CASH, CASH EQUIVALENTS AND INVESTMENTS

12 Months Ended

Dec. 31, 2022

Investments, Debt and Equity Securities [Abstract]

The following table presents the Company’s cash, cash equivalents and short-term investments:


	December 31, 2022								December 31, 2021
(in thousands)	Amortized Cost Basis		Unrealized Gains		Unrealized Losses		Estimated Fair Value		Amortized Cost Basis		Unrealized Gains		Unrealized Losses		Estimated Fair Value
Cash:
Demand deposits	$	7,373	$	—	$	—	$	7,373	$	26,536	$	—	$	—	$	26,536
Cash equivalents:
Money market funds	64,855		—		—		64,855		1,152,761		—		—		1,152,761
U.S. agency securities	63,605		1		(2)		63,604		—		—		—		—
U.S. Treasury securities	795		—		—		795		—		—		—		—
Total cash equivalents	129,255		1		(2)		129,254		1,152,761		—		—		1,152,761
Total cash and equivalents	136,628		1		(2)		136,627		1,179,297		—		—		1,179,297
Short-term investments:
U.S. agency securities	979,878		361		(17)		980,222		—		—		—		—
U.S. Treasury securities	65,586		1		(91)		65,496		—		—		—		—
Total short-term investments	1,045,464		362		(108)		1,045,718		—		—		—		—
Total cash, cash equivalents and short-term investments	$	1,182,092	$	363	$	(110)	$	1,182,345	$	1,179,297	$	—	$	—	$	1,179,297

The Company does not intend to sell, nor is it more likely than not that the Company will be required to sell, any investments in unrealized loss positions before recovery of their amortized cost basis. The Company did not recognize any credit losses related to its available-for-sale investments during the year ended December 31, 2022. The unrealized losses on the

Company’s available-for-sale investments were primarily due to unfavorable changes in interest rates subsequent to initial purchase. None of the available-for-sale investments held as of December 31, 2022, were in a continuous unrealized loss position for greater than 12 months and the unrealized losses and the related risk of expected credit losses were not material.

The Company recognized $0.3 million of gross realized gains and $0.6 million of gross realized losses during the year ended December 31, 2022. Additionally, the Company recognized $19.8 million of interest and investment income on its available-for-sale securities and other money market funds for the year ended December 31, 2022. These amounts are included in “Other income, net” within the Company’s Consolidated Statements of Operations.

As of December 31, 2022, the fair values of available-for-sale investments, by remaining contractual maturity, were as follows:


(in thousands)
Due within one year	$	1,052,364
Due after one year through two years	57,753
Total	$	1,110,117