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Significant Balance Sheet Components
 12 Months Ended
Dec. 31, 2021
Supplemental Balance Sheet Information [Abstract]  
Significant Balance Sheet Components Significant Balance Sheet Components
Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets consisted of the following:

December 31, 2021December 31, 2020
(In thousands)
Contract assets$5,359 $7,079 
Deferred contract costs4,564 4,855 
Prepaid insurance6,521 345 
Prepaid other7,743 3,780 
Preferred stock warrant exercise receivable— 2,158 
Recording fee advances4,243 — 
Other current assets3,283 1,051 
Total prepaid expenses and other current assets$31,713 $19,268 

Recording fee advances represent amounts advanced on behalf of customers in the Title365 segment associated with the recording of mortgage documents. These amounts are primarily recouped within 30 days from funds in the escrow accounts the Company administers.
Property and Equipment, Net
Property and equipment, net, consisted of the following:

December 31, 2021December 31, 2020
(In thousands)
Computer and software$4,287 $2,277 
Furniture and fixtures1,559 1,094 
Leasehold improvements4,940 4,455 
Total property and equipment, gross10,786 7,826 
Accumulated depreciation and amortization(4,631)(3,232)
Total property and equipment, net$6,155 $4,594 

Depreciation expense for the years ended December 31, 2021, 2020 and 2019 was $1.4 million, $1.1 million and $1.0 million respectively.
Note Receivable
In January 2021, the Company made a $3.0 million investment in a privately-held company via a convertible promissory note. Interest accrues at 2% per annum and outstanding principal and accrued interest is due and payable at the earliest of (i) 60 months from the execution of the note, (ii) an initial public offering, or (iii) change in control, unless otherwise converted to shares of the issuer. The outstanding principal and unpaid accrued interest are convertible into 4,500,000 shares of the issuer’s Series Seed Preferred Stock at the option of the issuer, upon a change in control, upon the issuer’s initial public offering, or upon a qualified equity financing. The conversion option is not bifurcated from the promissory note as the option does not meet the net settlement criteria of a derivative instrument due to the option not being readily convertible to cash. The Company also has a call option to merge the issuer with the Company for aggregate consideration of $500.0 million. The value of the call option was determined to be inconsequential. The note receivable is presented within other non-current assets on the consolidated balance sheet as of December 31, 2021.
Investments in Non-Marketable Equity Securities
In September 2021, the Company made an equity investment in the amount of $2.5 million in a privately-held company in exchange for 103,611 shares of Series Growth 1a Preferred Stock. This investment in the equity securities without readily determinable fair value was initially recorded at cost. Subsequently, this investment is measured at cost, less impairment, if any, plus or minus observable price changes in orderly transactions of an identical or similar investment of the same issuer. There were no impairments or adjustments for observable price changes for the year ended December 31, 2021. This investment is presented within other non-current assets on the consolidated balance sheet as of December 31, 2021.
Other Current Liabilities
Other current liabilities consisted of the following:

December 31, 2021December 31, 2020
(In thousands)
Accrued expenses$5,798 $2,477 
Accrued interest3,397 —
Accrued professional fees3,085 701
Accrued connectivity fees4,753 2,833
Operating lease liabilities, current portion3,856 2,580
Payable to Title365 noncontrolling interest holder under transition services agreement5,549 — 
Other1,224 319 
Total other current liabilities$27,662 $8,910 
Other Long-Term Liabilities
Other long-term liabilities consisted of the following:

December 31, 2021December 31, 2020
(In thousands)
Deferred tax liabilities$2,864 $— 
Early exercise liability6,998 322 
Payroll tax liabilities1,457 3,053
Other liabilities2,096 — 
Total other long-term liabilities$13,415 $3,375