10-Q 1 slab-20220702x10q.htm 10-Q
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended July 2, 2022

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _________ to _________

Commission file number: 000-29823

SILICON LABORATORIES INC.

(Exact name of registrant as specified in its charter)

Delaware

    

74-2793174

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

400 West Cesar Chavez, Austin, Texas

    

78701

(Address of principal executive offices)

(Zip Code)

(512) 416-8500

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

    

Trading Symbol(s)

    

Name of each exchange
on which registered

Common Stock, $0.0001 par value

SLAB

The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Sections 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 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 filer   Accelerated filer    Non-accelerated filer   Smaller 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 July 19, 2022, 34,223,488 shares of common stock of Silicon Laboratories Inc. were outstanding.

Table of Contents

Part I. Financial Information

Page
Number

Item 1.

Financial Statements (Unaudited):

Condensed Consolidated Balance Sheets at July 2, 2022 and January 1, 2022

3

Condensed Consolidated Statements of Income for the three and six months ended July 2, 2022 and July 3, 2021

4

Condensed Consolidated Statements of Comprehensive Income for the three and six months ended July 2, 2022 and July 3, 2021

5

Condensed Consolidated Statements of Changes in Stockholders’ Equity for the three and six months ended July 2, 2022 and July 3, 2021

6

Condensed Consolidated Statements of Cash Flows for the six months ended July 2, 2022 and July 3, 2021

7

Notes to Condensed Consolidated Financial Statements

8

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

18

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

28

Item 4.

Controls and Procedures

28

Part II. Other Information

Item 1.

Legal Proceedings

28

Item 1A.

Risk Factors

29

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

43

Item 3.

Defaults Upon Senior Securities

43

Item 4.

Mine Safety Disclosures

43

Item 5.

Other Information

43

Item 6.

Exhibits

44

Cautionary Statement

Except for the historical financial information contained herein, the matters discussed in this report on Form 10-Q (as well as documents incorporated herein by reference) may be considered “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements include declarations regarding the intent, belief or current expectations of Silicon Laboratories Inc. and its management and may be signified by the words “believe,” “estimate,” “expect,” “intend,” “anticipate,” “plan,” “project,” “will” or similar language. You are cautioned that any such forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties. Actual results could differ materially from those indicated by such forward-looking statements. Factors that could cause or contribute to such differences include those discussed under “Risk Factors” and elsewhere in this report. Silicon Laboratories disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

2

Part I. Financial Information

Item 1. Financial Statements

Silicon Laboratories Inc.

Condensed Consolidated Balance Sheets

(In thousands, except per share data)

(Unaudited)

    

July 2,

January 1,

    

2022

    

2022

Assets

Current assets:

Cash and cash equivalents

$

504,850

$

1,074,623

Short-term investments

 

972,845

 

964,582

Accounts receivable, net

 

72,106

 

98,313

Inventories

 

74,026

 

49,307

Prepaid expenses and other current assets

 

86,138

 

51,748

Total current assets

 

1,709,965

 

2,238,573

Property and equipment, net

 

149,447

 

146,516

Goodwill

 

376,389

 

376,389

Other intangible assets, net

 

99,784

 

118,978

Other assets, net

 

83,813

 

77,839

Total assets

$

2,419,398

$

2,958,295

Liabilities and Stockholders’ Equity

Current liabilities:

Accounts payable

$

95,365

$

47,327

Current portion of convertible debt, net

450,599

Deferred revenue and returns liability

10,696

13,849

Other current liabilities

126,058

 

157,052

Total current liabilities

232,119

 

668,827

Convertible debt, net

528,564

Other non-current liabilities

53,371

 

77,044

Total liabilities

814,054

 

745,871

Commitments and contingencies

Stockholders’ equity:

Preferred stock – $0.0001 par value; 10,000 shares authorized; no shares issued

Common stock – $0.0001 par value; 250,000 shares authorized; 34,223 and 38,481 shares issued and outstanding at July 2, 2022 and January 1, 2022, respectively

3

 

4

Retained earnings

1,619,396

 

2,214,839

Accumulated other comprehensive loss

(14,055)

 

(2,419)

Total stockholders’ equity

1,605,344

 

2,212,424

Total liabilities and stockholders’ equity

$

2,419,398

$

2,958,295

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

3

Silicon Laboratories Inc.

Condensed Consolidated Statements of Income

(In thousands, except per share data)

(Unaudited)

    

Three Months Ended

    

Six Months Ended

    

July 2,

    

July 3,

    

July 2,

    

July 3,

2022

    

2021

2022

    

2021

Revenues

$

263,150

$

169,492

$

496,964

$

327,349

Cost of revenues

99,247

 

73,194

177,289

 

139,297

Gross profit

163,903

 

96,298

319,675

 

188,052

Operating expenses:

Research and development

83,511

 

64,832

161,053

 

128,847

Selling, general and administrative

49,013

 

42,953

93,660

 

85,407

Operating expenses

132,524

 

107,785

254,713

 

214,254

Operating income (loss)

31,379

(11,487)

64,962

 

(26,202)

Other income (expense):

Interest income and other, net

3,445

475

4,944

 

1,624

Interest expense

(1,667)

(6,486)

(3,347)

 

(17,810)

Income (loss) from continuing operations before income taxes

33,157

(17,498)

66,559

 

(42,388)

Provision for income taxes

10,994

 

1,165

22,683

3,157

Equity-method earnings

(28)

172

1,166

1,898

Income (loss) from continuing operations

22,135

(18,491)

45,042

(43,647)

Income from discontinued operations, net of income taxes

38,423

77,088

Net income

$

22,135

$

19,932

$

45,042

$

33,441

Basic earnings (loss) per share:

Continuing operations

$

0.62

$

(0.41)

$

1.22

$

(0.98)

Net income

$

0.62

$

0.44

$

1.22

$

0.75

Diluted earnings (loss) per share:

Continuing operations

$

0.60

$

(0.41)

$

1.18

$

(0.98)

Net income

$

0.60

$

0.44

$

1.18

$

0.73

Weighted-average common shares outstanding:

Basic

35,722

44,803

36,862

44,481

Diluted

36,604

45,756

38,063

45,794

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

4

Silicon Laboratories Inc.

Condensed Consolidated Statements of Comprehensive Income

(In thousands)

(Unaudited)

    

Three Months Ended

    

Six Months Ended

July 2,

    

July 3,

    

July 2,

    

July 3,

    

2022

    

2021

2022

    

2021

Net income

$

22,135

$

19,932

$

45,042

$

33,441

Other comprehensive loss, before tax

Net changes to available-for-sale securities

Unrealized losses arising during the period

(3,013)

(564)

(12,705)

(1,400)

Reclassification for (gains) losses included in net income

374

(39)

423

(397)

Net changes to cash flow hedges

Unrealized gains (losses) arising during the period

(3,001)

388

(3,545)

 

(269)

Reclassification for (gains) losses included in net income

1,092

(160)

1,092

(320)

Other comprehensive loss, before tax

(4,548)

(375)

(14,735)

 

(2,386)

Provision (benefit) for income taxes

(959)

 

(78)

(3,099)

 

(501)

Other comprehensive loss

(3,589)

 

(297)

(11,636)

 

(1,885)

Comprehensive income

$

18,546

$

19,635

$

33,406

$

31,556

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

5

Silicon Laboratories Inc.

Condensed Consolidated Statements of Changes in Stockholders’ Equity

(In thousands)

(Unaudited)

    

    

    

Additional

    

    

Accumulated Other

    

Total

Common

Paid-In

Retained

Comprehensive

Stockholders’

Three Months Ended July 2, 2022

Shares

Stock

Capital

Earnings

Income (Loss)

Equity

Balance as of April 2, 2022

 

37,204

$

4

$

$

2,018,117

$

(10,466)

$

2,007,655

Net income

 

 

 

22,135

 

 

22,135

Other comprehensive loss

(3,589)

(3,589)

Stock issuances, net of shares withheld for taxes

159

 

 

1,161

 

 

 

1,161

Repurchases of common stock

(3,140)

(1)

(15,561)

(420,856)

(436,418)

Stock-based compensation

14,400

14,400

Balance as of July 2, 2022

34,223

$

3

$

$

1,619,396

$

(14,055)

$

1,605,344

    

    

    

Additional

    

    

Accumulated Other

    

Total

Common

Paid-In

Retained

Comprehensive

Stockholders’

Three Months Ended July 3, 2021

Shares

Stock

Capital

Earnings

Income (Loss)

Equity

Balance as of April 3, 2021

44,749

$

4

$

199,576

$

1,007,173

$

226

$

1,206,979

Net income

 

 

 

19,932

 

 

19,932

Other comprehensive loss

 

 

 

 

(297)

 

(297)

Stock issuances, net of shares withheld for taxes

157

 

 

6,473

 

 

 

6,473

Repurchases of common stock

(142)

(18,982)

(18,982)

Stock-based compensation

 

 

13,649

 

 

 

13,649

Balance as of July 3, 2021

44,764

$

4

$

200,716

$

1,027,105

$

(71)

$

1,227,754

    

    

    

Additional

    

    

Accumulated Other 

    

Total

Common

Paid-In

Retained

Comprehensive 

Stockholders’

Six Months Ended July 2, 2022

Shares

Stock

Capital

Earnings

Income (Loss)

Equity

Balance as of January 1, 2022

 

38,481

$

4

$

$

2,214,839

$

(2,419)

$

2,212,424

Cumulative effect of adoption of accounting standard

(59,963)

(59,963)

Net income

 

 

 

 

45,042

 

45,042

Other comprehensive loss

 

 

 

 

 

(11,636)

 

(11,636)

Stock issuances, net of shares withheld for taxes

 

301

 

 

(7,593)

 

 

 

(7,593)

Repurchases of common stock

(4,559)

(1)

(19,675)

(580,522)

(600,198)

Stock-based compensation

 

 

 

27,268

 

 

 

27,268

Balance as of July 2, 2022

 

34,223

$

3

$

1,619,396

$

(14,055)

$

1,605,344

    

    

    

Additional

    

    

Accumulated Other

    

Total

Common

Paid-In

Retained

Comprehensive 

Stockholders’

Six Months Ended July 3, 2021

Shares

Stock

Capital

Earnings

Income (Loss)

Equity

Balance as of January 2, 2021

 

43,925

$

4

$

204,359

$

993,664

$

1,814

$

1,199,841

Net income

 

 

 

 

33,441

 

33,441

Other comprehensive loss

 

 

 

 

 

(1,885)

 

(1,885)

Stock issuances, net of shares withheld for taxes

 

453

 

 

(11,344)

 

 

 

(11,344)

Repurchases of common stock

(142)

(18,982)

(18,982)

Stock-based compensation

27,431

27,431

Convertible debt activity

 

528

 

 

(748)

 

 

 

(748)

Balance as of July 3, 2021

 

44,764

$

4

$

200,716

$

1,027,105

$

(71)

$

1,227,754

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

6

Silicon Laboratories Inc.

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

    

Six Months Ended

July 2,

July 3,

    

2022

    

2021

Operating Activities

Net income

$

45,042

$

33,441

Adjustments to reconcile net income to cash provided by operating activities of continuing operations:

Income from discontinued operations, net of income taxes

(77,088)

Depreciation of property and equipment

10,561

 

8,184

Amortization of other intangible assets

19,194

 

22,902

Amortization of debt discount and debt issuance costs

994

11,822

Loss on extinguishment of convertible debt

3

3,370

Stock-based compensation expense

27,264

 

22,620

Equity-method earnings

(1,166)

(1,898)

Deferred income taxes

(9,344)

 

(5,644)

Changes in operating assets and liabilities:

Accounts receivable

26,207

 

(4,377)

Inventories

(24,714)

 

(4,447)

Prepaid expenses and other assets

(25,286)

 

(3,591)

Accounts payable

25,606

 

14,711

Other current liabilities and income taxes

(3,418)

 

(10,626)

Deferred revenue and returns liability

(3,153)

 

(175)

Other non-current liabilities

(4,416)

(3,464)

Net cash provided by operating activities of continuing operations

83,374

 

5,740

Investing Activities

Purchases of marketable securities

(554,267)

 

(80,426)

Sales of marketable securities

27,404

 

186,626

Maturities of marketable securities

511,296

100,023

Purchases of property and equipment

(12,322)

 

(10,779)

Purchases of other assets

(578)

Net cash provided by (used in) investing activities of continuing operations

(27,889)

 

194,866

Financing Activities

Payments on debt

(21)

(140,572)

Repurchases of common stock

(579,040)

(18,982)

Payment of taxes withheld for vested stock awards

(13,958)

(19,732)

Proceeds from the issuance of common stock

6,365

8,388

Net cash used in financing activities of continuing operations

(586,654)

 

(170,898)

Discontinued Operations

Operating activities

(38,604)

72,674

Investing activities

(2,018)

Net cash provided by (used in) discontinued operations

(38,604)

70,656

Increase (decrease) in cash and cash equivalents

(569,773)

 

100,364

Cash and cash equivalents at beginning of period

1,074,623

 

202,720

Cash and cash equivalents at end of period

$

504,850

$

303,084

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

7

1. Significant Accounting Policies

Basis of Presentation and Principles of Consolidation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. The information included herein contains all normal recurring accruals and adjustments which, in the opinion of management, are necessary to present fairly Silicon Laboratories Inc.’s (the “Company”) financial position, results of its operations, comprehensive income, stockholders’ equity and cash flows. The Condensed Consolidated Balance Sheet as of January 1, 2022 was derived from the Company’s audited Consolidated Financial Statements. All intercompany balances and transactions have been eliminated in consolidation. The condensed consolidated results of operations for the three and six months ended July 2, 2022 are not necessarily indicative of the results to be expected for the full year.

These Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and notes thereto for the year ended January 1, 2022, included in the Company’s Form 10-K filed with the Securities and Exchange Commission (SEC) on February 2, 2022.

The Company prepares financial statements on a 52- or 53-week fiscal year that ends on the Saturday closest to December 31. Fiscal 2022 will have 52 weeks and fiscal 2021 had 52 weeks. In a 52-week year, each fiscal quarter consists of 13 weeks.

Use of Estimates

The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Among the significant estimates affecting the financial statements are those related to inventories, goodwill, acquired intangible assets, other long-lived assets, revenue recognition, stock-based compensation and income taxes. Actual results could differ from those estimates, and such differences could be material to the financial statements. The Company periodically reviews the assumptions used in its financial statement estimates.

Revenue Recognition

Revenue is recognized when control of the promised goods or services is transferred to the customer, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. Substantially all of the Company’s contracts with customers contain a single performance obligation, the sale of mixed-signal integrated circuit (IC) products. This performance obligation is satisfied when control of the product is transferred to the customer, which typically occurs upon delivery. Unsatisfied performance obligations primarily represent contracts for products with future delivery dates. The Company has opted to not disclose the amount of unsatisfied performance obligations as these contracts have original expected durations of less than one year.

The transaction price reflects the Company’s expectations about the consideration it will be entitled to receive from the customer and may include fixed or variable amounts. Variable consideration primarily includes sales made to distributors under agreements allowing certain rights of return, referred to as stock rotation, and credits issued to the distributor due to price protection. The Company estimates variable consideration at the most likely amount to which it expects to be entitled. The estimate is based on information available to the Company, including recent sales activity and pricing data. The Company applies a constraint to its variable consideration estimate which considers both the likelihood of a return and the amount of a potential price concession. Variable consideration that does not meet revenue recognition criteria is deferred. The Company records a right of return asset in prepaid expenses and other current assets for the costs of distributor inventory not meeting revenue recognition criteria. A corresponding deferred revenue and returns liability amount is recorded for unrecognized revenue associated with such costs. The Company’s products carry a one-year replacement warranty. Payments are typically due within 30 days of invoicing and do not include a significant financing component.

8

1. Significant Accounting Policies (Continued)

Adoption of New Accounting Standard

Convertible Instruments

The Company adopted Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) No. 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging— Contracts in Entity’s Own Equity (Subtopic 815-40, on January 2, 2022, the first day of its fiscal year ending December 31, 2022. The Company elected the modified retrospective transition method of adoption at the beginning of the period of adoption through a cumulative-effect adjustment. Prior periods have not been adjusted. The following reflects the material changes recorded in connection with the cumulative-effect adjustment (in thousands):

    

Increase

Financial Statement Line Item

(Decrease)

Current portion of convertible debt, net

$

76,991

Other non-current liabilities

$

(17,028)

Retained earnings

$

(59,963)

The primary impact of the Company’s adoption of ASU 2020-06 was to increase the carrying value of its convertible debt, representing the unamortized debt discount, and reduce deferred tax liabilities related to convertible debt. The adoption reduced reported interest expense recorded in connection with convertible debt, which increased basic earnings per share and diluted earnings per share by $0.11 and $0.11, respectively, for the three months ended July 2, 2022, and by $0.22 and $0.21, respectively, for the six months ended July 2, 2022.

2. Discontinued Operations

On July 26, 2021, the Company sold its infrastructure and automotive business to Skyworks Solutions, Inc. for $2.75 billion in cash. The financial results of the infrastructure and automotive business, which are readily distinguishable from other components of the Company, have been presented as discontinued operations in the Condensed Consolidated Financial Statements because the sale represented a strategic shift for the Company.

The following table presents the financial results of the infrastructure and automotive business (the “discontinued operations”) in the Company’s Condensed Consolidated Statements of Income (in thousands, except per share data):

    

Three Months Ended

    

Six Months Ended

July 3,

July 3,

2021

2021

Revenues

$

108,064

$

205,712

Costs of revenues

 

45,091

 

83,910

Operating expenses

25,052

47,007

Income from discontinued operations before income taxes

 

37,921

 

74,795

Provision (benefit) for income taxes

(502)

(2,293)

Income from discontinued operations

$

38,423

$

77,088

Income from discontinued operations per share:

 

  

 

  

Basic

$

0.86

$

1.73

Diluted

$

0.84

$

1.68

9

2. Discontinued Operations (Continued)

Continuing Involvement

In connection with the closing of the sale, the Company entered into certain ancillary agreements with Skyworks, including a Transition Services Agreement (“TSA”). Through the TSA, the Company has subleased certain premises to Skyworks and will provide or provides various temporary support services for three to eighteen months after the close of the transaction, depending on the service provided. Although the services provided under the TSA will generate continuing cash flows between the Company and Skyworks for the duration of the TSA, the amounts have not been nor are expected to be material to the ongoing operations of either entity. In addition, the Company has no contractual ability through the TSA or any other agreement to significantly influence the operating or financial policies of Skyworks. Fees received by the Company under the TSA were approximately $3.5 million for the six months ended July 2, 2022.

3. Earnings (Loss) Per Share

The following table sets forth the computation of basic and diluted earnings (loss) per share from continuing operations (in thousands, except per share data):

Three Months Ended

Six Months Ended

    

July 2,

    

July 3,

    

July 2,

    

July 3,

2022

2021

2022

2021

Income (loss) from continuing operations

$

22,135

$

(18,491)

$

45,042

$

(43,647)

Shares used in computing basic income (loss) per share

35,722

 

44,803

36,862

 

44,481

Effect of dilutive securities:

Convertible debt and stock-based awards

882

 

1,201

 

Shares used in computing diluted income (loss) per share

36,604

 

44,803

38,063

 

44,481

Income (loss) per share:

Basic

$

0.62

$

(0.41)

$

1.22

$

(0.98)

Diluted

$

0.60

$

(0.41)

$

1.18

$

(0.98)

The Company has irrevocably elected to settle the principal amount of its convertible senior notes in cash and intends to settle any excess value in shares in the event of a conversion. For the three months ended July 2, 2022 and July 3, 2021 and the six months ended July 2, 2022 and July 3, 2021, approximately 0.6 million, 0.5 million, 0.8 million and 0.8 million shares, respectively, were included in the denominator for the calculation of diluted earnings per share. See Note 7, Debt, to the Condensed Consolidated Financial Statements for additional information.

4. Fair Value of Financial Instruments

The fair values of the Company’s financial instruments are recorded using a hierarchical disclosure framework based upon the level of subjectivity of the inputs used in measuring assets and liabilities. The three levels are described below:

Level 1 – Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.

Level 2 – Inputs other than Level 1 that are directly or indirectly observable, such as quoted prices for similar assets or liabilities and quoted prices in less active markets.

Level 3 – Inputs are unobservable for the asset or liability and are developed based on the best information available in the circumstances, which might include the Company’s own data.

10

4. Fair Value of Financial Instruments (Continued)

The following summarizes the valuation of the Company’s financial instruments (in thousands). The tables do not include either cash on hand or assets and liabilities that are measured at historical cost or any basis other than fair value.

Fair Value Measurements

at July 2, 2022 Using

Quoted Prices in

Significant Other

Active Markets for

Observable

Identical Assets

Inputs

Description

    

(Level 1)

    

(Level 2)

    

Total

Assets:

    

    

    

Cash equivalents:

Money market funds

$

275,655

$

$

275,655

Government debt securities

23,617

5,003

28,620

Corporate debt securities

16,934

16,934

Total cash equivalents

$

299,272

$

21,937

$

321,209

Short-term investments:

Government debt securities

$

211,319

$

92,343

$

303,662

Corporate debt securities

669,183

669,183

Total short-term investments

$

211,319

$

761,526

$

972,845

Total

$

510,591

$

783,463

$

1,294,054

Fair Value Measurements

at January 1, 2022 Using

Quoted Prices in

Significant Other

Significant

Active Markets for

Observable

Unobservable

Identical Assets

Inputs

Inputs

Description

    

(Level 1)

    

(Level 2)

    

(Level 3)

    

Total

Assets:

    

    

    

    

Cash equivalents:

Money market funds

$

845,740

$

$

$

845,740

Corporate debt securities

 

3,552

 

 

3,552

Government debt securities

2,950

2,950

Total cash equivalents

$

845,740

$

6,502

$

$

852,242

Short-term investments:

Government debt securities

$

71,509

$