CASH, CASH EQUIVALENTS AND MARKETABLE SECURITIES

3 Months Ended

Mar. 31, 2022

Cash and Cash Equivalents [Abstract]

CASH, CASH EQUIVALENTS AND MARKETABLE SECURITIES

. CASH, CASH EQUIVALENTS AND MARKETABLE SECURITIES

The following table summarizes the Company’s financial assets with maturities of less than 90 days from the date of purchase included in cash equivalents in the unaudited condensed consolidated balance sheets for each of the periods indicated:

	As of March 31, 2022		As of December 31, 2021
	(in thousands)
Money market funds	$	606,498	$	1,562,358
Commercial paper		17,772		—
Government and government agency bonds		132,059		—
Corporate bonds		29,857		—
Total	$	786,186	$	1,562,358

It is the Company’s policy to mitigate credit risk in its financial assets by maintaining a well-diversified portfolio that limits the amount of exposure as to maturity and investment type. The weighted average maturity of the Company's available-for-sale securities as of March 31, 2022 was approximately four months. The Company did not hold any available-for-sale securities as of December 31, 2021.

The following tables summarize the Company’s cash, cash equivalents and short-term investments as of the periods indicated:

	As of March 31, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(in thousands)
Cash and money market funds	$	1,054,189	$	—	$	—		$	1,054,189
Commercial paper		145,335		—		—			145,335
Government and government agency bonds		602,480		13		(205	)		602,288
Corporate bonds		187,326		21		(115	)		187,232
Certificates of deposit		24,381		—		—			24,381
Total cash, cash equivalents and investments	$	2,013,711	$	34	$	(320	)	$	2,013,425
As reported:
Cash and cash equivalents	$	1,233,891	$	2	$	(16	)	$	1,233,877
Short-term investments		779,820		32		(304	)		779,548
Total cash, cash equivalents and investments	$	2,013,711	$	34	$	(320	)	$	2,013,425

	As of December 31, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(in thousands)
Cash and money market funds	$	2,115,869	$	—	$	—	$	2,115,869
Total cash and cash equivalents	$	2,115,869	$	—	$	—	$	2,115,869
As reported:
Cash and cash equivalents	$	2,115,869	$	—	$	—	$	2,115,869
Total cash and cash equivalents	$	2,115,869	$	—	$	—	$	2,115,869