CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS

9 Months Ended

Sep. 30, 2022

Cash, Cash Equivalents, and Short-Term Investments [Abstract]

CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS

CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS

Cash equivalents include items almost as liquid as cash with maturity periods of three months or less when purchased, and short-term investments include items with maturity dates between three months and one year when purchased. As of September 30, 2022 and December 31, 2021, the Company’s cash and cash equivalents and short-term investments were composed of:

	September 30, 2022
	Fair value level	Adjusted cost basis		Unrealized gains		Unrealized losses		Fair market value		Recorded basis		Cash and cash equivalents		Short-term investments
Cash		$	35,113	$	—	$	—	$	35,113	$	35,113	$	35,113	$	—
Money market funds	Level 1	117,400		—		—		117,400		117,400		117,400		—
Certificate of deposits and term deposits	Level 2	337,447		—		—		337,447		337,447		75,857		261,590
AFS securities (1)
U.S. Treasury bills	Level 1	487		—		(4)		483		483		—		483
Government and governmental agencies	Level 2	8,264		—		(48)		8,216		8,216		503		7,713
Corporate debt securities	Level 2	137,850		8		(852)		137,006		137,006				137,006
		$	146,601	$	8	$	(904)	$	145,705	$	145,705	$	503	$	145,202
HTM securities (2)
U.S. Treasury bills	Level 1	$	147,936	$	—	$	(279)	$	147,657	$	147,936	$	—	$	147,936
Government and governmental agencies	Level 2	$	34,582	$	—	$	(14)	$	34,568	$	34,582	$	—	$	34,582
Corporate debt securities	Level 2	152,137		—		(464)		151,673		152,137		14,932		137,205
		$	334,655	$	—	$	(757)	$	333,898	$	334,655	$	14,932	$	319,723
Total		$	971,216	$	8	$	(1,661)	$	969,563	$	970,320	$	243,805	$	726,515

	December 31, 2021
	Fair value level	Adjusted cost basis		Unrealized gains		Unrealized losses		Fair market value		Recorded basis		Cash and cash equivalents		Short-term investments
Cash		$	3,139	$	—	$	—	$	3,139	$	3,139	$	3,139	$	—
Money market funds	Level 1	64,668		—		—		64,668		64,668		64,668		—
Certificate of deposits, notes and term deposits	Level 2	565,089		—		—		565,089		565,089		140,995		424,094
HTM securities (2)
U.S. Treasury bills	Level 1	199,981		8		—		199,989		199,981		—		199,981
Corporate debt securities	Level 2	104,823		—		—		104,823		104,823		—		104,823
		$	304,804	$	8	$	—	$	304,812	$	304,804	$	—	$	304,804
Total		$	937,700	$	8	$	—	$	937,708	$	937,700	$	208,802	$	728,898

(1) Changes in fair value of AFS securities are recorded in other comprehensive income. If unrealized loss is identified as credit loss, this loss will be recorded as finance expenses.

(2) Changes in fair value of HTM securities are presented for disclosure purposes as required by ASC 320 and are recorded as finance expenses only if the unrealized loss is identified as a credit loss.

As of September 30, 2022 and December 31, 2021, all investments and equivalents mature in one year or less.

Unrealized losses from debt securities are primarily attributable to changes in interest rates. The Company does not believe any remaining unrealized losses represent impairments based on the evaluation of available evidence.

Debt securities with continuous unrealized losses for less than 12 months and their related fair values were as follows:

	September 30, 2022
	Less than 12 months
	Fair value		Unrealized loss
U.S. Treasury bills	$	483	$	(4)
Government and governmental agencies	6,703		(48)
Corporate debt securities	132,242		(852)
Total	$	139,428	$	(904)

As of September 30, 2022, no continuous unrealized losses for 12 months or greater was identified.