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Consolidated balance sheet components
 12 Months Ended
Dec. 31, 2024
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, 2024
Amortized CostUnrealized GainsUnrealized LossesFair Value
Cash and cash equivalents:
Cash$42,326 $— $— $42,326 
Money market funds136,771 — — 136,771 
Time deposits
9,809 — — 9,809 
U.S. government securities1,686 — — 1,686 
Total cash and cash equivalents190,592 — — 190,592 
Marketable securities:
U.S. government securities163,747 97 — 163,844 
Total cash, cash equivalents, and marketable securities$354,339 $97 $— $354,436 

As of December 31, 2023
Amortized CostUnrealized GainsUnrealized LossesFair Value
Cash and cash equivalents:
Cash$38,872 $— $— $38,872 
Money market funds266,692 — — 266,692 
Total cash and cash equivalents305,564 — — 305,564 
Marketable securities:
U.S. government securities171,296 76 — 171,372 
Total cash, cash equivalents, and marketable securities$476,860 $76 $— $476,936 

Realized gains and losses reclassified from accumulated other comprehensive loss to other expense, net were zero for the fiscal years ended December 31, 2024, 2023, and 2022.
The Company had $4.9 million of U.S. government securities in an unrealized loss position as of December 31, 2024, with unrealized losses totaling less than one thousand dollars. No securities were in an unrealized loss position as of December 31, 2023. No securities had been in a continuous unrealized loss position for twelve months or longer as of December 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 December 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 December 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):
December 31,December 31,
20242023
Leasehold improvements$19,064 $19,064 
Computers and equipment8,317 7,770 
Furniture and fixtures4,737 4,705 
Purchased software383 383 
Construction in progress
1,757 — 
Total property and equipment34,258 31,922 
Less accumulated depreciation and amortization(29,724)(27,483)
Property and equipment, net$4,534 $4,439 
Depreciation expense was $2.7 million, $3.0 million, and $4.3 million for the fiscal years ended December 31, 2024, 2023, and 2022 respectively.
Capitalized software, net— Capitalized software, net consisted of the following (in thousands):
December 31,December 31,
20242023
Capitalized software$105,162 $85,160 
Less accumulated amortization(73,614)(53,772)
Capitalized software, net$31,548 $31,388 
Amortization expense of capitalized software was $19.9 million, $17.5 million, and $12.6 million for the fiscal years ended December 31, 2024, 2023, and 2022 respectively.

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

2025$17,572 
202610,514 
20273,462 
Total expected amortization$31,548 

Intangible assets, net and goodwill— As of December 31, 2024, intangible assets, net acquired as part of the CorpU business combination were as follows (in thousands):

Estimated Useful LivesIntangible Assets, GrossAccumulated AmortizationIntangible Assets, Net
Customer relationships6 years$5,500 $(3,072)$2,428 
Vendor relationships 3 years4,500 (4,500)— 
Developed technology3 years4,200 (4,200)— 
Tradename2 years900 (900)— 
Total$15,100 $(12,672)$2,428 
As of December 31, 2023, intangible assets, net acquired as part of the CorpU business combination were as follows (in thousands):
Estimated Useful LivesIntangible Assets, GrossAccumulated AmortizationIntangible Assets, Net
Customer relationships6 years$5,500 $(2,156)$3,344 
Vendor relationships 3 years4,500 (3,528)972 
Developed technology3 years4,200 (3,293)907 
Tradename2 years900 (900)— 
Total$15,100 $(9,877)$5,223 

Amortization expense of intangible assets was $2.8 million, $4.1 million, and $4.3 million the fiscal years ended December 31, 2024, 2023, and 2022 respectively.

The expected future amortization expense for intangible assets as of December 31, 2024 was as follows (in thousands):

2025$917 
2026917 
2027594 
Total expected amortization$2,428 

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 December 31, 2024.

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

December 31,December 31,
20242023
Accrued expenses$14,518 $13,773 
Indirect tax reserves2,225 1,432 
Indirect tax payables8,952 8,758 
Other current liabilities5,461 3,815 
Accrued expenses and other current liabilities$31,156 $27,778