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Balance Sheet Components
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Balance Sheet Components Balance Sheet Components
Marketable Securities
The following tables summarize the Company’s marketable securities by significant investment categories (in thousands):
December 31, 2024
Amortized CostUnrealized GainsUnrealized LossFair Value
Commercial paper$27,823 $17 $(3)$27,837 
U.S. Treasury and government debt securities12,289 9 — 12,298 
Total$40,112 $26 $(3)$40,135 
The Company had no marketable securities as of December 31, 2025. The remaining contractual maturity of all marketable securities was within one year as of December 31, 2024. Realized gains and losses were not material for the years ended December 31, 2025, 2024 and 2023. As of December 31, 2024 there were no securities that were in an unrealized loss position for more than twelve months.
Property, Equipment and Software, Net
Property, equipment and software, net consisted of the following (in thousands):
December 31,
20252024
Internal-use software$89,161 $72,372 
Network hardware, computer equipment and software151,276 153,838 
Leasehold improvements7,553 5,526 
Furniture and fixtures2,534 2,329 
Property, equipment and software, gross250,524 234,065 
Less: accumulated depreciation and amortization(197,867)(175,543)
Total property, equipment and software, net$52,657 $58,522 
Depreciation and amortization expense related to property, equipment, and software (excluding amortization of internal use software) was $19.0 million, $24.8 million, and $28.5 million for the years ended December 31, 2025, 2024 and 2023, respectively.
The Company capitalized $24.0 million, $23.4 million, and $21.3 million in software development costs during the years ended December 31, 2025, 2024 and 2023, respectively. Fully-amortized software development costs of $7.3 million have been removed from internal-use software and accumulated depreciation and amortization for each of the years ended December 31, 2025 and 2024. Amortization expense of internal use software was $23.2 million, $18.9 million, and $13.9 million for the years ended December 31, 2025, 2024 and 2023, respectively. These costs are included within cost of revenue in the consolidated statements of operations.
The Company did not recognize any impairment charges on its long-lived assets during the years ended December 31, 2025, 2024 and 2023.
Accounts Payable
Accounts payable consisted of the following (in thousands):
December 31,
20252024
Payable to publishers$319,482 $366,009 
Trade and other payables
24,137 20,593 
Total accounts payable$343,619 $386,602 
Accrued Liabilities
Accrued liabilities consisted of the following (in thousands):
December 31,
20252024
Accrued compensation$19,583 $19,977 
Accrued and other current liabilities5,695 6,388 
Total accrued liabilities$25,278 $26,365