Balance Sheet Components

12 Months Ended

Dec. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Accounts Receivable, Net

Activity in the allowance for doubtful accounts was as follows:


	Year Ended December 31,
	2024		2023		2022

	(in thousands)
Beginning balance	$	5,996	$	3,134	$	2,644
Provision for bad debt	9,415		13,641		4,836
Write-off of uncollectible accounts receivable	(7,245)		(10,779)		(4,346)
Ending balance	$	8,166	$	5,996	$	3,134

Property and Equipment, Net

Property and equipment, net consisted of the following:


	December 31,
	2024		2023

	(in thousands)
Property and equipment:
Servers—network infrastructure	$	488,799	$	330,295
Construction in progress	68,973		45,557
Capitalized internal-use software	98,055		75,163
Office and computer equipment	30,872		32,043
Office furniture	7,068		9,003
Software	4,097		5,422
Leasehold improvements	49,047		42,984
Asset retirement obligation	827		826
Gross property and equipment	747,738		541,293
Less accumulated depreciation and amortization	(280,318)		(218,480)
Total property and equipment, net	$	467,420	$	322,813

Depreciation and amortization expense on property and equipment for the years ended December 31, 2024, 2023, and 2022 was $109.9 million, $113.4 million, and $84.8 million, respectively. This includes amortization expense for capitalized internal-use software which totaled $24.7 million, $21.5 million, and $20.2 million for the years ended December 31, 2024, 2023, and 2022, respectively.

Goodwill

As of December 31, 2024 and 2023, the Company's goodwill was $181.1 million and $148.0 million, respectively. During the year ended December 31, 2024, the Company recorded $33.0 million of goodwill in connection with acquisitions. The Company recorded immaterial purchase accounting adjustments to BastionZero, LLC to revise purchase consideration and goodwill during the year ended December 31, 2024. For further details on the acquisition of Kivera, Inc. (Kivera), refer to Note 13 to these consolidated financial statements.

Acquired Intangible Assets, Net

Acquired intangible assets, net consisted of the following:


	December 31, 2024
	Gross Carrying Amount		Accumulated Amortization		Net Book Value

	(in thousands)
Developed technology	$	22,131	$	7,878	$	14,253

Customer relationships	11,600		3,988		7,612
Total acquired intangible assets, net	$	33,731	$	11,866	$	21,865


	December 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Net Book Value

	(in thousands)
Developed technology	$	47,183	$	36,893	$	10,290
Trade name	1,700		1,488		212
Customer relationships	11,600		2,538		9,062
Total acquired intangible assets, net	$	60,483	$	40,919	$	19,564

During the three months ended December 31, 2024, the Company acquired $5.7 million of developed technology through the acquisition of Kivera. Refer to Note 13 to these consolidated financial statements for further details on this acquisition.

Amortization of acquired intangible assets for the years ended December 31, 2024, 2023, and 2022 was $12.7 million, $20.0 million, and $15.2 million, respectively.

As of December 31, 2024, the estimated future amortization expense of acquired intangible assets was as follows:


	Estimated Amortization
	(in thousands)
Year ending December 31,
2025	$	11,915
2026	5,238
2027	1,450
2028	1,450
2029	1,450
Thereafter	362
Total	$	21,865