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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  
  
For the transition period from ________________ to ________________    
Commission file number:  000-25426  
    https://cdn.kscope.io/9452ee29cae728197d751217993901ab-nati-20220630_g1.jpg
NATIONAL INSTRUMENTS CORPORATION  
(Exact name of registrant as specified in its charter)  
Delaware74-1871327
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
  
11500 North MoPac Expressway 
Austin,78759
Texas
(Address of principal executive offices) (Zip code)
 
Registrant's telephone number, including area code:  (512) 683-0100  
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of exchange on which registered
Common Stock, $0.01 par valueNATINasdaq Stock Market
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 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  
Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.  
ClassOutstanding at July 25, 2022
Common Stock, $0.01 par value132,316,344
1


NATIONAL INSTRUMENTS CORPORATION
INDEX  
Page No.
  
 
  
 
June 30, 2022 (unaudited) and December 31, 2021
  
 
(unaudited) for the three and six months ended June 30, 2022 and 2021
  
 
(unaudited) for the three and six months ended June 30, 2022 and 2021
  
 
(unaudited) for the six months ended June 30, 2022 and 2021
(unaudited) for the three and six months ended June 30, 2022 and 2021
  
  
  
  
  
  
 
  
  
  
  
  
2


PART I - FINANCIAL INFORMATION  

Item 1. Financial Statements
NATIONAL INSTRUMENTS CORPORATION  
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share data)
June 30,December 31,
20222021
Assets(unaudited) 
Cash and cash equivalents$110,873 $211,106 
Accounts receivable, net356,077 341,275 
Inventories, net343,627 289,243 
Prepaid expenses and other current assets122,361 89,925 
Total current assets932,938 931,549 
Property and equipment, net258,155 253,668 
Goodwill603,793 575,992 
Intangible assets, net237,059 220,418 
Operating lease right-of-use assets64,476 58,641 
Other long-term assets71,435 74,717 
Total assets$2,167,856 $2,114,985 
Liabilities and stockholders' equity  
Accounts payable and accrued expenses$91,227 $83,218 
Accrued compensation50,199 111,261 
Deferred revenue - current122,029 137,818 
Operating lease liabilities - current14,813 13,137 
Other taxes payable51,958 59,109 
Other current liabilities44,148 40,671 
Total current liabilities374,374 445,214 
Deferred income taxes16,575 14,249 
Income tax payable - non-current40,646 54,195 
Deferred revenue - non-current42,943 32,822 
Operating lease liabilities - non-current34,520 30,468 
Debt, non-current475,000 300,000 
Other long-term liabilities15,291 14,340 
Total liabilities999,349 891,288 
Commitments and contingencies
Stockholders' equity:  
Preferred stock:  par value $0.01;  5,000,000 shares authorized; none issued and outstanding 
  
Common stock:  par value $0.01;  360,000,000 shares authorized; 132,316,344 shares and 132,293,898 shares issued and outstanding, respectively 
1,323 1,323 
Additional paid-in capital1,173,131 1,129,647 
Retained earnings21,533 112,858 
Accumulated other comprehensive loss(27,480)(20,131)
Total stockholders’ equity1,168,507 1,223,697 
Total liabilities and stockholders’ equity$2,167,856 $2,114,985 
The accompanying notes are an integral part of the financial statements. 

3


NATIONAL INSTRUMENTS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)
(unaudited)  
  
Three Months EndedSix Months Ended
June 30,June 30,
2022202120222021
    
Net sales:    
Product$354,805 $306,490 $698,489 $601,583 
Software maintenance40,710 40,206 82,281 80,295 
Total net sales395,515 346,696 780,770 681,878 
    
Cost of sales:    
Product123,307 95,722 238,332 187,379 
Software maintenance4,167 3,516 8,370 7,273 
Total cost of sales127,474 99,238 246,702 194,652 
    
Gross profit268,041 247,458 534,068 487,226 
    
Operating expenses:    
Sales and marketing124,908 111,199 245,064 227,983 
Research and development85,589 81,434 167,750 161,520 
General and administrative36,772 30,277 69,949 63,636 
Total operating expenses247,269 222,910 482,763 453,139 
Operating income20,772 24,548 51,305 34,087 
    
Other expense(3,505)(2,963)(3,473)(8,031)
Income before income taxes17,267 21,585 47,832 26,056 
Provision for income taxes4,833 4,279 10,162 4,254 
    
Net income$12,434 $17,306 $37,670 $21,802 
    
Basic earnings per share$0.09 $0.13 $0.29 $0.17 
    
Weighted average shares outstanding - basic131,973 132,498 132,039 131,996 
    
Diluted earnings per share$0.09 $0.13 $0.28 $0.16 
    
Weighted average shares outstanding - diluted132,708 133,539 132,948 133,157 
    
Dividends declared per share$0.28 $0.27 $0.56 $0.54 
The accompanying notes are an integral part of these financial statements. 
4


NATIONAL INSTRUMENTS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in thousands)
(unaudited)  
Three Months EndedSix Months Ended
June 30,June 30,
2022202120222021
    
Net income$12,434 $17,306 $37,670 $21,802 
Other comprehensive (loss) income, before tax and net of reclassification adjustments:    
Foreign currency translation adjustment(9,640)2,284 8,027 (4,911)
Unrealized loss on securities available-for-sale (54) (141)
Unrealized gain (loss) on derivative instruments6,161 2,381 (13,446)14,362 
Other comprehensive (loss) income, before tax(3,479)4,611 (5,419)9,310 
Tax expense related to items of other comprehensive income1,507 498 1,930 3,259 
Other comprehensive (loss) income, net of tax(4,986)4,113 (7,349)6,051 
Comprehensive income$7,448 $21,419 $30,321 $27,853 
The accompanying notes are an integral part of these financial statements.

5


NATIONAL INSTRUMENTS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)  
Six Months Ended
June 30,
20222021
Cash flow from operating activities:  
Net income$37,670 $21,802 
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation and amortization45,742 50,024 
Stock-based compensation40,804 37,208 
(Gain) loss from equity-method investees(131)5,360 
Deferred income taxes943 1,301 
Changes in operating assets and liabilities(169,930)(63,372)
Net cash (used in) provided by operating activities(44,902)52,323 
  
Cash flow from investing activities:  
Acquisitions, net of cash received(72,802)(19,784)
Capital expenditures(24,509)(17,411)
Capitalization of internally developed software(187)(721)
Additions to other intangibles(2,478)(1,519)
Payments to acquire equity-method investments (12,551)
Sales and maturities of short-term investments 45,671 
Net cash used in investing activities(99,976)(6,315)
 
Cash flow from financing activities:  
Proceeds from revolving line of credit175,000 100,000 
Payments on term loan (98,750)
Debt issuance costs (1,993)
Proceeds from issuance of common stock17,859 17,239 
Repurchase of common stock(70,000) 
Dividends paid(74,034)(71,428)
Net cash provided by (used in) financing activities48,825 (54,932)
  
Effect of exchange rate changes on cash(4,180)(887)
  
Net change in cash and cash equivalents(100,233)(9,811)
Cash and cash equivalents at beginning of period211,106 260,232 
Cash and cash equivalents at end of period$110,873 $250,421 
 
The accompanying notes are an integral part of these financial statements.   

6



NATIONAL INSTRUMENTS CORPORATION  
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(in thousands, except share data and per share data)
(unaudited)
Common Stock SharesCommon Stock AmountAdditional-Paid in CapitalRetained EarningsAccumulated Other Comprehensive Income/(Loss)Total Stockholders' Equity
Balance at March 31, 2022131,876,464 $1,319 $1,152,349 $76,264 $(22,494)$1,207,438 
Net income— — — 12,434 — 12,434 
Other comprehensive loss, net of tax— — — — (4,986)(4,986)
Issuance of common stock under employee plans1,426,756 14 8,601 — — 8,615 
Stock-based compensation— — 20,609 — — 20,609 
Repurchase of common stock(986,876)(10)(8,428)(30,107)— (38,545)
Dividends paid (1)— — — (37,058)— (37,058)
Balance at June 30, 2022132,316,344 1,323 1,173,131 21,533 (27,480)1,168,507 
Common Stock SharesCommon Stock AmountAdditional-Paid in CapitalRetained EarningsAccumulated Other Comprehensive LossTotal Stockholders' Equity
Balance at December 31, 2021132,293,898 1,323 1,129,647 112,858 (20,131)1,223,697 
Net income— — — 37,670 — 37,670 
Other comprehensive loss, net of tax— — — — (7,349)(7,349)
Issuance of common stock under employee plans1,781,374 18 17,841 — — 17,859 
Stock-based compensation— — 40,664 — — 40,664 
Repurchase of common stock(1,758,928)(18)(15,021)(54,961)— (70,000)
Dividends paid (1)— — — (74,034)— (74,034)
Balance at June 30, 2022132,316,344 $1,323 $1,173,131 $21,533 $(27,480)$1,168,507 
(1) Cash dividends declared per share of common stock were $0.28 for the three months ended June 30, 2022, and $0.56 for the six months ended June 30, 2022.
 
The accompanying notes are an integral part of these financial statements. 
7



Common Stock SharesCommon Stock AmountAdditional-Paid in CapitalRetained EarningsAccumulated Other Comprehensive Income/(Loss)Total Stockholders' Equity
Balance at March 31, 2021131,607,036 $1,316 $1,059,018 $180,063 $(18,888)$1,221,509 
Net income— — — 17,306 — 17,306 
Other comprehensive gain, net of tax— — — — 4,113 4,113 
Issuance of common stock under employee plans1,373,896 14 8,660 — — 8,674 
Stock-based compensation— — 19,944 — — 19,944 
Dividends paid (1)— — — (35,894)— (35,894)
Balance at June 30, 2021132,980,932 1,330 1,087,622 161,475 (14,775)1,235,652 
Common Stock SharesCommon Stock AmountAdditional-Paid in CapitalRetained EarningsAccumulated Other Comprehensive Income/(Loss)Total Stockholders' Equity
Balance at December 31, 2020131,246,615 1,312 1,033,284 211,101 (20,826)1,224,871 
Net income— — — 21,802 — 21,802 
Other comprehensive gain, net of tax— — — — 6,051 6,051 
Issuance of common stock under employee plans1,734,317 18 17,221 — — 17,239 
Stock-based compensation— — 37,117 — — 37,117 
Dividends paid (1)— — — (71,428)— (71,428)
Balance at June 30, 2021132,980,932 $1,330 $1,087,622 $161,475 $(14,775)$1,235,652 
(1) Cash dividends declared per share of common stock were $0.27 for the three months ended June 30, 2021, and $0.54 for the six months ended June 30, 2021.

The accompanying notes are an integral part of these financial statements.
8





NATIONAL INSTRUMENTS CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS  
  
Note 1 – Basis of presentation  
  
The accompanying unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto for the fiscal year ended December 31, 2021, included in our Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC") on February 22, 2022 (the "Form 10-K"). In our opinion, the accompanying consolidated financial statements reflect all adjustments (consisting only of normal recurring items) considered necessary to state fairly our financial position at June 30, 2022 and December 31, 2021, the results of our operations and comprehensive income for the three and six months ended June 30, 2022 and 2021, our cash flows for the six months ended June 30, 2022 and 2021 and our statement of stockholders' equity for the three and six months ended June 30, 2022 and 2021. Our operating results for the three and six months ended June 30, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. These financial statements have been prepared in accordance with accounting principles generally accepted in the United States.

Recent Accounting Pronouncements

In October 2021, the FASB issued ASU No. 2021-08—Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. The new guidance requires contract assets and contract liabilities acquired in a business combination to be recognized in accordance with ASC Topic 606 as if the acquirer had originated the contracts. We early adopted the standard on January 1, 2022. The adoption of this accounting standard update did not have a material effect on our consolidated financial statements and related disclosures.

In November 2021, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2021-10 (“ASU 2021-10”), Government Assistance, to increase transparency of government assistance including the disclosure of (1) the types of assistance, (2) an entity’s accounting for the assistance, and (3) the effect of the assistance on an entity’s financial statements. ASU 2021-10 is effective for annual periods beginning after December 15, 2021. Early adoption is permitted. We are currently evaluating the impact of this accounting standard update on our annual financial statement disclosures.

Although there are several other accounting pronouncements recently issued by the FASB, we do not expect the adoption of any of these accounting pronouncements to have material impact on our consolidated financial statements.

Summary of Significant Accounting Policies

There were no material changes to our significant accounting policies during the three and six months ended June 30, 2022 compared to the significant accounting policies described in our Form 10-K.

Other (Expense) Income

Other (expense) income, net consisted of the following amounts:
Three Months Ended June 30,Six Months Ended June 30,
(In thousands)(Unaudited)(Unaudited)
2022202120222021
Interest income$58 $113 $104 $274 
Interest expense(2,500)(1,224)(3,792)(1,927)
(Loss) gain from equity-method investments(471)(867)131 (5,360)
Net foreign exchange loss(769)(896)(1,935)(1,455)
Other177 (89)2,019 437 
Other expense, net$(3,505)$(2,963)$(3,473)$(8,031)


9


Other Current Liabilities

Other current liabilities on our consolidated balance sheet includes the following amounts (in thousands):
As of June 30, 2022As of December 31,
(unaudited)2021
Income taxes payable - current$11,071 $14,457 
Hedge payable - current7,523 7,091 
Payroll taxes - current5,711 5,785 
Other19,843 13,338 
Total$44,148 $40,671 

Earnings Per Share

Basic earnings per share (“EPS”) is computed by dividing net income by the weighted average number of common shares outstanding during each period. Diluted EPS is computed by dividing net income by the weighted average number of common shares and common share equivalents outstanding (if dilutive) during each period. The number of common share equivalents, which includes restricted stock units ("RSUs"), is computed using the treasury stock method. 

The reconciliation of the denominators used to calculate basic EPS and diluted EPS for the three and six months ended June 30, 2022 and 2021 are as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
(Unaudited)(Unaudited)
2022202120222021
Weighted average shares outstanding-basic131,973 132,498 132,039 131,996 
Plus: Common share equivalents    
RSUs735 1,041 909 1,161 
Weighted average shares outstanding-diluted132,708 133,539 132,948 133,157 

Shares issuable upon vesting of RSU awards of 2,026,000 shares and 1,369,000 shares for the three months ended June 30, 2022 and 2021, respectively, and 1,324,000 shares and 166,000 shares for the six months ended June 30, 2022 and 2021, respectively, were excluded in the computations of diluted EPS because the effect of including the stock awards would have been anti-dilutive.


Note 2 - Revenue

Revenue Recognition

Revenue is recognized upon transfer of control of the promised products or services to customers in an amount that reflects the consideration we expect to receive in exchange for those products or services. We enter into contracts that can include various combinations of our products or services, which are generally capable of being distinct and accounted for as separate performance obligations. Revenue is recognized net of allowances for returns and any taxes collected from customers, which are subsequently remitted to governmental authorities.

Disaggregation of Revenues

We disaggregate revenue from contracts with customers based on the timing of transfer of goods or services to customers (point-in-time or over time), geographic region based on the billing location of the customer and customer industry grouping.


10



Total net sales based on the timing of transfer of goods or services to customers and geographic region are as follows:
Three Months Ended June 30,
(Unaudited)
20222021
(In thousands)
Net sales:
Point-in-Time(1)
Over TimeTotal
Point-in-Time(1)
Over TimeTotal
Americas$134,337 $26,080 $160,417 $112,215 $22,455 $134,670 
EMEA76,092 20,591 96,683 67,252 21,917 89,169 
APAC127,858 10,557 138,415 111,894 10,963 122,857 
Total net sales(1)
$338,287 $57,228 $395,515 $291,361 $55,335 $346,696 
(1) Net sales contains hedging gains and losses, which do not represent revenues recognized from customers.
See Note 5 - Derivative instruments and hedging activities of Notes to Consolidated Financial Statements for more information on the impact of our hedging activities on our results of operations.
Six Months Ended June 30,
(Unaudited)
20222021
(In thousands)
Net sales:
Point-in-Time(1)
Over TimeTotal
Point-in-Time(1)
Over TimeTotal
Americas$267,326 $52,302 $319,628 $216,801 $44,602 $261,403 
EMEA155,331 41,720 197,051 132,355 42,336 174,691 
APAC242,853 21,238 264,091 224,524 21,260 245,784 
Total net sales(1)
$665,510 $115,260 $780,770 $573,680 $108,198 $681,878 
(1) Net sales contains hedging gains and losses, which do not represent revenues recognized from customers.
See Note 5 - Derivative instruments and hedging activities of Notes to Consolidated Financial Statements for more information on the impact of our hedging activities on our results of operations.

The industry grouping used to disaggregate net sales is determined at the customer account level. Accounts assigned to one of our three industry-specific groupings are either designated as Semiconductor and Electronics, Transportation, or Aerospace, Defense and Government ("ADG"). We are able to leverage the investments in these areas to also serve a broad base of diverse customers in the other industries we serve, which are included in our Portfolio grouping. Our recent acquisitions described in Note 17 are presented within the "Transportation" industry grouping below.

Three Months Ended June 30,Six Months Ended June 30,
(In thousands)(Unaudited)
Industry Grouping2022202120222021
Portfolio$113,239 $111,283 $239,822 $223,635 
Semiconductor & Electronics116,231 99,292 219,241 198,222 
Aerospace, Defense & Government100,256 87,296 192,928 163,565 
Transportation65,789 48,825 128,779 96,456 
Total net sales$395,515 $346,696 $780,770 $681,878 


11



Information about Contract Balances

Amounts collected in advance of services being provided are accounted for as deferred revenue. Nearly all of our deferred revenue balance is related to extended hardware and software maintenance contracts. Payment terms and conditions vary by contract type, although payment is typically due within 30 to 90 days of contract inception. In instances where the timing of revenue recognition differs from the timing of invoicing, we have determined our contracts generally do not include a significant financing component. The primary purpose of our invoicing terms is to provide customers with simplified and predictable ways of purchasing our products and services, not to receive financing from our customers, such as invoicing at the beginning of a subscription term with a portion of the revenue recognized ratably over the contract period, or to provide customers with financing, such as multi-year on-premises licenses that are invoiced annually with revenue recognized upfront.

Changes in deferred revenue, current and non-current, during the six months ended June 30, 2022 were as follows:

(In thousands)Amount
Balance as of December 31, 2021$170,640 
Deferral of revenue billed in current period, net of recognition94,592 
Recognition of revenue deferred in prior periods(93,219)
Foreign currency translation impact(7,041)
Balance as of June 30, 2022 (unaudited)$164,972 

For the six months ended June 30, 2022, revenue recognized from performance obligations satisfied in prior periods (for example, due to changes in transaction price) was not material. Amounts recognized as revenue in excess of amounts billed are recorded as unbilled receivables. Unbilled receivables which are anticipated to be invoiced in the next twelve months are included in "Other current assets" on the consolidated balance sheet. Based on the nature of our contracts with customers, we do not typically recognize unbilled receivables related to revenues recognized in excess of amounts billed. For the six months ended June 30, 2022 and December 31, 2021, the amounts recorded that were related to unbilled receivables were not material.

Unsatisfied Performance Obligations

Revenue expected to be recognized in any future period related to remaining performance obligations, excluding revenue pertaining to contracts that have an original expected duration of one year or less and contracts where revenue is recognized as invoiced, was approximately $80 million as of June 30, 2022. Because we typically invoice customers at contract inception, this amount is included in our current and non-current deferred revenue balances and primarily relates to multi-year payments for hardware service and software service offerings. As of June 30, 2022, we expect to recognize approximately 24% of the revenue related to these unsatisfied performance obligations during the remainder of 2022, 39% during 2023, and 37% thereafter.

Assets Recognized from the Costs to Obtain a Contract with a Customer

We recognize an asset for the incremental costs of obtaining a contract with a customer if we expect the benefit of those costs to be longer than one year. We have determined that certain sales incentive programs meet the requirements to be capitalized. Capitalized incremental costs related to initial contracts and renewals are amortized over the same period because the commissions paid on both the initial contract and renewals are commensurate with one another. Total capitalized costs to obtain a contract were not material during the periods presented and are included in other long-term assets on our consolidated balance sheets.


12


Note 3 – Investments

Equity-Method Investments

The carrying value of our equity method investments was $30 million and $32 million as of June 30, 2022 and December 31, 2021, respectively. During the three months ended June 30, 2022 and 2021, net sales to our equity-method investees were approximately $1.3 million and $1.3 million, respectively. During the six months ended June 30, 2022 and 2021, net sales to our equity-method investees were approximately $2.8 million and $1.6 million, respectively. During the three and six months ended June 30, 2022 and 2021, purchases from our equity-method investees were not material.

We recorded a $3.5 million impairment loss related to an equity-method investment during the three months ended March 31, 2021. Our proportionate share of the income/(loss) from equity-method investments is included within "Other expense". Refer to Note 1 - Basis of Presentation of Notes to Consolidated Financial Statements for additional information on these amounts for the three and six months ended June 30, 2022 and 2021.
        
Note 4 – Fair value measurements 

We define fair value to be the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, we consider the principal or most advantageous market that market participants may use when pricing the asset or liability.   
We follow a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. Fair value measurement is determined based on the lowest level input that is significant to the fair value measurement. The three values of the fair value hierarchy are the following:   
Level 1 – Quoted prices in active markets for identical assets or liabilities   
Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly   
Level 3 – Inputs that are not based on observable market data   
Assets and liabilities measured at fair value on a recurring basis are summarized below:
Fair Value Measurements at Reporting Date Using
(In thousands)(Unaudited)
DescriptionJune 30, 2022Level 1Level 2Level 3
Assets    
Cash and cash equivalents:    
Money market funds$2,046 $2,046 $ $