Quarterly report pursuant to Section 13 or 15(d)

Financial Instruments (Tables)

v3.20.1
Financial Instruments (Tables)
3 Months Ended
Mar. 31, 2020
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 March 31, 2020:

 

Input Level

 

Cost

 

 

Gain

 

 

Loss

 

 

Fair Value

 

 

 

 

 

(in thousands)

 

Money market funds

 

Level 1

 

$

42,382

 

 

$

 

 

$

 

 

$

42,382

 

U.S. Treasury obligations

 

Level 2

 

 

58,993

 

 

 

318

 

 

 

 

 

 

59,311

 

Government agency obligations

 

Level 2

 

 

6,686

 

 

 

9

 

 

 

(2

)

 

 

6,693

 

Corporate debt obligations

 

Level 2

 

 

85,121

 

 

 

92

 

 

 

(210

)

 

 

85,003

 

Commercial paper

 

Level 2

 

 

14,471

 

 

 

 

 

 

 

 

 

14,471

 

Asset-backed securities

 

Level 2

 

 

5,269

 

 

 

2

 

 

 

(4

)

 

 

5,267

 

Total available-for-sale securities

 

 

 

 

212,922

 

 

 

421

 

 

 

(216

)

 

 

213,127

 

Less: amounts classified as cash equivalents

 

 

 

 

(68,689

)

 

 

(10

)

 

 

 

 

 

(68,699

)

Amounts classified as short-term investments

 

 

 

$

144,233

 

 

$

411

 

 

$

(216

)

 

$

144,428

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

Total

 

 

Total

 

 

Total

 

 

 

 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Estimated

 

As of December 31, 2019:

 

Input Level

 

Cost

 

 

Gain

 

 

Loss

 

 

Fair Value

 

 

 

 

 

(in thousands)

 

Money market funds

 

Level 1

 

$

63,554

 

 

$

 

 

$

 

 

$

63,554

 

U.S. Treasury obligations

 

Level 2

 

 

52,805

 

 

 

46

 

 

 

(1

)

 

 

52,850

 

Government agency obligations

 

Level 2

 

 

6,151

 

 

 

1

 

 

 

(1

)

 

 

6,151

 

Corporate debt obligations

 

Level 2

 

 

100,512

 

 

 

180

 

 

 

(10

)

 

 

100,682

 

Commercial paper

 

Level 2

 

 

26,290

 

 

 

 

 

 

 

 

 

26,290

 

Asset-backed securities

 

Level 2

 

 

7,266

 

 

 

6

 

 

 

 

 

 

 

7,272

 

Certificates of deposit

 

Level 2

 

 

500

 

 

 

 

 

 

 

 

 

500

 

Total available-for-sale securities

 

 

 

 

257,078

 

 

 

233

 

 

 

(12

)

 

 

257,299

 

Less: amounts classified as cash equivalents

 

 

 

 

(72,507

)

 

 

 

 

 

 

 

 

(72,507

)

Amounts classified as short-term investments

 

 

 

$

184,571

 

 

$

233

 

 

$

(12

)

 

$

184,792

 

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 March 31, 2020

 

 

As of December 31, 2019

 

 

Amortized

 

 

Estimated

 

 

Amortized

 

 

Estimated

 

 

Cost

 

 

Fair Value

 

 

Cost

 

 

Fair Value

 

 

(in thousands)

 

 

(in thousands)

 

Maturing within one year

$

174,851

 

 

$

174,853

 

 

$

214,085

 

 

$

214,199

 

Maturing in one to five years

 

38,071

 

 

 

38,274

 

 

 

42,993

 

 

 

43,100

 

Total available-for-sale securities

$

212,922

 

 

$

213,127

 

 

$

257,078

 

 

$

257,299

 

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:

 

 

 

March 31,

 

 

December 31,

 

 

 

2020

 

 

2019

 

 

 

(in thousands)

 

Cash and cash equivalents

 

$

70,203

 

 

$

74,317

 

Restricted cash - short term

 

 

194

 

 

 

194

 

Restricted cash - long term

 

 

1,200

 

 

 

1,200

 

Total cash, cash equivalents and restricted cash

 

$

71,597

 

 

$

75,711