Balance Sheet Components

9 Months Ended

Sep. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Accounts Receivable, Net

As of September 30, 2025 and December 31, 2024, the Company’s allowance for doubtful accounts was $8.0 million and $8.2 million, respectively. Provision for bad debt for the three months ended September 30, 2025 and 2024 was $5.0 million and $2.6 million, respectively, and for the nine months ended September 30, 2025 and 2024 was $12.8 million and $6.7 million, respectively. Write-offs of uncollectible accounts receivable for the three months ended September 30, 2025 and 2024 was $4.3 million and $2.6 million, respectively, and for the nine months ended September 30, 2025 and 2024 was $13.0 million and $5.0 million, respectively.

Property and Equipment, Net

Property and equipment, net consisted of the following:


	September 30, 2025		December 31, 2024

	(in thousands)
Property and equipment:
Servers—network infrastructure	$	672,942	$	488,799
Construction in progress	69,857		68,973
Capitalized internal-use software	126,877		98,055
Office and computer equipment	39,871		30,872
Office furniture	7,316		7,068
Software	7,439		4,097
Leasehold improvements	50,500		49,047
Asset retirement obligation	827		827
Gross property and equipment	975,629		747,738
Less accumulated depreciation and amortization	(387,268)		(280,318)
Total property and equipment, net	$	588,361	$	467,420

Depreciation and amortization expense on property and equipment for the three months ended September 30, 2025 and 2024 was $43.7 million and $27.9 million, respectively, and for the nine months ended September 30, 2025 and 2024 was $120.9 million and $78.3 million, respectively. This includes amortization expense for capitalized internal-use software which totaled $7.9 million and $6.3 million for the three months ended September 30, 2025 and 2024, respectively, and $23.1 million and $17.7 million for the nine months ended September 30, 2025 and 2024, respectively.

Goodwill

As of September 30, 2025 and December 31, 2024, the Company's goodwill was $181.1 million. No goodwill impairments were recorded during the nine months ended September 30, 2025 and 2024.

Acquired Intangible Assets, Net

Acquired intangible assets, net consisted of the following:


	September 30, 2025
	Gross Carrying Amount		Accumulated Amortization		Net Book Value

	(in thousands)
Developed technology	$	24,820	$	17,144	$	7,676

Customer relationships	11,680		5,154		6,526
Other	4,462		253		4,209
Total acquired intangible assets, net	$	40,962	$	22,551	$	18,411


	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

Amortization of acquired intangible assets was $3.7 million and $2.4 million for the three months ended September 30, 2025 and 2024, respectively, and $10.7 million and $9.7 million for the nine months ended September 30, 2025 and 2024, respectively.

As of September 30, 2025, the estimated future amortization expense of acquired intangible assets was as follows:


	Estimated Amortization
	(in thousands)
Year ending December 31,
2025 (remaining three months)	$	3,099
2026	6,727
2027	2,117
2028	1,896
2029	1,896
Thereafter	2,676
Total	$	18,411