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Investments (Tables)
 3 Months Ended
Mar. 31, 2024
Schedule Of Investments [Abstract]  
Schedule of Contractual Maturities of Held to Maturity Investments

The contractual maturities of the Company’s held-to-maturity investments are summarized below (in thousands):

 

 

March 31, 2024

 

 

December 31, 2023

 

 

 

Amortized
Cost Basis

 

 

Aggregate
Fair Value

 

 

Amortized
Cost Basis

 

 

Aggregate
Fair Value

 

Due in one year or less(1)

 

$

241,962

 

 

$

241,970

 

 

$

115,263

 

 

$

115,374

 

Due after one year through five years

 

 

3,726

 

 

 

3,771

 

 

 

7,155

 

 

 

7,197

 

Total

 

$

245,688

 

 

$

245,741

 

 

$

122,418

 

 

$

122,571

 

___________________________

(1)
The investments due in one year or less include cash equivalents of $134.5 million as of March 31, 2024 and $58.6 million as of December 31, 2023.
Schedule of Fair Value of Cash Equivalents, Long and Short Term Investments

The fair value of the cash equivalents, long-term and short-term investments are disclosed below (dollars in thousands).

 

 

 

March 31, 2024

 

 

 

Investment Level

 

Amortized Cost
(Carrying Value)

 

 

Gross Unrealized Holding
Gains

 

 

Gross Unrealized
Holding
Losses

 

 

Estimated
Fair Value

 

Money market funds and other

 

Level 1

 

$

95,389

 

 

$

—

 

 

$

—

 

 

$

95,389

 

Commercial bonds and paper

 

Level 2

 

 

51,485

 

 

 

93

 

 

 

(71

)

 

 

51,507

 

U.S. Treasury Securities

 

Level 2

 

 

98,814

 

 

 

56

 

 

 

(25

)

 

 

98,845

 

Total cash equivalents and investments

 

 

 

 

245,688

 

 

 

149

 

 

 

(96

)

 

 

245,741

 

Less: cash equivalents

 

 

 

 

(134,505

)

 

 

—

 

 

 

—

 

 

 

(134,505

)

Total Investments

 

 

 

$

111,183

 

 

$

149

 

 

$

(96

)

 

$

111,236

 

 

 

 

December 31, 2023

 

 

 

Investment Level

 

Amortized Cost
(Carrying Value)

 

 

Gross Unrealized Holding
Gains

 

 

Gross Unrealized
Holding
Losses

 

 

Estimated
Fair Value

 

Money market funds

 

Level 1

 

$

69,611

 

 

$

—

 

 

$

—

 

 

$

69,611

 

Commercial bonds and paper

 

Level 2

 

 

43,251

 

 

 

135

 

 

 

(38

)

 

 

43,348

 

U.S. Treasury Securities

 

Level 2

 

 

9,556

 

 

 

56

 

 

 

—

 

 

 

9,612

 

Total cash equivalents and investments

 

 

 

 

122,418

 

 

 

191

 

 

 

(38

)

 

 

122,571

 

Less: cash equivalents

 

 

 

 

(58,644

)

 

 

—

 

 

 

—

 

 

 

(58,644

)

Total Investments

 

 

 

$

63,774

 

 

$

191

 

 

$

(38

)

 

$

63,927