Cash, Concentration of Credit Risk and Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of cash and cash equivalents

The following table provides a reconciliation of total cash, cash equivalents and restricted cash as of March 31, 2023, December 31, 2022 and March 31, 2022 to the captions within the condensed consolidated balance sheets and condensed consolidated statements of cash flows (in thousands):

	March 31,		December 31,		March 31,
	2023		2022		2022
Cash and cash equivalents	$	430,625	$	693,479	$	783,016
Restricted cash included within prepaid and other current assets	12,085		9,682		5,716
Restricted cash included within other non-current assets	—		—		1,081
Total cash, cash equivalents and restricted cash	$	442,710	$	703,161	$	789,813

Schedule of restricted cash and cash equivalents

The following table provides a reconciliation of total cash, cash equivalents and restricted cash as of March 31, 2023, December 31, 2022 and March 31, 2022 to the captions within the condensed consolidated balance sheets and condensed consolidated statements of cash flows (in thousands):

	March 31,		December 31,		March 31,
	2023		2022		2022
Cash and cash equivalents	$	430,625	$	693,479	$	783,016
Restricted cash included within prepaid and other current assets	12,085		9,682		5,716
Restricted cash included within other non-current assets	—		—		1,081
Total cash, cash equivalents and restricted cash	$	442,710	$	703,161	$	789,813

Schedule of fair value on a recurring basis

Our financial assets and liabilities that are accounted for at fair value on a recurring basis are presented in the tables below as of March 31, 2023 and December 31, 2022 (in thousands):

	Fair Value as of March 31, 2023
	Level 1		Level 2		Level 3		Total
Assets:
Money market and demand accounts (a)	$	375,375	$	—	$	—	$	375,375
Commercial paper (b)	—		174,601		—		174,601
U.S. government securities(c)	—		227,745		—		227,745
Corporate bonds, asset backed and other securities (d)	—		185,048		—		185,048
Total	$	375,375	$	587,394	$	—	$	962,769

	Fair Value as of December 31, 2022
	Level 1		Level 2		Level 3		Total
Assets:
Money market and demand accounts (a)	$	643,825	$	—	$	—	$	643,825
Commercial paper (b)	—		209,956		—		209,956
U.S. government securities(c)	—		243,840		—		243,840
Corporate bonds, asset backed and other securities (d)	—		113,838		—		113,838
Total	$	643,825	$	567,634	$	—	$	1,211,459

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(a)Primarily included within cash and cash equivalents.

(b)As of March 31, 2023 and December 31, 2022, $0.0 million and $26.7 million of commercial paper was included within cash and cash equivalents, respectively.

(c)As of March 31, 2023 and December 31, 2022, $57.9 million and $15.7 million of U.S. government securities was included within cash and cash equivalents, respectively.

(d)As of March 31, 2023 and December 31, 2022, $9.4 million and $16.9 million of corporate bonds, asset backed and other securities was included within cash and cash equivalents, respectively.

Schedule of aggregate fair value

The aggregate fair value of the principal amount of the Convertible Notes is a Level 2 fair value measurement.

	March 31, 2023						December 31, 2022
	Principal Amount		Carrying Value		Fair Value		Principal Amount		Carrying Value		Fair Value
2027 Senior Convertible Long-Term Debt	$	460,000	$	451,493	$	515,605	$	460,000	$	451,062	$	441,485
2024 Senior Convertible Long-Term Debt	$	126,174	$	125,484	$	130,199	$	126,174	$	125,342	$	119,941

The aggregate fair value of the Technicolor Patent Acquisition long-term debt is a Level 3 fair value measurement.

	March 31, 2023				December 31, 2022
	Carrying Value		Fair Value		Carrying Value		Fair Value
Technicolor Patent Acquisition Long-Term Debt	$	30,937	$	29,140	$	30,662	$	28,048