 7 | | | 40,738 | | | 5,471 | | | 35,267 | | | — | | Commercial paper | 57,777 | | | (101) | | | 18 | | | 57,694 | | | 4,454 | | | 53,240 | | | — | | Corporate bonds | 122,294 | | | (1,729) | | | 6 | | | 120,571 | | | 1,212 | | | 90,222 | | | 29,137 | | | 231,039 | | | (2,015) | | | 34 | | | 229,058 | | | 11,137 | | | 188,784 | | | 29,137 | | | $ | 758,873 | | | $ | (2,439) | | | $ | 38 | | | $ | 756,472 | | | $ | 388,446 | | | $ | 250,413 | | | $ | 29,137 | |
(1)$88.5 million of money market funds were classified as funds receivable and seller accounts as of December 31, 2022.
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Schedule of Unrealized Loss and Fair Value of Debt Securities Available-for-Sale |
The table below shows the gross unrealized loss and fair value of the following investments in available-for-sale debt securities that are classified by the length of time that the securities have been in a continuous unrealized loss position as of the dates indicated (in thousands): | | | | | | | | | | | | | | | | | | | | | Gross Unrealized Holding Loss | | | | Fair Value | | | June 30, 2023 | | | | | | | | | | Less than 12 months in a continuous unrealized loss position | | | | | | | | | | Corporate bonds | | | $ | (258) | | | | | $ | 44,893 | | | | U.S. Government securities | | | (621) | | | | | 91,291 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | (879) | | | | | $ | 136,184 | | | | 12 months or longer in a continuous unrealized loss position | | | | | | | | | | Corporate bonds | | | $ | (726) | | | | | $ | 28,091 | | | | U.S. Government securities | | | (73) | | | | | 8,020 | | | | | | | $ | (799) | | | | | $ | 36,111 | | | | | | | | | | | | | | December 31, 2022 | | | | | | | | | | Less than 12 months in a continuous unrealized loss position | | | | | | | | | | Corporate bonds | | | $ | (281) | | | | | $ | 70,469 | | | | U.S. Government securities | | | (265) | | | | | 51,075 | | | | | | | $ | (546) | | | | | $ | 121,544 | | | | | | | | | | | | | | 12 months or longer in a continuous unrealized loss position | | | | | | | | | | Corporate bonds | | | $ | (1,448) | | | | | $ | 50,102 | | | | U.S. Government securities | | | (159) | | | | | 7,442 | | | | | | | $ | (1,607) | | | | | $ | 57,544 | | | |
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Schedule of Estimated Fair Value Liability Component |
The following table presents the carrying value and estimated fair value of the Notes as of the dates indicated (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | As of June 30, 2023 | | As of December 31, 2022 | | Carrying Value | | Fair Value | | Carrying Value | | Fair Value | 2021 Notes | $ | 990,579 | | | $ | 772,800 | | | $ | 989,629 | | | $ | 863,300 | | 2020 Notes | 645,028 | | | 545,415 | | | 644,431 | | | 646,230 | | 2019 Notes | 646,077 | | | 772,521 | | | 645,536 | | | 998,361 | | 2018 Notes | — | | | — | | | 44 | | | 145 | | | $ | 2,281,684 | | | $ | 2,090,736 | | | $ | 2,279,640 | | | $ | 2,508,036 | |
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