Cash, cash equivalents, and restricted cash currently consist of money market and demand accounts. The following table provides a reconciliation of total cash, cash equivalents, and restricted cash as of March 31, 2025, December 31, 2024, and March 31, 2024 to the captions within the condensed consolidated balance sheets and condensed consolidated statements of cash flows (in thousands):


	March 31,		December 31,		March 31,
	2025		2024		2024
Cash and cash equivalents	$	536,639	$	527,360	$	440,242
Restricted cash included within prepaid and other current assets	11,476		24,187		20,948

Total cash, cash equivalents, and restricted cash	$	548,115	$	551,547	$	461,190

Financial instruments that potentially subject us to concentration of credit risk consist primarily of cash equivalents, short-term investments, and accounts receivable. We place our cash equivalents and short-term investments only in highly rated financial instruments and in United States government instruments.

Our accounts receivable and contract assets are derived principally from patent license and technology solutions agreements. Three licensees comprised 87% and 84% of our accounts receivable balances of March 31, 2025 and December 31, 2024, respectively. We perform ongoing credit evaluations of our licensees, who generally include large, multinational, wireless telecommunications equipment manufacturers. We believe that the book values of our financial instruments approximate their fair values.

We use various valuation techniques and assumptions when measuring the fair value of our assets and liabilities. We utilize market data or assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. This guidance established a hierarchy that prioritizes fair value measurements based on the types of input used for the various valuation techniques (market approach, income approach and cost approach). The levels of the hierarchy are described below:

Level 1 Inputs — Level 1 includes financial instruments for which quoted market prices for identical instruments are available in active markets.

Level 2 Inputs — Level 2 includes financial instruments for which there are inputs other than quoted prices included within Level 1 that are observable for the instrument such as quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets with insufficient volume or infrequent transactions (less active markets) or model-driven valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data, including market interest rate curves, referenced credit spreads and pre-payment rates.

Level 3 Inputs — Level 3 includes financial instruments for which fair value is derived from valuation techniques including pricing models and discounted cash flow models in which one or more significant inputs are unobservable, including the Company’s own assumptions. The pricing models incorporate transaction details such as contractual terms, maturity and, in certain instances, timing and amount of future cash flows, as well as assumptions related to liquidity and credit valuation adjustments of marketplace participants.

Our assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of financial assets and financial liabilities and their placement within the fair value hierarchy. We use quoted market prices for similar assets to estimate the fair value of our Level 2 investments.

Our financial assets are generally included within short-term investments on our condensed consolidated balance sheets, unless otherwise indicated. Our financial assets and liabilities that are accounted for at fair value on a recurring basis are presented in the tables below as of March 31, 2025 and December 31, 2024 (in thousands):


	Fair Value as of March 31, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Money market and demand accounts (a)	$	509,097	$	—	$	—	$	509,097
Commercial paper (b)	—		100,297		—		100,297
U.S. government securities (c)	—		171,296		—		171,296
Corporate bonds, asset backed and other securities (d)	—		113,667		—		113,667
Total	$	509,097	$	385,260	$	—	$	894,357


	Fair Value as of December 31, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Money market and demand accounts (a)	$	535,745	$	—	$	—	$	535,745
Commercial paper (b)	—		78,870		—		78,870
U.S. government securities (c)	—		230,561		—		230,561
Corporate bonds, asset backed and other securities (d)	—		137,219		—		137,219
Total	$	535,745	$	446,650	$	—	$	982,395

(b)As of March 31, 2025 and December 31, 2024, $23.1 million and $4.1 million of commercial paper was included within cash and cash equivalents, respectively.

(d)As of March 31, 2025 and December 31, 2024, $10.4 million and $11.7 million of corporate bonds, asset backed and other securities was included within cash and cash equivalents, respectively.

The principal amount, carrying value and related estimated fair value of the Company's Convertible Notes reported as of March 31, 2025 and December 31, 2024 was as follows (in thousands). The aggregate fair value of the principal amount of the Convertible Notes is a Level 2 fair value measurement.


	March 31, 2025						December 31, 2024
	Principal Amount		Carrying Value		Fair Value		Principal Amount		Carrying Value		Fair Value
2027 Senior Convertible Long-Term Debt	$	460,000	$	455,241	$	1,236,963	$	460,000	$	454,739	$	1,166,155

The carrying value and related estimated fair value of the Technicolor Patent Acquisition long-term debt reported as of March 31, 2025 and December 31, 2024 was as follows (in thousands). The aggregate fair value of the Technicolor Patent Acquisition long-term debt is a Level 3 fair value measurement.


	March 31, 2025				December 31, 2024
	Carrying Value		Fair Value		Carrying Value		Fair Value
Technicolor Patent Acquisition Long-Term Debt	$	16,015	$	16,067	$	17,033	$	17,102