Financial Statement Components

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Note 3. Financial Statement Components

Cash and cash equivalents consisted of the following (in thousands):


	December 31, 2025		December 31, 2024
Cash	$	127,140	$	128,308
Money market funds	5,424		114,503
Total cash and cash equivalents	$	132,564	$	242,811

As of December 31, 2025 and 2024, $8.4 million and $7.4 million in the cash balance above, respectively, represents restricted cash, which is held in the form of a bank deposit for issuance of a foreign bank guarantee.

Accounts receivable, net consisted of the following (in thousands):


	December 31, 2025		December 31, 2024
Accounts receivable	$	303,256	$	300,805
Unbilled accounts receivable	98,935		100,578
Allowance for doubtful accounts	(18,091)		(15,131)
Accounts receivable, net	$	384,100	$	386,252

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


	December 31, 2025		December 31, 2024
Prepaid expenses	$	43,142	$	39,858
Inventory	929		1,243
Other current assets	37,119		18,343
Total prepaid expenses and other current assets	$	81,190	$	59,444

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


	December 31, 2025		December 31, 2024
Computer hardware and software	$	274,700	$	252,961
Internal-use software development costs	377,785		314,944
Furniture and fixtures	8,990		8,965
Leasehold improvements	10,041		12,367
Property and equipment, gross	671,516		589,237
Less: accumulated depreciation and amortization	(484,946)		(408,587)
Property and equipment, net	$	186,570	$	180,650

Total depreciation and amortization expense related to property and equipment was $87.2 million, $86.1 million, and $82.9 million for the years ended December 31, 2025, 2024 and 2023, respectively.

The carrying value of goodwill is as follows (in thousands):


Balance at December 31, 2024	$	82,986
Acquisitions (Note 8)	12,273
Foreign currency translation adjustments	2,533
Balance at December 31, 2025	$	97,792

The carrying values of intangible assets are as follows (in thousands):


		December 31, 2025						December 31, 2024
	Weighted-Average Remaining Useful Life	Cost		Accumulated Amortization And Impairment		Acquired Intangibles, Net		Cost		Accumulated Amortization And Impairment		Acquired Intangibles, Net
Customer relationships	3.1 years	$	60,660	$	34,745	$	25,915	$	51,312	$	25,833	$	25,479
Developed technology	1.0 year	784,130		674,635		109,495		779,794		546,747		233,047
Total acquired intangible assets		$	844,790	$	709,380	$	135,410	$	831,106	$	572,580	$	258,526

For the year ended December 31, 2024, the Company recognized a gross reduction of $50.6 million related to its developed technology assets. This reduction included $28.5 million due to an amended agreement with a strategic partner and $22.1 million attributed to the retirement of fully amortized developed technology. See Note 5 - Strategic Partnerships for additional information regarding our amended agreement with a strategic partner. During the year ended December 31, 2024, the Company purchased certain intangible assets including customer relationships, developed technology, trademarks and domain names amounting to $29.8 million.

Amortization expense from acquired intangible assets for the years ended December 31, 2025, 2024 and 2023 was $135.4 million, $136.5 million, and $151.1 million, respectively. Amortization of developed technology is included in cost of revenues and amortization of customer relationships is included in sales and marketing expenses in the Consolidated Statements of Operations.

Estimated amortization expense for acquired intangible assets for the following fiscal years is as follows (in thousands):


2026	$	114,632
2027	9,515
2028	8,015
2029	2,711
2030 onwards	537
Total estimated amortization expense	$	135,410

Accrued liabilities consisted of the following (in thousands):


	December 31, 2025		December 31, 2024
Accrued compensation and benefits	$	54,715	$	47,415
Accrued sales, use, and telecom related taxes	54,182		55,699
Accrued marketing and sales commissions	37,102		36,391
Operating lease liabilities, short-term	21,293		20,445
Other accrued expenses	130,341		123,849
Total accrued liabilities	$	297,633	$	283,799

Deferred and Prepaid Sales Commission Costs

Amortization expense for the deferred and prepaid sales commission costs for the years ended December 31, 2025, 2024 and 2023 were $163.6 million, $162.6 million, and $138.1 million, respectively. There was no asset write-off or impairment loss in relation to the deferred commission costs capitalized for the periods presented.

The Company evaluates the recoverability of its deferred and prepaid sales commission balance whenever events or circumstances indicate that the carrying amount of such assets may not be recoverable. During the year ended December 31, 2025, the Company recorded a non-cash asset write-down charge of $11.4 million pursuant to an amended partner arrangement, in sales and marketing expense in the accompanying Consolidated Statements of Operations.