Annual report pursuant to Section 13 and 15(d)

CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS

v3.8.0.1
CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS
 12 Months Ended
Dec. 31, 2017
CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS  
CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS

5. CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS

Cash, cash equivalents and short-term investments consist of the following (in thousands):

 

 

 

 

 

 

 

 

 

 

 

December 31,

 

 

 

2017

    

2016

 

Cash

 

$

582

 

$

240

 

Money market funds

 

 

2,795

 

 

9,496

 

U.S. treasury bills

 

 

6,726

 

 

4,300

 

Government-sponsored enterprise securities

 

 

7,826

 

 

16,459

 

Corporate bonds and commercial paper

 

 

97,822

 

 

44,271

 

 

 

$

115,751

 

$

74,766

 

Reported as:

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

38,290

 

$

17,632

 

Short-term investments

 

 

77,461

 

 

57,134

 

 

 

$

115,751

 

$

74,766

 

 

Cash equivalents and short-term investments included the following securities with gross unrealized gains and losses (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

 

 

    

Gross

    

Gross

    

 

 

 

 

 

Amortized

 

Unrealized

 

Unrealized

 

 

 

 

December 31, 2017

 

Cost

 

Gains

 

Losses

 

Fair Value

 

U.S. treasury bills

 

$

6,733

 

$

 —

 

$

(7)

 

$

6,726

 

Government-sponsored enterprise securities

 

 

7,835

 

 

 —

 

 

(9)

 

 

7,826

 

Corporate bonds and commercial paper

 

 

97,888

 

 

 1

 

 

(67)

 

 

97,822

 

Total

 

$

112,456

 

$

 1

 

$

(83)

 

$

112,374

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

 

 

    

Gross

    

Gross

    

 

 

 

 

 

Amortized

 

Unrealized

 

Unrealized

 

 

 

 

December 31, 2016

 

Cost

 

Gains

 

Losses

 

Fair Value

 

U.S. treasury bills

 

$

4,300

 

$

 —

 

$

 —

 

$

4,300

 

Government-sponsored enterprise securities

 

 

16,457

 

 

 3

 

 

(1)

 

 

16,459

 

Corporate bonds and commercial paper

 

 

44,291

 

 

 2

 

 

(22)

 

 

44,271

 

Total

 

$

65,048

 

$

 5

 

$

(23)

 

$

65,030

 

 

 

As of December 31, 2017, our cash equivalents and short-term investments, which have contractual maturities within one year, had a weighted‑average time to maturity of approximately 110 days. We view our short-term investments portfolio as available for use in current operations.  We have the ability to hold all investments as of December 31, 2017 through their respective maturity dates. At December 31, 2017, we had no investments that had been in a continuous unrealized loss position for more than 12 months. As of December 31, 2017, a total of 38 individual securities had been in an unrealized loss position for 12 months or less and the losses were deemed to be temporary. The gross unrealized losses above were caused by interest rate increases. No significant facts or circumstances have arisen to indicate that there has been any deterioration in the creditworthiness of the issuers of the securities held by us. Based on our review of these securities, including the assessment of the duration and severity of the unrealized losses and our ability and intent to hold the investments until maturity, there were no other-than-temporary impairments for these securities at December 31, 2017.

 

The following table shows the fair value and gross unrealized losses of our investments in individual securities that are in an unrealized loss position, aggregated by investment category (in thousands):

 

 

 

 

 

 

 

 

 

December 31, 2017

    

Fair Value

    

Unrealized Losses

 

U. S. treasury bills

 

$

6,726

 

$

(7)

 

Government-sponsored enterprise securities

 

 

7,826

 

 

(9)

 

Corporate bonds and commercial paper

 

 

46,191

 

 

(67)

 

Total

 

$

60,743

 

$

(83)