Quarterly report pursuant to Section 13 or 15(d)

Financial Instruments (Tables)

v3.19.3
Financial Instruments (Tables)
9 Months Ended
Sep. 30, 2019
Financial Instruments Disclosure [Abstract]  
Summary of Estimated Fair Value and Related Valuation Input Hierarchy of Available-for-Sale Securities

The following tables summarize the estimated fair value and related valuation input hierarchy of our available-for-sale securities as of each period end:

 

 

 

 

 

Total

 

 

Total

 

 

Total

 

 

Total

 

 

 

 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Estimated

 

As of September 30, 2019:

 

Input Level

 

Cost

 

 

Gain

 

 

Loss

 

 

Fair Value

 

 

 

 

 

(in thousands)

 

Money market funds

 

Level 1

 

$

43,210

 

 

$

 

 

$

 

 

$

43,210

 

U.S. Treasury obligations

 

Level 2

 

 

117,946

 

 

 

38

 

 

 

 

 

 

117,984

 

Government agency obligations

 

Level 2

 

 

4,524

 

 

 

2

 

 

 

(1

)

 

 

4,525

 

Corporate debt obligations

 

Level 2

 

 

70,385

 

 

 

190

 

 

 

(1

)

 

 

70,574

 

Commercial paper

 

Level 2

 

 

36,522

 

 

 

 

 

 

 

 

 

36,522

 

Asset-backed securities

 

Level 2

 

 

7,341

 

 

 

5

 

 

 

 

 

 

7,346

 

Certificate of deposit

 

Level 2

 

 

500

 

 

 

 

 

 

 

 

 

500

 

Total available-for-sale securities

 

 

 

 

280,428

 

 

 

235

 

 

 

(2

)

 

 

280,661

 

Less: amounts classified as cash equivalents

 

 

 

 

(92,167

)

 

 

(3

)

 

 

 

 

 

(92,170

)

Amounts classified as short-term investments

 

 

 

$

188,261

 

 

$

232

 

 

$

(2

)

 

$

188,491

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

Total

 

 

Total

 

 

Total

 

 

 

 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Estimated

 

As of December 31, 2018:

 

Input Level

 

Cost

 

 

Gain

 

 

Loss

 

 

Fair Value

 

 

 

 

 

(in thousands)

 

Money market funds

 

Level 1

 

$

38,708

 

 

$

 

 

$

 

 

$

38,708

 

U.S. Treasury obligations

 

Level 2

 

 

111,164

 

 

 

4

 

 

 

(80

)

 

 

111,088

 

Government agency obligations

 

Level 2

 

 

15,206

 

 

 

1

 

 

 

(32

)

 

 

15,175

 

Corporate debt obligations

 

Level 2

 

 

121,017

 

 

 

15

 

 

 

(217

)

 

 

120,815

 

Commercial paper

 

Level 2

 

 

12,935

 

 

 

 

 

 

 

 

 

12,935

 

Asset-backed securities

 

Level 2

 

 

11,894

 

 

 

 

 

 

(31

)

 

 

11,863

 

Total available-for-sale securities

 

 

 

 

310,924

 

 

 

20

 

 

 

(360

)

 

 

310,584

 

Less: amounts classified as cash equivalents

 

 

 

 

(61,651

)

 

 

 

 

 

 

 

 

(61,651

)

Amounts classified as short-term investments

 

 

 

$

249,273

 

 

$

20

 

 

$

(360

)

 

$

248,933

 

Amortized Cost and Fair Value of Available for Sale Securities by Contractual Maturity

The amortized cost and fair value of our available-for-sale securities by contractual maturity were as follows:

 

 

As of September 30, 2019

 

 

As of December 31, 2018

 

 

Amortized

 

 

Estimated

 

 

Amortized

 

 

Estimated

 

 

Cost

 

 

Fair Value

 

 

Cost

 

 

Fair Value

 

 

(in thousands)

 

 

(in thousands)

 

Maturing within one year

$

246,860

 

 

$

246,976

 

 

$

287,755

 

 

$

287,469

 

Maturing in one to five years

 

33,568

 

 

 

33,685

 

 

 

23,169

 

 

 

23,115

 

Total available-for-sale securities

$

280,428

 

 

$

280,661

 

 

$

310,924

 

 

$

310,584

 

Reconciliation of Cash, Cash Equivalents and Restricted Cash

The following table provides a reconciliation of cash, cash equivalents and restricted cash within the condensed consolidated balance sheets that sum to the total of the same such amounts in the condensed consolidated statement of cash flows:

 

 

 

September 30,

 

 

December 31,

 

 

 

2019

 

 

2018

 

 

 

(in thousands)

 

Cash and cash equivalents

 

$

94,431

 

 

$

60,698

 

Restricted cash - short term

 

 

194

 

 

 

194

 

Restricted cash - long term

 

 

1,200

 

 

 

1,200

 

Total cash, cash equivalents and restricted cash

 

$

95,825

 

 

$

62,092