Cash, Cash Equivalents and Short-Term Investments

3 Months Ended

Mar. 31, 2022

Cash and Cash Equivalents [Abstract]

Cash, Cash Equivalents and Short-Term Investments

The amortized cost, unrealized gains and losses and estimated fair value of the Company's cash, cash equivalents and short-term investments as of March 31, 2022 and December 31, 2021 consisted of the following:


	As of March 31, 2022
	Amortized Cost		Unrealized Gain		Unrealized Loss		Estimated Fair Value
Cash	$	85.8	$	—	$	—	$	85.8
Cash equivalents
Money market funds	349.7		—		—		$	349.7
Commercial paper	10.0		—		—		$	10.0
Total cash & cash equivalents	$	445.5	$	—	$	—	$	445.5
Short-term investments
Corporate notes and obligations	531.7		—		(15.6)		516.1
U.S. Treasury securities	264.6		—		(9.2)		255.4
Asset backed securities	138.7		—		(4.4)		134.3
Municipal securities	68.7		—		(2.8)		65.9
Commercial paper	24.4		—		—		24.4
Certificates of deposit	19.0		—		—		19.0
U.S. agency obligations	14.5		—		(0.5)		14.0
Foreign government obligations	13.5		—		(0.3)		13.2
Supranational securities	8.0		—		(0.2)		7.8
Total short-term investments	1,083.1		—		(33.0)		1,050.1
Total	$	1,528.6	—		$	(33.0)	$	1,495.6


	As of December 31, 2021
	Amortized Cost		Unrealized Gain		Unrealized Loss		Estimated Fair Value
Cash	$	142.7	$	—	$	—	$	142.7
Cash equivalents
Money market funds	390.3		—		—		390.3
Total cash & cash equivalents	$	533.0	$	—	$	—	$	533.0
Short-term investments
Corporate notes and obligations	607.4		0.4		(4.0)		603.8
U.S. Treasury securities	240.4		—		(2.9)		237.5
Asset backed securities	140.7		0.1		(1.2)		139.6
Municipal securities	70.5		—		(0.7)		69.8
Commercial paper	61.7		—		—		61.7
Certificates of deposit	32.1		—		—		32.1
Foreign government obligations	18.4		—		(0.1)		18.3
U.S. agency obligations	14.6		—		(0.2)		14.4
Supranational securities	8.0		—		(0.1)		7.9
Total short-term investments	1,193.8		0.5		(9.2)		1,185.1
Total	$	1,726.8	0.5		$	(9.2)	$	1,718.1

Included in cash and cash equivalents is cash in transit from payment processors for credit and debit card transactions of $8.6 million and $8.3 million as of March 31, 2022 and December 31, 2021, respectively.

All short-term investments were designated as available-for-sale securities as of March 31, 2022 and December 31, 2021.

The following table presents the contractual maturities of the Company’s short-term investments as of March 31, 2022:


	As of March 31, 2022
	Amortized cost		Estimated fair value
Due within one year	$	304.2	$	303.0
Due between one to three years	466.6		453.0
Due after three years	312.3		294.1
Total	$	1,083.1	$	1,050.1

The Company had 706 short-term investments in unrealized loss positions as of March 31, 2022. There were no material unrealized losses from short-term investments and no material realized gains or losses from short-term investments that were reclassified out of accumulated other comprehensive loss for the three months ended March 31, 2022 and 2021.

As of March 31, 2022, the Company’s short-term investments portfolio consisted of nine security types, seven of which were in an unrealized loss position. The Company’s short-term investments had unrealized losses of approximately $33.0 million as of March 31, 2022. The following tables present the breakdown of the short-term investments that have been in a continuous unrealized loss position aggregated by investment category, as of March 31, 2022 and December 31, 2021:


	As of March 31, 2022
	Less than 12 months				More than 12 months				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Corporate notes and obligations	$	444.2	$	(13.5)	$	28.9	$	(2.1)	$	473.1	$	(15.6)
U.S. Treasury securities	173.7		(5.3)		62.1		(3.9)		235.8		(9.2)
Asset backed securities	117.9		(4.1)		9.5		(0.3)		127.4		(4.4)
Municipal securities	56.3		(2.3)		9.5		(0.5)		65.8		(2.8)
U.S. agency obligations	10.5		(0.3)		3.5		(0.2)		14.0		(0.5)
Foreign government obligations	11.3		(0.2)		1.9		(0.1)		13.2		(0.3)
Supranational securities	6.1		(0.1)		1.6		(0.1)		7.7		(0.2)
Total	$	820.0	$	(25.8)	$	117.0	$	(7.2)	$	937.0	$	(33.0)


	As of December 31, 2021
	Less than 12 months				More than 12 months				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Corporate notes and obligations	$	498.6	$	(4.1)	$	—	$	—	$	498.6	$	(4.1)
U.S. Treasury securities	218.0		(2.9)		—		—		218.0		(2.9)
Asset backed securities	120.7		(1.2)		—		—		120.7		(1.2)
Municipal securities	66.0		(0.7)		—		—		66.0		(0.7)
U.S. agency obligations	14.4		(0.2)		—		—		14.4		(0.2)
Foreign government obligations	15.4		—		—		—		15.4		—
Supranational securities	7.9		(0.1)		—		—		7.9		(0.1)
Total	$	941.0	$	(9.2)	$	—	$	—	$	941.0	$	(9.2)

Unrealized losses on short-term investments have not been recorded into income because management does not intend to sell nor will be required to sell these securities prior to their anticipated recovery, and for which the decline in fair value is largely due to changes in interest rates. The credit ratings associated with the corporate notes and obligations are mostly unchanged, are highly rated and the issuers continue to make timely principal and interest payments.

The Company recorded interest income from its cash, cash equivalents, and short-term investments of $1.8 million and $1.9 million during the three months ended March 31, 2022 and 2021, respectively.