Cash, Cash Equivalents, Marketable Securities and Restricted Cash

9 Months Ended

Sep. 30, 2023

Cash, Cash Equivalents, Marketable Securities and Restricted Cash

Fair Value Measurements


	September 30, 2023				December 31, 2022
	Cash and Cash Equivalent		Marketable Securities		Cash and Cash Equivalent		Marketable Securities
	(in thousands)
Cash	194,857		$	—	282,293		$	—
Level 2
Term deposits and notes	—		36,982		65,907		25,098
Total	$	194,857	$	36,982	$	348,200	$	25,098

Interest-bearing bank deposits are considered level 2 financial instruments as they are measured using valuation techniques based on observable market data.

The fair value of term deposits approximates their carrying amount given the nature of the investments, its maturities and expected future cash flows.

Marketable Securities

The following table presents for each reporting period, the breakdown of the fair value of marketable securities:


	September 30, 2023		December 31, 2022

	(in thousands)


Securities Held-to-maturity
Term Deposits	$	36,982	$	25,098
Total	$	36,982	$	25,098

The gross unrealized gains on our marketable securities were not material as of September 30, 2023.

Term deposits are considered a level 2 financial instrument as they are measured using valuation techniques based on observable market data.

The following table classifies our marketable securities by contractual maturities:


	Held-to-maturity		Available-for-sale
	September 30, 2023

	(in thousands)
Due in one year	$	21,091	$	—
Due in one to five years	$	15,891	$	—
Total	$	36,982	$	—

Restricted Cash

As part of the Iponweb Acquisition in August 2022, we had deposited $100.0 million of cash into an escrow account containing withdrawal conditions. The cash secures the Company's potential payment of Iponweb Acquisition contingent consideration to the Sellers, which is conditioned upon the achievement of certain revenue targets by the Iponweb business for the 2022 and 2023 fiscal years. We have paid the contingent consideration of $22.0 million for the 2022 fiscal year in the quarter ended March 31, 2023.


	September 30, 2023		December 31, 2022

	(in thousands)
Restricted cash – current	$	75,000	$	25,000
Restricted cash – non-current	$	—	$	75,000
Total	$	75,000	$	100,000