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 September 30, 2024	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Cash and cash equivalents:
Cash	$	37,299	$	—	$	—	$	37,299
Money market funds	160,819		—		—		160,819
Time deposits	6,445		—		—		6,445
Total cash and cash equivalents	204,563		—		—		204,563
Marketable securities:
U.S. government securities	152,381		165		—		152,546
Total cash, cash equivalents, and marketable securities	$	356,944	$	165	$	—	$	357,109


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

Realized gains and losses reclassified from accumulated other comprehensive loss to other income, net were zero for the three and nine months ended September 30, 2024 and 2023.

The Company had no securities in an unrealized loss position as of September 30, 2024 and 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 September 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 September 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):


	September 30,		December 31,
	2024		2023
Leasehold improvements	$	19,064	$	19,064
Computers and equipment	8,180		7,770
Furniture and fixtures	4,720		4,705
Purchased software	383		383
Construction in progress	160		—
Total property and equipment	32,507		31,922
Less accumulated depreciation and amortization	(29,187)		(27,483)
Property and equipment, net	$	3,320	$	4,439

Depreciation expense was $0.7 million and $0.7 million for the three months ended September 30, 2024 and 2023, respectively, and $2.2 million and $2.3 million for the nine months ended September 30, 2024 and 2023, respectively.

Capitalized software, net— Capitalized software, net consisted of the following (in thousands):


	September 30,		December 31,
	2024		2023
Capitalized software	$	101,796	$	85,160
Less accumulated amortization	(68,521)		(53,772)
Capitalized software, net	$	33,275	$	31,388

Amortization expense of capitalized software was $5.0 million and $4.5 million for the three months ended September 30, 2024 and 2023, respectively, and $14.8 million and $12.7 million for the nine months ended September 30, 2024 and 2023, respectively.

As of September 30, 2024, expected amortization expense for capitalized software over the remaining asset lives was as follows (in thousands):

Intangible assets, net and goodwill— As of September 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	$	(2,844)	$	2,656
Vendor relationships	3 years	4,500		(4,500)		—
Developed technology	3 years	4,200		(4,200)		—
Tradename	2 years	900		(900)		—
Total		$	15,100	$	(12,444)	$	2,656

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 $0.7 million and $1.0 million for the three months ended September 30, 2024 and 2023, respectively, and $2.6 million and $3.1 million for the nine months ended September 30, 2024 and 2023, respectively.

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 September 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 nine months ended September 30, 2024 and 2023.

Accrued expenses and other current liabilities— Accrued expenses and other current liabilities consisted of the following (in thousands):


	September 30,		December 31,
	2024		2023
Accrued expenses	$	12,933	$	13,773
Indirect tax reserves	2,031		$	1,432
Indirect tax payables	7,103		$	8,758
Other current liabilities	3,392		$	3,815
Accrued expenses and other current liabilities	$	25,459	$	27,778