Other Balance Sheet Components

3 Months Ended

Mar. 31, 2024

Other Balance Sheet Components [Abstract]

Other Balance Sheet Components

8. Other Balance Sheet Components

Prepaid expenses and other current assets

Prepaid expenses and other current assets consisted of the following (in thousands):

	As of
	March 31, 2024		December 31, 2023
Prepaid expenses	$	61,032	$	48,555
Accrued interest receivable	15,228		14,697
Other current assets	12,277		11,297
Total prepaid expenses and other current assets	$	88,537	$	74,549

Property and equipment, net

Property and equipment, net, consisted of the following (in thousands):

	As of
	March 31, 2024		December 31, 2023
Servers and related equipment and software	$	924,824	$	914,989
Computer hardware and software licenses	46,164		43,732
Furniture and fixtures	1,021		520
Leasehold improvements	101,839		101,785
Construction in progress	108,356		77,043
Total property and equipment	1,182,204		1,138,069
Less accumulated depreciation and amortization expense	(490,912)		(442,709)
Property and equipment—net	$	691,292	$	695,360

Construction in progress primarily relates to leasehold improvements for the Company’s leased office buildings and network equipment infrastructure to support the Company’s data centers.

Depreciation and amortization expense of property and equipment was $48.7 million and $42.9 million for the three months ended March 31, 2024 and March 31, 2023, respectively.

Accrued expenses and other current liabilities

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

	As of
	March 31, 2024		December 31, 2023
Accrued operating expenses	$	61,679	$	51,921
Short term operating lease liabilities	122,775		111,293
Accrued interest on the 2030 Notes	16,146		6,458
Taxes payable	46,688		59,632
Accrued compensation and other employee related liabilities	19,987		32,125
Other current liabilities	6,374		9,692
Total accrued expenses and other current liabilities	$	273,649	$	271,121