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 March 31, 2024	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Cash and cash equivalents:
Cash	$	38,828	$	—	$	—	$	38,828
Money market funds	217,979		—		—		217,979
Total cash and cash equivalents	256,807		—		—		256,807
Marketable securities:
U.S. government securities	173,909		2		(28)		173,883
Total cash, cash equivalents, and marketable securities	$	430,716	$	2	$	(28)	$	430,690


As of December 31, 2023	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Cash and cash equivalents:
Cash	$	38,872	$	—	$	—	$	38,872
Money market funds	266,692		—		—		266,692
Total cash and cash equivalents	305,564		—		—		305,564
Marketable securities:
U.S. government securities	171,296		76		—		171,372
Total cash, cash equivalents, and marketable securities	$	476,860	$	76	$	—	$	476,936


	March 31, 2024				December 31, 2023
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Marketable securities:
U.S. government securities	$	121,365	$	(28)	$	—	$	—
Total securities in an unrealized loss position	$	121,365	$	(28)	$	—	$	—

Realized gains and losses reclassified from accumulated other comprehensive loss to other income, net were zero for the three months ended March 31, 2024 and 2023.

No securities had been in a continuous unrealized loss position for twelve months or longer as of March 31, 2024 or December 31, 2023. 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 March 31, 2024 and December 31, 2023, 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 March 31, 2024, 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):


	March 31,		December 31,
	2024		2023
Leasehold improvements	$	19,064	$	19,064
Computers and equipment	7,945		7,770
Furniture and fixtures	4,705		4,705
Purchased software	383		383
Total property and equipment	32,097		31,922
Less accumulated depreciation and amortization	(28,029)		(27,483)
Property and equipment, net	$	4,068	$	4,439

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


	March 31,		December 31,
	2024		2022
Capitalized software	$	90,659	$	85,160
Less accumulated amortization	(58,563)		(53,772)
Capitalized software, net	$	32,096	$	31,388

Amortization expense of capitalized software was $4.8 million and $3.9 million for the three months ended March 31, 2024 and 2023, respectively.

As of March 31, 2024, expected amortization expense for capitalized software over the remaining asset lives was as follows (in thousands):

Intangible assets, net and goodwill— As of March 31, 2024, 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	$	(2,386)	$	3,114
Vendor relationships	3 years	4,500		(3,903)		597
Developed technology	3 years	4,200		(3,643)		557
Tradename	2 years	900		(900)		—
Total		$	15,100	$	(10,832)	$	4,268

As of December 31, 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	$	(2,156)	$	3,344
Vendor relationships	3 years	4,500		(3,528)		972
Developed technology	3 years	4,200		(3,293)		907
Tradename	2 years	900		(900)		—
Total		$	15,100	$	(9,877)	$	5,223

Amortization expense of intangible assets was $1.0 million and $1.1 million for the three months ended March 31, 2024 and 2023, 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 March 31, 2024.

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 three months ended March 31, 2024 and 2023, respectively.