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Investment Securities and Fair Value Measurements | 6 Months Ended
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Jun. 30, 2021
Fair Value Disclosures [Abstract] |
Investment Securities and Fair Value Measurements | Investment Securities and Fair Value Measurements Investment Securities Investment securities classified as available-for-sale consisted of the following as of June 30, 2021 and December 31, 2020 (in thousands):
| June 30, 2021
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
Corporate bonds | $ | 49,442 |  |  | $ | 4 |  |  | $ | (7) |  |  | $ | 49,439 |
Agency securities | 11,842 |  |  | 13 |  |  | (7) |  |  | 11,848 |
Treasury securities | 53,225 |  |  | 18 |  |  | (11) |  |  | 53,232 |
Total available-for-sale investment securities | $ | 114,509 |  |  | $ | 35 |  |  | $ | (25) |  |  | $ | 114,519 |
| December 31, 2020
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
Agency securities | $ | 17,104 |  |  | $ | 29 |  |  | $ | (1) |  |  | $ | 17,132 |
Treasury securities | 17,847 |  |  | 47 |  |  | — |  |  | 17,894 |
Total available-for-sale investment securities | $ | 34,951 |  |  | $ | 76 |  |  | $ | (1) |  |  | $ | 35,026 |
For available-for-sale debt securities in an unrealized loss position, we first assess whether we intend to sell, or whether it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis. If either of these criteria is met, the security’s amortized cost basis is written down to fair value through income. For securities in an unrealized loss position that do not meet these criteria, we evaluate whether the decline in fair value has resulted from credit loss or other factors. If this assessment indicates a credit loss exists, the credit-related portion of the loss is recorded as an allowance for losses on the security. No allowance for credit losses for available-for-sale investment securities was recorded as of June 30, 2021 or December 31, 2020. As of June 30, 2021 and December 31, 2020, the contractual maturities of our investments did not exceed 36 months. The fair values of available-for-sale investment securities, by remaining contractual maturity, are as follows (in thousands):
| June 30, 2021 |  | December 31, 2020
| Amortized Cost |  | Estimated Fair Value |  | Amortized Cost |  | Estimated Fair Value
Due in one year or less | $ | 102,950 |  |  | $ | 102,978 |  |  | $ | 28,197 |  |  | $ | 28,256 |
Due after one year through three years | 11,559 |  |  | 11,541 |  |  | 6,754 |  |  | 6,770 |
Total available-for-sale investment securities | $ | 114,509 |  |  | $ | 114,519 |  |  | $ | 34,951 |  |  | $ | 35,026 |
During the six months ended June 30, 2021 and 2020, we had sales and maturities (which include calls) of investment securities, as follows (in thousands):
| Six Months Ended June 30, 2021
| Gross Realized Gains |  | Gross Realized Losses |  | Gross Proceeds from Sales |  | Gross Proceeds from Maturities
Agency securities | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 5,250 |
Treasury securities | 6 |  |  | — |  |  | 42,198 |  |  | 21,500 |
Total | $ | 6 |  |  | $ | — |  |  | $ | 42,198 |  |  | $ | 26,750 |
| Six Months Ended June 30, 2020
| Gross Realized Gains |  | Gross Realized Losses |  | Gross Proceeds from Sales |  | Gross Proceeds from Maturities
Corporate bonds | $ | 5 |  |  | $ | — |  |  | $ | 4,006 |  |  | $ | 4,000 |
Agency securities | 24 |  |  | — |  |  | 7,878 |  |  | 1,250 |
Treasury securities | 4 |  |  | — |  |  | 2,058 |  |  | 2,500 |
Total | $ | 33 |  |  | $ | — |  |  | $ | 13,942 |  |  | $ | 7,750 |
Interest income, net of the amortization and accretion of the premium and discount, was $0.1 million for the three months ended June 30, 2021 and 2020, and $0.1 million for the six months ended June 30, 2021 and $0.2 million for the six months ended June 30, 2020. Fair Value Measurements Recurring Fair Value Measurements Financial assets and financial liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The following tables summarize our financial assets measured at fair value on a recurring basis as of June 30, 2021 and December 31, 2020 by level within the fair value hierarchy (in thousands):
| June 30, 2021
| Level 1 |  | Level 2 |  | Level 3 |  | Total Fair Value
Cash equivalents: |  |  |  |  |  |  |
Money market funds | $ | 5,030 |  |  | $ | — |  |  | $ | — |  |  | $ | 5,030 |
Treasury securities | 9,500 |  |  | — |  |  | — |  |  | 9,500 |
Commercial paper | — |  |  | 3,000 |  |  | — |  |  | 3,000 |
Available-for-sale investment securities: |  |  |  |  |  |  |
Corporate bonds | — |  |  | 49,439 |  |  | — |  |  | 49,439 |
Agency securities | — |  |  | 11,848 |  |  | — |  |  | 11,848 |
Treasury securities | 53,232 |  |  | — |  |  | — |  |  | 53,232 |
Total | $ | 67,762 |  |  | $ | 64,287 |  |  | $ | — |  |  | $ | 132,049 |
| December 31, 2020
| Level 1 |  | Level 2 |  | Level 3 |  | Total Fair Value
Cash equivalents: |  |  |  |  |  |  |
Money market funds | $ | 4,749 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,749 |
Treasury securities | 97,433 |  |  | — |  |  | — |  |  | 97,433 |
Available-for-sale investment securities: |  |  |  |  |  |  |
Agency securities | — |  |  | 17,132 |  |  | — |  |  | 17,132 |
Treasury securities | 17,894 |  |  | — |  |  | — |  |  | 17,894 |
Total | $ | 120,076 |  |  | $ | 17,132 |  |  | $ | — |  |  | $ | 137,208 |
The carrying amounts of restricted cash, accounts receivable, accounts payable and accrued liabilities approximate fair value because of the short maturity of these items. There were no changes to our valuation techniques used to measure financial asset and financial liability fair values on a recurring basis during the six months ended June 30, 2021. The valuation techniques for the financial assets in the tables above are as follows: Cash Equivalents As of June 30, 2021 and December 31, 2020, cash equivalents include cash invested in money market funds, commercial paper, and treasury securities with a maturity of three months or less. Fair value is based on market prices for identical assets. Available-for-Sale Investment Securities Fair value for our Level 1 investment securities is based on market prices for identical assets. Our Level 2 securities were priced by a pricing vendor. The pricing vendor utilizes the most recent observable market information in pricing these securities or, if specific prices are not available for these securities, other observable inputs like market transactions involving comparable securities are used. Non-Recurring Fair Value Measurements Certain assets, including goodwill, intangible assets and our note receivable with SecureDocs, Inc., are also subject to measurement at fair value on a non-recurring basis using Level 3 measurement, but only when they are deemed to be impaired. For the six months ended June 30, 2021 and 2020, no impairments were identified on those assets required to be measured at fair value on a non-recurring basis.

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