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Consolidated balance sheet components | 6 Months Ended
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Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Consolidated balance sheet components | 5. Consolidated balance sheet components Cash, cash equivalents, and marketable securities— The amortized cost, unrealized gains and losses, and estimated fair value of cash, cash equivalents, and marketable securities consisted of the following (in thousands):
As of June 30, 2024 |  | Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value
Cash and cash equivalents: |  |  |  |  |  |  |  |
Cash |  | $ | 37,683 |  |  | $ | — |  |  | $ | — |  |  | $ | 37,683 |
Money market funds |  | 234,681 |  |  | — |  |  | — |  |  | 234,681 |
Total cash and cash equivalents |  | 272,364 |  |  | — |  |  | — |  |  | 272,364 |
Marketable securities: |  |  |  |  |  |  |  |
U.S. government securities |  | 148,575 |  |  | 3 |  |  | (19) |  |  | 148,559 |
Total cash, cash equivalents, and marketable securities |  | $ | 420,939 |  |  | $ | 3 |  |  | $ | (19) |  |  | $ | 420,923 |
As of December 31, 2023 |  | Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value
Cash and cash equivalents: |  |  |  |  |  |  |  |
Cash |  | $ | 38,872 |  |  | $ | — |  |  | $ | — |  |  | $ | 38,872 |
Money market funds |  | 266,692 |  |  | — |  |  | — |  |  | 266,692 |
Total cash and cash equivalents |  | 305,564 |  |  | — |  |  | — |  |  | 305,564 |
Marketable securities: |  |  |  |  |  |  |  |
U.S. government securities |  | 171,296 |  |  | 76 |  |  | — |  |  | 171,372 |
Total cash, cash equivalents, and marketable securities |  | $ | 476,860 |  |  | $ | 76 |  |  | $ | — |  |  | $ | 476,936 |
Cash equivalents and marketable securities in an unrealized loss position consisted of the following (in thousands):
| June 30, 2024 |  | December 31, 2023
| Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
Marketable securities: |  |  |  |  |  |  |
U.S. government securities | $ | 127,651 |  |  | $ | (19) |  |  | $ | — |  |  | $ | — |
Total securities in an unrealized loss position | $ | 127,651 |  |  | $ | (19) |  |  | $ | — |  |  | $ | — |
Realized gains and losses reclassified from accumulated other comprehensive loss to other income, net were zero for the three and six months ended June 30, 2024 and 2023. No securities had been in a continuous unrealized loss position for twelve months or longer as of June 30, 2024 or December 31, 2023. The Company does not intend to sell available-for-sale marketable debt securities in unrealized loss positions, and it is more likely than not that the Company will hold these securities until maturity or recovery of the cost basis. As of June 30, 2024 and December 31, 2023, the Company did not have an allowance for credit losses related to its available-for-sale debt securities due to a zero loss expectation for the portfolio which consists solely of U.S. government securities. As of June 30, 2024, the entirety of the Company’s marketable securities portfolio had remaining contractual maturities of one year or less. Property and equipment, net— Property and equipment, net consisted of the following (in thousands):
|  | June 30, |  | December 31,
|  | 2024 |  | 2023
Leasehold improvements |  | $ | 19,064 |  |  | $ | 19,064 |
Computers and equipment |  | 8,408 |  |  | 7,770 |
Furniture and fixtures |  | 4,713 |  |  | 4,705 |
Purchased software |  | 383 |  |  | 383 |
Construction in progress |  | 62 |  |  | — |
Total property and equipment |  | 32,630 |  |  | 31,922 |
Less accumulated depreciation and amortization |  | (28,788) |  |  | (27,483) |
Property and equipment, net |  | $ | 3,842 |  |  | $ | 4,439 |
Depreciation expe nse was $0.8 million for each of the three months ended June 30, 2024 and 2023, respectively, and $1.5 million and $1.6 million for the six months ended June 30, 2024 and 2023, respectively. Capitalized software, net— Capitalized software, net consisted of the following (in thousands):
|  | June 30, |  | December 31,
|  | 2024 |  | 2023
Capitalized software |  | $ | 96,424 |  |  | $ | 85,160 |
Less accumulated amortization |  | (63,541) |  |  | (53,772) |
Capitalized software, net |  | $ | 32,883 |  |  | $ | 31,388 |
Amortization expense of capitalized software was $5.0 million and $4.3 million for the three months ended June 30, 2024 and 2023, respectively, and $9.8 million and $8.2 million for the six months ended June 30, 2024 and 2023, respectively. As of June 30, 2024, expected amortization expense for capitalized software over the remaining asset lives was as follows (in thousands):
Remainder of 2024 | $ | 9,475 |
2025 | 14,663 |
2026 | 7,604 |
2027 | 1,141 |
Total expected amortization | $ | 32,883 |
Intangible assets, net and goodwill— As of June 30, 2024, intangible assets, net acquired as part of the CorpU business combination were as follows (in thousands):
|  | Estimated Useful Lives |  | Intangible Assets, Gross |  | Accumulated Amortization |  | Intangible Assets, Net
Customer relationships |  | 6 years |  | $ | 5,500 |  |  | $ | (2,615) |  |  | $ | 2,885 |
Vendor relationships |  | 3 years |  | 4,500 |  |  | (4,278) |  |  | 222 |
Developed technology |  | 3 years |  | 4,200 |  |  | (3,993) |  |  | 207 |
Tradename |  | 2 years |  | 900 |  |  | (900) |  |  | — |
Total |  |  |  | $ | 15,100 |  |  | $ | (11,786) |  |  | $ | 3,314 |
As of December 31, 2023, intangible assets, net acquired as part of the CorpU business combination were as follows (in thousands):
|  | Estimated Useful Lives |  | Intangible Assets, Gross |  | Accumulated Amortization |  | Intangible Assets, Net
Customer relationships |  | 6 years |  | $ | 5,500 |  |  | $ | (2,156) |  |  | $ | 3,344 |
Vendor relationships |  | 3 years |  | 4,500 |  |  | (3,528) |  |  | 972 |
Developed technology |  | 3 years |  | 4,200 |  |  | (3,293) |  |  | 907 |
Tradename |  | 2 years |  | 900 |  |  | (900) |  |  | — |
Total |  |  |  | $ | 15,100 |  |  | $ | (9,877) |  |  | $ | 5,223 |
Amortization expense of intangible assets was $1.0 million for each of the three months ended June 30, 2024 and 2023, respectively, and $1.9 million and $2.1 million for the six months ended June 30, 2024 and 2023, respectively. The expected future amortization expense for intangible assets as of June 30, 2024 was as follows (in thousands):
Remainder of 2024 | $ | 886 |
2025 | 917 |
2026 | 917 |
2027 | 594 |
Total expected amortization | $ | 3,314 |
Goodwill in the amount of $12.6 million was established as part of the CorpU acquisition on August 24, 2021, and allocated to the Enterprise segment. This amount represents the excess of the purchase price over the fair value of net assets acquired. There have been no adjustments to the carrying amount of goodwill as of June 30, 2024. The Company tests for impairment at least annually, or whenever events or changes in circumstances occur that could impact the recoverability of these assets. No such triggering events were noted for the three and six months ended June 30, 2024 and 2023. Accrued expenses and other current liabilities— Accrued expenses and other current liabilities consisted of the following (in thousands):
|  | June 30, |  | December 31,
|  | 2024 |  | 2023
Accrued expenses |  | $ | 22,865 |  |  | $ | 13,773 |
Indirect tax reserves |  | 1,816 |  |  | 1,432 |
Indirect tax payables |  | 7,208 |  |  | 8,758 |
Other current liabilities |  | 2,941 |  |  | 3,815 |
Accrued expenses and other current liabilities |  | $ | 34,830 |  |  | $ | 27,778 |

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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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