Investments

12 Months Ended

Dec. 31, 2022

Investments Debt And Equity Securities [Abstract]

3.	INVESTMENTS

Marketable securities

Marketable securities consisted of the following as of December 31, 2022 (in thousands):

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
U.S. treasury securities	$	86,666	$	7	$	(196	)	$	86,477
Commercial paper		73,234		6		(326	)		72,914
Corporate notes and obligations		65,150	-		-				65,150
Time deposits		60,951		1	-				60,952
Total marketable securities	$	286,001	$	14	$	(522	)	$	285,493

All marketable securities held as of December 31, 2022 had a contractual maturity of less than one year. During the year ended December 31, 2022, there were maturities of marketable securities of $85.6 million. There were no sales or impairments of marketable securities during 2022. The Company held no marketable securities as of December 31, 2021.

Strategic investments

In connection with the acquisition of Levelset in November 2021, further discussed in Note 7, the Company acquired a convertible promissory note (“Convertible Note”) in a privately held company. At the acquisition date, the fair value of the Convertible Note was $3.0 million. The Convertible Note is classified as an available-for-sale debt security. Strategic investment activity during the year ended December 31, 2022 is summarized as follows (in thousands):

	Equity Securities			Limited Partnerships			Available-for-Sale Debt Securities			Total
Balance as of December 31, 2021	$	3,882		$	-		$	3,450		$	7,332
Interest accrued		-			-			105			105
Purchases of strategic investments		-			3,609			350			3,959
Conversion of available-for-sale debt securities into equity securities		3,680			-			(3,680	)		-
Unrealized (losses) gains		(139	)		(207	)		130			(216	)
Impairment losses		(137	)		-			-			(137	)
Balance as of December 31, 2022	$	7,286		$	3,402		$	355		$	11,043

Strategic investment activity during the year ended December 31, 2021 is summarized as follows (in thousands):

	Equity Securities		Available-for-Sale Debt Securities		Total
Balance as of December 31, 2020	$	-	$	-	$	-
Purchases of strategic investments		3,850		450		4,300
Convertible note acquired in connection with a business combination		-		3,000		3,000
Unrealized gains		32		-		32
Balance as of December 31, 2021	$	3,882	$	3,450	$	7,332

Strategic investments are recorded in other assets in the accompanying consolidated balance sheets. As of December 31, 2022, in connection with the Company’s investments in limited partnerships, it has a contractual obligation to provide additional investment funding of up to $6.4 million at the option of the investees. No impairment losses were recorded during the year ended December 31, 2021.