CASH, CASH EQUIVALENTS AND MARKETABLE SECURITIES

6 Months Ended

Jun. 30, 2022

Cash and Cash Equivalents [Abstract]

CASH, CASH EQUIVALENTS AND MARKETABLE SECURITIES

5. 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 June 30, 2022		As of December 31, 2021
	(in thousands)
Money market funds	$	464,060	$	1,562,358
Government and government agency bonds		42,937		—
Total	$	506,997	$	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 June 30, 2022 was approximately four months. The Company did not hold any short-term investments classified as 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 June 30, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(in thousands)
Cash and money market funds	$	825,628	$	—	$	—		$	825,628
Commercial paper		226,674		—		—			226,674
Government and government agency bonds		641,219		5		(1,560	)		639,664
Corporate bonds		200,013		2		(912	)		199,103
Certificates of deposit		36,950		—		—			36,950
Total cash, cash equivalents and investments	$	1,930,484	$	7	$	(2,472	)	$	1,928,019
As reported:
Cash and cash equivalents	$	868,574	$	—	$	(9	)	$	868,565
Short-term investments		1,061,910		7		(2,463	)		1,059,454
Total cash, cash equivalents and investments	$	1,930,484	$	7	$	(2,472	)	$	1,928,019

	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