Consolidated balance sheet components

12 Months Ended

Dec. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Consolidated balance sheet components

5. Consolidated balance sheet components

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 December 31, 2022	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Cash and cash equivalents:
Cash	$	134,408	$	—	$	—	$	134,408
Money market funds	130,377		—		—		130,377
U.S. government securities	48,899		4		(3)		48,900
Total cash and cash equivalents	313,684		4		(3)		313,685
Marketable securities:
U.S. government securities	151,900		30		(243)		151,687
Total cash, cash equivalents, and marketable securities	$	465,584	$	34	$	(246)	$	465,372

Cash equivalents and marketable securities in an unrealized loss position consisted of the following (in thousands):

	December 31, 2022
	Fair Value		Gross Unrealized Losses
Cash equivalents:
U.S. government securities	$	24,960	$	(3)
Marketable securities:
U.S. government securities	59,057		(243)
Total securities in an unrealized loss position	$	84,017	$	(246)

Realized gains and losses reclassified from accumulated other comprehensive loss to other income (expense), net were zero for the fiscal year ended December 31, 2022.

No securities had been in a continuous unrealized loss position for twelve months or longer as of December 31, 2022. 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 December 31, 2022, 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 December 31, 2022, the entirety of the Company’s marketable securities portfolio had remaining contractual maturities of one year or less.

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

	December 31,		December 31,
	2022		2021
Prepaid expenses	$	10,512	$	12,465
Capitalized cloud computing costs, current	941		808
Short term deposits	181		745
Other current assets	3,244		1,909
Prepaid expenses and other current assets	$	14,878	$	15,927

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

	December 31,		December 31,
	2022		2021
Computers and equipment	$	7,820	$	6,798
Furniture and fixtures	4,870		4,701
Purchased software	383		383
Leasehold improvements	19,109		18,932
Construction in progress	—		18
Total property and equipment	32,182		30,832
Less accumulated depreciation and amortization	(25,170)		(20,945)
Property and equipment, net	$	7,012	$	9,887

Depreciation expense was $4.3 million, $4.5 million, and $4.2 million for the fiscal years ended December 31, 2022, 2021, and 2020, respectively.

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

	December 31,		December 31,
	2022		2021
Capitalized software	$	63,748	$	43,804
Less accumulated amortization	(36,336)		(23,750)
Capitalized software, net	$	27,412	$	20,054

Amortization expense of capitalized software was $12.6 million, $9.3 million, and $6.9 million for the fiscal years ended December 31, 2022, 2021, and 2020, respectively.

As of December 31, 2022, expected amortization expense for capitalized software over the remaining asset lives was as follows (in thousands):

2023	$	13,975
2024	9,651
2025	3,786
Total expected amortization	$	27,412