Quarterly report pursuant to Section 13 or 15(d)

Cash Equivalents and Short-Term Investments

v3.22.1
Cash Equivalents and Short-Term Investments
3 Months Ended
Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
Cash Equivalents and Short-Term Investments Cash Equivalents and Short-Term Investments
The amortized cost, unrealized loss and estimated fair value of the Company’s cash equivalents and short-term investments as of March 31, 2022 and December 31, 2021 were as follows (in thousands):
March 31, 2022
Amortized Cost Unrealized Gain Unrealized Loss Estimated Fair Value
Cash Equivalents:
Money market funds $ 58,121  $ —  $ —  $ 58,121 
Total cash equivalents 58,121  —  —  58,121 
Short-term investments
Commercial paper 76,286  —  —  76,286 
Asset-backed securities 46,722  —  (520) 46,202 
Corporate debt securities 90,509  —  (1,006) 89,503 
U.S. Treasury bonds 61,545  —  (751) 60,794 
Short-term investments 275,062  —  (2,277) 272,785 
Total $ 333,183  $ —  $ (2,277) $ 330,906 


December 31, 2021
Amortized Cost Unrealized Gain Unrealized Loss Estimated Fair Value
Cash Equivalents:
Money market funds $ 98,333  $ —  $ —  $ 98,333 
Total cash equivalents 98,333  —  —  98,333 
Short-term investments
Commercial paper 78,448  —  —  78,448 
Asset-backed securities 51,745  —  (158) 51,587 
Corporate debt securities 85,365  —  (281) 85,084 
U.S. treasury bonds 26,444  —  (152) 26,292 
Short-term investments 242,002  —  (591) 241,411 
Total $ 340,335  $ —  $ (591) $ 339,744 

All short-term investments were designated as available-for-sale securities as of March 31, 2022 and December 31, 2021.

The following table presents the contractual maturities of the Company’s short-term investments as of March 31, 2022 and December 31, 2021 (in thousands):
March 31, 2022
Amortized Cost Estimated Fair Value
Due within one year
$ 186,545  $ 185,811 
Due between one to five years
88,517  86,974 
Total $ 275,062  $ 272,785 
December 31, 2021
Amortized Cost Estimated Fair Value
Due within one year $ 142,950  $ 142,868 
Due between one to five years 99,052  98,543 
Total $ 242,002  $ 241,411 

As of March 31, 2022, the Company did not have any unsettled purchases or unsettled maturities of short-term investments.

The Company had short-term investments with a market value of $194.3 million in unrealized loss positions as of March 31, 2022. The Company has not incurred unrealized losses for greater than 12 months on its short-term investments. Gross unrealized losses from available-for-sale securities were $2.3 million as of March 31, 2022 and no realized gains or losses from available-for-sale securities that were reclassified out of accumulated other comprehensive income for the three months ended March 31, 2022.

For available-for-sale debt securities that have unrealized losses, the Company evaluates whether (i) the Company has the intention to sell any of these investments, (ii) it is not more likely than not that the Company will be required to sell any of these available-for-sale debt securities before recovery of the entire amortized cost basis and (iii) the decline in the fair value of the investment is due to credit or non- credit related factors. The credit ratings associated with the corporate notes and obligations are mostly unchanged, are highly rated and the issuers continue to make timely principal and interest payments. Based on this evaluation, the Company determined that for short-term investments, there were no material credit or non-credit related impairments as of March 31, 2022.