Marketable Securities

6 Months Ended

Jun. 30, 2022

Investments, Debt and Equity Securities [Abstract]

Marketable Securities The Company has investments in available-for-sale debt securities which are recorded at fair market value. The change in the fair value of available-for-sale debt investments is recorded as accumulated other comprehensive loss in shareholders’ (deficit) equity, net of income tax effects. As of June 30, 2022, the Company considered any decreases in fair value on its marketable securities to be driven by factors other than credit risk, including market risk.

The following tables show the Company’s available-for-sale securities’ adjusted cost, gross unrealized gains, gross unrealized losses and fair value by significant investment category as of June 30, 2022 and December 31, 2021, respectively:


	June 30, 2022
Marketable Securities:	Adjusted Cost		Unrealized Gains		Unrealized Losses		Fair Value

Mutual and money market funds	$	35,860	$	293	$	(1,059)	$	35,094
Corporate bonds	9,962		1		(560)		9,403
Government securities - U.S.	4,028		1		(263)		3,766
Other fixed-income securities	1,774		—		(44)		1,730
Total	$	51,624	$	295	$	(1,926)	$	49,993


	December 31, 2021
Marketable Securities:	Adjusted Cost		Unrealized Gains		Unrealized Losses		Fair Value

Mutual and money market funds	$	78,331	$	813	$	(1,046)	$	78,098
Corporate bonds	16,478		94		(93)		16,479
Government securities - U.S.	9,530		39		(98)		9,471
Other fixed-income securities	2,473		2		(10)		2,465
Total	$	106,812	$	948	$	(1,247)	$	106,513

The Company determines realized gains or losses on the sale of marketable securities on a specific identification method. The Company reflects these gains and losses as a component of investment and other income, net in the accompanying unaudited condensed consolidated statements of loss.

The Company recognized gross realized gains of $4 and $41 for the three months ended June 30, 2022 and 2021, respectively. These realized gains were offset by realized losses of $241 and $39 for the three months ended June 30, 2022 and 2021, respectively. We recognized gross realized gains of $308 and $52 for the six months ended June 30, 2022 and 2021, respectively. These realized gains were offset by realized losses of $1,031 and $107 for the six months ended June 30, 2022 and 2021, respectively.

The following table summarizes the estimated fair value of the Company’s investments in marketable debt securities, accounted for as available-for-sale debt securities and classified by the contractual maturity date of the securities as of June 30, 2022:


	Maturities
Marketable Debt Securities:	Less than 1 Year		1-5 Years		5-10 Years		Greater than 10 Years		Total

Corporate bonds	$	785	$	8,618	$	—	$	—	$	9,403
Government securities - U.S.	—		2,129		665		972		3,766

Other fixed-income securities	—		1,503		227		—		1,730
Total	$	785	$	12,250	$	892	$	972	$	14,899

The Company has classified its investment in available-for-sale marketable debt securities as current assets in the consolidated balance sheets as the securities need to be available for use, if required, to fund current operations. There are no restrictions on the sale of any securities in the Company’s investment portfolio.

The following table shows the gross unrealized losses and fair value of the Company’s available-for-sale debt securities at June 30, 2022. The unrealized losses in the table below are driven by factors other than credit risk. The Company does not intend to sell the investments and it is not more likely than not that it will be required to sell the investments before recovery of their amortized cost bases.


	Less than 12 months				Greater than 12 months				Total
Marketable Debt Securities:	Fair value		Unrealized Losses		Fair value		Unrealized Losses		Fair value		Unrealized Losses
Corporate bonds	$	8,040	$	466	$	1,119	$	94	$	9,159	$	560
Government securities - U.S.	1,900		96		1,785		167		3,685		263
Other fixed-income securities	1,408		26		322		18		1,730		44
Total	$	11,348	$	588	$	3,226	$	279	$	14,574	$	867