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Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2023
Accounting Policies [Abstract] |
Schedule of Cash and Cash Equivalents | The following table reconciles cash and cash equivalents and restricted cash in the consolidated balance sheets to the totals shown on the consolidated statements of cash flows:
| December 31,
($ in thousands) | 2023 |  | 2022
Cash and cash equivalents(1) | $ | 168,330 |  |  | $ | 179,723 |
Restricted cash | 2,647 |  |  | 26,358 |
Total cash, cash equivalents and restricted cash | $ | 170,977 |  |  | $ | 206,081 |
(1) The Company had cash equivalents of $78.4 million and $1.0 million as of December 31, 2023 and 2022, respectively. Cash equivalents are composed of money market funds and certificates of deposits with original maturities of 90 days or less. Money market funds of $68.7 million are valued using quoted market prices as of December 31, 2023. The Company did not have money market funds as of December 31, 2022.
Property, Plant and Equipment | Additions and improvements are capitalized, while repairs and maintenance are expensed as incurred. Useful lives of each asset class are as follows:
Asset | Useful Life
Computers, software and related equipment | 3 years
Furniture and fixtures | 4 years
Operating equipment and servers | 5 years
Leasehold improvements | Lesser of the lease terms or the estimated useful lives of the improvements, generally 1–10 years
As set forth in the table below, property and equipment, net as of December 31, 2023 and 2022 are $8.6 million and $9.8 million, respectively. The balances as of December 31, 2023 and 2022 also include finance lease right-of-use assets, net. The balances consist of the following:
| December 31,
($ in thousands) | 2023 |  | 2022
Computers, software and related equipment | $ | 5,541 |  |  | $ | 4,050 |
Operating equipment and servers | 4,779 |  |  | 4,610 |
Furniture | 647 |  |  | 600 |
Leasehold improvements | 658 |  |  | 640 |
Property and equipment not yet placed into service | 610 |  |  | 816 |
Total property and equipment | 12,235 |  |  | 10,716 |
Less: accumulated depreciation | (7,641) |  |  | (3,818) |
| 4,594 |  |  | 6,898 |
Finance lease right-of-use assets | 5,519 |  |  | 3,112 |
Less: accumulated amortization | (1,502) |  |  | (246) |
| 4,017 |  |  | 2,866 |
Property and equipment, net | $ | 8,611 |  |  | $ | 9,764 |

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