| Balance Sheet Components |
Balance Sheet Components Accounts Receivable, net Accounts receivable, net consisted of the following (in thousands): | | | | | | | | | | | | | December 31, | | 2025 | | 2024 | | Unbilled accounts receivable | $ | 55,782 | | | $ | 46,316 | | | Billed accounts receivable | 113,249 | | | 59,995 | | | Allowance for doubtful accounts and reserves | (1,683) | | | (160) | | | Accounts receivable, net | $ | 167,348 | | | $ | 106,151 | |
The majority of invoices included within the unbilled accounts receivable balance are issued within the first few days of the month directly following the period of service. Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following (in thousands): | | | | | | | | | | | | | December 31, | | 2025 | | 2024 | | Prepaid expenses | $ | 22,322 | | | $ | 12,834 | | | Deferred contract costs, current portion | 4,593 | | | 5,047 | | | Contract assets | 2,089 | | | 1,841 | | | Tax receivable | 1,447 | | | 687 | | | Other receivable | 1,050 | | | 1,493 | | | Other current assets | 5,476 | | | 1,104 | | | Prepaid expense and other current assets | $ | 36,977 | | | $ | 23,006 | |
Property, Equipment and Software, net Property, equipment and software, net consisted of the following (in thousands): | | | | | | | | | | | | | December 31, | | 2025 | | 2024 | | Computer equipment | $ | 17,948 | | | $ | 11,579 | | | Leasehold improvements | 6,399 | | | 4,334 | | | Furniture and fixtures | 2,058 | | | 1,508 | | | Internally developed software | 24,475 | | | 18,053 | | | Construction in progress | 3,789 | | | 2,188 | | | Total property, equipment and software | 54,669 | | | 37,662 | | | Less: accumulated depreciation | (28,062) | | | (22,865) | | | Total property, equipment and software, net | $ | 26,607 | | | $ | 14,797 | |
Internally developed software includes $0.5 million of capitalized equity-based compensation for each of the years ended December 31, 2025, 2024 and 2023. Depreciation expense was $9.9 million, $6.5 million and $5.7 million for the years ended December 31, 2025, 2024 and 2023, respectively. Impairment losses were not material during the years ended December 31, 2025, 2024 and 2023. Other Non-current Assets Other non-current assets consisted of the following (in thousands): | | | | | | | | | | | | | December 31, | | 2025 | | 2024 | | Long-term deposits | $ | 3,285 | | | $ | 1,551 | | | Long-term contract asset | 167 | | | 554 | | | Prepaid IT services | 801 | | | 899 | | | Long-term income tax receivable | 1,083 | | | 336 | | | Other non-current assets | $ | 5,336 | | | $ | 3,340 | |
Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following (in thousands): | | | | | | | | | | | | | December 31, | | 2025 | | 2024 | | Accrued interest | $ | 11,267 | | | $ | 550 | | | Accrued bonus | 32,235 | | | 16,034 | | | Accrued vendor liabilities | 12,206 | | | 9,725 | | | Accrued benefits and retirement | 17,273 | | | 15,478 | | | Accrued professional and legal fees | 17,604 | | | 2,144 | | | Accrued commissions | 6,997 | | | 3,204 | | | Income tax payable | 1,562 | | | 403 | | | Other current liabilities | 13,105 | | | 8,116 | | | Accrued expenses and other liabilities | $ | 112,249 | | | $ | 55,654 | |
Other Long-term Liabilities Other long-term liabilities consisted of the following (in thousands): | | | | | | | | | | | | | December 31, | | 2025 | | 2024 | | Asset retirement obligation | $ | 265 | | | $ | 160 | | | Accrued benefits | 810 | | | — | | | Deferred tax liabilities | 756 | | | 1,310 | | | Indirect tax reserve | 465 | | | — | | | Other long-term liabilities | $ | 2,296 | | | $ | 1,470 | |
|