Balance Sheet Details | Note 3. Balance Sheet Details Short-term Investments Short-term investments consisted of the following (in thousands): At March 31, 2023 Maturity Amortized cost Unrealized Unrealized Estimated (in years) or cost gains losses fair value U.S. government agency bonds less than 3 $ 133,747 $ 1 $ (1,624) $ 132,124 U.S. government bonds less than 2 36,895 198 (120) 36,973 Bank certificates of deposit less than 2 10,000 1 (8) 9,993 Corporate notes less than 3 33,314 - (748) 32,566 Asset-backed securities less than 2 16,606 - (259) 16,347 Municipal bonds less than 3 13,611 - (243) 13,368 Total $ 244,173 $ 200 $ (3,002) $ 241,371 At December 31, 2022 Maturity Amortized cost Unrealized Unrealized Estimated (in years) or cost gains losses fair value U.S. government agency bonds less than 3 $ 88,478 $ - $ (2,413) $ 86,065 U.S. government bonds less than 1 52,991 - (384) 52,607 Bank certificates of deposit less than 1 17,500 3 (11) 17,492 Corporate notes less than 3 41,464 - (978) 40,486 Asset-backed securities less than 2 21,656 - (360) 21,296 Municipal bonds less than 3 15,635 - (411) 15,224 Total $ 237,724 $ 3 $ (4,557) $ 233,170 At each reporting date, the Company performs an evaluation of impairment to determine if any unrealized losses are the result of credit losses. Impairment is assessed at the individual security level. Factors considered in determining whether a loss resulted from a credit loss or other factors include the Company’s intent and ability to hold the investment until the recovery of its amortized cost basis, the extent to which the fair value is less than the amortized cost basis, the length of time and extent to which fair value has been less than the cost basis, the financial condition of the issuer, any historical failure of the issuer to make scheduled interest or principal payments, any changes to the rating of the security by a rating agency, any adverse legal or regulatory events affecting the issuer or issuer’s industry, and any significant deterioration in economic conditions. The credit-related portion of unrealized losses, and any subsequent improvements, are recorded in interest expense in the consolidated statements of operations through an allowance for credit losses. Unrealized gains and losses that are not credit-related are included in accumulated other comprehensive loss. Unrealized losses on available-for-sale debt securities as of March 31, 2023 and December 31, 2022 were not significant and were primarily due to changes in interest rates, including market credit spreads, and not due to increased credit risks associated with specific securities. Further, the Company does not intend to sell these investments and it is not more likely than not that the Company will be required to sell these investments before recovery of their amortized cost basis. Accordingly, the Company did not record an allowance for credit losses with respect to these investments as of March 31, 2023 and December 31, 2022. Accounts Receivable, Net Accounts receivable consisted of the following (in thousands): March 31, December 31, 2023 2022 Accounts receivable $ 39,099 $ 37,323 Allowance for credit losses (1,247) (1,250) $ 37,852 $ 36,073 The Company’s allowance for credit losses represents management’s estimate of current expected credit losses. There were immaterial bad-debt write offs charged during the three months ended March 31, 2023. Additionally, no customers accounted for more than 10% of net accounts receivable as of March 31, 2023 or December 31, 2022. Inventory Inventory consisted of the following (in thousands): March 31, December 31, 2023 2022 Finished goods $ 14,958 $ 13,742 Work in process 11,887 10,495 Raw material 13,610 13,604 $ 40,455 $ 37,841 Accrued Liabilities Accrued liabilities consisted of the following (in thousands): March 31, December 31, 2023 2022 Accrued bonuses $ 6,222 $ 17,219 Accrued vacation benefits 4,916 4,475 Other accrued liabilities 39,225 36,262 $ 50,363 $ 57,956 |