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Financial Statement Components | 6 Months Ended
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Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Financial Statement Components | Financial Statement Components Cash and cash equivalents consisted of the following (in thousands):
|  | June 30, 2025 |  | December 31, 2024
Cash |  | $ | 167,900 |  |  | $ | 162,902 |
Money market funds |  | 37,579 |  |  | 114,370 |
Certificates of deposit |  | — |  |  | 496 |
U.S. treasury securities |  | — |  |  | 42,946 |
U.S. agency and government sponsored securities |  | — |  |  | 41,832 |
Total cash and cash equivalents |  | $ | 205,479 |  |  | $ | 362,546 |
Accounts receivable, net consisted of the following (in thousands):
|  | June 30, 2025 |  | December 31, 2024
Trade accounts receivable |  | $ | 110,623 |  |  | $ | 99,551 |
Unbilled trade accounts receivable, net of advance customer deposits |  | 17,596 |  |  | 15,962 |
Provision for credit losses |  | (384) |  |  | (341) |
Accounts receivable, net |  | $ | 127,835 |  |  | $ | 115,172 |
There was one customer that represented 12% of accounts receivable as of June 30, 2025. Prepaid expenses and other current assets consisted of the following (in thousands):
|  | June 30, 2025 |  | December 31, 2024
Prepaid expenses |  | $ | 34,516 |  |  | $ | 27,988 |
Other current assets |  | 10,416 |  |  | 15,646 |
Contract assets |  | 3,054 |  |  | 7,206 |
Prepaid expenses and other current assets |  | $ | 47,986 |  |  | $ | 50,840 |
Property and equipment, net consisted of the following (in thousands):
|  | June 30, 2025 |  | December 31, 2024
Computer and network equipment |  | $ | 177,866 |  |  | $ | 173,671 |
Computer software |  | 65,765 |  |  | 66,455 |
Internal-use software development costs |  | 72,900 |  |  | 49,340 |
Furniture and fixtures |  | 4,559 |  |  | 5,127 |
Leasehold improvements |  | 6,746 |  |  | 6,736 |
Property and equipment |  | 327,836 |  |  | 301,329 |
Accumulated depreciation and amortization |  | (173,337) |  |  | (156,441) |
Property and equipment, net |  | $ | 154,499 |  |  | $ | 144,888 |
Depreciation and amortization expense associated with property and equipment was $11.2 million and $21.6 million for the three and six months ended June 30, 2025, respectively. Depreciation and amortization expense associated with property and equipment was $10.3 million and $19.8 million for the three and six months ended June 30, 2024, respectively. During the three and six months ended June 30, 2025, the Company recorded impairment charge of property and equipment in the amount of $0.5 million and $0.8 million, respectively. Other assets consisted of the following (in thousands):
|  | June 30, 2025 |  | December 31, 2024
Other assets |  | $ | 7,735 |  |  | $ | 8,984 |
Equity investment in a privately-held company |  | 750 |  |  | 750 |
Deferred tax assets |  | 2,767 |  |  | 3,650 |
Other assets |  | $ | 11,252 |  |  | $ | 13,384 |
Accrued and other current liabilities consisted of the following (in thousands):
|  | June 30, 2025 |  | December 31, 2024
Accrued expenses |  | $ | 26,283 |  |  | $ | 30,822 |
Accrued compensation and benefits |  | 46,403 |  |  | 44,002 |
Accrued federal fees |  | 6,900 |  |  | 4,913 |
Sales tax liabilities |  | 2,284 |  |  | 3,983 |
Accrued and other current liabilities |  | $ | 81,870 |  |  | $ | 83,720 |
Other long-term liabilities consisted of the following (in thousands):
| June 30, 2025 |  | December 31, 2024
Deferred revenue | $ | 507 |  |  | $ | 865 |
Deferred tax liabilities | 460 |  |  | 186 |
Sales tax liabilities | 1,080 |  |  | 244 |
Other long-term liabilities | 4,990 |  |  | 5,422 |
Other long-term liabilities | $ | 7,037 |  |  | $ | 6,717 |

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- Definition The entire disclosure for supplemental balance sheet disclosures, including descriptions and amounts for assets, liabilities, and equity. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 210 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/210/tableOfContent + Details
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