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 September 30, 2023	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Cash and cash equivalents:
Cash	$	46,057	$	—	$	—	$	46,057
Money market funds	267,036		—		—		267,036
U.S. government securities	14,879		2		—		14,881
Total cash and cash equivalents	327,972		2		—		327,974
Marketable securities:
U.S. government securities	151,461		9		(4)		151,466
Total cash, cash equivalents, and marketable securities	$	479,433	$	11	$	(4)	$	479,440


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


	September 30, 2023				December 31, 2022
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Cash equivalents:
U.S. government securities	$	—	$	—	$	24,960	$	(3)

Marketable securities:
U.S. government securities	43,420		(4)		59,057		(243)
Total securities in an unrealized loss position	$	43,420	$	(4)	$	84,017	$	(246)

Realized gains and losses reclassified from accumulated other comprehensive loss to other income (expense), net were zero for the three and nine months ended September 30, 2023 and 2022.

No securities had been in a continuous unrealized loss position for twelve months or longer as of September 30, 2023 or 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 September 30, 2023 and 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 September 30, 2023, the entirety of the Company’s marketable securities portfolio had remaining contractual maturities of one year or less.

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


	September 30,		December 31,
	2023		2022
Leasehold improvements	$	19,041	$	19,109
Computers and equipment	7,896		7,820
Furniture and fixtures	4,678		4,870
Purchased software	383		383
Construction in progress	27		—
Total property and equipment	32,025		32,182
Less accumulated depreciation and amortization	(27,041)		(25,170)
Property and equipment, net	$	4,984	$	7,012

Depreciation expense was $0.7 million and $1.1 million for the three months ended September 30, 2023 and 2022, respectively, and $2.3 million and $3.4 million for the nine months ended September 30, 2023 and 2022, respectively.

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


	September 30,		December 31,
	2023		2022
Capitalized software	$	79,865	$	63,748
Less accumulated amortization	(48,941)		(36,336)
Capitalized software, net	$	30,924	$	27,412

Amortization expense of capitalized software was $4.5 million and $3.3 million for the three months ended September 30, 2023 and 2022, respectively, and $12.7 million and $9.0 million for the nine months ended September 30, 2023 and 2022, respectively.

As of September 30, 2023, expected amortization expense for capitalized software over the remaining asset lives was as follows (in thousands):

Intangible assets, net and goodwill— As of September 30, 2023, intangible assets, net acquired as part of the CorpU business combination were as follows (in thousands):


	Estimated Useful Lives	Intangible Assets, Gross		Accumulated Amortization		Intangible Assets, Net
Customer relationships	6 years	$	5,500	$	(1,927)	$	3,573
Vendor relationships	3 years	4,500		(3,153)		1,347
Developed technology	3 years	4,200		(2,943)		1,257
Tradename	2 years	900		(900)		—
Total		$	15,100	$	(8,923)	$	6,177

As of December 31, 2022, intangible assets, net acquired as part of the CorpU business combination were as follows (in thousands):


	Estimated Useful Lives	Intangible Assets, Gross		Accumulated Amortization		Intangible Assets, Net
Customer relationships	6 years	$	5,500	$	(1,239)	$	4,261
Vendor relationships	3 years	4,500		(2,028)		2,472
Developed technology	3 years	4,200		(1,893)		2,307
Tradename	2 years	900		(609)		291
Total		$	15,100	$	(5,769)	$	9,331

Amortization expense of intangible assets was $1.0 million and $1.1 million for the three months ended September 30, 2023 and 2022, respectively, and $3.1 million and $3.2 million the nine months ended September 30, 2023 and 2022, respectively.

Goodwill in the amount of $12.6 million was established as part of the CorpU acquisition on August 24, 2021, and allocated to the Enterprise segment. This amount represents the excess of the purchase price over the fair value of net assets acquired. There have been no adjustments to the carrying amount of goodwill as of September 30, 2023.

The Company tests for impairment at least annually, or whenever events or changes in circumstances occur that could impact the recoverability of these assets. No such triggering events were noted for the nine months ended September 30, 2023 or 2022.