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Financial Statement Components
 6 Months Ended
Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Financial Statement Components
Note 3. Financial Statement Components
Cash and cash equivalents consisted of the following (in thousands):
June 30, 2024December 31, 2023
Cash$87,600 $113,733 
Money market funds111,728 108,462 
Total cash and cash equivalents$199,328 $222,195 
As of June 30, 2024 and December 31, 2023, $1.2 million and $1.1 million in the cash balance above, respectively, represents restricted cash, which is held in the form of a bank deposit for issuance of a foreign bank guarantee.
Accounts receivable, net consisted of the following (in thousands):
June 30, 2024December 31, 2023
Accounts receivable$280,553 $280,544 
Unbilled accounts receivable104,597 96,366 
Allowance for doubtful accounts(15,155)(12,472)
Accounts receivable, net$369,995 $364,438 
Prepaid expenses and other current assets consisted of the following (in thousands):
June 30, 2024December 31, 2023
Prepaid expenses$40,408 $32,440 
Inventory1,908 1,492 
Other current assets29,842 43,464 
Total prepaid expenses and other current assets$72,158 $77,396 
Property and equipment, net consisted of the following (in thousands):
June 30, 2024December 31, 2023
Computer hardware and software$245,287 $238,802 
Internal-use software development costs285,447 255,649 
Furniture and fixtures9,732 8,964 
Leasehold improvements14,278 14,369 
Total property and equipment, gross554,744 517,784 
Less: accumulated depreciation and amortization(372,429)(333,394)
Property and equipment, net$182,315 $184,390 
Total depreciation and amortization expense related to property and equipment was $21.6 million and $20.5 million for the three months ended June 30, 2024 and 2023, respectively, and $43.3 million and $40.8 million for the six months ended June 30, 2024 and 2023, respectively.
A summary of activity of the Company’s carrying value of goodwill during the six months ended June 30, 2024 is presented in the following table (in thousands):
Balance as of December 31, 2023$67,370 
Acquisitions (Note 8)
7,662 
Foreign currency translation adjustments(618)
Balance as of June 30, 2024$74,414 
The carrying values of intangible assets are as follows (in thousands):
June 30, 2024December 31, 2023
Weighted-Average Remaining Useful LifeCostAccumulated
Amortization		Acquired
Intangibles, Net		CostAccumulated
Amortization 		Acquired
Intangibles, Net
Customer relationships
4.5 years
$51,550 $22,641 $28,909 $26,506 $21,834 $4,672 
Developed technology
2.3 years
777,396 483,365 294,031 826,077 436,982 389,095 
Total acquired intangible assets$828,946 $506,006 $322,940 $852,583 $458,816 $393,767 
During the six months ended June 30, 2024, the Company recognized a gross reduction of $50.6 million related to its developed technology assets. This reduction included $28.5 million due to an amended agreement with a strategic partner and $22.1 million attributed to the retirement of fully amortized developed technology. See Note 5 - Strategic Partnerships, for additional information regarding our amended agreement with a strategic partner.
Amortization expense from acquired intangible assets for the three months ended June 30, 2024 and 2023 was $34.7 million and $37.5 million, respectively, and $69.6 million and $74.7 million for the six months ended June 30, 2024 and 2023, respectively. Amortization of developed technology is included in cost of revenues and amortization of customer relationships is included in sales and marketing expenses in the Condensed Consolidated Statements of Operations.
Estimated amortization expense for acquired intangible assets for the following fiscal years is as follows (in thousands):
2024 (remaining)$66,730 
2025132,793 
2026110,502 
20275,147 
2028 onwards7,768 
Total estimated amortization expense$322,940 
Accrued liabilities consisted of the following (in thousands):
June 30, 2024December 31, 2023
Accrued compensation and benefits$48,697 $63,009 
Accrued sales, use, and telecom related taxes46,915 43,796 
Accrued marketing and sales commissions33,555 60,528 
Operating lease liabilities, short-term17,656 16,707 
Other accrued expenses132,534 141,592 
Total accrued liabilities$279,357 $325,632 
Deferred and Prepaid Sales Commission Costs
Amortization expense for the deferred and prepaid sales commission costs was $40.5 million and $32.9 million for the three months ended June 30, 2024 and 2023, respectively, and $79.1 million and $65.2 million for the six months ended June 30, 2024 and 2023, respectively. There was no asset write-off or impairment loss in relation to the deferred commissions costs capitalized for the periods presented.
Supplier Financing Obligations
The Company has established financing arrangements with certain third-party financial institutions and participating suppliers to be repaid over different terms ranging up to five years. Some of these financing arrangements are collateralized against property and equipment. As of June 30, 2024 and December 31, 2023, the Company’s outstanding financing obligations related to such arrangements included in accrued liabilities and other long-term liabilities were $2.4 million and $4.2 million respectively.