Annual report pursuant to Section 13 and 15(d)

Cash, Cash Equivalents and Investments

v3.19.1
Cash, Cash Equivalents and Investments
 12 Months Ended
Dec. 31, 2018
Cash and Cash Equivalents [Abstract]  
Cash, Cash Equivalents and Investments
Cash, Cash Equivalents and Investments
As of December 31, 2018 and 2017, cash, cash equivalents and investment comprised funds in depository, money market accounts, US treasury securities, asset backed securities, and corporate bonds. The following table presents the cash equivalents and investments carried at fair value in accordance with the hierarchy defined in Note 2 at December 31, 2018 and 2017 (in thousands):
 
Total
Quoted prices in active markets (Level 1)
Significant other observable inputs (Level 2)
Significant unobservable inputs
(Level 3)
December 31, 2018
 
 
 
 
Money market funds, included in cash equivalents
$
7,791

$
7,791

$
—

$
—

Corporate bonds, included in cash equivalents
10,910

—

10,910

—

Investments - US treasuries
7,518

7,518

—

—

Investments - Asset-backed securities
5,758

—

5,758

—

Investments - Corporate bonds
39,964

—

39,964

—

Total
$
71,941

$
15,309

$
56,632

$
—

 
Total
Quoted prices in active markets (Level 1)
Significant other observable inputs (Level 2)
Significant unobservable inputs
(Level 3)
December 31, 2017
 
 
 
 
Money market funds, included in cash equivalents
$
4,583

$
4,583

$
—

$
—

Corporate bonds, included in cash equivalents
13,595

—

13,595

—

Investments - US treasuries
4,172

4,172

—

—

Investments - Asset-backed securities
6,384

—

6,384

—

Investments - Corporate bonds
34,117

—

34,117

—

Total
$
62,851

$
8,755

$
54,096

$
—


Cash equivalents and marketable securities have been initially valued at the transaction price and subsequently valued, at the end of each reporting period, utilizing third party pricing services or other market observable data. The pricing services utilize industry standard valuation models, including both income and market-based approaches and observable market inputs to determine value. The Company validates the prices provided by its third-party pricing services by reviewing their pricing methods and obtaining market values from other pricing sources, as needed. After completing its validation procedures, the Company did not adjust any fair value measurements provided by the pricing services as of December 31, 2018.
Investments at December 31, 2018 consist of the following (in thousands):
 
Contractual maturity
(in days)
Amortized Cost
Unrealized gains
Unrealized losses
Fair Value
Investments
 
 
 
 
 
US treasuries
150-164
$
7,541

$
—

$
(23
)
$
7,518

Asset-backed securities
196-259
5,766

1

(9
)
5,758

Corporate bonds
73-252
40,072

3

(111
)
39,964

Total
 
$
53,379

$
4

$
(143
)
$
53,240

Investments at December 31, 2017 consist of the following (in thousands):
 
Contractual maturity
(in days)
Amortized Cost
Unrealized gains
Unrealized losses
Fair Value
Investments
 
 
 
 
 
US treasuries
212-340
$
4,287

$
—

$
(115
)
$
4,172

Asset-backed securities
197-365
2,709

—

(14
)
2,695

Asset-backed securities
greater than 365
3,798

—

(110
)
3,688

Corporate bonds
91-365
28,356

—

(473
)
27,882

Corporate bonds
greater than 365
6,344

1

(108
)
6,236

Total
 
$
45,494

$
1

$
(820
)
$
44,673



There were $1.0 million of realized gains for the year ended December 31, 2018. No realized gains or losses were recorded for the year ended December 31, 2017.