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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2022
OR
 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number: 001-35092
EXACT SCIENCES CORPORATION
(Exact name of registrant as specified in its charter)
Delaware02-0478229
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification Number)
5505 Endeavor Lane, Madison WI
53719
(Address of principal executive offices)(Zip Code)
(608) 535-8815 (Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par value per shareEXASThe Nasdaq Stock Market LLC
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  No 
Indicate by check mark whether the registrant has submitted electronically, if any, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer 
Non-accelerated filerSmaller reporting company 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No 
As of August 1, 2022, the registrant had 176,959,543 shares of common stock outstanding.



EXACT SCIENCES CORPORATION
INDEX
Page
Number

2

EXACT SCIENCES CORPORATION
Condensed Consolidated Balance Sheets
(Amounts in thousands, except share data - unaudited)
Part I — Financial Information
June 30, 2022December 31, 2021
ASSETS
Current Assets:
Cash and cash equivalents$213,421 $315,471 
Marketable securities514,623 715,005 
Accounts receivable, net186,542 216,645 
Inventory115,172 104,994 
Prepaid expenses and other current assets71,875 74,122 
Total current assets1,101,633 1,426,237 
Long-term Assets:
Property, plant and equipment, net663,653 580,248 
Operating lease right-of-use assets182,494 174,225 
Goodwill2,345,922 2,335,172 
Intangible assets, net2,046,773 2,094,411 
Other long-term assets, net96,680 74,591 
Total assets$6,437,155 $6,684,884 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts payable$84,167 $67,829 
Accrued liabilities308,219 398,556 
Operating lease liabilities, current portion25,813 19,710 
Other current liabilities25,132 30,973 
Total current liabilities443,331 517,068 
Long-term Liabilities:
Convertible notes, net2,183,145 2,180,232 
Long-term debt50,000  
Other long-term liabilities364,107 417,782 
Operating lease liabilities, less current portion187,226 182,166 
Total liabilities3,227,809 3,297,248 
Commitments and contingencies (Note 14)
Stockholders’ Equity:
Preferred stock, $0.01 par value Authorized—5,000,000 shares issued and outstanding—no shares at June 30, 2022 and December 31, 2021
  
Common stock, $0.01 par value Authorized—400,000,000 shares issued and outstanding—176,801,434 and 173,674,067 shares at June 30, 2022 and December 31, 2021
1,769 1,738 
Additional paid-in capital6,204,742 6,028,861 
Accumulated other comprehensive loss(8,645)(1,443)
Accumulated deficit(2,988,520)(2,641,520)
Total stockholders’ equity3,209,346 3,387,636 
Total liabilities and stockholders’ equity$6,437,155 $6,684,884 
The accompanying notes are an integral part of these condensed consolidated financial statements.
3

EXACT SCIENCES CORPORATION
Condensed Consolidated Statements of Operations
(Amounts in thousands, except per share data - unaudited)
Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
Revenue$521,640 $434,819 $1,008,211 $836,896 
Operating expenses
Cost of sales (exclusive of amortization of acquired intangible assets)144,600 113,968 279,305 223,961 
Research and development106,083 106,235 208,331 221,802 
Sales and marketing215,922 194,827 448,103 380,968 
General and administrative181,672 167,629 351,442 435,356 
Amortization of acquired intangible assets26,356 23,824 51,010 47,014 
Intangible asset impairment charge6,591  6,591  
Total operating expenses681,224 606,483 1,344,782 1,309,101 
Loss from operations(159,584)(171,664)(336,571)(472,205)
Other income (expense)
Investment income (expense), net(3,719)3,429 (5,206)34,617 
Interest expense(4,511)(4,652)(8,989)(9,268)
Total other income (expense)(8,230)(1,223)(14,195)25,349 
Net loss before tax(167,814)(172,887)(350,766)(446,856)
Income tax benefit (expense)1,751 (4,025)3,766 238,780 
Net loss$(166,063)$(176,912)$(347,000)$(208,076)
Net loss per share—basic and diluted$(0.94)$(1.03)$(1.98)$(1.22)
Weighted average common shares outstanding—basic and diluted176,364 171,494 175,396 170,469 
The accompanying notes are an integral part of these condensed consolidated financial statements.
4

EXACT SCIENCES CORPORATION
Condensed Consolidated Statements of Comprehensive Loss
(Amounts in thousands - unaudited)
Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
Net loss$(166,063)$(176,912)$(347,000)$(208,076)
Other comprehensive loss, before tax:
Unrealized loss on available-for-sale investments(1,488)(297)(6,455)(629)
Foreign currency translation loss(510) (747) 
Comprehensive loss, before tax(168,061)(177,209)(354,202)(208,705)
Income tax benefit related to items of other comprehensive loss   170 
Comprehensive loss, net of tax$(168,061)$(177,209)$(354,202)$(208,535)
The accompanying notes are an integral part of these condensed consolidated financial statements.
5

EXACT SCIENCES CORPORATION
Condensed Consolidated Statements of Stockholders’ Equity
(Amounts in thousands, except share data - unaudited)
Common StockAdditional Paid-In CapitalAccumulated Other Comprehensive LossAccumulated DeficitTotal Stockholders’ Equity
Number of Shares
$0.01
Par Value
Balance, January 1, 2022173,674,067 $1,738 $6,028,861 $(1,443)$(2,641,520)$3,387,636 
Exercise of common stock options485,537 5 4,277 — — 4,282 
Compensation expense related to issuance of stock options and restricted stock awards1,391,797 14 52,427 — — 52,441 
Other7 — (7)— — (7)
Net loss— — — — (180,937)(180,937)
Other comprehensive loss
— — — (5,204)— (5,204)
Balance, March 31, 2022175,551,408 $1,757 $6,085,558 $(6,647)$(2,822,457)$3,258,211 
Exercise of common stock options84,485 1 742 — — 743 
Issuance of common stock to fund the Company’s 2021 401(k) match391,129 4 29,198 — — 29,202 
Compensation expense related to issuance of stock options and restricted stock awards183,095 2 58,930 — — 58,932 
Issuance of common stock for business combinations265,186 2 14,788 — — 14,790 
Purchase of employee stock purchase plan shares326,131 3 15,526 — — 15,529 
Net loss— — — — (166,063)(166,063)
Other comprehensive loss
— — — (1,998)— (1,998)
Balance, June 30, 2022176,801,434 $1,769 $6,204,742 $(8,645)$(2,988,520)$3,209,346 

6

EXACT SCIENCES CORPORATION
Condensed Consolidated Statements of Stockholders’ Equity
(Amounts in thousands, except share data - unaudited)
Common StockAdditional Paid-In CapitalAccumulated Other Comprehensive Income (Loss)Accumulated DeficitTotal Stockholders’ Equity
Number of Shares
$0.01
Par Value
Balance, January 1, 2021159,423,410 $1,595 $4,279,327 $526 $(2,045,896)$2,235,552 
Settlement of convertible notes, net of tax344 — 26 — — 26 
Exercise of common stock options967,107 10 8,749 — — 8,759 
Issuance of common stock to fund the Company’s 2020 401(k) match162,606 2 22,932 — — 22,934 
Compensation expense related to issuance of stock options and restricted stock awards1,355,435 13 158,239 — — 158,252 
Issuance of common stock for business combinations, net of issuance costs9,384,410 94 1,254,704 — — 1,254,798 
Net loss— — — — (31,164)(31,164)
Other comprehensive loss
— — — (162)— (162)
Balance, March 31, 2021171,293,312 $1,714 $5,723,977 $364 $(2,077,060)$3,648,995 
Settlement of convertible notes, net of tax197 — 14 — — 14 
Exercise of common stock options140,478 1 2,857 — — 2,858 
Compensation expense related to issuance of stock options and restricted stock awards121,575 2 56,283 — — 56,285 
Issuance of common stock for business combinations126,026 1 16,119 — — 16,120 
Purchase of employee stock purchase plan shares173,717 2 12,036 — — 12,038 
Net loss— — — — (176,912)(176,912)
Other comprehensive loss— — — (297)— (297)
Balance, June 30, 2021171,855,305 $1,720 $5,811,286 $67 $(2,253,972)$3,559,101 
The accompanying notes are an integral part of these condensed consolidated financial statements.
7

EXACT SCIENCES CORPORATION
Condensed Consolidated Statements of Cash Flows
(Amounts in thousands - unaudited)
Six Months Ended June 30,
20222021
Cash flows from operating activities:
Net loss$(347,000)$(208,076)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation48,498 42,007 
Loss on disposal of property, plant and equipment166 639 
Unrealized (gain) loss on equity investments4,247 (2,486)
Deferred tax benefit(4,940)(244,509)
Stock-based compensation111,373 133,577 
Post-combination expense for acceleration of unvested equity 80,960 
Realized gain on preferred stock investment (30,500)
Amortization of deferred financing costs, convertible note debt discount and issuance costs, and other liabilities3,420 3,282 
Amortization of premium on short-term investments1,493 1,616 
Amortization of acquired intangible assets51,010 47,014 
Intangible asset impairment charge6,591  
Asset acquisition IPR&D expense 85,337 
Remeasurement of contingent consideration(51,759)9,201 
Non-cash lease expense17,281 11,837 
Changes in assets and liabilities:
Accounts receivable, net30,632 8,995 
Inventory, net(10,178)4,267 
Operating lease liabilities(10,668)(7,095)
Accounts payable and accrued liabilities(79,339)27,138 
Other assets and liabilities(5,497)(94)
Net cash used in operating activities(234,670)(36,890)
Cash flows from investing activities:
Purchases of marketable securities(79,110)(915,289)
Maturities and sales of marketable securities269,310 325,380 
Purchases of property, plant and equipment(96,949)(37,504)
Business combination, net of cash acquired and issuance costs685 (415,549)
Asset acquisition (58,073)
Investments in privately held companies(26,667)(10,000)
Other investing activities(49)(244)
Net cash provided by (used in) investing activities67,220 (1,111,279)
Cash flows from financing activities:
Proceeds from accounts receivable securitization facility50,000  
Proceeds from exercise of common stock options5,025 11,617 
Proceeds in connection with the Company’s employee stock purchase plan15,529 12,038 
Other financing activities(4,407)(3,068)
Net cash provided by financing activities66,147 20,587 
Effects of exchange rate changes on cash and cash equivalents(747) 
Net decrease in cash, cash equivalents and restricted cash(102,050)(1,127,582)
Cash, cash equivalents and restricted cash, beginning of period315,768 1,491,594 
Cash, cash equivalents and restricted cash, end of period$213,718 $364,012 
8

EXACT SCIENCES CORPORATION
Condensed Consolidated Statements of Cash Flows
(Amounts in thousands - unaudited)
Six Months Ended June 30,
20222021
Supplemental disclosure of non-cash investing and financing activities
Property, plant and equipment acquired but not paid$34,604 $15,139 
Business combination contingent consideration liability$4,600 $350,348 
Supplemental disclosure of cash flow information:
Interest paid$5,133 $5,414 
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents$213,421 $363,715 
Restricted cash — included in prepaid expenses and other current assets as of June 30, 2022, and other long-term assets, net as of June 30, 2021297 297 
Total cash, cash equivalents and restricted cash$213,718 $364,012 
The accompanying notes are an integral part of these condensed consolidated financial statements.
9

EXACT SCIENCES CORPORATION
Notes to Condensed Consolidated Financial Statements
(Unaudited)

(1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Business
Exact Sciences Corporation (together with its subsidiaries, “Exact,” or the “Company”) was incorporated in February 1995. Exact is a leading global cancer diagnostics company. It has developed some of the most impactful tests in cancer screening and diagnostics, including Cologuard® and Oncotype DX®. Exact is currently working on the development of additional tests, with the goal of bringing new, innovative cancer tests to patients throughout the world.
Basis of Presentation and Principles of Consolidation
The accompanying condensed consolidated financial statements, which include the accounts of Exact Sciences Corporation and those of its wholly owned subsidiaries and variable interest entities, are unaudited and have been prepared on a basis substantially consistent with the Company’s audited financial statements and notes as of and for the year ended December 31, 2021 included in the Company’s Annual Report on Form 10-K (the “2021 Form 10-K”). All intercompany transactions and balances have been eliminated upon consolidation. These condensed consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and follow the requirements of the Securities and Exchange Commission (“SEC”) for interim reporting. In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments (consisting only of adjustments of a normal and recurring nature) considered necessary for a fair statement of its financial position, operating results and cash flows for the periods presented. The condensed consolidated balance sheet at December 31, 2021 has been derived from audited financial statements, but does not contain all of the footnote disclosures from the 2021 Form 10-K. The results of the Company’s operations for any interim period are not necessarily indicative of the results of the Company’s operations for any other interim period or for a full fiscal year. The statements should be read in conjunction with the audited financial statements and related notes included in the 2021 Form 10-K.
Use of Estimates
The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Critical accounting policies are those that affect the Company’s financial statements materially and involve difficult, subjective or complex judgments by management, and actual results could differ from those estimates. These estimates include revenue recognition, valuation of intangible assets and goodwill, and accounting for income taxes among others. The Company’s critical accounting policies and estimates are explained further in the notes to the condensed consolidated financial statements in this Quarterly Report and the 2021 Form 10-K.
The spread of the coronavirus (“COVID-19”) has affected many segments of the global economy, including the cancer screening and diagnostics industry. The Company assessed certain accounting matters that generally require consideration of forecasted financial information in context with the information reasonably available to the Company and the unknown future impacts of COVID-19 as of June 30, 2022 and through the date of the filing of this Quarterly Report on Form 10-Q. The accounting matters assessed included, but were not limited to, the Company’s allowance for doubtful accounts and credit losses, marketable and non-marketable investments, software, and the carrying value of the goodwill and other long-lived assets. The Company’s future assessment of the magnitude and duration of COVID-19, as well as other factors, could result in additional material impacts to the Company’s consolidated financial statements in future reporting periods.
The pandemic and related precautionary measures began to materially disrupt the Company's operations in March 2020 and may continue to disrupt the business for an unknown period of time. As a result, the pandemic had an impact on the Company’s revenues and operating results.
The ultimate impact of COVID-19 depends on factors beyond the Company’s knowledge or control, including the duration and severity of the outbreak, as well as third-party actions taken to contain its spread and mitigate its public health effects. As a result, the Company is unable to estimate the extent to which COVID-19 will negatively impact its financial results or liquidity.
10

EXACT SCIENCES CORPORATION
Notes to Condensed Consolidated Financial Statements
(Unaudited)
Significant Accounting Policies
During the six months ended June 30, 2022, there were no changes to the Company’s significant accounting policies as described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, except as described in the Collateralized Debt Instruments and Recently Adopted Accounting Pronouncements sections below.
Collateralized Debt Instruments
Debt instruments that are collateralized by security interests in financial assets held by the Company are accounted for as a secured borrowing and therefore: (i) the asset balances pledged as collateral are included within the applicable balance sheet line item and the borrowings are included within long-term debt in the condensed consolidated balance sheet; (ii) interest expense is included within the condensed consolidated statements of operations; and (iii) in the case of collateralized accounts receivable, receipts from customers related to the underlying accounts receivable are reflected as operating cash flows, and (iv) borrowings and repayments under the collateralized loans are reflected as financing cash flows within the condensed consolidated statements of cash flows.
Reclassifications
Certain prior year amounts have been reclassified to conform to the current year presentation in the condensed consolidated financial statements and accompanying notes to the condensed consolidated financial statements.
Recent Accounting Pronouncements
Recently Adopted Accounting Pronouncements
In October 2021, The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2021-08, Business Combinations (Topic 805). This update requires that an entity (acquirer) recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Accounting Standards Codification (“ASC”) 606. This differs from the current requirement to measure contract assets and contract liabilities acquired in a business combination at fair value. The amendments in this update should be applied prospectively, and are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. The Company early adopted the amendments in this update during the first quarter of fiscal year 2022. There was no material impact to the Company’s condensed consolidated financial statements.
Net Loss Per Share
Basic net loss per common share was determined by dividing net loss applicable to common stockholders by the weighted average common shares outstanding during the period. Basic and diluted net loss per share is the same because all outstanding common stock equivalents have been excluded, as they are anti-dilutive as a result of the Company’s losses.
11

EXACT SCIENCES CORPORATION
Notes to Condensed Consolidated Financial Statements
(Unaudited)
The following potentially issuable common shares were not included in the computation of diluted net loss per share because they would have an anti-dilutive effect due to net losses for each period:
June 30,
(In thousands)20222021
Shares issuable in connection with acquisitions (1)45 157 
Shares issuable upon exercise of stock options1,683 2,486 
Shares issuable upon the release of restricted stock awards5,772 4,334 
Shares issuable upon the release of performance share units992 867 
Shares issuable upon conversion of convertible notes20,309 20,309 
28,801 28,153 
______________
(1)During the third quarter of 2021, shares were issued related to holdback amounts on the previously closed acquisition of Viomics, Inc. (“Viomics”) causing the decrease in shares issuable as of June 30, 2022 as compared to June 30, 2021. The remaining issuable shares relate to the previously closed acquisition of Paradigm Diagnostics, Inc. (“Paradigm”) in March 2020.

(2) REVENUE
The Company’s revenue is primarily generated by its laboratory testing services utilizing its Cologuard, Oncotype, and COVID-19 tests. The services are completed upon release of a patient’s test result to the ordering healthcare provider.
Disaggregation of Revenue
The following table presents the Company’s revenues disaggregated by revenue source:
Three Months Ended June 30,Six Months Ended June 30,
(In thousands)2022202120222021
Screening
Medicare Parts B & C$135,252 $111,387 $249,007 $212,946 
Commercial181,186 140,149 342,866 268,023 
Other37,456 12,401 68,543 23,296 
Total Screening353,894 263,937 660,416 504,265 
Precision Oncology
Medicare Parts B & C$52,621 $48,310 $105,186 $93,147 
Commercial45,940 47,144 92,002 93,956 
International28,341 26,848 57,784 52,904 
Other27,093 15,507 51,643 27,209 
Total Precision Oncology153,995 137,809 306,615 267,216 
COVID-19 Testing$13,751 $33,073 $41,180 $65,415 
Total$521,640 $434,819 $1,008,211 $836,896 
Screening revenue primarily includes laboratory service revenue from the Cologuard test while Precision Oncology revenue primarily includes laboratory service revenue from global Oncotype® products.
At each reporting period end, the Company conducts an analysis of the estimates used to calculate the transaction price to determine whether any new information available impacts those estimates made in prior reporting periods. The Company recognized revenue from a change in transaction price of $7.1 million and $11.3 million for the three and six months ended June 30, 2022, respectively. The Company recorded a downward adjustment to revenue from a change in transaction price of $14.7 million and $13.0 million for the three and six months ended June 30, 2021, respectively.
12

EXACT SCIENCES CORPORATION
Notes to Condensed Consolidated Financial Statements
(Unaudited)
The Company had deferred revenue of $1.2 million and $1.0 million as of June 30, 2022 and December 31, 2021, respectively. Deferred revenue is reported in other current liabilities in the Company’s condensed consolidated balance sheets.
Revenue recognized for the three months ended June 30, 2022 and 2021, which was included in the deferred revenue balance at the beginning of each period, was $0.1 million and $10.4 million, respectively. Of the $10.4 million of revenue recognized for the three months ended June 30, 2021, $10.3 million related to COVID-19 testing. Revenue recognized for the six months ended June 30, 2022 and 2021, which was included in the deferred revenue balance at the beginning of each period, was $0.4 million and $24.4 million, respectively. Of the $24.4 million of revenue recognized for the six months ended June 30, 2021, $24.1 million related to COVID-19 testing.

(3) MARKETABLE SECURITIES
The following table sets forth the Company’s cash, cash equivalents, restricted cash, and marketable securities at June 30, 2022 and December 31, 2021:
(In thousands)June 30, 2022December 31, 2021
Cash, cash equivalents, and restricted cash
Cash and money market$157,219 $247,335 
Cash equivalents56,202 68,136 
Restricted cash297 297 
Total cash, cash equivalents, and restricted cash213,718 315,768 
Marketable securities
Available-for-sale debt securities$513,520 $711,669 
Equity securities1,103 3,336 
Total marketable securities514,623 715,005 
Total cash and cash equivalents, restricted cash and marketable securities$728,341 $1,030,773 
Available-for-sale debt securities at June 30, 2022 consisted of the following:
(In thousands)Amortized CostGains in Accumulated Other Comprehensive Income (Loss) (1)Losses in Accumulated Other Comprehensive Income (Loss) (1)Estimated Fair Value
Cash equivalents
Commercial paper$53,265 $ $ $53,265 
U.S. government agency securities2,937   2,937 
Total cash equivalents56,202   56,202 
Marketable securities
Corporate bonds$157,170 $1 $(2,290)$154,881 
U.S. government agency securities250,731 1 (4,555)246,177 
Certificates of deposit24,211  (12)24,199 
Commercial paper10,208  (1)10,207 
Asset backed securities79,121  (1,065)78,056 
Total marketable securities521,441 2 (7,923)513,520 
Total available-for-sale securities$577,643 $2 $(7,923)$569,722 
______________
(1)Gains and losses in accumulated other comprehensive income (loss) (“AOCI”) are reported before tax impact.
13

EXACT SCIENCES CORPORATION
Notes to Condensed Consolidated Financial Statements
(Unaudited)
Available-for-sale debt securities at December 31, 2021 consisted of the following:
(In thousands)Amortized CostGains in Accumulated Other Comprehensive Income (Loss) (1) Losses in Accumulated Other Comprehensive Income (Loss) (1)Estimated Fair Value
Cash equivalents
U.S. government agency securities$3,543 $ $ $3,543 
Commercial paper64,593   64,593 
Total cash equivalents68,136   68,136 
Marketable securities
U.S. government agency securities$250,793 $ $(873)$249,920 
Asset backed securities94,565 2 (107)94,460 
Commercial paper6,996   6,996 
Certificates of deposit47,147 2 (10)47,139 
Corporate bonds313,634 13 (493)313,154 
Total marketable securities713,135 17 (1,483)711,669 
Total available-for-sale securities$781,271 $17 $(1,483)$779,805 
______________
(1)Gains and losses in AOCI are reported before tax impact.
The following table summarizes contractual underlying maturities of the Company’s available-for-sale debt securities at June 30, 2022:
Due one year or lessDue after one year through five years
(In thousands)CostFair ValueCostFair Value
Cash equivalents
Commercial paper$53,265 $53,265 $ $ 
U.S. government agency securities2,937 2,937   
Total cash equivalents56,202 56,202